Alec Sohmer, Leading Financing Specialist, Comments on New Orleans Real Estate Rebirth

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In response to an article published by Bloomberg, which discusses the boost of the real estate industry in New Orleans, Alec Sohmer, a leading financing specialist, explains how the aftermath of Hurricane Katrina actually stimulated the city’s economy.

Alec Sohmer, a leading financing specialist, responds to an article published by Bloomberg, which discusses the rebirth of the real estate industry in New Orleans.

According to an article published by Bloomberg on August 27 titled “New Orleans Rolling in Cash Sees Rebirth: Real Estate,” Hurricane Katrina flooded 80 percent of the city and displaced approximately 400,000 people. Since then, the article says New Orleans has seen a steady increase in the real estate market. After Katrina, tourism to the city grew, and many previously displaced residents failed to return. Though the population has recovered, it has not reached the number it was before Katrina.

The article also says that the city has used federal funds from the hurricane to repair the city’s infrastructure, including the education and criminal justice systems.

Alec Sohmer, a financing specialist, says the boost in New Orleans’ real estate market could be attributed to the reconstruction of the city. “Hurricane Katrina was detrimental to New Orleans at the time,” he says. “However, as the city rebuilds and renews its streets, more people are seeing the opportunity to build. Tourists are attracted to the historic and jazz scene. Now that much of the city has been repaired, more people are vacationing there. When the tourism market flourishes, so will the real estate market.”

Sohmer says the decrease in population might also be responsible for the rebirth of the real estate industry. “Much of New Orleans was overcrowded and in need of repair,” he says. “Katrina gave the city a chance to improve itself and build new homes. While still a work in progress, the real estate market should continue to rise in the coming years offering an excellent return on investment.”

Alec Sohmer, a strategic business and financing leader from Plymouth Rock Capital, has 20 years of Board-level experience. He has served in many interim management positions for businesses requiring significant turnaround or restructuring. He is able to increase revenue streams by utilizing a variety of line management techniques. In his two decades of experience, he has dramatically increased revenues of businesses by identifying untapped markets.

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since: 08/2013
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