Home Price Boom In New Orleans’ Second Oldest Neighborhood
January 2021 brought activity to empty lots in Algiers Point. Close to half a dozen two-story homes were built in Algiers Point, the second oldest neighborhood in New Orleans. Homeowners in the area noticed the home building literally overnight in the area.
Natives know Algiers Point as the Point a charming neighborhood that is affordable on the east bank. The community is close-knit and quiet and is a ferry ride to downtown. This has lured developers to the area over the past five years. Although real estate prices are rising all over the city, the Point seems to have an even higher increase.
“For the new folks, it’s really just kind of the affordability of the community that makes sense,” Kelsey Foster, head of the Algiers Economic Development Foundation said. Once new subdivisions started popping up, “that raised our population, and the average median income. And that immediately changes the calculation for grocery stores, restaurants and retail.”
The area has several new subdivisions and development projects currently going on. One is a 40-home development on Patterson Road on land across from the Mississippi River called Patterson Point and another is upriver which is a 20-home Maritimes development. Both projects will feature homes that are replicas of 19th-century architecture. This will be unique to the historic neighborhood because the homes will look historic without the century-old home high maintenance.
Algiers will not only see new subdivisions and homes but also new businesses. Already the area has a new coffee shop and several restaurants. There are plans for a new grocery store, condo and homes that will be a live work-in play on 10 acres on Opelousas Avenue. In fact, Barracuda Taco Stand a New Orleans’ favorite is opening a second location at the Point.
“This is like, pour water on seeds and watch it sprout,” Barbie Rambo, an Algiers Point homeowner, said. “They did all of that in one fell swoop and just, there you have it.”