Tuesday, April 18, 2017

The STR based economy


Did you know the real estate market of the French Quarter was entirely dependent upon short term rentals? Bob Ellis seems to think so
Ellis said he's never seen so many for-sale and for-lease signs when he walks through his neighborhood, and some landlords and owners are worried. "There are a ton of people that have vacation rentals here," Ellis said. "That's how they offset the cost of owning a home here. It's going to be extraordinarily hard on people, and I think that's why you see so many listings right now."
Now look who's worried about STR regs and their effect on real estate prices.  Isn't that something. It's only a tragedy when rich people make slightly less money, of course.  Nobody cares if your rent is too damn high.

As funny as that is, though, I'd like to call attention to this little bit that may not be mentioned often enough. 
There is one exception to the French Quarter ban -- the Vieux Carre Entertainment District in the liveliest section of Bourbon Street, a seven-block stretch where city officials hope property owners will develop the vacant upper floors of their buildings into homes.
LOL "homes." Sure. Anyway, remember this as we continue reading and talking about how the city's plans for Bourbon Street.  A city street converted into a quieter, more restricted entertainment courtyard (perhaps where the bars even close) might make those "homes" more appealing to the luxury tourists who live in them.

Speaking of which, I still haven't figured out how these.. I guess.. barricades(?) are supposed to work, exactly. I only noticed them during French Quarter Fest.  I kind of want to race them downhill somewhere.

Yellow wheelie bollards

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