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Baton Rouge home sales skyrocket as investors, bargain hunters buy flooded, gutted homes

Source: theadvocate.com - Jan 10, 2017

Michael and Michelle Wade are buying a home in the Sherwood Forest area: a four-bedroom, 2½-bath house in a good location for their family that includes 14-month-old Emma. It has new custom furnishings, including tile and paint the couple selected. Plus, at $185,000, it’s a great price. Other similar homes in the neighborhood are selling for $250,000.

What’s the catch? The house flooded in August.

Michelle Wade said she’s not concerned about the chance of that happening again, even though the house is in a flood zone. “It was such a rare flood,” she said. After all, meteorologists have said the August rainfall was an event that has a 0.02 or even a 0.01 percent chance of happening in a given year.

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Category: General Business