OT: Purchasing damaged property in New Orleans

[William.Deans]

Greetings,

What are people's thoughts on purchasing property in New Orleans?

a) when is the correct time to buy? b) do you speak to owners or banks or the city? c) will people with insurance money bid up the values? d) how much depopulation will there be? e) which properties are the best to acquire? f) how quickly will values recover within the city? h) will lots from demolished buildings make good investments? g) how low will the property values go? .... and so on and so forth

Thank you for your time, William

[gfretwell]

If you don't know the area it is a crap shoot. Plan on getting to know your dump truck operators because you will be seeing a lot of them ... and paying for their kid's college.

I bet FEMA will insist on you getting above 11 feet to build. That is the rule for new construction and >50% rehab.

[Pagan]

I don't know about that. Many folks have bugged out for good, and once they're clothes dry out, they will be eager to get on with rebuilding their lives. It's likely they're going to start worrying soon about how they're going to demolish their home, or how they're going to sell it.

Pagan

[EagleMtn]

What do I think about purchasing in NO right now.

I think thoughts like that should be refrained until the deads are burried. I think we should think about how we can help for now. I know oportunities are hard to pass up, but maybe wait just a little longer. There sure will be many oportunities for purchase.

[scott21230]

I would think that the parts that were not flooded could be moved back into as soon as utilities are restored (electric, water, and sewer). All the construction and repair people will need some infrastructure to work with (local supply places and hotels, etc.). I would think that the mayor would also be anxious to get those places reinhabited as soon as possible. I have no idea how long that would take, but it might depend upon where the water/sewer places are (they might be under water). Electric is probably already back in some of those places.

[William.Deans]

Greetings EagleMtn,

I don't want to question how many courses you took in economics but the biggest thing which will determine the quality of life in New Orleans over the next 10 years is their economic recovery and rebuilding or lack of. I understand that right now the city is a big bowl of partial sewage baking in the 90 degree sun. People aren't going to send them enough canned soup to recover from that. If entrepreneurs decide to stay away because real world capitalism isn't polite the redevelopment of New Orleans will be severely crippled. The longer it takes the more business that will relocate elsewhere, etc, etc.

If you really want to help, EagleMtn, go to New Orleans with a business plan and a checkbook, not a violin.

William

[Wayne Boatwright]

On Wed 07 Sep 2005 10:37:54p, [e-mail] wrote in alt.home.repair:

Aren't you just a tad premature? The body isn't even cold!

[Amun]

Invest in some scuba gear so you can do a proper inspection of the building before you submit an offer. It could be infested with trout, or catfish, and you may need to exterminate them.

AMUN

[TURTLE]

This is Turtle.

You have alway the Flood insurance where they will buy your home and bull doze it and the Federal Government owns the land where your house use to be. Your house must have been flooded more than 4 times [ filed more tha 4 times ] before they can make you a offer. Also watch out for if the house was in a Real flood zone and they built it after the flood insurance zoned it. You can't buy flood insurance on it. They pay suggested Retail for the house after the 4 th claim.

TURTLE

[TURTLE]

This is Turtle.

Dean , your a day late and a dollar short. They have in New Orleans realistate companys just set up to do what you have ask about here. After a flood / fire / hurrican lost , they move in on the owners to make a deal. Like Flood insurance will only pay $400K to repair on a $500K valued home. these people offer the home owner $110K to buy it and the original owner will get the $400K + $110K from the realistate company and they get extra $10k on the value of their home to walk. Then the Realestate company will bring in a Billy Bob Contractor to low ball the work on it and cut every corner there is to be cut and then sell it again and make them about $200K off of it.

The deal or business you speak of has been a regular operation everysince Flood insurance come in to effect.

TURTLE

[Wayne Boatwright]

On Thu 08 Sep 2005 03:05:15a, Pagan wrote in alt.home.repair:

That may be true for some, but I think many will simply abandon what was destroyed or rendered uninhabitable and never look back. Those properties will likely revert to the lender if there was a mortgage.

Considering the widespread polution that has developed from the flooding, I wonder how long it will be until the area is considered healthy enough to allow residents back in.