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Thursday, September 5, 2013

New Orleans Rolling in Cash Sees Rebirth: Real Estate | Bloomberg

Chad Chenier/Ekistics Inc. via Bloomberg
Sean Cummings has developed 18 New Orleans projects, including condominiums, hotels and luxury lofts with floor-to-ceiling windows at a former rice-processing plant in a gentrifying neighborhood. Up next: a residential complex planned for a weed-choked lot currently home to an abandoned school bus. This year through May, commercial real estate transactions in the Big Easy totaled $424.7 million, up 41 percent from the $301.1 million in all of 2012, according to New York-based Real Capital Analytics Inc. New Orleans was the only U.S. market among 55 tracked by the research firm in which sales have surpassed last year’s total.

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