It’s no secret to those that have dipped their toe in the water of New Orleans real estate recently that the stream of activity resembles more of a rushing rapid with unexpected twists and turns included. The tone of the market possesses a buzz that surprises even the most seasoned flippers and investors, and it shows more promise than concern. We all know these things ebb and flow, but it’s the perception of spaces that is changing the fastest, the intangible becoming realized in the tangible. More specifically, let’s look at a cute double that recently flipped in the heart of Central City, but hold on to your hat. And, as usual, for clarity/disclosure, I did not participate in any part in any of these sales; effectively, I am only an observer fascinated by the pace at which these changes are taking place. Two years ago, a poor-condition side-by-side shotgun home at 1817-19 Martin Luther King Jr Blvd came on the market for $35,000 on March 6, 2012. Not without its charms or potential, the dwelling sits on the market for a few weeks before going under contract on March 23, then going to sale 2 months later for $29,000 cash on May 14. A full-on renovation ensues which one may imagine takes longer and costs more than the party to the transaction anticipates; they usually do. Nonetheless the market moves along, hammers are swung, paint is applied, and voila on Nov. 12, 2013, roughly a year and a half from its initial sale date 1817-19 Martin Luther King Jr Blvd returns to the market as a beautifully restored multi-family home at an offer price of $369,500. And then a long cold winter sets in, all holidays come and go, and a new year is born. At some point, a price reduction takes place to $349,500, and on Jan. 8, 2014 it goes under contract. The act of sale takes place four weeks later on Feb.
