My stockbroker (my cousin), calls me whenever the market plummets and says, “Everything is on sale Greta…buy now.” If you were house shopping on the Northshore anytime in 2006 (like yours truly), you noticed houses waaaaaay overpriced. I just sold my home in Oklahoma for $77 a square foot & I was shopping for houses here in the $145 per square foot range – YIKES! OK, so you can suck it up and purchase a house a little rich for your blood & then you call for an insurance quote on your new potential home…your jaw drops & you reach for the nearest bottle of tequila! If your septic tank backed up into your house twice last year while it was on the market (2 claims), you could get quotes in the 10K & 12K range (seriously).
Back in December of 2006, I looked into my crystal ball & predicted that the housing prices would go down when home owners got their insurance premiums renewed and buyers looked into the cost of insurance. Yes, we are paying about $5,000 a year on LA Citizens (fair for the moment) Plan for a house under $400 K. Now, I am not complaining, but edumacating the potential transplants like myself.
Over the past week I have been flooded with e-mails (thanks mom) from potential transplants who liked my positive, caffeine induced attitude about living on the Northshore. I even gave one family a list of all the houses we looked at that were still on the market. Well guess what…it is a buyers market now & looking even more appealing to people wanting to jump in the Northshore craze. The May
North Shore Report
has an article that statistically confirms my predictions.
If you buy my dream home on LaMarque Street, please invite me over for a Margarita!
cross-posted at NOLA.com