Real Estate Investors Eye New Orleans

Author:	Lucas Jones
Source:	Homes Discovered
Date:	April 5, 2006

Real estate investors looking for the next big thing have turned their attention to New Orleans. After Hurricane Katrina, investors began searching for New Orleans properties for sale.  because of the huge hit to the economy and because many tenants have disappeared, some homes had for sale ads posted even with little to no hurricane flood damage because the owners couldn't afford the mortgage payments. It is a good time to buy properties cheap in New Orleans whether  it is to encourage redevelopment or just to get a cheap vacation home. Considering how low mortgage rates have been it is a great time to take a chance on a cheap New Orleans property as the city is working on being rebuilt.  In a few years these cheap homes could return huge profits once the city is rebuilt. Investors are also looking at rental properties as good bets since the New Orleans economy is so reliant on tourism.  Once the city is cleaned up people will be coming back to New Orleans for vacation and will need a place to stay and those investors with rental properties will be rewarded. The draw back is homeowners getting afraid and selling their New Orleans homes excessively cheap.  Many residents may sell unwisely.

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