But all that has meant the rapid gentrification of some of the city, a phenomenon that real estate experts say has sharply reduced available housing stock. They say this is due to an unexpected swarm of out-of-state homebuyers, suddenly priced out of wealthier areas like Manhattan or San Francisco, who perceive New Orleans as a bargain. The newcomers have transformed neighborhoods like the Bywater, once a sleepy neighborhood of taverns and quaint shotgun houses, into a trendy enclave of gutted luxury homes, trendy eateries and minimalist coffee joints. There, prices per square foot have jumped 75% since the storm.Can't afford the insane skyrocketing cost of living? Get aggressive, losers. Maybe I'll try mugging someone.
“We have a very poor economy and local people cannot compete with the kind of money that is flowing in from the east and west coasts,” says local realtor Debra Howell. “It’s taken a while for locals to realize this is not a passing fancy and will not get better. If they want to move up the housing food chain, they have to get as aggressive as out-of-towners who are snatching up properties.”
Thursday, September 04, 2014
Not sure what that means. Try harder to not be poor?