As Realtors in the Greater New Orleans area, we are often asked which local market is considered the "hottest." Lately, the hottest market in the area is the Mid City market. Mid City is located just north of downtown New Orleans. Mid City offers close proximity to City Park, the CBD, the French Quarter, and the new Biomedical Corridor. In recent months, the Mid City market has boomed.
The uptick in activity and demand is mainly due to the formation of the new Biomedical Corridor. The new Biomedical Corridor is currently being constructed on the Northern edge of downtown New Orleans. This 2.4 square mile corridor is situated between Canal Street. and Tulane Avenue. The corridor will feature the new LSU Medical Center, along with the new VA Hospital. The Biomedical Corridor is expected to create upwards of 6,000 jobs and a 1.26 billion dollar annual impact! In recent years, the New Orleans area has gained recognition as a growing leader in medical research and advancement. The new Biomedical Corridor will certainly help add to this growing trend!
Mid City has definitely benefited from its close proximity to the Biomedical Corridor. In anticipation of the construction of the Biomedical Corridor, Mid City began to see an influx in both commercial, and residential Real Estate activity. Many businesses, including big names like Rouses Super Markets, Pei Wei Asian Diner, and Five Guys burger joint have populated the area. Home prices have also soared in the area, as many attempt to become part of the booming Real Estate market. With Mid City's high demand and low inventory, many buyers looking to move to the area often find themselves in bidding wars.
Mid City Market Statistics:
As of today (2/18/14), there are currently 52 properties available. These properties have an average list price of $251,309. Eighteen of those properties are currently listed above that $251,309 mark, with the highest priced listing at $825,000. In the last six months an astonishing 84 properties have sold in the area, with an average sold price of $235,394. These homes, on average, spent 62 days on the market. However, most homes priced at market value spent 10 days or less on the market, regardless of condition. Currently there are 33 properties under contract, or pending in the area. These numbers suggest a market that is red hot.
With the creation of the Biomedical Corridor, along with the formation of new businesses, Mid City is clearly booming. As the Biomedical Corridor nears completion, there is little evidence to suggest the Mid City market will not continue to boom. Currently, prices are still relatively low in the area. Now is the time to take advantage of this upcoming area! Don't sit on the sidelines while others capitalize on Mid City's booming market.
For more information about the Mid City market, or any Greater New Orleans Real Estate need, please feel free to contact George Molaison, or Shawn Ryan, Jr. of Nola Partners. George and Shawn would be glad to answer any questions you may have. You can connect with George and Shawn on their website www.nolapartners.com, or on facebook at www.facebook.com/nolapartners. Thank you for reading our blog! Happy Mardi Gras!
Tuesday, February 18, 2014
Monday, February 17, 2014
Welcome to our new Nola Partners Real Estate Blog! For those of you who do not know, my name is George Molaison. My business associate, Shawn Ryan, Jr., and I are the Realtors behind this blog.
Shawn and I both grew up in the Greater New Orleans area. Shawn attended Brother Martin High School in New Orleans. After graduating high school, Shawn attended Tulane University where he received a Bachelor's of Science in Biology. Shawn is an avid sailor and a life long member of Southern Yacht Club. Shawn sails competitively across the world and is considered one of the top 100 sailors in the world!
I attended St. Martin's Episcopal High School in Metairie, LA. After graduating high school, I attended Spring Hill College in Mobile, AL, where I received a Bachelor's of Art in English with a minor in Psychology. I, like Shawn, try and spend as much time on the water as possible. However, I prefer to spend my time hunting down big Red Fish and Speckled Trout. I am also an avid New Orleans Saints, New Orleans Pelicans, and LSU fan.
