New Orleans East wants to be part of real estate boom

Published: Mar. 20, 2014 at 11:12 PM CDT
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NEW ORLEANS, LA (WVUE) - Real estate agents around the country may envy the booming market in New Orleans.

National home sales dropped in February for the sixth straight month. The National Association of Realtors blames freezing weather and snow storms for the slow pace.

New Orleans East knows all about the housing slump after a storm.

"It seems to be getting a little better," said Genevieve Magee as she swept her sidewalk in the Village de Lest Subdivision. She can see homes blighted from the storm are being repaired.

Real estate agent Jerome Winder sees the glass half full in New Orleans East. Home sales aren't brisk, but there is opportunity.

"The price per square foot is a lot lower than most of the city. You get a lot for your money here," Winder said.

Just a few miles away, Uptown agent Charlotte Dorion enjoys the best of times.

"All the young people want to come here, and the old!" she said. "It's about location, location, location."

Fred Buras lives in the Garden District.

"Life is good," he said. "What has really happened in this market is everyone was scared of flood zone changes and flood increases. The sliver by the river ran up prices and ran up demand."

Winder says in Eastern New Orleans high insurance rates have plagued some areas.

"The new legislation hurt the market for a while here," he said.

There are incentives to get people moving. Winder says the Soft Second Mortgage Program will give tens of thousands in federal money to qualified people to help them with mortgage payments.

Winder just sold a home to a family under the program. He showed off the four-bedroom, fully renovated jewel.

Fred Buras weighed in on New Orleans East.

"There's not a lot of restaurants and retail. You have to have stuff for people to do," he said.

"It's coming, isn't it?" said Magee as she finished sweeping her walk. She's hoping for new neighbors and new things to draw them in her area.

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