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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Road Walker who wrote (251651)	9/16/2005 7:46:08 PM
From: tejek	Read Replies (1) \| Respond to of 1573924

Speculators Rushing In as the Water Recedes By David Streitfeld Times Staff Writer Thu Sep 15, 7:55 AM ET BATON ROUGE, La. — Brandy Farris is house hunting in New Orleans. The real estate agent has $10 million in the bank, wired by an investor who has instructed her to scoop up houses — any houses. "Flooding no problem," Farris' newspaper ads advise. Her backer is a Miami businessman who specializes in buying storm-ravaged property at a deep discount, something that has paid dividends in hurricane-prone Florida. But he may have a harder time finding bargains this time around. I suspected that this would happen. Its why I was concerned when so many people were scattered all over the country. Many of the poor NO blacks who own houses passed down from one generation to the next think they have lost everything to the flooding. However, the NO market was reasonably hot before the hurricane hit [it might have to do with no buildable land close in and a lake and river on three sides of the city] and now with all the federal money coming in.......the city will boom. That's what happened to LA. Raw land will command good prices as will land and good houses. Between 1990 and 1994, the LA Metro area lost over 200K jobs and 1.2 million people. The median price for houses dropped from something like $300K to $200K. As of this year, the median regained what it lost and is now back up close to $500K and all the jobs lost were regained by 2000. And if they deside to do the levees to a CAT 5 hurricane, the boom will be through the roof! ted