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Old 10-08-2014, 12:53 PM
 
56 posts, read 74,662 times
Reputation: 37

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My daughters love this house. I can see it needs a LOT of work. I suspect it's also in a high-crime area. Can anyone shed light on why it's so (relatively) cheap? I'm in Phoenix, so I don't know anything about the area. Thanks!

2020 Farragut St, New Orleans, LA 70114 is For Sale - Zillow
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Old 10-08-2014, 01:33 PM
 
Location: Verde Valley
4,254 posts, read 9,900,542 times
Reputation: 3816
Why don't you call the realtor and get the scoop. His number is at the bottom of the listing. Maybe it was damaged in a storm and needs to be torn down (or something like that).

PS if you scroll down on that listing you'll see that most home values in that area are between $73,000 and around $122,000 so it must not be a good area.
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Old 10-08-2014, 01:39 PM
 
Location: Metairie, LA
1,087 posts, read 2,051,060 times
Reputation: 1455
Not a good area at all. There are much better neighborhoods on the Westbank.
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Old 10-08-2014, 05:07 PM
 
Location: The Upper 9th
41 posts, read 51,078 times
Reputation: 70
Are you looking for a house to move into right away or a construction project? This one is a construction project.

Offhand I can see that you'll need to run entirely new electrical wiring throughout the house, which in this case will probably mean removing all the drywall because you've also got water damage and the plumbing probably needs to be replaced as well. The water damage probably means you'll need a new roof or expensive repairs to the existing tile roof. The kitchen is going to be $3,000 plus labor for cabinets and countertops if you go with cheap stuff, but in a house this big you'll be expected to do granite, which is going to be considerably more. The bathrooms need full remodels as well at $2,000 in materials each just for the tub, sink, toilet and details like the mirror. That's just the cosmetic stuff. I have no idea what surprises might lurk in the structure or the foundations. Does it have central air conditioning? If not, that's going to mean extensive work routing new air ducts around and of course, more money.

If you or your daughters know how to do all the remodeling work themselves and have enough money to sink into the repair project, this might be a good investment if you can fix everything up and sell it. If you have to pay someone else to do the work there's no way this house will be cost-effective. Based on my experience remodeling two houses, I'd say this one will take a minimum of $20,000 in materials alone to fix, plus at least one year of work for one skilled person working on it full time. Those are low numbers since I haven't inspected the house, and I'm sure I would find more problems to fix after walking through it.

Is this house a foreclosure or short sale? Will it qualify for financing, and if it won't, can it be owner financed?

Last edited by Chip N Sawbones; 10-08-2014 at 05:22 PM..
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Old 10-08-2014, 05:27 PM
 
Location: California
5,409 posts, read 6,170,558 times
Reputation: 11220
The listing says there is no heating.
Here is a link for crime in the area: NOPD - Crime Data - Crime Map - City of New Orleans
It all appears to be in a flood zone
I wouldn't want to live that close to major highways
REO properties usally need a lot of work so be sure to get complete estimates from structural engineers and contractors.

Even if I could afford the repairs, no way would live with that much crime.
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Old 10-08-2014, 05:53 PM
 
Location: The Upper 9th
41 posts, read 51,078 times
Reputation: 70
With no heating and therefore presumably no air conditioning, you can stick an extra ten grand for the new furnace, ducting and AC compressor onto my previous estimates. Again that price is assuming you're doing all the labor yourself. This is getting expensive, isn't it?

I'm going to disagree with Heidi60 and tell you not to bother getting complete estimates from contractors because this project will not possibly be cost-effective if you have to hire one. With a house like this you absolutely must either do the work yourself or at least have enough experience to serve as your own general contractor, including doing your own estimating. If you can't do that, you will be much better off buying a house that is already move-in ready or one that only needs minor work such as painting.

Last edited by Chip N Sawbones; 10-08-2014 at 06:02 PM..
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Old 10-09-2014, 10:50 AM
 
Location: New Orleans
151 posts, read 263,333 times
Reputation: 110
Wow, only $199k? Really good for the size of the house. I'd be worried about it being so cheap. A house that size should be somewhere around at least $500k. This one must be a major fixer upper.

As for the crime, I checked. It's near two high crime areas but around the house itself is very low crime. It's in Algiers. Houses there are cheaper than New Orleans proper, and generally lower crime as well. You'll have to cross a bridge to get into New Orleans proper.

Pretty little house, if you're willing to put in the money and work.

Personally, there's no way I'd buy this place. Too much work required. We're looking at houses and have been for almost a year now. We want one that's move in ready, or at least close to it.
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Old 10-09-2014, 10:58 AM
 
Location: Austin, TX
12,065 posts, read 11,020,623 times
Reputation: 7171
It's way too close to the Westbank Expressway.
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Old 10-09-2014, 07:46 PM
 
Location: Michoud Area/ New Orleans
630 posts, read 834,385 times
Reputation: 314
Quote:
Originally Posted by moiraesfate View Post
Wow, only $199k? Really good for the size of the house. I'd be worried about it being so cheap. A house that size should be somewhere around at least $500k. This one must be a major fixer upper.

As for the crime, I checked. It's near two high crime areas but around the house itself is very low crime. It's in Algiers. Houses there are cheaper than New Orleans proper, and generally lower crime as well. You'll have to cross a bridge to get into New Orleans proper.

Pretty little house, if you're willing to put in the money and work.

Personally, there's no way I'd buy this place. Too much work required. We're looking at houses and have been for almost a year now. We want one that's move in ready, or at least close to it.
Algiers is New Orleans proper. It's just like saying Carollton, Michoud, or Gentilly.....its within the city
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Old 10-09-2014, 10:41 PM
 
Location: Louisiana
8,083 posts, read 4,740,112 times
Reputation: 6580
Nice size chunk of land in the city. Two acres.
Dunno what lots are worth in that neighborhood, though.
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