New Orleans housing prices (Metairie: sales, real estate, city hall)

[IloveNOLA]

I'm glad that New Orleans housing prices are starting to drop. The prices are too high, especially compared to other large cities in the state, and those high prices make it hard for a middle class person to afford a house. Although I feel sorry for the people who bought a house five years ago for $500,000 and now see it worth $400,000, they should have been more cautious when buying into a speculative market. They are also going to have trouble moving those $400,000 homes because there are only so many people who can afford a house that expensive. Something has got to give, and it will be the real estate investors with long-term vision who are going to swoop in when people are desperate and get some high-dollar properties at mid-dollar prices.

[Minnehahapolitan]

No biters huh? I'll give my two cents. I fail to understand how Nagin can have 1800 demolition orders advertised in a seperate section of the Times-Picayune and then raise assessment values by 200%. Only a city government in the last throws of functionality would pull that on their citizens. Seeing as I can find no respectable part of local government within spitting distance of the city, I would contend that the city government dissolve itself or moth-ball itself for a few years. Police would work through Orleans Parish (a la Metairie), the School Board should be seperate. Once it gets its act together, it can come back. I am only an onlooker, I could be completely off base, but that City Gov't is helpless IMO. Let the N.O go on without it so the drowned city doesn't go down again with the drowning government. That should start some debate.

[IloveNOLA]

Originally Posted by Minnehahapolitan

No biters huh? I'll give my two cents. I fail to understand how Nagin can have 1800 demolition orders advertised in a seperate section of the Times-Picayune and then raise assessment values by 200%. Only a city government in the last throws of functionality would pull that on their citizens. Seeing as I can find no respectable part of local government within spitting distance of the city, I would contend that the city government dissolve itself or moth-ball itself for a few years. Police would work through Orleans Parish (a la Metairie), the School Board should be seperate. Once it gets its act together, it can come back. I am only an onlooker, I could be completely off base, but that City Gov't is helpless IMO. Let the N.O go on without it so the drowned city doesn't go down again with the drowning government. That should start some debate.

Nagin didn't raise the assessments, the seven assessors did. Unless a property was sold within the last decade, it likely received a lowball assessment. People started complaining when Nagin put all the assessments online so you could check your neighbors, which is something that should be available in every parish. It didn't sit well when a recent purchaser saw their house was assessed at $400,000, when their next-door neighbor, who was living in a house of similar size and quality, had an assessment of $150,000.

The City Council and School Board claim they will reduce their millages, but I'm not holding my breath.

City Hall is helpless, as are the state govt and federal govt down here. It can't be for a want of money, as sales tax revenues are inching closer to pre-Katrina levels. Nearly all of the recovery has been driven by individuals. There is a pioneer spirit in the air that is contagious. If you have long-term vision, there is a lot of money to be made here. Unfortunately, many of the locals are so pessimistic that they lack this vision.

[Minnehahapolitan]

It is absolutely our of need of money. The bulk of any city's tax base is based on property. Minneapolis, New York, New Orleans or Toonville, Ia. Since tens of thousands of properties were taken out of that tax base, the remaining homes in the city are asked to make up for it. From what I understand, people hollered when they saw the assessment in the mail. (Times-Picayune story last week) People who brought homes for $410,000 a couple years ago were getting assessed in the mid $700,000's. That isn't anger that your neighbor pays less, that is the Highwayman at your door.
To address a second part, the people with long-term vision seem to be carpetbaggers and government contractors. Baghdad has the same problem. I think there aren't a few of them who could care less what the City looks like. That disgusts me.