Shawn and I decided to tackle the Real Estate business in early 2012. By March of 2012, both Shawn and I were fully licensed Realtors in the state of Louisiana. We signed on with Keller Williams Realty in Metairie, LA and have been helping clients buy, sell, or invest in the Greater New Orleans Real Estate Market ever since. Since March of 2012, we have closed over 25 Real Estate transactions. These transactions include short sales, Soft Second transactions, and Rural Development transactions, just to name a few. We pride ourselves on creating a smooth, hassle free Real Estate experience for our clients. At all times, we will remain professional and assure our client's best interests are in mind. We hold the values of honor and integrity close to our hearts, and bring these core values into our business model.
We have created this blog as a way to help those living, or relocating to the Greater New Orleans area, stay informed about the ever changing local Real Estate market. Among the local market, we will also cover issues concerning mortgage rates, insurances, and the home buying/selling process. If you would like us to cover a specific topic, please email us the topic at glmolaison@gmail.com. You can also check out our website www.nolapartners.com.
Thank you for taking the time to read our new blog! If you have any questions please feel free to contact either Shawn, or myself. Our contact information will be listed below. We hope all of you have a blessed, productive, and great day! Happy Mardi Gras!!!
-George Molaison
Contact information:
Shawn Ryan, Jr.
Cell: (504) 452-7337
Email: ryan.shawn@me.com
George Molaison
Cell: (504) 610-4336
Email: glmolaison@gmail.com
George Molaison and Shawn Ryan
Realtors, Consultants
Keller Williams Realty 455-0100
3197 Richland Ave.
Metairie, LA 70002
Each office independently owned and operated. Broker and agents licensed in the state of Louisiana.
Shawn and I both grew up in the Greater New Orleans area. Shawn attended Brother Martin High School in New Orleans. After graduating high school, Shawn attended Tulane University where he received a Bachelor's of Science in Biology. Shawn is an avid sailor and a life long member of Southern Yacht Club. Shawn sails competitively across the world and is considered one of the top 100 sailors in the world!
I attended St. Martin's Episcopal High School in Metairie, LA. After graduating high school, I attended Spring Hill College in Mobile, AL, where I received a Bachelor's of Art in English with a minor in Psychology. I, like Shawn, try and spend as much time on the water as possible. However, I prefer to spend my time hunting down big Red Fish and Speckled Trout. I am also an avid New Orleans Saints, New Orleans Pelicans, and LSU fan.
Shawn and I decided to tackle the Real Estate business in early 2012. By March of 2012, both Shawn and I were fully licensed Realtors in the state of Louisiana. We signed on with Keller Williams Realty in Metairie, LA and have been helping clients buy, sell, or invest in the Greater New Orleans Real Estate Market ever since. Since March of 2012, we have closed over 25 Real Estate transactions. These transactions include short sales, Soft Second transactions, and Rural Development transactions, just to name a few. We pride ourselves on creating a smooth, hassle free Real Estate experience for our clients. At all times, we will remain professional and assure our client's best interests are in mind. We hold the values of honor and integrity close to our hearts, and bring these core values into our business model.
We have created this blog as a way to help those living, or relocating to the Greater New Orleans area, stay informed about the ever changing local Real Estate market. Among the local market, we will also cover issues concerning mortgage rates, insurances, and the home buying/selling process. If you would like us to cover a specific topic, please email us the topic at glmolaison@gmail.com. You can also check out our website www.nolapartners.com.
Thank you for taking the time to read our new blog! If you have any questions please feel free to contact either Shawn, or myself. Our contact information will be listed below. We hope all of you have a blessed, productive, and great day! Happy Mardi Gras!!!
-George Molaison
Contact information:
Shawn Ryan, Jr.
Cell: (504) 452-7337
Email: ryan.shawn@me.com
George Molaison
Cell: (504) 610-4336
Email: glmolaison@gmail.com
George Molaison and Shawn Ryan
Realtors, Consultants
Keller Williams Realty 455-0100
3197 Richland Ave.
Metairie, LA 70002
Each office independently owned and operated. Broker and agents licensed in the state of Louisiana.
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