A study released by a pair of University of New Orleans professors finds that the proposed closure of the Avondale Shipyard will depress housing values by more than 20 percent in the West Bank communities close to the shipyard. One quarter of real estate professionals surveyed in the study also said values could decline by more than 20 percent for communities throughout the entire New Orleans region.
The real estate research report was prepared by Steve Striffler, UNO professor of anthropology and geography, and Michael Mizell-Nelson, UNO professor of history. The study is part of the ongoing Avondale Shipyard Research Project involving faculty from UNO, Tulane, Loyola and Southern University at New Orleans.
This study surveyed more than 60 real estate agents in metropolitan New Orleans. 91 percent of respondents predicted some negative change to the New Orleans market, with 28 percent predicting more than a 20 percent decline in the real estate market in the metro area. 90 percent of those experts polled predicted a drop of more than 20 percent in the Avondale housing market.
The study concludes that the closing of the Avondale Shipyard would have devastating consequences on the housing market across New Orleans, and within the Avondale area. The surveyed experts projected significant losses to the market, and a decrease in home ownership within New Orleans.