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MS Casino Coast Real Estate Update

this is a discussion within the NOLA Community Forum; I guess it's still a little too early for most to forget about Katrina especially when you can still see so much missing along the beach and in many of the best neighborhoods. Hopefully these new billion dollar resorts like ...

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Old 01-09-2008, 04:10 PM   #1
since 86
 
Join Date: Dec 2007
Location: Long Beach MS
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MS Casino Coast Real Estate Update

I guess it's still a little too early for most to forget about Katrina especially when you can still see so much missing along the beach and in many of the best neighborhoods. Hopefully these new billion dollar resorts like Bacaran Bay & Margaritaville will get things really rolling again. I think they will. Casinos have already reported higher income than before the storm and employment is also higher. The coast's infrastructure has been totally rehabbed and is in the final stage of completion. We're starting to see a lot more construction along the beach and the feeling of normality is steadily improving. The forclosures are starting to hit and a few investors who have the research connections and the capital are starting to see some profitable buys. It takes alot of research and a bit of patience, but good things continue to happen to those willing to work.
Property values have fallen nearer to pre-storm prices. Very few properties are moving even at these lower prices. As an example there's a 1 acre, golf course community, waterfront lot with 416 ft of bulkhead and an incredible view located only 5 minutes to Casino Row by boat or car priced at 250K. I thought that since it was a great neighborhood and location it would be sold quickly at around $600 per linear foot of waterfront. Most other lots in this neighborhood have sold at around $1,000 per ft. I guess nobody wants to build on Biloxi bay? My parents have a lot in Bay St. Louis at the mouth of the Jordan River on the northwest side of St. Louis Bay that they haven't been able to sell even though they priced it 25K less than the competition.
It's definitely a buyers market. I've been fortunate as a Realtor to still have a few friends needing to move and a few investors willing to do some work themselves to save money so that I can keep steady business.
I'm about to sell my own house with a beach view in Long Beach.. I was lucky to have bought on high ground and only took 30 inches of water. I've now got cherry flloors and cabinets, an italian tiled custom 2 headed shower, granite, crown and all the trimmings. It is 3 bed 2 bath 2400 sq ft. I'm only gonna ask $100 sq ft. The only way to seriously sell is to leave equity in the deal. Hopefully I'll be able to trade it in for that little house with a fishing pond in the country!
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Old 01-09-2008, 09:52 PM   #2
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Join Date: Jul 2007
Location: OB - San Diego, CA
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Re: MS Casino Coast Real Estate Update

ouch, that sucks. a few ppl in diamondhead sold their houses for 2x what they were worth before the storm...higher ground appears to be key. but when i visited them for xmas...it seems that the market has definitely slowed down...:\
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Old 01-10-2008, 10:56 AM   #3
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Join Date: Dec 2007
Location: Long Beach MS
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Re: MS Casino Coast Real Estate Update

I had several investors make out good in Diamondhead. 25Kto 40K was about the average profit after a year of holding a house there. These were bought within 1 year after Katrina and sold after 1 tenant through a military rental program I found. Good tenants and 2-3K extra income per month for my investors made everyone happy. Now I'm having trouble selling a 3/2 1200 sq ft 7 year old brick home with a 15 ft cathedral ceiling and garage for 129K. Diamondhead is a nice community with nice ammenities. However, the best golf course community is just across Biloxi Bay from Casino Row and all the action.
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