The Home Buyer's Korner

Information presented should be used for educational purposes only.

April 26th, 2016

Guy looking up in color

GREATER NEW ORLEANS, LOUISIANA

Central Business District & Lafayette Square Neighborhood

70112/70113/70130

The Home Buyer’s Korner

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General Contractor G+

BUILDING THE DREAM OF HOME OWNERSHIP

New Orleans LA City Center 70112

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The median real estate price in the Central Business District (CBD) & Lafayette Square neighborhood of New Orleans, Louisiana is slightly over $362,350, which is more expensive than nearly 97 percent of the neighborhoods in the state and 80 percent of the neighborhoods in the country.

The average rental price in the New Orleans Central Business District (CBD) & Lafayette Square neighborhoods is currently coming in at $1,575 a month, and the average rental cost in this neighborhood is higher than over 96 percent of the neighborhoods in Louisiana. Most of the residential real estate is renter occupied.

New Orleans Central Business District (CBD) & Lafayette Square neighborhoods is a suburban neighborhood located in New Orleans, Louisiana, and real estate in the City Center & Lafayette Square neighborhood of New Orleans, LA is primarily made up of small studio and two bedroom to medium sized three or four bedroom single family homes, and other multi-family housing options like condominiums, town homes, duplexes, and apartments. 

The New Orleans Central Business District (CBD) & Lafayette Square neighborhoods are very unique in that it has one of the highest proportions of one, two, or no bedroom real estate of any neighborhood in America. Most neighborhoods have a mixture of home or apartment sizes from small to large, but here the concentration of studios and other small living spaces is at near-record heights. With over 89 percent of the real estate here of this small size, this most assuredly is a notable feature that makes this neighborhood unique, along with just a handful of other neighborhoods in the country that share this characteristic.

One of the really unique and interesting things about the look and setting of the New Orleans Central Business District (CBD) & the Lafayette Square neighborhood is that it is almost entirely dominated by multi-family housing like duplexes, condominium, town homes, and apartment, and nearly 82 percent of the residential real estate here is classified as such.

Many of the residences in the Central Business District (CBD) & Lafayette Square neighborhoods are relatively historic, and built no later than 1939, but in some cases, quite a lot earlier, while a number of residences were built between 1940 and 1969.

Vacant apartments or homes are a fact of life in the New Orleans Central Business District (CBD) & Lafayette Square neighborhoods. The current real estate vacancy rate here is over 36 percent and higher than the rate of vacancies in over 96 percent of all other neighborhoods in the country. Despite all of the residential real estate here in the New Orleans City Center & Lafayette Square neighborhoods, much of it is vacant. In vacation areas like New Orleans, this naturally occurs because homes and apartments are seasonally occupied, and empty for a portion of the year. To understand the neighborhood vacancy rate in how it affects your home buying or selling options, consult your real estate agent.

Many things matter about a neighborhood, but the first thing most people notice is the way a neighborhood looks and its particular flair, and why it’s important to learn all you can about the neighborhood you plan to call home. 

In the New Orleans Central Business District (CBD) & Lafayette Square neighborhoods, walking to work is a real option for many. In fact, it’s the chosen way to commute for well over 42 percent of residents here. If you come to live here you’ll want a good pair of walking shoes!

In the New Orleans Central Business District (CBD) & Lafayette Square neighborhoods, nearly 12 percent or residents commute means walking from the bedroom to the home office. Often people who work from home are engaged in the creative or technological economy, such as is found in areas around Boston, and in Silicon Valley. Other times, people may be engaged in other businesses like trading stocks from home, or running a small salon.

The types of households in a neighborhood can tell a lot about the character and lifestyle of those living here.  This neighborhood, above nearly every neighborhood in America, has of 62 percent of its residents living alone, and a higher percent living alone than we found in almost all other neighborhoods in America.

Do you like to be surrounded by people from all over the country or the world, with different perspectives and life experiences? Or do you instead prefer to be in a neighborhood where most residents have lived there for a long time, creating a sense of cohesiveness? This neighborhood stands out among American neighborhoods for the uniqueness of the mobility of its residents. In the New Orleans Central Business District (CBD) & Lafayette Square neighborhoods, a greater proportion of the residents living here today did not live here five years. 

