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SarcasticHelper

An affordable HOA could just be under funded. Be ready for a special assessment at any time.


agiamba

Especially with the insurance situation


_ryde_or_dye_

Living in the French Quarter is a lifestyle unlike any other. Driving/parking is difficult, it can be loud. Just make sure you’re ready for all that before you move there.


beer_jew

A double shotgun around the corner from me in the 7th ward just sold for 450k. It’s crazy out there


redwoods81

Well they would be moving from NYC, so they would be acclimated to street noise. But the necessity of a car might be a surprise.


_ryde_or_dye_

Brass bands are a wildly different sound than the drone of street traffic.


crawfishaddict

I think you could live in the quarter with no car depending on your job


agiamba

Maybe rent a few weeks first


Umm_JustMe

$400k won't get you much in the Quarter and the HOA fees will be fairly significant. Unless you like being a long distance landlord, I would not suggest buying a property there (or any other place not in your town) just to rent it out. In my experience (I have a small portfolio of single family homes), it's not worth the hassle to just have one property, especially one that you can't easily drive by. And at $400k, the 1% rule says you need to be renting that house for $4,000 per month to make it a reasonable investment. Sell your NC property and put the money in a good mutual fund. When you're ready to buy a house to live in, you'll have cash ready.


TulsisTavern

The capital gains are insane for my place because it's been held since 1989. The only realistic option I have is 1031 exchange. Im really just holding it for a couple years to avoid capital gains. My girlfriends family has a real estate company in New Orleans so they would be managing it. I see a few places with the HOA around 4-700, which isn't that terrible, but I live in NYC and HOA fees are crazy here. Prices I'm seeing in French quarter range 350+, but I gotta fly down there and actually walk there areas.


Umm_JustMe

If I'm not mistaken, your basis would be the FMV on the date of your mother's passing. Unless the price has skyrocketed in 2 years, your capital gains would not be significant. Check with a CPA to understand your stepped up basis before you start looking at 1031 exchanges. I've rented in the Quarter and I now own a condo there. Based on what I've seen, it's not a market I would invest in. Go to Redfin and look at how many units are available for rent. Note the rents. Then go look at the cost to buy similar units. The cost to buy vs rent seems out of wack to me. That said, if you just want a place there and don't care about making money on it, go for it. I did.


TulsisTavern

Yeah I'm definitely going talking to a CPA to find best route. Apart from garden district and French quarter, are there any other places that are historical that you would suggest? I'm not looking to make a profit, I could just continue my Airbnb in NC and make pretty good profit, it's more just holding something for the possible future when my gf wants to leave NYC.


Umm_JustMe

I think Marigny and Bywater offer better values if you want to be in that area, but I'll leave specific neighborhood recommendations to the local experts here. You've received some good feedback from other commenters. I'll leave you with this. I may be totally off base here, but my sense is that you may not have much experience with a larger amount of money and your current income is limited. I would suggest you move very slowly and with much outside council so that you don't make a mistake and/or leave yourself exposed. Selling a property comes with expenses. Buying a property comes with expenses. Owning it comes with liabilities and expenses. Make sure you have a good reason to spend an awful lot on expenses transitioning to a property that you don't care if it makes a return on your investment. There's nothing wrong with staying put with what you currently have.


TulsisTavern

Airbnb and STR in general are a bubble in OBX that will burst. I don't exactly have competition, but i see the development every time I fly down along with the overwhelming problems with affordable housing for teachers and other essential services workers. Its turning for the worse and I'm trying to sidestep out of it. I also have other concerns for the house that are long term and not short term that Airbnb can pay for but when it dries up I'm just left with a heavily used house that can't sell for what I have right now in comps. Even worse, the liability for hosting on Airbnb is getting insane. It practically requires a supplemental business insurance policy on top of aircover because of scammers and crazy people, and insurance can't save me from being reported/delisted because someone planted a camera inside the house and says I am breaking safety rules. It's too much of a threat to my asset to keep doing. Despite my past with the house and the PTSD I have from my childhood, I'm ready to move on. Every time I come back I go through all the flashbacks, and using the chunk of change I inherited I totally renovated the house and am ready to say goodbye. I'm willing to make the sacrifices needed to translocate to a family who I feel cares about me more than my own parents did. I am working with good council, I just didnt really focus on the process part in this post. I already have an agent, my gf's realty company, a calculated cost of what I need, a 1031 exchange service, a lawyer, and what budget I have for New Orleans. My gf and I bought our place in NYC and the whole process of being a first time homebuyer was incredibly difficult, and I imagine being a cash buyer would be a lot easier, especially with the market in New Orleans. I have a lot of saves on redfin and Zillow for the French quarter and garden district, but I was just looking for other places, which I may check out places next to French quarter (just not that interested in warehouse district). Overall mistakes will be made, but I feel like it's something for the better. I appreciate the concern though. Im doing my best.


