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Old 05-25-2016, 04:03 AM
 
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Is it because of the oil field workers?
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Old 05-25-2016, 08:28 PM
 
Location: Denver
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Probably. They can afford it.
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Old 05-27-2016, 07:53 AM
 
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Quote:
Originally Posted by thealfa View Post
Is it because of the oil field workers?
I don't know how much rentals are in Lake Charles, but if rentals are high, it's because real estate generally is overpriced in Lake Charles, for various reasons. Also, this year r.e. has gotten even more overpriced, and there is a housing shortage.

The prices in L.C., from what I can determine, is because Lake Charles doesn't have attractive room to grow. It's locked in....water to the left, other towns to the north, Iowa to the east (LC is growing out that way, but it's unattractive out there...flat open plains/farm land, no trees), and of course flooding until you reach the Coast to the south.

Also, L.C. has a couple of businesses moving in, so there are people moving in for those. KMI is opening a pipeline business, and there's a big chemical plant being built in Westlake. Lots of people moving in and paying ridiculous prices for average houses.

Then there is the reason that there is a housing shortage in L.C. That always makes prices spike.

Houses in good shape in good locations are selling for over list price, with bidding wars. Property owners are doing their best to take advantage of the situation, which won't last forever, of course.

This has been my observation in a short time house hunting in L.C. I don't HAVE to live in L.C., so am not going to. L.C. doesn't have much to offer for me except nearby family. So I'll spend my retirement money elsewhere, since L.C. isn't doing anything to court people like me. Looks like I'm going to end up in Texas.

Lafayette is a little better because of the energy crisis there. But it's still pretty pricey, compared to TX.

Do you have to live in L.C. for some reason?
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Old 05-29-2016, 10:51 AM
 
Location: Austin, TX
11,609 posts, read 10,285,418 times
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Quote:
Originally Posted by bpollen View Post
I don't know how much rentals are in Lake Charles, but if rentals are high, it's because real estate generally is overpriced in Lake Charles, for various reasons. Also, this year r.e. has gotten even more overpriced, and there is a housing shortage.

The prices in L.C., from what I can determine, is because Lake Charles doesn't have attractive room to grow. It's locked in....water to the left, other towns to the north, Iowa to the east (LC is growing out that way, but it's unattractive out there...flat open plains/farm land, no trees), and of course flooding until you reach the Coast to the south.

Also, L.C. has a couple of businesses moving in, so there are people moving in for those. KMI is opening a pipeline business, and there's a big chemical plant being built in Westlake. Lots of people moving in and paying ridiculous prices for average houses.

Then there is the reason that there is a housing shortage in L.C. That always makes prices spike.

Houses in good shape in good locations are selling for over list price, with bidding wars. Property owners are doing their best to take advantage of the situation, which won't last forever, of course.

This has been my observation in a short time house hunting in L.C. I don't HAVE to live in L.C., so am not going to. L.C. doesn't have much to offer for me except nearby family. So I'll spend my retirement money elsewhere, since L.C. isn't doing anything to court people like me. Looks like I'm going to end up in Texas.

Lafayette is a little better because of the energy crisis there. But it's still pretty pricey, compared to TX.

Do you have to live in L.C. for some reason?
The "secret" of Lake Charles is to buy a historic home in N. Lake Charles instead of competing for S. Lake Charles homes.

S. Lake Charles floods and the landscape is flatter and more boring than N. Lake Charles, but because there are better schools it is desirable. N. Lake Charles, for instance the Charpentier District, has historic homes from the early 1900's that are well built and historical masterpieces like stuff in the Garden District of New Orleans. Yet the oil industry folks stay away.

If you don't have any kids or if you are willing to pay to send them to ICCS (for grade school) and St. Louis High for high school, then the Charpentier District is your best best.

Very close to downtown, close to I-10 for commute to Industries in Westlake, and very close to Casinos and Prien Lake Mall.
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Old 05-30-2016, 01:55 PM
 
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Originally Posted by cBach View Post
The "secret" of Lake Charles is to buy a historic home in N. Lake Charles instead of competing for S. Lake Charles homes.

S. Lake Charles floods and the landscape is flatter and more boring than N. Lake Charles, but because there are better schools it is desirable. N. Lake Charles, for instance the Charpentier District, has historic homes from the early 1900's that are well built and historical masterpieces like stuff in the Garden District of New Orleans. Yet the oil industry folks stay away.

If you don't have any kids or if you are willing to pay to send them to ICCS (for grade school) and St. Louis High for high school, then the Charpentier District is your best best.

Very close to downtown, close to I-10 for commute to Industries in Westlake, and very close to Casinos and Prien Lake Mall.
I checked into that. What they've done is chopped up the land, so that historic homes have no yards to speak of. I need at least a normal size yard. Plus, the crime is very bad up there. It's not unusual for a nice older home to have bars on the windows.

The flippers and investors have taken over everything. They rush in and grab everything for sale in a decent area, and not so decent area. They pay cash for a quick sale, possibly over the list price, redo the older homes (not very well, in many cases, incl. not updating electrical and plumbing in old homes), and sell for a profit. The newer flippers will sell the homes at a big markup or, sometimes, at a huge discount because no one wants to live in the neighborhood except relatives of the criminals there. That means a young couple looking for a starter fixer upper won't be able to find it, unless it's so bad or the location is so bad that the investors passed on it.

The flooding is almost as bad in the N as in the S. Even if the house doesn't flood, the streets around it will, isolating your home in bad weather. The same is true in S L.C., where some areas are actually X zone.

For an historic home, the Homeowner's insurance is going to kill you unless you've replaced the electrical and plumbing.

