Experts Debate Rebuilding New Orleans and Real Estate Opportunities
As many contemplate the rebuilding of New Orleans and its massive infrastructure that was devastated by hurricanes Katrina and Rita, many ponder at the enormous task ahead.
“Rebuilding here means so much more than walls and roofs and levees,” Colten said.
“We have mile after mile after mile of shotgun houses and Creole cottages that have over the decades withstood the storms,” said Patty Gay, executive director of the Preservation Resource Center of New Orleans. The PRC is a private nonprofit organization that has, over the past three decades, renovated more than 1,000 homes and sold them to homeowners and assisted others with buying and renovating.
Since then, some have proposed mass buyouts in the city’s worst-hit areas, to be replaced with wetlands or green spaces. Others suggest building up those areas so that new, manufactured homes could be built and displaced residents could return. Many are calling for stricter building codes and requirements, similar to those put in place in Florida and California after storms and earthquakes in those vulnerable places.
As an ABC poll stated a majority of Americans thought it was a high priority to rebuild New Orleans.
This could explain why the realty market in New Orleans is just chomping at the bit in the expectation of a rebirth of their city as they are predicting an “enormous housing boom” and a Rebirth of New Orleans. There is a huge expectation that the renewal efforts, combined with the largest rebuilding project ever attempted in the countries history, will create huge opportunities in New Orleans and the Gulf Coast.
Big money is headed this way as housing prices in the most devastated region of America soar. In New Orleans, where unofficial estimates say more than 100,000 homes could be demolished as a result of Hurricane Katrina, dwindling supply is fueling huge demand and housing price hikes of 10 percent to 40 percent, on average.
The hyperactive housing climate is marked by individuals and companies buying houses or groups of houses, sight unseen. Sterbcow said one company involved in rebuilding the city bought 150 homes without inspecting any of them.
The situation in New Orleans is very similar to the the other areas of the Gulf Coast region affected by the hurricanes this past month where Real Estate Speculation Moves in to the Gulf coast States following hurricane Katrina & Rita.
Posted October 5, 2005 by Scared Monkeys
Business, Economy, Hurricane, New Orleans, Real Estate | 2 comments
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2 Responses to “Experts Debate Rebuilding New Orleans and Real Estate Opportunities”
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It is a high priority to rebuild New Orleans,but the Ninth Ward is not part of that priority and rightfully so.It sits well below sea level and should not be rebuilt for anything than possibly a golf course or other outdoor activities.
If the Ninth Ward is rebuilt it will take over 20 years and billions and billions of dollars to build a levee to attempt to prevent this from happening again.So it would seem that anyone with half a braincell would not propose rebuilding such an area.It would seem to cost a lot less to build high rises to accommodate those who lived in the Ninth Ward.
The truth is that no one wants to address is the fact that most residents of the Ninth Ward are in fact wards of the state and are supported by the federal govenment in all facets of their everyday life.How can working taxpayers expect to pay to rebuild the Ninth Ward and to support their lifestyles too.The article says it all,rows and rows of shotgun houses,most should have been condemned years ago.They are simply not worth rebuilding.
Sure by not rebuilding the Ninth Ward 40,000 people will have to be relocated.Well the fact they have already been relocated and there are many empty government housing properties in this country that can be given,yes simply given to the people who have been relocated along with a $25,000 check to replace their belongings and these places already have a mailbox in which to receive their monthly checks and subsidies.I dont have a calculator at the moment but it would be a heck of a lot cheaper for the working taxpayer if it is done this way.If at some point these people can ween themselves off of the welfare rolls and make their way back to New Orleans of their own accord then a success story would have been made.
I know people say well that is their home,their heritage.Well many tribes of people throughout history have had to relocate.HMMMM,think maybe they relocated to higher ground,just a hunch.Fact is most of the folks from the Ninth Ward dont have two nickels to rub together so they should be thankful that they are receiving help and have a place to stay above sea level.
Despite billions upon billions that would be spent to rebuild such a place as the Ninth Ward there is no certainty that the flood waters will never return and destroy it again.No,no guarantee at all.
SO REBUILD ON HIGHER GROUND.
If nothing else it is good that the question of whether to rebuild or not is being seriously pondered. Most cities aren’t planned; they just happen. This often leads imbalances of one kind or another–impoverished, neglected areas not far from expensive, exclusive neighborhoods. In the case of New Orleans it has led to a large city with a meagre tax base. If Katrina leads to a more planned city with fewer extremes then all city residents and visitors will benifit in the long run.