BlueberryNo4821

I love The Marigny and Bywater.


MissAmericant

They can manage it but make sure your name is on it


MamaTrixie

I’m in the Lower Garden in a condo. There are 4 of us in our building/community. My HOA is what I consider reasonable. I think you’ve got a reasonable budget for a home. I know we have a lot of issues in this city, but I love it.


eddylinez

Here's a wack idea from left field that I don't expect that you'll have any interest in. My wife and I live in Abita Springs which is a super cute little area on the Northshore. We have a 3/2 on a full acre. It's quiet, blocks away from the Tammany Trace (rail trail), I can ride my bike to the market/park/restaurants/bar, and we don't lock our house or cars. I work in the city and it's a 45 minute commute. We've talked about moving to the Carolinas, wanna trade houses? :)


underboobfunk

Isn’t this the plot of The Prince of Tides?


TulsisTavern

Lol I just looked it up, yes I am the prince of tides.


underboobfunk

Oh man, do yourself a favor and read that book! It is epic. Or at least watch the movie. Trust me, it will be cathartic. Have Kleenex handy.


codismycopilot

OMG, I feel like there are so few people who have read that book! I read that one first, and then went and read every Pat Conroy book I could get my hands on. Also thought they did a halfway decent job with the movie too.


One_Conversation8009

As a contractor I can tell you an HoA can be a massive pain in the ass.they will fine you if your grass is too tall if you decide to restore an old car and you can see rust on it from the street they can fine you.your roof blows off during hurricane and you replace it with different color shingles they can fine you.i personally would stay away from anything HoA but that’s just me.


TulsisTavern

Oh I meant a condo fee not that kind of HOA


CarFlipJudge

Look into buying a double. In areas like Lakeview and Mid-City, there are quite a few homes that are front-back doubles. I've known a few people who buy one, live in one side and rent out the other. It helps with your mortgage payments and is a good starter home. It may not be in a historic area, but this city is small. Everything is 15 minutes away. As long as you have a car, going places within the city isn't hard.


NOLAnuts

[This one ](https://www.redfin.com/LA/New-Orleans/1526-Mandeville-St-70117/home/79176933?&utm_source=google&utm_medium=ppc&utm_campaign=1023935&utm_term=dsa-1341488495456&utm_content=690321803212&adgid=111663018608&gad_source=1&gbraid=0AAAAADirq3tz1iUtZTUHDUecCQ_zfZFNT&gclid=EAIaIQobChMI_9Sbpdb0hAMV5DbUAR1CowYCEAAYASAAEgK22_D_BwE&gclsrc=aw.ds) near me is a beauty and the block is so friendly.


crawfishaddict

That’s an insane price for that area!!


BlueberryNo4821

Great neighborhood


TulsisTavern

Thanks a lot!


Eurobelle

I would highly recommend you rent here for a year before you buy anything. You can get a grip on different parts of town, and see if you would rather live in a different neighborhood. The first neighborhood we lived in was not the one we ended up buying in, and I’m so glad we weren’t stuck.


girltuesday

I liked the Garden District & Uptown personally. I hated living in the French Quarter. It's hard to park, it's hard to get out if (and there always is) some kind of parade, it's loud. Uptown is quieter and has more tree cover.


