What $400,000 buys: New Orleans

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What $400K will buy: New Orleans
This 100-year-old-plus Victorian camelback is between the Garden District and the University area of New Orleans, says Eleanor Farnsworth, Realtor/associate with Prudential Gardner Realtors. While it has the Victorian gingerbread outside, the inside has an open floor plan with lots of space for entertaining, she says. The main level features hardwood floors, 10-foot ceilings and plenty of natural light. The living room has built-in bookcases and walkout windows. A fully renovated kitchen sports stainless steel appliances, granite countertops, recessed lighting and tile floors. An adjacent dining area opens to private brick courtyard with porch, trellises and a pond with fountain. Master suite has a walk-in closet, pine floors and a bathroom with a skylight, double vanity, maple cabinets and Avonite countertops. Spiral staircase leads to a third-floor space that could be an office, playroom or fourth bedroom. Fenced yard, new exterior paint and roof after Hurricane Katrina.
3 bedroom/2 bath
2,537 square feet
0.06 acre
Features: Cypress siding on exterior; pine floors on second and third floors; and hand-painted ceiling mural in downstairs bathroom.
Listed by: Prudential Gardner Realtors
What you could buy in New Orleans for $400,000 a year ago.
Price trend
What buyers will find for $400,000 will depend “on whether they want to be in the heart of the city or to have a bigger home,” says Glenn Gardner, president of operations for Prudential Gardner Realtors.

For ambience and historical charm, check out the Garden District (and nearby neighborhoods), where buyers can find homes that are more than a century old with four bedrooms and 2,000 or more square feet, he says. In the Garden District proper, that price may require some home renovation, but if you look a little outside that area, you can find something “in pretty nice condition,” he says. Buyers in the Irish Channel neighborhood can find “freshly renovated homes with four bedrooms and three baths, small lots” and courtyards, he says.

For $400,000 in New Orleans, buyers will often face a trade-off between price, condition, square footage and lot size, Gardner says. Give a little in one area, and you can likely get more in others.

Ten miles from the center of the business district, Jefferson Parish offers five-bedroom, five-and-a-half-bath homes with 5,000 square feet “anywhere from new to 25 to 30 years old,” Gardner says.

In 2008, median home prices fell one-tenth of a percent in the New Orleans-Metairie-Kenner area to $160,500 according to the National Association of Realtors?