New Orleans catches the luxury condo bug

A wave of luxury condos are coming to New Orleans with one of two buyers in mind: locals looking to downsize to a central, downtown location and wealthy out-of-towners who want to become regulars.

According to Trulia listings, 2017 has seen a more than 50 percent increase in condos on the market with a median price around $244,000 — an increase from last year’s median price of $240,000 and 2015’s $169,250, the Wall Street Journal reports.

Development is concentrated around a few neighborhoods such as South Market District where one development, The Standard, part of a five-block series of residential buildings with over 1,000 largely units — is about 40 percent sold at prices between $575,000 to about $3.5 million.

The push is being led by both developers and wealthy residents who’ve decided to seize the opportunity, like William B. Reily IV, the descendant of a family business, who is constructing condo buildings — a 44-unit and a 33-rental unit — out of former company buildings.

“It was such an opportunity,” he told the Journal, “because the neighborhood has become such a magnet in the city of New Orleans.”

[WSJ] — E.K. Hudson