New Orleans Real Estate with Falaya

1. New Orleans Real Estate with Falaya New Orleans real estate can be a very exciting investment for anyone looking for a unique lifestyle. The city is known for its rich history and unique culture. In addition to its vibrant music and food scene, New Orleans has a unique real estate market. If you are interested in buying a home in this unique city, read on to learn about the different aspects of buying and selling property. Rentals If you are looking for a rental property in New Orleans, you have plenty of options. A New Orleans double home, for example, is an excellent option for vacationing visitors. Many homeowners choose to live in one half of the home while renting out the other. The rental income they receive is often higher than they would earn renting the property to long-term tenants. In New Orleans, rentals are plentiful, from tree-lined Garden District to artsy Warehouse District. New Orleans real estate also boasts many apartments near a number of universities and quiet suburbs. You can find a rental property that will fit your needs and your budget. Landlord-friendly market New Orleans has a mixture of owner-occupied housing and rental properties. The city's housing market suffered from Hurricane Katrina, which destroyed much of the city's affordable housing. The city had to start rebuilding below sea level, and many residents left. As a result, the demand for rental property skyrocketed. This increase in demand has driven up rental prices. While New Orleans is a landlord-friendly city, there are some factors that you should know before investing in rental property. One factor to consider is how easy it is to evict a tenant. This can be a difficult process and can be expensive. In addition, Louisiana has some unique legal quirks. This is why you should speak with an attorney if you plan to rent out your property. Hurricane Katrina's aftermath It's not easy to purchase New Orleans real estate after Hurricane Katrins' destruction. The city was once reliant on port city income. That economy peaked in the late 19th century and has been in steady decline since the city's rapid industrialization. Now, the city relies on transportation, entertainment, and public services to generate income. But even before Katrina hit, New Orleans was home to thousands of affordable housing units in "Big Four" developments. Those buildings were damaged, but they were redeveloped with public housing, affordable housing, and homeownership units. These housing developments now house many more families than they did before Katrina. Before the hurricane, New Orleans' real estate market had been flourishing. But after Katrina, the market saw an unexpected decline. While it was spared the wrath of the national real estate crash, Katrina brought with it a sense of fear. Fewer insurance companies wanted to insure homes along the Gulf. In addition, homes listed for sale before the storm were flooded, making it difficult to sell them. In this environment, buyers have to ask questions about the flood zone and whether annual flood insurance premiums are affordable. Growth of the French Quarter area

2. Since the beginning of the twentieth century, New Orleans has enjoyed a steady economic growth. Along with this growth, the city has also experienced an increase in hotel construction. For example, in 1916, the elegant St. Louis Hotel was demolished and replaced by the Omni Royal Orleans Hotel. As the hotel industry continued to expand in the 1920s and 1930s, the city began to lose its historical architecture. However, in the 1970s, an ordinance was passed to prevent the building of new hotels in the Vieux Carre neighborhood. Job growth is another key factor for rental demand in a city. When job growth is strong, more people will move to the area and rental prices will rise.