Your future neighbors in the Central Business District (CBD) & Lafayette Square neighborhoods in New Orleans earn middle-class incomes, and this neighborhood has a higher income than nearly 45 percent of the neighborhoods in America. 

In the New Orleans Central Business District (CBD) & Lafayette Square neighborhoods, over 61 percent of the working population are employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is sales and service jobs, from major sales accounts, to working in fast food restaurants, with over 23 percent of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations at over nine percent, and nearly seven percent in manufacturing and laborer occupations.

Culture is the shared learning behavior of peoples. Undeniably, different ethnicity and ancestry have different cultural traditions, and as a result, neighborhoods with concentrations of residents of one or other ethnicity or ancestries will express those cultures.

In the Central Business District (CBD) & Lafayette Square neighborhoods in New Orleans, LA, residents most commonly identify their ethnicity or ancestry as Asian at nearly 10 percent. There are also a number of people of German ancestry at over eight percent, and residents who report Irish roots at well over six percent. Some of the residents are also French or Sub-Saharan African ancestry at under six percent, while over one percent has Iranian roots. In addition, nearly 14 percent of the residents of this neighborhood were born in another country.

The most common language spoken in the New Orleans Central Business District (CBD) & Lafayette Square neighborhoods is English, spoken by nearly 84 percent of households, while over five percent speak Spanish and more than one percent speak Persian at home.

VISIT OUR GREATER NEW ORLEANS “HOMES FOR SALE” BOARDS

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Central Business District (CBD) – Lafayette Square

FIND HOMES THROUGHOUT GREATER NEW ORLEANS LOUISIANA

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LOUISIANA HOME OWNERSHIP TOOLS

Your Home Purchasing or Refinancing & Renovation Tools,

Home Improvements, Home Renovations,

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase.

Here are just a few of the home improvements

you might consider with any Home Renovation loan

Repair or replace a roof

Install, replace or repair gutters and downspouts

Replace, repair or upgrade your HVAC system

Repair or replace plumbing

Install, repair or replace electrical systems

Kitchen remodeling (including the purchase and installation of appliances)

Bathroom remodeling, Full interior painting, Total exterior painting

Repair or replace a septic system and/or well

Disability access (wheelchair ramp, elevator, widen doorways)

Build, repair or replace deck, patio or porch

Basement waterproofing and finishing

Abatement/Stabilization of lead-based paint hazards

Replace old windows, Room additions, Finish an attic

Add a second story to your home

Replace a termite damaged sill plate (a water-damaged sill plate also)

Possible landscaping items such as correction of grading & drainage problems,

tree removal, repair a driveway and sidewalks

FHA 203K

Your Home Purchasing or Refinancing & Renovation Tool

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

FANNIE MAE HOMESTYLE

The Conventional Alternative to FHA 203K

Great for Real Estate Investors and Second Home Renovations

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

FANNIE MAE HOMEPATH RENOVATIONS

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Fannie Mae HomePath has No Mortgage Insurance up to 95% LTV

Up to $35K for Home Improvements, Renovations or a Simple Remodel

Mortgage Loan Officers, Real Estate Agents & General Contractors are ready to assist you with your home purchase

USDA RURAL DEVELOPMENT

Up to $10K for Home Improvements, Renovations or a Simple Remodel

Mortgage Loan Officers, Real Estate Agents & General Contractors are ready to assist you with your home purchase

A SIMPLE HOME SHOPPING INSPECTION TOOL

Organizing your home shopping experience affords a wise decision-making process.

This simple home inspection tool makes your ultimate buying decision a smart one.

