Lakeview New Orleans – Transformation After The Storm
Lakeview was one of the hardest hit by Hurricane Katrina in August of 2005. Thousands of properties were damaged and many lives were lost. Ten years later, Lakeview has rebounded well economically and has gotten even wealthier. All of the homes that were once uninhabitable have been remodeled or rebuilt. Lakeview now has some of the most sought after real estate in Greater New Orleans, with Lakeview homes for sale being some of the most desired houses in the country.
Overview of the extent of damage to Lakeview
Lakeview was among the hardest hit areas during Hurricane Katrina. On August 29, 2005, it made international headlines when the federal levees on the 17th Street Canal breached and Lake Pontchartrain overflowed. Water as high as 10 feet to 14 feet flooded the neighborhood. The business district along Harrison Avenue had water to the roof lines.
Homes in Lakeview were swept off of foundations, and those that remained standing submerged in flood for weeks. More than 9,000 homes were destroyed by the hurricane throughout all of New Orleans. After the water had subsided, questions rose on whether Lakeview would ever be rebuilt.
Real Estate in Lakeview
Lakeview Real Estate has become one of the most desired areas to live after the storm and become and area for growing industry for New Orleans. Lakeview, with all of its press after Hurricane Katrina has become one of the great rebuilding stories from the devastating storm.
After hurricane Katrina, homes for sale in Lakeview were cheaper, with prices as low as $70,000 per lot. In just nine months of recovery after Hurricane Katrina hit, Lakeview sold 147 houses – that is 113% increase compared to the 69 houses sold before the hurricane – surpassing the eastern part of New Orleans in sales.
In 2014, Lakeview ranked 3rd in realtor.com’s America’s Most-Searched ZIP Codes. According to the website, 48% of Lakeview’s residents have attended college and 74% own their homes. A fixer-upper in Lakeview costs an average of $230,117 or $90 per square foot. While the average finished house costs $433,371.
Although the community is built on the shores of Lake Pontchartrain, many perceived it as safe and good for a comeback. Lakeview has been the choice destination for young professionals who can afford a $400,000 house, and a home for young couples who want to build a family in the suburbs.
Lakeview area has done extremely well economically since Katrina
Since Hurricane Katrina all the doubts of not rebuilding have been voiced out, Lakeview has not lost any of its value in the local economy, as a matter of fact, it has become stronger. It stood out in economic rebirth 10 years later; and it has gotten even better than before Katrina hit.
The reasons behind its strong comeback are the residents’ affluence, and their initiative and dedication to recover Lakeview on their own. Another most important factor is the residents’ close-knit relationship.
Today, its post office has been reopened and the main streets rebuilt. Businesses in Lakeview are booming; active rebuilding and new developments are continuously taking place; and all commercial and residential constructions are increasing.
The Harrison Avenue Marketplace, established by the Beacon of Hope in 2007 to make sustainable business opportunities, was one of the good things that happened in Lakeview after the hurricane. Harrison Avenue became the hub where returning residents reconnected and offered support to each other.
As of 2014, the Median household income in Lakeview was $68,152 with only 6% unemployment rate. The data is based on realtor.com’s local information.
Lakeview was flooded with investors after Katrina
Business in Lakeview doubled since hurricane Katrina hit. Plenty of real estate construction and development sprouted throughout the neighborhood.
Lakeview’s combination of younger demographic and wealthier household makes an ideal business environment. Its community atmosphere, also attracted business owners to invest.
We would want to recall that after Katrina hit, lots in Lakeview became cheaper. This opportunity was grabbed by the younger age group (27-35) mostly young professionals, investors and new couples who were just starting their own families. Since the area had been around for some time, the previous residents were statistically older and after the storm, Lakeview was left with a younger demographic.
Based on the census figures in 2010, the median age of Lakeview settlers fell to 36.9 from 41.4 in 2000 – a 35% percent decline in 10 years. Lakeview now has one of the more affluent neighborhoods in New Orleans.
The new business opportunities created in Lakeview after the hurricane drew multi-billion dollar companies to blend into the community. Investors perceive the area as a safe bet for real estate whenever there’s a lot available.
All homes in Lakeview were remodeled or rebuilt after Katrina
The original, smaller homes in Lakeview were replaced with grander homes that look much like the 19th century Uptown and Garden District neighborhoods. While new condominiums were added to provide more options for property buyers in the area.
The New Orleans Redevelopment Authority Road (NORA), who is tasked to put blighted real estate back into commerce, quickened the rebuilding of homes in Lakeview by auctioning properties to those willing to remodel or construct houses within a year. Because of the one-year deadline, Lakeview has “probably experienced one of the largest construction booms in the United States,” according to Lakeview Civic Improvement Association President Todd Wallace.
Organizations like Beacon of Hope and St. Paul’s Homecoming Center also helped homeowners to rebuild; and many residents availed of the Lot Next Door program in expanding their properties by clearing and maintaining the abandoned lots of homeowners who wouldn’t return nor rebuild.
Lakeview rebounded well a decade after hurricane Katrina hit with the help of dedicated residents and developers from all over New Orleans. Many homes that were uninhabitable are now remodeled or rebuilt. Residents are now back to their homes; and the homes of those who are not returning were bought and redeveloped by those wanting to enjoy and experience the Lakeview lifestyle.