|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?