Hollywood hits mississippi delta

After the devastation of two hurricanes, the Mississippi Delta is recovering and both tourist numbers and property prices are on the up...

Mentioned in F. Scott Fitzgerald's The Great Gatsby, the setting of several John Grisham novels including The Firm and lending its name to Biloxi Blues, the play by Neil Simon and the film of the same title starring Mathew Broderick; Biloxi, and the Mississippi region in general, have not been unaccustomed in the past to fame and prominence.

However, the hurricanes - Katrina and Rita - that hit the region in 2005 devastated thousands of properties and many more lives, putting paid to this international recognition and leaving the area reeling.

Three years on, however, and Biloxi and the Mississippi Delta are in the throes of revivification and are once again being chosen by the Hollywood film crews.

25th August saw scenes for Bad Lieutenant: Port of Call New Orleans - directed by Werner Herzog and set to star Nicholas Cage, Val Kilmer and Eva Mendes - filmed at Hollywood Casino Bay St. Louis in turn highlighting that the area ravished by the hurricanes is regenerating.

With Gulfport Biloxi International Airport figures also showing an increase of 2.6 per cent from 81,428 to 82,524 year on year from June 2007 to June 2008, it is clear that the Mississippi Delta region is not only renewing, it is also growing in popularity.

Not only this but current data from Integrated Asset Services (IAS) - a company that tracks median prices on detached single-family residences throughout the USA - has shown that the housing market in the area is also on the up.

The figures reveal that from May to June 2008, average house prices in the South increased by 1.7 per cent, showing a turnaround in the real estate in this region.

When set in the greater context of the US in general where, according to zillow.com, median home values across the fifty states declined by 9.9 per cent during the second quarter of 2008 (April to June) when compared to the same period last year, this is positive news.

More specifically in the lower Mississippi region, an area hard hit by the hurricanes of 2005, current statistics also show that house prices are increasing over and above the national average.

Jeff Petracco of Property Direct America who promote real estate investment opportunities in the area, said, "Currently the lower Mississippi region is faring better than most parts of the USA. The property values for single family homes in our area have gone up about four per cent since the first of the year, whereas the multifamily properties are maintaining a cap rate of about nine per cent."

At Bayside Park in Biloxi, investors can purchase energy efficient, eco-friendly homes for rental from £88,000.

Source: www.propertydirectamerica.com