So does anyone think that a need doesn't exist along the Mississippi gulf coast for housing? Take a look at an excerpt of this months article from The Journal;
"The state of Mississippi has determined that there are still 40,000 homes to be rebuilt in order to bring its six southernmost counties up to their pre-Katrina count.
Based on a (2005) pre-Katrina population of 445,375 individuals in the six coastal counties of Pearl River, Hancock, Stone, Harrison, George and Jackson, this figure places the number of standing homes before Katrina at about 110,000.
State estimates indicate that 2_ years later, the 40,000 are still not livable - they remain either as slabs from water damage or crippled by excessive wind damage to walls, ceilings and roofs."
The entire article can be found here.
What does this mean for a real estate investor? It means that there is still one market in the country where a savvy investor can add to his/her portfolio of property for a lowcost-high return investment. The Biloxi/Gulfport area was an emerging market prior to Hurricane Katrina. Now with the rebuilding process, the passage of laws that casinos now be onshore, and with the introduction of "the GO Zone" tax strategies, this opportunity is even better.
TheMoneytrein.com has viewed most of the projects in the gulf coast area and found this to be among the best. This project consists of building single and attached villa units for the purpose of providing rental property in an area that desparately needs housing. The community chosen is Bayside Park. The reasons for this community are;
- the flood elevation for this area is higher than for most of the area
- the infrastructure (roads, utilities, etc.) fared better than most of the other storm hit areas
- land is plentiful and land pricing is still affordable, but is on the rise
- the area provides a good central location for Biloxi/Gulfport, New Orleans, Mobile AL, and Hattiesburg
These provide some sound reasons for choosing this area, the investment analysis contained in this presentation provides sound reinforcement as to why to choose this program.