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START YOUR PATH TO HOME OWNERSHIP TODAY

FNMA HomeStyle FNMA My Community Mortgage FHA One-Time Close Construction Portfolio or VA Home Loans Homes REO Short Sales FNMA HomePath Properties HUD Homes USDA Homes Condominiums Co-Ops Townhomes Manufactured Homes Modular Homes Mobile Homes Log Homes Second Homes Investment Property 2-4 Family Custom Homes Builders Custom Built Homes for Sale Luxury Homes for Sale General Contractors Home Improvement Experts Kitchen & Bathroom Renovations Real Estate Brokers & Agents Mortgage Lenders

70112 70113 70130 Central Business District (CBD) – Lafayette Square

70112 Treme Lafitte French Quarter Poydras St Gravier St Prieur St Treme St Bienville St Burgundy St Perdido St Roman St 1201 Canal St. Union St Canal St Palmyra St Lavender St Saint Louis St Roman St Baronne St Rampart St Derbigny St Cleveland Ave Perdido St Iberville St Prieur St Dauphine St Common St Tulane Ave Iberville St Burgundy St Johnson St Canal St Toulouse St Conti St 433 Burgundy St Banks St Derbigny St St. Claude Ave Johnson St

70113 Central City North Street Josephine St Philip St Lafayette St Terpsichore St Danneel Street # Robertson St Lasalle St 2215 Felicity Street Baronne St Oretha C Haley Blvd Clara St Washington Ave Baronne St Euterpe St St. Andrew St 1st St 2725 Philp St 1st St Saint Andrew St Freret St Lafayette St Lafayette St ST CHARLES AVE Dryades St 712 Salcedo Julia St Danneel St Saratoga St Julia St 1737-39 First St. Simon Bolivar Ave Thalia St 2619 Danneel Street Jackson Ave Felicity St Liberty St Willow St Danneel 2125 Josephine St Okeefe Ave Martin Luther King Jr Blvd 2nd St Erato St Loyola Ave 3rd St Washington Brainard St Rampart St Girod St 4th St Magnolia St Saint Joseph St Clio St Robertson St

70130 French Quarter Lower Garden District Race St Jackson Ave Rousseau St Common St 2nd St Polymnia St Terpsichore St Chestnut St Camp St Decatur St Bourbon St Clio St 2 1525 Clio St St Charles Ave Union St Clio St Orange St Melpomene St Thalia St Canal St WHITNEY BLDG Port of Orleans Pl Carondelet St 2nd St Annunciation St Annunciation St Camp St Carondelet St Carondelet St Coliseum St Constance St Euterpe St Jackson Ave Jackson Ave Jackson Ave Jackson Ave Magazine St Magazine St Margaret Pl Saint Andrew St Saint Andrew St Saint Mary St Philip St Washington Ave Washington Ave 536 Royal St St Charles Ave Constance St Chippewa St Chippewa St Notre Dame St Richard St 450 John Churchill Chase Prytania St 1805 coliseum st #1 402 Julia Street 812-814 Philip 539 Toulouse St. Tchoupitoulas St 333 julia st. #508 Wilkinson St Jackson Ave Saint James St Peters St Hastings Place # Peters St 3rd St 3rd St 2625 constance Wilkinson St St Charles Ave 1st St Washington Ave 1430 Jackson Avenue Harmony St Poydras St 448 Julia St. Conti St Annunciation St Thalia St Erato St Felicity St Prytania St Laurel St Gravier St 920 Poeyfarre St Royal St Felicity St Lafayette St Philip Diamond St Jackson Ave 610 John Churchill Chase St. Charles Ave Religious St Saint Louis St Exchange Pl Saint Andrew St Philip St Commerce St Jackson Ave 920 Poeyfarre Street Chartres St 920 Poeyfarre St. 1805 Coliseum St. #1 Melpomene St Saint Mary St 1st St Josephine St Chippewa St Laurel St Chippewa St Julia St St Charles Ave 515 226 Decatur Natchez St 516 Conti St 1631-33 Saint Charles Ave Hastings Pl Girod St Magazine St For Sale Bienville St Julia St River Rd Fourth St Carondelet St Commerce St Euterpe St Urania St 1st St Saint Charles Ave Phillip St Sophie Wright Pl 448 Julia Street Celeste St St. Mary 2619 st Thomas street Soraparu St Iberville St John Churchill Chase St 334 Carondelet Street 1818 Carondelet St 2527 Rousseau St Carondelet St -Robert C Blakes Sr Dr Coliseum St 1817 1821 Magazine St Annunciation St Diamond St Saint Joseph StPort  of New Orleans Pl Poeyfarre St Saint Thomas St 425 Notre Dame St 600 Port of New Orleans Place Toulouse St Magazine St Peters St 4th St

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