A newly formed Colorado company plans to help investors locate commercial and residential real estate in areas affected by last year’s hurricanes.
StrollAway, started by four Denver entrepreneurs, was developed for owners who want to sell their property in disaster-affected areas. The service, free to homeowners, eliminates real estate commissions and donates 10 percent of profits to the American Red Cross.
Buyers could be looking for a primary residence or speculating on the real estate market, said Paul Koenig, one of the company’s founders.
“It’s not limited to homes – it’s any real estate,” Koenig said. “It’s also not limited to New Orleans.”
Sellers list their property on the site for free and do not pay real estate commissions. Investors can search the database for property that meets their criteria. The information is displayed, and the investor then pays a fee to view the specific address and owner’s contact information. StrollAway will donate 10 percent of the $99 fee to the Red Cross.
In addition to Koenig, a partner in the law firm Kendall Koenig & Oelsner, StrollAway’s founders include Lisa Wilson of VisiTech PR; John Carlisle, a freelance programmer and website developer; and Robert Hirsch, chief executive of Adventure Central, an adventure travel company. The partners met through the Young Entrepreneurs Organization. They are in the process of hiring a chief executive.
For now, the company will focus solely on real estate in areas struck by the hurricanes. However, it could evolve to include all types of properties, Koenig said.
“It’s a possibility, but what we have in mind right now is to focus on the immediate need,” he said.
A number of investment groups have started to buy property in New Orleans, said Wade Ragas of the Metairie, La.-based real estate consulting firm Real Property Associates.
“There are investment opportunities in the areas of New Orleans that had little flood damage,” Ragas said. “We have investors looking there for what might be long-term opportunities.”
Property values are rising in areas that were unharmed or minimally damaged, said Lynda Nugent Smith, an agent with Keller Williams Realty in New Orleans. But the question of repairing damaged infrastructure remains unanswered.
“A lot of people want to come back, but the city just doesn’t have a lot of money,” Smith said. “Services are minimal in many of these areas, and it’s hard to come back when the infrastructure is damaged and there’s no tax base.”
It’s also going to take repairing the damaged levees and surviving another hurricane season for a clear picture of demand for housing to develop, Ragas said.
“The uncertainty of buyers is high,” he said. “Everyone wants to get through one more storm season before they say, ‘Gee, everything is fine.”‘
Staff writer Margaret Jackson can be reached at 303-820-1473 or mjackson@denverpost.com.