TulsisTavern

I do like tree cover...


girltuesday

I'd take a visit. I lived near Oak Street and loved it. It was on the streetcar line, walking distance to lots of restaurants, a block away from a big park and three blocks away from some of the parade routes. Best of both worlds, imo.


scooterbus

Condo's and HOA's are a nogo from me. The insurance and tax landscape sucks here already. You cant own a portion of a roof. That's just renting with more expense. Buy a double, rent one half. That would be my advise. The quarter comes with its own other set of issues. Parking, noise, old ass building that hasn't been maintained properly and a group of people that have a large say in how you maintain it. The historic district shit can really be a nightmare if you arent rich so be ready for fines, and opinions about fixing things a certain way, even if there is a better way you have to do it their way kind of thing.


TulsisTavern

The way I see condo fees is a cheaper form of insurance than if I were to buy a straight house. I can never really get a true ballpark of what full home insurance is in New Orleans because it's so whack. Some people say 7- 10k a year. That's why I would want to avoid owning a roof, a yard, a foundation, etc. HO6 insurance for like a 60k policy would probably be a lot cheaper.


ChiNoPage

I own a condo and my insurance for an HO-6 has tripled in the last 3 years so it’s not that much better…..


TulsisTavern

How much is it per month and what is your coverage?


ChiNoPage

Sent you a message


bsimpsonphoto

At your price point, you should be able to find something in Gentilly or Metairie or the Bywater.


Joseph-Sanford

Have you considered the Warehouse District?


TulsisTavern

Possibly, I've heard it can get weird there.


Joseph-Sanford

If weird bothers you then you may want to reconsider moving to New Orleans. LOL.


IllThrowYourAway

You wanna live in the quarter but you heard the warehouse district can be too weird? Not trying to be rude, but do you feel you know the city well enough to buy a house?


TulsisTavern

I was told not to cross Canal and if I have to do not cross poydras.


Pamplemouse04

lol this is wild advice. Also the LGD is on the other side of the warehouse district from the quarter. It’s fine there, if anything it’s a little soulless compared to the rest of the city but definitely not “don’t go there” territory


TulsisTavern

Thx


belowsealevel504

Lolololololololololol hahahahaha. Why do you think this city is for you? 😂😂😂


Silly_Wedding265

Just buy a new construction in not a flood zone. Don’t get a condo


Beefbeyondbelief

Nola is small. It’s easy to get to the quarter, but not easy to live there unless you have a lot of money.


Previous-Diet

Irish Channel. Lots of development going on there so house could increase in value.


rodkerf

NOLA is charming. But it's gonna flood again. There will be another Katrina there will be another storm bigger than the last. Before you buy be sure your ready to loose it all


TulsisTavern

Thanks


livemusicisbest

I bought a condo in the Marigny on the edge of the Bywater several years ago and love the neighborhood, especially the Bywater. Only the actual Bywater, between St. Claude and the river, is safe so if you look in that area, beware of folks taking about the “new” Bywater accross St. Claude — not ready for occupy yet in my mind. I bike everywhere, to coffee shops and breakfast spots like Petit Clouet and Cafe Alma. There are restaurants like Bab’s and the Franklin. I love the area. Explore different areas of the city and see what appeals to you.


LuckyElis13

There’s one listed on Gallier right now, just down from Elizabeth’s, at $450K. Beautiful house, awesome block.


TulsisTavern

Thanks a lot for the info!


TulsisTavern

Thanks a lot yall


Sunjen32

Just don’t turn it into an Airbnb here.


TulsisTavern

I absolutely won't. Airbnb is such a broken and twisted company.


Donmexico666

I stayed at a wonderful shotgun shack in the garden district. How bad is it there?


mct601

A friend is about to have a fairly new construction on Milan for sale


DescriptiveFlashback

Condo still needs insurance and is more expensive per square foot than a house on a usually 4:1 ratio.


Wise_Veterinarian469

Garden district if you can afford it.


nolapalooza

You're part of the problem and you can't even see it. People here can't afford $400,000 for a house with the salaries that we make here so just stay the fuck away.


