Before Lakeview, New Orleans was hit by Hurricane Katrina; it was an idyllic neighborhood that was filled with beautiful homes and a hard working and appropriately educated community.
After the destruction of Hurricane Katrina, the arduous endeavored residents decided to rebuild this community and has since reformed to be one of the most prestigious neighborhoods in the New Orleans area. Lakeview was made famous by many videos and pictures on national television after the flood. With the area of Lakeview not requiring flood insurance, this neighborhood became the centerpiece of the debate on if everyone should have flood insurance.
As at the moment, the average price of a Lakeview home has gone up to a stunning 46 percent. This comes few years after the destruction that were experienced as a result of the hurricane Katrina. The heated real estate market in Lakeview New Orleans has continued to accelerate with the average price per square foot in the last few months increasing by almost 9 percent.
The average selling price per square foot of a house was ranging at over $120, which is a 6% increase since the hurricane hit the area and an 18.6 percent rise over the past ten years. This has created a challenge for first time home buyers.
New Trend in Lakeview Homes
Just a decade ago, homes that were ranch-styled were undesirable, but it now appears that they are coming back in popularity. They are currently selling at top prices in Lakeview, New Orleans. Lakeview real estate has really grown in the wake of the 2005 Hurricane Katrina. The rise in home values in Lakeview have outpaced that of other New Orleans homes.
Determining The Future
To determine whether this growth in Lakeview real estate industry will be able to be sustained relies mainly on two major factors. The first one is how the gas and oil layoffs will influence the local neighborhood. The second factor is the time that the Federal Reserve will again raise the interest rates, since higher interest rates impact home sales substantially.
A monthly mortgage has become cheaper that actually renting within the city. One thing that may dampen the market is the gradual increase in the rates of interests. Lakeview homeowners who might have taken advantage of low rates in the past years might have to hold their dreams of moving to a new home because of a higher rate.
But the rise in price for Lakeview homes for sale has also benefited the whole region of New Orleans. Compared to other southern cities like Houston, Atlanta, and Jacksonville, New Orleans currently has a sustained employment growth. All this is courtesy of the growth in the Lakeview real estate.