Housing/Development in Gulf Coast Region (Jackson, Gulfport: for sale, real estate market, foreclosure)

[art-lover67]

Hi Everyone! I am researching the possibility of building energy efficient/disaster resistant homes in the Gulf Coast region (Jackson, Harrison & Hancock Counties). I was wondering how much the area has recovered from Katrina? Is the infrastructure intact? Utilities? Roads? Schools, etc? Have people moved back into their homes and gotten back to normal, or is everyone trying to sell their property due to the incredibly high Wind Pool insurance rates? I would be grateful for any information you have. Thanks.

[DB3]

It's hard to sum it all up for you. Recovery is progressing but in no way is it complete with life back to normal. Some areas are better off than others. I'd say Jackson County is the most recovered in terms of infrastructure, followed by Harrison and then Hancock, but each county is still working to rebuild and replace where they were pre-Katrina.

The individual housing recovery depends on many factors, including how hard the neighborhood was hit, your personal money situation, etc. There are a lot of homes for sale on the Coast right now and I think the outrageous insurance costs play a part in the slowdown of sales but I'm sure the economy and the tightening up of mortgage lending standards is also playing a part.

I guess I'd sum it up by saying it's a mixed bag and the infrastructure and commercial is ahead of the residential in the recovery process. I honestly think you'd really be better off coming here and driving through the area to see for yourself, talking to people. One thing's for certain, you'll find friendly people who are willing to give you their honest view. Certainly MS needs better built homes that are energy efficient but whether the market is right for it at present in comparison to other markets, I can't say.

[art-lover67]

Originally Posted by DB3

I guess I'd sum it up by saying it's a mixed bag and the infrastructure and commercial is ahead of the residential in the recovery process. I honestly think you'd really be better off coming here and driving through the area to see for yourself, talking to people. One thing's for certain, you'll find friendly people who are willing to give you their honest view. Certainly MS needs better built homes that are energy efficient but whether the market is right for it at present in comparison to other markets, I can't say.

Hi DB3, thank you so much for your input. We are definitely going to come down. I am just in the preliminary stages of research at the moment. What I have been hearing is that the home prices are currently too high for the market, and people would be more able to buy in the $100K-$120K range for single family. We are also looking into building multi-family rental units for casino workers so they don't have to be bussed in from 100 miles away. It looks like there used to be gov't subsidies for this, but they have expired. Do you know anything about what's going on in the rental market?

[DB3]

I think (just a personal opinion) that any housing that's in the $150K or under range would sell pretty quickly. I don't think it's only that houses are over-priced as much as the cost of rebuliding the homes is forcing the house prices to be high. The sales prices have fallen quite a bit in the past year or so from their post-Katrina highs.

I have never heard of casino workers being bussed in from 100 miles away, but I left the industry prior to Katrina so it is possible this has happened in the post-Katrina world. I know that there is a huge need for affordable rentals. Rents also skyrocketed post-Katrina and really haven't fallen that much from what I've heard. This too is in part to the incredibly over-inflated insurance costs the complexes are being charged.

I'm always hearing stuff about affordable housing "plans." But I don't know that I've seen a lot of action. It could be that it's tied up in red tape and permits and all that stuff. Our local news station is at WLOX-TV - The News for South Mississippi: HOME (and the local paper is at SunHerald.com : Homepage). If you do a search on affordable housing, there are quite a few articles. Here's one recent one that talks about grants being awarded. But I don't have any knowledge of who you could talk to in order to find out how to apply or see about your eligibility. WLOX-TV - The News for South Mississippi: Governor Barbour Awards Affordable Housing Grants

Hope this helps! Maybe someone with more inside knowledge in the real estate market will chime in when they see your posting to give you more color.

Edited to add: After I posted I found the website for the MDA. If you scroll down on their webpage, there is a link for info to those who want to provide long-term workforce housing. It might be a good site for you to find some info or at least make some contacts who can lead you in the right direction. Mississippi Development Authority&

[art-lover67]

Originally Posted by DB3

Edited to add: After I posted I found the website for the MDA. If you scroll down on their webpage, there is a link for info to those who want to provide long-term workforce housing. It might be a good site for you to find some info or at least make some contacts who can lead you in the right direction. Mississippi Development Authority&

Thanks so much! You've been extremely helpful.

[ausmerika]

Just an fyi about the rental market. With the recovery/rebuilding process taking so long any kind of housing is difficult to find, and rentals are at a premium....therefore rates are outrageous.
In the process of rebuilding, I agree that Jackson, followed by Harrison and Hancock are on track with infrastructure. Some hard hit areas I think still needing major rebuilding/recovery are in Waveland, Pearlington and parts of Pass Christian. The big issue (cost wise for many) is the new FEMA elevation requirements--really jacks up the cost even more. Many folks have moved about 5-10 miles inland.

[Rebecca B. Johnson]

Hi to my fellow Mississippians,
My husband and i relocated to Florida some years ago but my heart still belongs to MS. After Katrina my husband ( an airline pilot) and I felt that we could do something for my home state.We purchased a few homes that had been damaged after the storm and helped get a few residents back into their homes and out of the deplorable fema trailors that we here in southwest Florida grew to despise after Hurricane Charley hit us. After our first two attempts at this were successes we decided to keep going. There must have been a shift of the wind because the two houses that we have now are completed and have been on the market for some time. They keep saying the lack of housing in Gulfport and Biloxi is an on going issue. Still. we have been surprised by the lack of interest for our homes that remain in limbo. Not living in Gulport/Biloxi puts us at a disadvantage and relying on our real estate agents has us nervous. We are trying very hard to keep these properties and to keep us from becoming a foreclosure statistic. Our homes are in Biloxi in the Eagle Point area. Any advice or suggestions from the locals would be helpful.

[Ceetee]

Insurance continues to be the blight on the Housing Market here in the lower six counties. That being said the real estate market for me is "on fire"!! There is a glut of rental properties available as there is inventory for sale. There are a number of grant programs available to first time homebuyers that has created a great stimulus, together with the $8,000 tax credit (non-refundable). The Renaissance Corp have the 'Reach' and 'My Home, My Coast' offering up to $40,000 downpayment assistance and Gulfport City's 'Homeline' grant which offers $50,000 downpayment assistance. Properties up to $150,000 are moving pretty swiftly, both new construction and resale. $150 -250K slower and those $250,000 + on average up to and over 12 months on the market. North of I10, where insurance rates start to become more affordable the market is doing well. Properties close to the beach or in flood zones are taking considerably longer to sell due to insurance and people's reluctance still to put themselves in what can be perceived as harms way. Affordable Housing in good school districts!! is a real need especially for core workers - police, nurses, school teachers etc. I am delighted that you are considering this project and wish you every success. Rebecca, I really feel for you. Hope you get your properties sold soon.

Regards
Caroline