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Land rush: Speculators pour in as the water recedes in New Orleans

 

Would-be home buyers are betting city will be a boomtown. And many of its poorest residents could end up being forced out.

 

By David Streitfeld

Los Angeles Times

Posted September 15 2005, 10:16 AM EDT

 

 

BATON ROUGE, La. -- Brandy Farris is house hunting in New Orleans.

 

The real estate agent has $10 million in the bank, wired by an investor who has instructed her to scoop up houses — any houses. "Flooding no problem," Farris' newspaper ads advise.

 

Her backer is a Miami businessman who specializes in buying storm-ravaged property at a deep discount, something that has paid dividends in hurricane-prone Florida. But he may have a harder time finding bargains this time around.

 

In some ways, Hurricane Katrina seems to have taken a vibrant real estate market and made it hotter. Large sections of the city are underwater, but that's only increasing the demand for dry houses. And in flooded areas, speculators are trying to buy properties on the cheap, hoping that the redevelopment of New Orleans will start a boom.

 

This land rush has long-term implications in a city where many of the poorest residents were flooded out. It raises the question of what sort of housing — if any — will be available to those without a six-figure salary. If New Orleans ends up a high-priced enclave, without a mix of cultures, races and incomes, something vital may be lost.

 

"There's a public interest question here," said Ann Oliveri, a senior vice president with the Urban Land Institute, a Washington think tank. "You don't have to abdicate the city to whoever shows up."

 

For now, though, it's a seller's market, at least for habitable homes.

************************

 

The article went on, but.....you get the picture. :glare:

 

Regards,

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Land rush: Speculators pour in as the water recedes in New Orleans

 

Would-be home buyers are betting city will be a boomtown. And many of its poorest residents could end up being forced out.

 

By David Streitfeld

Los Angeles Times

Posted September 15 2005, 10:16 AM EDT

 

 

BATON ROUGE, La. -- Brandy Farris is house hunting in New Orleans.

 

The real estate agent has $10 million in the bank, wired by an investor who has instructed her to scoop up houses — any houses. "Flooding no problem," Farris' newspaper ads advise.

 

Her backer is a Miami businessman who specializes in buying storm-ravaged property at a deep discount, something that has paid dividends in hurricane-prone Florida. But he may have a harder time finding bargains this time around.

 

In some ways, Hurricane Katrina seems to have taken a vibrant real estate market and made it hotter. Large sections of the city are underwater, but that's only increasing the demand for dry houses. And in flooded areas, speculators are trying to buy properties on the cheap, hoping that the redevelopment of New Orleans will start a boom.

 

This land rush has long-term implications in a city where many of the poorest residents were flooded out. It raises the question of what sort of housing — if any — will be available to those without a six-figure salary. If New Orleans ends up a high-priced enclave, without a mix of cultures, races and incomes, something vital may be lost.

 

"There's a public interest question here," said Ann Oliveri, a senior vice president with the Urban Land Institute, a Washington think tank. "You don't have to abdicate the city to whoever shows up."

 

For now, though, it's a seller's market, at least for habitable homes.

************************

 

The article went on, but.....you get the picture. :glare:

 

Regards,

 

New Orleans is a good investment. How often do they get flooded by a hurricane?

 

It isn't like you are looting stores. Investors are helping to rebuild the economy so buy it up and make money.

 

The only thing I don't understand is why CNN reports survivors of Katrina as refugees. Aren't they still Americans?

 

Dan

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Exactly the same as what happened in the tsunami effected coasts. Push out the poor to make way for the rich.

 

I sensed this was coming the minute I saw the poor being left to die at the Superdome. I suspect the plan was if they can just get through a week or so without helping those people, chances are most of them would die from dehydration, leaving all their property free for the taking.

 

Pre-Katrina New Orleans = 20% below poverty level.

Post-Katrina New Orleans = 100% above median income.

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The only thing I don't understand is why CNN reports survivors of Katrina as refugees.
It's an anti Bush thing, and it pushes their agenda.
Her backer is a Miami businessman who specializes in buying storm-ravaged property at a deep discount, something that has paid dividends in hurricane-prone Florida.
Hey, Rich, any surprise the money man is some wealthy slug from Miami? :wacko: I expect no less from the land of swamp salesmen and pension fund raiders.

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