Luxury Real Estate In New Orleans
New Orleans is famous for many things….food, indulgences and excessive living in general. It is no shock that New Orleans has their fair share of Luxury Real Estate which lends to its culture of decadence. Luxury Real Estate in New Orleans has made a tremendous comeback since the most recent real estate downturn.
History of Luxury Real Estate in New Orleans
New Orleans has a long history of luxury real estate with the expensive homes on St. Charles Ave, in the world famous Garden District, Uptown New Orleans and of course Downtown New Orleans also known as the French Quarter. Many of the homes for sale referenced in the above mentioned New Orleans areas are one hundred years old plus. One of the driving factors for value in the luxury market for New Orleans is simply the age of the home. Many of the old homes, such as the homes on St. Charles Ave have a level of construction that is not common today. From using old cypress wood for flooring and banisters to the massive windows that were common in the day, the New Orleans luxury real estate market hold a unique place in many people’s hearts.
Pricing Trends for New Orleans Luxury Property
Generally speaking, luxury homes are considered $750,000 and up. If we look at some of the historical real estate sales trends for New Orleans Luxury properties we can see a pretty substantial comeback. If we go back and look at real estate statistics from the Gulf South Real Estate Information Network (the local MLS that encompass New Orleans proper) we can see a definitive increase in activity at the $750,000+ range. If we look at the total number of sold properties above 750,000 in the Greater New Orleans area, Ray Charles can see that Luxury Real Estate In New Orleans is making a huge comeback. The chart below breaks down home sales by price range in New Orleans.
Price Range 2013 2014 2015
|$700,000 – 800,000||33||34||37|
|$800,000 – 900,000||58||41||56|
|$900,000 – 1,000,000||27||29||34|
Below is a graph representing the same statistics:
Luxury Real Estate Continued To Sell
Even during the most recent real estate crash, luxury real estate in Greater New Orleans continued to sell. As a matter of fact, at the very worst of the local real estate market, only the most expensive homes were selling! This oddity of the local market can be attributed to when the credit markets tightened up substantially and it was extremely challenging to acquire a new home mortgage; only the most wealthy of individuals were able to make real estate purchases. In many instances, luxury properties in New Orleans were being sold as all cash deals with absolutely no financing.
New Luxury Developments Featuring Waterfront Living
With many new Luxury Rea Estate Developments starting up in the Greater New Orleans area, many local businessmen and developers have a lot invested in the long term growth of this particular vertical of the New Orleans real estate market. Many of the new luxury developments are now being built as waterfront communities. We are also seeing a tremendous resurgence in the Luxury Condo market. Luxury Condominium Developments featuring waterfront living are popping up all over the outskirts of Greater New Orleans. One of the most prestigious brand new developments in Slidell LA featuring luxury condos for sale is Lakeshore LA. Lakeshore has a long history of providing luxury properties, many of which are at affordable prices. Many of the developments of Lakeshore are Waterfront Properties with breathtaking views of Lake Pontchartrain. One of the most prestigious luxury developments built by Lakeshore was Lakeshore Estates. Most of the lots of Lakeshore Estates have long been sold out and now have homes ranging from $750,000 to the multi-million dollar mansions.
For more information on the new developments of Lakeshore, contact the sales office.
Homes For Sale In New Orleans
There is no shortage of homes for sale in the Greater New Orleans area. Since the cost of living in Louisiana in general is substantially lower than in many other places in the United States, you can purchase a much more luxurious home in Louisiana for the same amount of money. With the medium home prices in California approaching $450,000 and the medium home prices in Louisiana well under $200,000, their are less homes available for sale in the $750,000 plus range. That being said, what you can purchase in other states for $750,000 pail in comparison to what type of home you can acquire in New Orleans for the same price. If you are looking to truly break into the luxury market, it is much more achievable in Louisiana than in most places throughout the country.