Property Management and COVID-19: New Orleans Real Estate Expert Breaks It Down
Landlords and tenants across the nation are facing unprecedented circumstances as COVID-19 continues to pose some uncertainty across the rental housing market. As U.S. households feel the financial strain brought on by the pandemic, residential and commercial landlords are working hard to accommodate these challenges. For many, sudden financial losses and the difficulties of relocating safely have become an all too real and challenging prospect. For property managers, a shift in strategy is necessary to balance compassion for those with newfound financial issues, while also supporting their clients and delivering ROI on their investments. Through the first two weeks of June, we’ve seen 26 multi-family homes in Orleans Parish get to closing, projecting to 52 closings for the month.
I’m Joe Gerrity, local businessman, investor, and Real Estate Broker. For my Yo Joe! column, I’ll be answering real estate questions and providing market information special to New Orleans during this pandemic. Yo Joe! How were real estate sales affected in April?
Domain Companies officials will meet with neighbors Friday, May 31, to explain a zoning map amendment for their South Market District properties including The Standard, The Beacon, The Paramount, and a 36,000-square-foot surface parking lot. They are asking to change the zoning from CBD -5 to CBD-1, which would allow for increased commercial use, including timeshares. Domain liaison Christian Brierre says the company is seeking the amendment “solely for the purpose of our retail spaces” and that The Paramount and The Beacon will “continue to be market-leading multifamily apartment products.”
Some neighbors wonder if Domain or a future owner could embrace timeshare as the highest and best use for those properties. Already, The Saratoga, the Maritime and 144 Elks Place are being redeveloped as timeshare or extended-stay properties. While there is general unevenness in real estate sales citywide, business-friendly zoning downtown — which has encouraged the proliferation of timeshares, hotels and short-term rentals — is keeping overall real estate sales strong.