Baton Rouge, New Orleans and Houma residents looking for a second home or a weekend getaway location are fueling sales of condominiums on the Mississippi Gulf Coast. Timothy Casano, who handles condo sales for Coldwell Banker Alfonso, say 85% of the market in Pass Christian, Miss., comes from Louisiana. “Louisiana residents love the western end of the Mississippi Gulf Coast,” he says. “It’s so close to them, and it’s less congested.” A mix of professionals and retirees from Louisiana are buying in the area, Casano says. In contrast, snowbirds from the chilly Midwest are interested in buying condos in Gulfport and Biloxi because of the casinos.
The Mississippi condo market has taken some hits lately. Foreclosures and a depressed market have drastically lowered prices. One Biloxi agent says square-foot prices have dropped from $400 to $220. Casano says the Pass Christian market is stronger. Inn by the Sea, a 72-unit development on the beach, has sold out of its beachfront units. Units in that development sell for between $352,512 and $399,000. “I sold one unit to someone from Louisiana just before Christmas, and they were planning on having a New Year’s Eve party there,” he says.—Timothy Boone
