New Orleans Neighborhoods on the Grow
While, over the last 9 years, the entire city has been undergoing a massive recovery, there are a handful of neighborhoods that can be currently be classified as hot spots based on the recent growth they have experienced.
We looked at properties sales from August 2011 and compared them to the sales as of August 2014 and there were 5 standout neighborhoods that have seen massive growth in the either average prices or the number of properties sold (and in some case, both). These numbers include single family homes, condos and multi-family properties.
Both Gentilly and Gentilly Woods make the hot list this year, with Gentilly experiencing a 92% increase in sales from 2011 to 2014 and a 50% increase in average sale prices. Gentilly Woods has a 27.8% increase in sales and a whopping 116% increase in average sold prices over the last 3 years.
Central City is overcoming a history of blight, attracting investors and home buyers with affordable prices and the opportunity to bring abandoned properties back into commerce. Over the last 3 years, sales have increased by only 3.85%, but prices? They have skyrocketed, jumping up 97% from 2011 to 2014.
With an active improvement organization, Broadmoor has been making leaps and bounds in terms of recovery. Sales have increased by 61.7% and average sold prices have risen almost 83% over the last 3 years.
Marigny/Bywater Above St Claude
While the Marigny and Bywater neighborhoods below St. Claude have been getting a lot of media attention, investors have been scooping up and rehabbing real estate above St. Claude in St. roch and the 7th Ward. Sales have increased by 32.7% and prices have risen an astounding 116.4% since 2011.
Holy Cross/Lower 9th Ward
Although Holy Cross School has moved from the Lower 9th Ward, locals still refer to the area as Holy Cross. Revitalization is creeping from the Bywater and Upper 9 into the lower 9. Even with the increase in average sale prices over the last few years, it remains one of the most affordable areas in the city. While sales increased just 4% from 2011 to 2014, average sold prices jumped by 102.5% in the same time frame.