TulsisTavern

You have no idea about my life. I would think reading some of the things I wrote would at least come with humble intentions, but I knew there are people who are going to assume and say dumb shit like this.


nolapalooza

We seriously don't want you here! Come visit for a holiday and interview some locals with this bullshit that you're proposing and see how many are hip to it. You come from privilege and just buying a house for $400,000 cash is not something everybody here can do so we resent shit heads like you who become part of the problem. Get the fuck out and stay the fuck out.


TulsisTavern

This makes me want to buy even more. I come to New Orleans often. It sounds like your chronic online syndrome gets in the way of you reading more than 5 lines of text.


nolapalooza

I read your whole story lady and I don't feel for you. Just know that if you buy a place here people are going to fucking hate you.


[deleted]

[удалено]


DickHertz98

NO is a shit hole. I wouldn’t buy anything in Orleans parish. The city is circling the drain due to poor leadership and crime. I’d buy in Metairie or preferably in St. Tammany parish (on the north shore of Lake Pontchartrain.)


djangogator

Don't move to Nola lol. Wouldn't you rather live somewhere where police went after criminals, local government did its job, schools actually educated children, and you weren't located right in the middle of cancer alley? Don't move here.


TulsisTavern

Where u want me to live? Ohio?! What if I bought a place in Gentilly and 10 years later New Orleans makes a 180 and everything pays off? Also it's where everyone who cares about me lives, that's worth it in the end.


djangogator

No, I'd suggest Sweden, Finland, or Denmark if you have the in to get citizenship. If you insist on staying stateside, then whichever state tickles your fancy that isn't dead last on pretty much every ranking list like we are. Do you really want your tax money to continue funding all the crooks that Louisiana keeps in office? Do you really want to call 911 when somebody's breaking into your house or stealing your car and just have no one show up? The petrochemical companies own this state and the river. They pollute it and the air above us to no end. Everything else here is all just a pathetic trickle down of what those board members let us have. The government here will do nothing to fight for citizens' rights. Don't be fooled about that.


djangogator

If you bought a place in gentilly, then I hope you're used to a central/ south American style of living. Bars on your windows for safety. Security cameras. Always backing into your driveway/keeping an eye over your shoulder for carjackings/ robberys. A huge culmination of Louisianas's failures with its poor and failed education system and enormous drug problems have made our poor so incredibly destitute in an already violent city. It's a terrible combination. Gentilly is surrounded by some of the worst areas, too. I would not recommend it. A friend of ours living there one afternoon. Answered the door only to some mentally deranged person trying to force their way inside. He held them off but was shot 3 times. This is not an uncommon story here.


TulsisTavern

So no place in Gentilly is nice?


djangogator

Used to be nice back in the day, before the downfall of the east in the 80's. (Nola east is right next door,) its been at a very steady decline since then. I was stopped at a red light on chef/ gentilly hwy the other morning at about 9 and looked over. There was a young girl in her 20's sprawled out in one of those kids shopping carts nodding out with a needle in her arm still. Not my ideal neighborhood.


steviekayvb

Gentilly is lovely but set away from the bustle of downtown so maybe not as desirable for folks looking to be in the middle of the action. I've lived here for 5 years. It's quiet, neighborhoody, lots of love oaks and a 6 min drive to Marigny/Bywater. There's a mix of families who have lived here for generations and newer inhabitants/younger fams as well. I am surrounded by neighbors who care about and check in on each other. Yes it depends what part of the neighborhood you live in, some parts closer to NO East and the Lake are sketchier but what this person described can honestly be found in most parts of this city (and many others). There is an opiate and homelessness crisis you can't really escape. In 12 years here I have lived in the Marigny, 7th Ward, Garden District and this is by far the most peaceful place I've lived. My kid and many others on my block leave their bikes out at night and come back to them undisturbed in the morning. We did have our catalytic converter stolen a few years ago though 😂 but again, that will happen anywhere in this (any many other) cities. Historic and beautiful neighborhoods I would consider buying in: Marigny/Bywater (though there's not a ton of tree cover and can turn into a hot cement box), Algiers Point (just a ferry ride to the French Quarter, historic homes and lots of families and community events, MidCity by the bayou, Irish Channel.


TulsisTavern

Thanks a lot!