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New Orleans Housing Market Assessment Overview and Major Conclusions New Orleans Housing Market...

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New Orleans Housing Market Assessment Overview and Major Conclusions New Orleans Housing Market Assessment Overview and Major Conclusions Presented to State Bond Commission March 17, 2011 Slide 2 Purpose and Outcomes Comprehensive supply/demand analysis Extensive primary data collection Forecasts of future demand Geographically nuanced data: Planning Districts in Orleans Parish Census places in St. Bernard Parish Orleans Parish St. Bernard Parish Slide 3 Major Conclusions Small oversupply of rental housing Minor by historical standards Occupancy rates are improving Surplus of for-sale housing Forecasts suggest a healthy rental market Slide 4 Small Oversupply of Rentals Recent boomlet is small by historical standards. Slide 5 Small Oversupply of Rentals Construction activity has dramatically slowed. Slide 6 Small Oversupply of Rentals Rents have stabilized small increase from 2009 to 2010 Slide 7 Affordable Housing Needs 28% of pre-storm units had rents under $500 current total is 12% Nearly 50% of pre-storm units had rents between $500 - $800 current total is 17% Acutely felt in deeply affordable category: 70% of those under 50% AMI have excessive housing costs Contributing factor loss of affordable market rate housing Slide 8 Occupancy Rates Improving Occupancy rates have stabilized since 2008. Slide 9 Surplus of For-Sale Units Owner occupied units in 2005 that no longer have a homestead exemption Highlights increase in single family rentals Slide 10 Surplus of For-Sale Units Listings increased by 14% Rents per square foot declined by 8% Slide 11 Surplus of For-Sale Units Units sales have decreased Days on the market have increased Slide 12 Surplus of For-Sale Units Prices increased from 2009 to 2010 but remain below their 2006 peak 2006 Peak Slide 13 Demand Forecasts Surplus of 2,062 units Deficit of 5,401 units Slide 14 New Orleans: Planning District Profiles New Orleans: Planning District Profiles Slide 15 District 1 CBD, Warehouse District, French Quarter Highest sales prices in the city Strong appreciation in sales prices Highest median rents in the city Largest concentration of jobs and amenities Post-Katrina recovery largely complete Slide 16 District 2 Garden District, Central City High sales prices Middle of the pack along several measures: Appreciation in sales prices Median rent Strong post-storm recovery Second largest concentration of amenities Slide 17 District 3 Uptown, Broadmoor, Hollygrove High sales prices Relatively high median rents Moderate appreciation in sales prices Third highest concentration of jobs and amenities Second strongest recovery among Eastbank districts Slide 18 Relatively affordable sales prices Rents are characteristic of city overall Strong appreciation in sales prices Moderate pace of recovery Major concentration of employment and amenities Major locus of public investment - over $3 billion District 4 Mid-City, Gerttown, Esplanade Slide 19 District 5 Lakeview Substantial decline in sales prices High priced area nonetheless Second highest in median rent Strong recovery in light of flooding Primarily residential area Photo by Infrogmation (flickr) Slide 20 District 6 Gentilly Extremely affordable area Little appreciation in sales prices Moderate pace of recovery Primarily residential: Limited commercial amenities Some major employers but fewer jobs than other districts Slide 21 District 7 Bywater, St. Claude, St. Roch High values sales prices for homes in excellent condition Highest sales price appreciation in the city Extremely affordable rents Recovery varies by sub-area Moderate concentration of amenities and employment Slide 22 District 8 Lower 9 th Ward, Holy Cross Slow pace of recovery Most affordable for-sale market in city Extremely affordable rents Few jobs and fewer amenities Tremendous appreciation in sales prices: Make It Right homes Renovated homes in Holy Cross Slide 23 District 9 New Orleans East Strong recovery in light of flooding Extremely affordable for-sale market Low to moderate appreciation in sales prices Extremely affordable rents Significant public investment - Road Home grants Moderate concentration of jobs and commercial activity Lacking basic retail Slide 24 District 10 and 11 Village De LEst, Viavant/Venetian Isles Strong recovery in light of flooding Most affordable rental market Strong sales price appreciation: Small inventory May reflect major renovations/updates District 10 is major employment center Few amenities in either District Slide 25 District 12 Algiers Affordable for-sale market Little appreciation in sales prices Relatively affordable rents Strong post-Katrina recovery Moderate concentration of jobs and amenities Significant public investment - Federal City Slide 26 District 13 English Turn High real estate values Significant decline in sales prices Strong post-Katrina recovery Uniformly residential community Slide 27 www.gcrconsulting.com 504.304.2500 800.259.6192 fax 504.304.2525 2021 Lakeshore Drive New Orleans, LA 70122 UNO Research & Technology Park Advanced Technology Center [email protected] Ivan J. Miestchovich, Ph.D. UNO Institute for Economic Development and Real Estate Research 504.280.6904 fax 504.280.3952 405 Kirschman Hall 2000 Lakeshore Drive New Orleans, LA 70148

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