by M. Anthony Carr
Unlike many of the condo markets in the south, prices for a condominium in New Orleans is outpacing 2007 levels, according to data from the National association of Realtors. The median price of a condominium in the city of blues is up 7.7 percent compared to the 3rd quarter in 2007. This is the third consecutive quarter that prices have beat out last year’s numbers for the metropolitan area.
Local real estate brokers say it stems from the condo market not having overbuilt such as markets in Miami, Chicago and other large cities.
Shaun Talbot, vice president of the local firm Talbot Realty Group, told the Times-Picayune (in Mississippi) that “the condo market remains stable in New Orleans compared to many parts of the country. He reported strong sales during the summer months, until hurricanes Gustav and Ike ate into September activity.
"Compared to many others, we're doing pretty well," Talbot he said to the paper.
Another broker/owner, Richard Jeansonne, of French Quarter Realty, said many of the condo sales in the river city are considered second homes – which “have helped buoy the condo market in greater New Orleans.”
"The condo market fortunately is still very much of a second-home market," Jeansonne told the Times. "People who are in a position to buy second homes are not as affected by the national crunch."
Published: January 5, 2009
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Mr. Carr has covered real estate since 1989. He is the author of 