This story in the paper made me feel ever-so-slightly vindicated about our decision to renovate.
A new study of home prices around the New Orleans area shows that buyers rewarded sellers who gambled and rebuilt in devastated areas like Lakeview, eastern New Orleans and Chalmette. Renovated homes in those areas recovered much of their pre-storm value last year, while prices continued to tumble on homes that were gutted but otherwise left untouched.
It’s not that I take any glee in seeing others lose out. Take for instance our next-door neighbor. He hasn’t even gutted his house, two and a half years after the flood. I’m not happy about that, and I hope he can get it together. I wish him well.
I’m just glad to know that we aren’t being punished for having done the right thing. We have no plans to sell our home, but if we did, we wouldn’t take a bath. There’s a little solace in knowing that.