It's a shame. I bought my retirement savings here to try and buy a house in the area to retire near family, but there werern't many things on the market, and what I could get in my price range was pretty tacky. L.C. was worse than Lafayette, for the reasons I stated above, plus it's a much smaller city.

As for "median price" that the OP referred to, I think he's referring to that number that real estate sites give for "median" prices of homes. Those are meaningless, I've found. What that has to do with is how many really low priced homes the area has. LC has a lot of really poor people, so the median price of homes will be low. But middle class home buyer's aren't in the market for low priced homes. What would be more beneficial is the average price of homes over a certain base amount. Like the average or median price of homes over $200,000 or whatever.

Watch out for those company relocation purchased and sold homes. Workers come in and live in a home for 2 or 3 years. Because they're moving soon, they don't upgrade or fix up the home, and possibly don't even repair anything. They don't plant a tree or a bush. They're just passing through. I'd avoid those homes like the plague, unless the co. will take a loss on it.
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Old 05-30-2016, 05:18 PM
 
Location: Austin, TX
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Most of the homes in the Charpentier District are elevated around 3 feet so they will never flood. There are some parts of S. Lake Charles that flood. I remember when my best friend had his first house off Gulf Highway (near Burton Coliseum) and there was a late hurricane in October that flooded his house (during his wedding).

There are three or so "ridges" in Lake Charles. The first one is at the intersection of Ham Reid and Nelson. Highest spot in the south part of the city.The second part is the downtown near the Civic Center. That is reclaimed land and it is higher than the surrounding land. The third is along N. Enterprise Blvd but that is a bad part of town.

The worst flooding areas are corner of Lake St. and Michael Debakey Dr and anywhere along Oak Park Blvd. There are flood plain areas along River Road and Edgewater Drive. But people that buy there know what they're getting.

There are plenty of homes with large lots in N. Lake Charles. Here are a few listings with fairly large lots:
603 Pujo Street, Lake Charles, LA For Sale | Trulia.com
1720 Lake Street, Lake Charles, LA For Sale | Trulia.com
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Old 06-01-2016, 04:20 AM
 
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well what are cheaper options just outside of Houma or Lake Charles? I only went by those 2 as they are the known "bigger cities" where the oil work are based in. I would think any towns nearby to Lake Charles would be Sulphur or Westlake? What are others within 30 minutes?

I've contemplated a move to Louisiana for a while now for the oil field work and a different vibe than Baltimore (where I'm at now). So any place just outside of Houma or Lake Charles that's under 30 minutes, if anyone know of a worthy town within the vicinity please let me know.

Last edited by thealfa; 06-01-2016 at 04:30 AM..
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Old 06-01-2016, 07:36 AM
 
Location: Austin, TX
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Originally Posted by thealfa View Post
well what are cheaper options just outside of Houma or Lake Charles? I only went by those 2 as they are the known "bigger cities" where the oil work are based in. I would think any towns nearby to Lake Charles would be Sulphur or Westlake? What are others within 30 minutes?

I've contemplated a move to Louisiana for a while now for the oil field work and a different vibe than Baltimore (where I'm at now). So any place just outside of Houma or Lake Charles that's under 30 minutes, if anyone know of a worthy town within the vicinity please let me know.
Outside of Lake Charles you would have Westlake, Sulphur, Carlyss, Moss Bluff, Vinton, Iowa, Hackberry, Big Lake, and Welsh.

Outside of Houma you would have Bayou Cane and Thibodaux.
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Old 06-02-2016, 11:40 AM
 
346 posts, read 288,705 times
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Originally Posted by thealfa View Post
Is it because of the oil field workers?
Now that the peanut gallery of people who are loyal to Lafayette/New Orleans/Baton Rouge and who have not lived in Lake Charles longer than 10 years are finished making their snippy remarks, I would like to offer my opinion.

First, Calcasieu Parish is where you are asking to live (notice none of the previous posters mentioned our Parish?) so if you tell that to your realtor it should make many more properties become available in their search.

Second, the City of Lake Charles is suffering from a real estate crisis in its Northern wards (area North of I-10 within the city limits). Over 100 properties there are mostly abandoned due to Hurricane Rita in 2005 and the city has not done anything to bring that land back to the public. As a result, everyone has been expanding to the South, all income groups.

Third, using second reason as the basis for a classic supply and demand scenario, the property owners outside the city limits are being cold called by real estate investors making offers as high as $35,000 for an acre of land in a flood zone that is 20 minutes from the city of Lake Charles.

Fourth, many land owners in rural Calcasieu Parish are cattle, rice or crawfish farmers paying as little as $3 per acre in property taxes every year. The land has been in their family for generations and selling would take away their only source of income (farming) and force them to come up with another way to earn money. Also, 40% of the land in Northern Calcasieu Parish is owned as timberland with hunting leases bringing in over $10,000 per year in revenue per 40 acre tract.

In conclusion, solving any of these four issues would bring more land back on the market. The first issue is my greatest concern because it would bring homes on the market for lower income families and dramatically reduce the need for apartments elsewhere in the parish.

FACT: Lake Charles is considered Ward 3 our of a total of 8 wards in Calcasieu Parish. Ward 3 is the 3rd smallest of all the the 8!
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Old 06-02-2016, 08:47 PM
 
Location: Austin, TX
11,609 posts, read 10,285,418 times
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Originally Posted by rgathrights View Post
Now that the peanut gallery of people who are loyal to Lafayette/New Orleans/Baton Rouge and who have not lived in Lake Charles longer than 10 years are finished making their snippy remarks, I would like to offer my opinion.
I lived in LC for 17 years. So not sure who you're talking about.
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