WWL>Topics>>5-5 9:45am Tommy, New Orleans outlooke

5-5 9:45am Tommy, New Orleans outlooke

May 5, 2014|

Tommy talks to Dr. Ivan Miestchovich, the Director of the Institute of Economic Development and Real Estate Research at UNO

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Automatically Generated Transcript (may not be 100% accurate)

I Tommy Tucker is the inauguration eventually Andrew coming up in the others and -- -- intentionally injures. Inaugural address at 10 o'clock and and students regard a little talk about it. With you doctor -- minds of its nice enough to give us some time today and be patient enough. He's the director of the institute of economic development and real estate research at my alma mater UN on good morning -- Good morning dominate your your conditioning call or yet do any I gotta go back to this slot and and I -- dwell on this but. Driving back from new Leno the other day I saw allotted Robert. 298000. Dollars for the lot. So streets aside somebody's got to. Feel bet the a lot of people at least have to feel at the bread of flood protection Orleans -- is improved and a good place to build and buy. Well I think it's that many other things yeah the flood protection has gone along way you know. And equities a big thank you go to the taxpayers of the United States that is spent about 45 billion. Give protections that we all. He screwed -- exactly right so those that we those who is collecting dust collecting on obligations. And right listeners anyway. We don't get lost on so we've got so yeah so you've got -- you know. You'll fortress built around is now. Around the city. And -- and Egyptian -- as well so you've got. You know I can say meters of the -- I'll -- more liquid over -- basically at least our annual real estate report and we're having our. Annual like twentieth annual outlook a little state economic outlook conference is coming Friday UN. So we will outlook in the residential market -- outlook of what is market rose 35 years. And and for the first time them quite a long time I can in unequivocally say that we have just about across the board. All sectors not just in the city that throughout the entire region. Where we've -- average price increases. And you could count the areas. Or neighborhood where -- price decrease is probably the one hand. And in some cases those because it was such view. Transaction that you could make any sense with a you know what the average price was so it is city in the world and it's gangbusters as Florida's. Price increases their neighborhoods I think we had more neighborhoods between 20122013. That had. Hi to maybe it would double digit lead to try to average price increases in many many neighborhoods throughout the city's. -- did that being said you heard the call from judge you'd very frustrated in. New wall and see sunny and attacks and comes in says I agree with the caller from the east everybody talks about the Ninth Ward Nate. They got on everybody's radar right after the storm but the east has been. Neglected so did property values in the east are they going up and if not why not how you fix it. Well you know they -- But in the world sector as a whole the average price did ego about two would have 3%. Now by comparison that's pretty low when you look at other neighborhoods in the city. But -- there is some price movement you know out in the east of the problem with the war on -- with the world he's in many respects. Is that it's it's fairly spread out. And so you have -- you have a lack of critical mass. -- correcting some of that with regard to the so the new retail -- what's going out there and mother retail development. The hospital. In all the other you know economists. Conveniences services. That people want to be the year where they. So that get it but it's just taking -- almost ten years since Katrina so it's taken. A painfully long time to this to happen and I certainly. Agree with the development called it about you know fifteen foot weeds in the in the lot. Not only that unsightly but could be right next to what it would figures that are. Is very very say all kind of critters and things can you know grow so it's really -- health issues. It's -- -- slightly issue in quite that -- -- the wall at least or is that eastern. Entry into port city. It ought to at least look good and you know what you had some. You ought to be attracted to people coming in from you're traveling on I ten coming into the east. You know one thing I see is I drive around new loans is their put up these neighborhoods signs against you've seen him as well and and we have so many neighborhoods and in new long ones it's deeds that kind of like a nice way to keep track on my guest I think the cities put them up but. Omni is is it about in a wall and seized as. Did that time factory involves active figure Nevada and all that it. It may -- hasn't been around long enough for hasn't had a chance to develop. Did I hate to say character but the but the did name recognition of other areas. -- -- -- -- -- these really started developing. I guess in the late sixties early seventies in a big way. And a big companies from two Lake Forest incorporated whatever -- created the whole master plan Lake Forest community out there and look. People don't remember that mall was huge with a nice drink and everything thousand well. Feel that that ball went in it was the lord of the largest malls in the state if they plop them about. I think Israel one point two million square feet of retail space so one time. Which would leave more than that market could ever support and that's -- that bald eagle there. But is it just did outline policy support and so so really that was kind of an overstretched but it was a master planned community. That identify neighborhood created different subdivisions. That then began treating some character and some -- of identity for the support of the city. But unfortunately -- -- would happen you know Katrina obviously. We shall will be a lot of that the active and a lot of the orientation. And the identity of those neighborhoods. The little ago washed away again it's gonna take awhile for them to continue to rebuild. You know one -- a member after Katrina is somebody's got to go first do you remember everybody had that discussion does. Retail development come in and then people buyer when it comes to building houses even in terms of flood protection. Being you got out so I got to go first and it went out when I think about new loans he so I just wonder is it because people feel maybe that. Flood protection hasn't really been tested yet even though with Isaak I guess week. We found out some what I could do. It could be a little. I just think that you know you have. You know that the economy you know here is -- -- has been growing. We've been expanding and he has a lot of a lot of preference where people want to live. Has done basically award AD. In terms of the wanna live in the city they would believe in the old neighborhood -- is established character. I mean Tom you've got people the pain. 304000. Square foot four you know condominiums in the French Quarter the downtown area. Because they wanna I wanna I wanna live in a fitness and believe permanently but -- a weakened to vacation hole -- just -- A -- to have pencil and so with. Which you've got people who really focused on living. In more -- in it in one of the traditional older neighborhoods never -- them. Who lived out in shot it was states most of his professional career. He and his wife were buying a home in -- moving. From -- -- was states in moving into lake view. And you hear that a lot over and over again. Of people who were making that kind of move mostly because those individuals you know old war schools systems in the city yet somewhat improved. Dole spoke don't care about school bit of your high school here but they don't get the girls are empty Nester. When you look at think -- gentlemen you have all -- -- from central Louisiana yet. You know the same thing I've I would bet he has no children living at home with the. Hey real quick -- for early to go and I'm not trying to sound like somebody from the country that. -- saw big building and his jaws. Dropped or anything but 298000. Dollars for a lot is that typical of what. And zoo corner a lot sizable is that typical for what the property values are and making. Fell asleep just so I like this -- seriously recycler and it neighborhoods. And yes that's pretty typical lots there. General which started over 200000 you can and there are many lots available in that neighborhood and that's a lot of can't even afford -- little. What are you look at the house of this building most of these -- so atomic they're you know -- you know five to 6000 square feet there you know well over a billion dollar. I appreciate your time doctor really you'll talk to you again okay have a go.

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