I recently was asked about how the real estate market is doing in Algiers Point, specifically for doubles and other multi-family properties. Well, I’m sorry to say, that it’s not good news for sellers in the community – too much competition and too few sales.
Multi-Family Property in Algiers Point (including doubles)
While the trend line may indicate increasing values, there have been only 3 multi-family properties sold in the Point in the last 6 months and none as of 3/31/2010. With 23 active listings at this time, there is a lot for the buyers to choose from, making them more likely to walk away from a deal if they don’t feel like they are getting a “bargain”.
Sales of Doubles in Algiers Point
Prices of doubles in the Point have followed the same trend line over the past few years. There are currently 16 properties listed for sale, while there have been only 2 successful sales in the last 6 months and none in 2010.
Only 7 of the available properties are generating any rental income at this time, making it a harder sell to investors who are attempting to determine whether a property will cash flow according to their standards. There are 14 rental listings in the Point, priced from a low of $600 per month for a one bedroom to a high of $4500 per month for a 2 bedroom single family home, so obviously determining a real rate of return is easier on properties that are already tenant occupied.
Need more information? We’ll be happy to take a look at your property and give you an honest opinion about a probable sale price. Just call Lisa at (504) 616-6262 or drop us an email.
For more information about home buying or selling on the West Bank of New Orleans, or relocating to or from NAS JRB New Orleans, please contact the West Bank Living Team. It would be our pleasure to have the opportunity to assist you with any of your real estate needs and have a little fun while doing it!
Originally published at West Bank Living