Mid-City experiencing surge in property values - FOX 8, WVUE, fox8live.com, weather, app, news, saints

Mid-City experiencing surge in property values as it becomes 'younger'

Mid-City. It's a neighborhood that more and more people want to make a part of their residential address and it is reflected in rising property values.

Be it existing housing or new construction, being able to live in Mid-City is in demand.

"One of the best virtues of Mid-City is the ease of getting around town," said Jennifer Pearl, a realtor with Urban Vision.

Mid-City is idyllic. There is Bayou St. John, and of course, City Park.

"On small homes you're seeing numbers touching close to $300 a square foot on the bayou and in those neighborhoods. Homes that are larger, more of an average square footage of 2,000, 2,500 square feet we're seeing homes, $265, $270 plus per square foot on the high end of the market." said Aaron Dare, an associate broker with Tommy Crane Inc. It's a real estate agency in Mid-City.

"We started obviously post-Katrina at a pretty low level, and now that we've seen properties renovate, we are easily over $200 a square depending on the property. A single family will be a higher priced per square than a multi-family," explained Pearl.

Graham Bosworth, Chair of the Mid-City Neighborhood Organization, echoed their observations.

"Mid-City for a long time was an undiscovered gem. We have some of the same historic housing stock that you would find in Uptown, except we're far more accessible. We have our own streetcar, we have a bike path, we have a navigable waterway in the bayou," stated Bosworth.

Bosworth and others say the community is becoming "younger."

The impact of the two giant medical centers being erected in Mid-City cannot be overstated.

"We've already sold homes to people coming in that are going to be working at VA. LSU's teaching hospital, you know that project has spurred a lot of other commercial development," said Dare.

"With the development of the hospital complex, people are really starting to pay attention to Mid-City and realize everything Mid-City has to offer," Bosworth further stated.

A row of houses being constructed on Bienville Street near Jefferson Davis Parkway start at $450,000. They are being snapped up by anxious buyers before they can be completed.

"And they're selling before they come out of the ground, so we're very excited about Mid-City and the long term growth," said Dare who stated he has purchased one of the houses.

"When you [have] a young family that's coming in that may have a budget that's closer down to $200,000, $250,000, it's getting a lot harder to buy in Mid-City than it was four or five years ago," said Pearl.

And they expect the boom to continue as the medical facilities bring more professionals to the area.

Copyright 2014 WVUE. All rights reserved.

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