The Cost of Real Estate: The Big Easy, The Rich Coast or The City of Light

When we were wandering around the French Quarter in New Orleans, we saw several homes for sale. Outside a real estate agent had placed a plastic box and in it were flyers that one could take describing the house — easy as that. I dreamed of having a “petite maison” in “The Big Easy” — one that I could rent out, and in which I could stay when I visit my family, as well as have should I ever decide to go back to my roots.

There are a few areas of New Orleans in which I’d quickly invest — the French Quarter, the Faubourg Marigny and the Garden District. These are all areas of the city that did not flood after Hurricane Katrina and which will likely hold their value better than anywhere else. Prices in the French Quarter average about $375 per square foot (French Quarter Real Estate) .

Compare that with Paris. If one square meter = 10.7639 square feet and one euro = $1.2280 (MoneyCorp), therefore $375 per square foot = 3,287€ per square meter. In Paris’ most expensive district, the 6th arrondissement, property prices average 13,126€ per square meter (meilleursagents.com), so the French Quarter is a bargain — although keep in mind that property is generally larger Stateside than by Paris standards, and therefore more expensive.

Here in Costa Rica where I am currently vacationing, Escazu is one of the trendiest parts that is perfectly located at the Central Valley. The cost of homes in Escazu is higher than anywhere else within Costa Rica featuring houses ranging from $350,000 and up (Zucaes). Numerous expats choose to live in Escazu as it offers slightly warmer weather than San Jose, yet still provides all of the amenities like shopping centers, present day hospitals and educational facilities.

Here it is more common to consider the cost of land and then the cost of construction, where ready-built homes are not as prevalent. Land in Escazu can be as much as $150 per square meter and construction for quality finishings $750 per square meter or more. Compare this with Paris, too — life in Costa Rica will cost you a whole lot less.

The lifestyles in all three places are as different as any three places on the planet could be. What I ask myself as I spend time in all three is where I would rather LIVE vs VACATION and at what price one must pay to create a real life, as well as an investment, not just financial, but an investment in one’s future.

No doubt, it’s food for thought. Will the rain forests of Costa Rica provide as much cultural stimulation as the streets of Le Marais? The French owners of the Clandestino Beach Resort who moved here from Montpellier obviously think so.

For now, while vacationing in New Orleans and Costa Rica is an exciting temporary respite from daily life in Paris, I’m not ready to trade either one for the City of Light. Would you?

A bientôt,

Adrian Leeds
Editor, French Property Insider

(in New Orleans)

Email: [email protected]

P.S. Join us Thursday, July 26, 2012 for the Paris Property Investor Network Meeting when I will be talking in depth about: financing your French property…using other people’s money…and how to get the best return on investment from your French property. Visit Events & Conferences for more information.