Flooding in Lakeview – Does it Affect Home Sales?

Anytime a flood event takes place, it has effects on the real estate market in the affected area. With the massive street flooding that recently occurred, it’s understandable that anyone selling or buying a home in Lakeview may be looking for some direction.  We wish this were an April Fool’s Joke…but unfortunately it’s not.

Is This an April Fools Joke?

Every year on the first of April, many people spend their day either playing pranks or being at the butt end of one.  “The streets are flooding in Lakeview”, I wish I could say it’s a prank; however, that is just not the case.  With the amount of rain in such a short period of time, it ends up being that same old story, major street flooding just about everywhere.

Lakeview was one of the hardest hit areas with the major rains and street flooding.  You saw cars parked on neutral grounds just to try to keep them dry.  Since Lakeview saw an enormous amount of rainfall in such a short period of time, it was to no surprise that under the railroad track bridge, Canal Blvd. became a small lake.  And, it was inevitably no surprise to see that someone had the bad idea of thinking they could drive through that small lake only to end up getting stranded and having to be rescued.  They, I am certain, wish that their situation was just that —  AN APRIL FOOL’S JOKE!!

Another hard hit place was City Park in Lakeview.   It was supposed to be the opening day for the Hogs For a Cause event.  Because of the rain and flooding that did not happen, as all the grounds were under water.   The terrific news is that tomorrow is going to be a beautiful day for everyone to go out to City Park and support and enjoy the Hogs For Cause.  Just be sure to bring your galoshes with you, as it is certain to be very sloppy walking around. 

How Flooding Affects Home Sales

When an area floods, it can complicate the home buying/selling process.  Whether you have your home in Lakeview listed for sale, you are a potential home buyer or you are currently under contract (from either the buyer or seller side) it can bring new obstacles that you will need to overcome.

For the Lakeview Home Seller

If you are selling your home in Lakeview, one of the things you will want to do is update your property disclosure.  A property disclosure tells all potential buyers what defects in the home exist.  If and when a home has taken on water from flooding is a question on the disclosure.  If your home has not taken any water on, it may be worth noting on the disclosure that during this flood event, your home stayed high and dry.  In many instances, if you have already noted the dates of water intrusion and they have not changed (no April 2016 flooding) you can simply initial and date by your existing information on your property disclosure. Take any of the worries away from potential home buyers that your home in Lakeview took water.

For the Home Buyer

If you are looking for homes for sale in Lakeview, you will want to be sure to see that updated property disclosure pointing out if any flooding took place.  If you are currently under contract to purchase a home in Lakeview and you have not performed your inspections, you will want to pay special attention to signs of flooding.  If you have already completed your inspections, you may want to request to perform another, ONLY for the sake of checking for flooding. 

If You Are Under Contract

When a home gets put under contract in the state of Louisiana, the buyer has the right to purchase the home in the same physical state as it was when they wrote the contract.  Many real estate practitioners advise their buyers to do a “final inspection” either the “day of” or the “day before” the closing.  This is simply to take one last look at the property to make sure that the home is in the same condition.  This means that any damage that has occurred during the period that the home is under contract must be disclosed and handled in a mutually acceptable way.

What if the Home in Lakeview Has Flooded?

Although the streets became rivers, it doesn’t look like too many (if any) homes in Lakeview saw flooding.  We do know that the Metry Cafe on Metairie Rd did see some water intrusion.  More good news for homes in Lakeview is that most homeowners have flood insurance.  If you are under contract (from the buying or the selling side) of a home that has taken on water, you will need to speak with your real estate agent as there are many ways to remedy the situation.  In most instances, it doesn’t need to be the end of the transaction.  REALTORS that specialize in Lakeview are very knowledgeable on a variety of ways to insure both buyers and sellers are handled fairly in situations like this.  Lean on your agent, that is what they are there for.  If you are selling your home in Lakeview “For Sale By Owner”…it may be a good time to obtain the services of a good REALTOR.

The Future of Lakeview

Considering the amount of water and street flooding seen in Lakeview over that last couple of days, you would think it would have a lasting effect on property values in Lakeview.  The truth is, very few homes saw any form of water intrusion (if any). If any of the homes did, they were most likely covered by Flood Insurance.  Needless to say, this is not the worst water issue that Lakeview has ever seen (dare I say the K word). 

This is just a bump in the road and Lakeview will continue to be most of the sought after neighborhoods in New Orleans.

Everyone please continue to be safe if you are out driving on the streets while a second wave of heavy rains is making their way through Lakeview, Uptown and Metairie.  You may encounter more street flooding, very slick streets, and vision will not be great.