Mardi Gras – aka selling season – hits New Orleans

New short-term rental legislation has hit the condo market hard in the French Quarter

(Credit: Getty, iStock)
(Credit: Getty, iStock)

Carnival season in New Orleans is here, which means it’s selling season for real estate agents.

But short-term rental regulations have created a glut in the French Quarter’s condo market developed, experts told the Financial Times. Legislation banning whole-home rentals in most of the French Quarter “really screwed up” the condo market there, Patrick Knudson, broker at Dorian Bennett Sotheby’s International Realty, said.

As a result, price reductions of 5 to 10 percent have become common in the area. Eleanor Farnsworth, broker at Gardner Realtors, said that the average number of days on the market in the French Quarter is 195.

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The priciest listing in the neighborhood is an eight-bedroom home with a courtyard pool and parking for 15 cars, on the market with Gardner Realtors for $9.25 million.

Prices are rising elsewhere in the Big Easy, especially in the Warehouse and central business district where developers are completing new luxury projects, agents said. [FT] – Katherine Kallergis