Mar 172014
 
Architect's rendering of the LaSalle school on Perrier redeveloped into condominiums (via lasallenola.com)

Architect’s rendering of the LaSalle school on Perrier redeveloped into condominiums (via lasallenola.com)

All 12 condominium units in the former LaSalle School building on Perrier street have sold out at prices up to $3 million before the development even opens, showing the strength of the market for luxury homes in Uptown New Orleans, according to a report in the Wall Street Journal. “The average home price in New Orleans increased by 15% this January compared to a year ago,” the report notes, and in 2012, fully 8 percent of the city’s population had been here less than a year.

  • UPTNOLA77

    An interesting comment from one of the WSJ posters:

    Lance Miller Wrote:

    The gentleman from Tulane quoting this market is stable is obviously unaware of the current situation in New Orleans. Once the federal aid money (over $100 Billion) dries up, the city will quickly revert to falling apart. Here is the question, where are the
    jobs? New Orleans has very little industry backing and tourism is about the only mainstay for jobs. Personal injury is pretty much the only big business in NOLA. Hipsters and entrepreneurs are not going to sustain the market.

    If you drive uptown these days, there are a ton of for sale signs as folks try to take advantage of this empty boom. The market is actually peaking by most measures and we shall see where it goes, god forbid another storm comes thru. I’d like to see an article that focuses on “What will NOLA do after aid is spent?”

    Lastly, the crime will always keep companies and middle/upper middle families from settling in New Orleans. Perhaps the multi-million dollar crowd feels insulated from this, but good luck attracting significant professional talent and families with busted schools and crime.