The Warehouse District and the World War II Museum. They are neighbors and both are on the move !
September 1st, 2010 Categories: Second Homes, Warehouse District
The World War II Museum is becoming a destination for more and more visitors to New Orleans. This means a certain number of people are coming to New Orleans just for this great visit. The Museum is becoming a leading attraction for tourist from near and far and an attraction for those who happen to be here for other reasons. Visitors will stay another day in New Orleans to see all it has to offer. If you live in the neighborhood its a good idea to know what is happening so you can tell others and enjoy the things it has to offer you the local resident.
This neighborhood is the New Orleans Warehouse District . The residents benefits from the additions and the Museum benefits with the good will of the neighborhood. It pays for the neighborhood to know what is going on with the expansion and new developments. The increase in visitors will help the businesses that depend on tourist which means jobs. Jobs will increase during the construction stage and other jobs will be available after the construction of each phase.
What does this mean to the real estate market in the New Orleans Warehouse District where the vast majority of residents live in condos ? The exposure for the neighborhood is price less. Many visitors think New Orleans is only the French Quarter. A certain percentage of these visitors will decide to move into the area either buying a primary residence or second home. They will see it as a neighborhood on the move.
We have seen this with the influx of people who come to the Saints games and have time to really walk the area. Each additional destination is another piece to improving the neighborhood and in the end the increase in property values. Pieces like the new Rouse’s Supermarket, new apartments, new deli’s, music venues are not far behind. Even the condition of the streets and sidewalks are improving to take care of the flow.
The local neighborhood needs to learn about what is going on in the neighborhood so they can enjoy the area as much as the tourists do. One great way to do this is to visit the Museum and find out what is going on. You can sign up for a Museum Newsletter that advises you of the various activities and future plans. See next attraction that is beginning to take shape……… Read the rest of this entry »
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New Orleans Condos have had little appreciation in the last couple of years! But there are other advantages to owning !
August 29th, 2010 Categories: Condo Knowledge, Julie's Mortgage Tips
The yesterday, today and tomorrow flowers is much like the Condo Market in New Orleans. We know what has happened in the past. We know what is happening now even though we may all have a different take on it. None of us know what the future may hold. We do know a couple of things about buying a condo in today’s market. Here are a couple of things we tend to forget when financing a condo in today’s condo market.
Low Interest Rates of 4.5% mean….Lower notes monthly. You borrow 200k and your principal and Interest are $1013.37 per month. One of the things many forget is that you are paying your principal down quicker and building equity faster. In month one you will pay your principal down by $263.37, in the first year it will decrease by$ 3226.44. At the end of five years you would have increased your equity by $17, 684 leaving a loan balance of $182,313. Your total note in not just interest but principle as well.
Tax benefits of owning puts money in your pocket…. In year one you will pay $8934 in interest and that is deductible on your state and federal Income tax. If you are paying 25% income tax rate as an example this saving is 25% of $8934 or $2233.50. On a monthly basis the savings are 186.12 per month in year one. One thing we are certain about is that taxes are not going down from here.
Sweat Equity is also something that can work in your favor…. You may buy a condo that needs some updating or areas where you can improve on the value of the condo. Many of the things you can do yourself to improve the price of the condo. This sweat equity is sweet. It is all yours to keep if you live in the condo for more than two years. No capital gains taxes if this was your home.
Adding thes numbers up in the first year will give you over $400 in tax saving and in equity. Its almost $450 in the first month and actually increases after this point as the loan balance gets smaller as each month passes. At the 36 month the mortgage payment you are paying the loan down at $300 per month. That is the good news about the lower rates………
The largest reason to own is that it is your place to do with what you wish. You can enjoy it and treat it like its your own place. You own it and when yous sell you have a good chance of leaving with something. You rent and you certainly will walk away with nothing. Paying rent for 60 months at $1300 per month is $78,000 that you will not see again. That is certain……….
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Commodore Condos on St. Charles Ave. The Studio Condo #4 stands out for location and price ! A winner for Sale !
August 21st, 2010 Categories: Condo Listings, Uptown NOLA
Studio Condos in the New Orleans condo market are not the norm. Very few exist and even fewer exist that have great locations. This studio that I have just listed for $121,000 on one of the most prestigious Avenue’s in all of New Orleans does have the location. Its located at 3300 St. Charles Ave. in the Commodore condos. Add the location to the historic building on the St. Charles Ave. street car line and you have a winner.
Studio condos are generally small units or basically rooms with everything being in one room. They are generally going to be smaller cheaper than a standard one bedroom unit. The space may be leftover and this is the best use. Rarely do they have separate kitchens.
Another unique feature is that it has a separate kitchen, living-bedroom area and a very large bathroom for a studio. The natural light and windows make the unit feel larger than it really is. Being right under 400 sq. ft. the condo is small. Being small it is very energy efficient.
The Commodore Condos is next door to the new Borders Book store. The courtyard is right outside your door. The secure entrance and secure entry to the building give you a great deal of privacy. Walk out the side door to an Uptown New Orleans park. You can park on the street with ease. The present owner rents a spot from one of the other owners for $75 per month in a gated parking lot behind the condos. You really do not need to use your car that often living here.
The condo #4 features wood floors, nine foot ceilings, crown molding, granite counters, stainless steel appliances, tile floors and is tastefully painted and decorated for a small condo. The present owner set an office in the kitchen which could be used as a breakfast area. This is a great place for a student, second home or someone just starting out. The present owner will sell the furniture at a bargain price with a sale. The building is pet friendly and secure.
With interest rates at 4.5 percent your principle and interest would be less than $600 per month. Add your modest condo fees and taxes and you have another winner in a great location at a great price. This could be the best studio in the City of New Orleans at this price.
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Low Interest rates of 4.25% begin to bring more buyers into the market?
August 8th, 2010 Categories: Market Trends
The interest rates are the lowest they have been since the 1950’s having hit 4.25% in the last couple of weeks. This is causing people who have been sitting on the sidelines to again think about buying as a primary residence or second home. Prices have actually been fairly steady with a slight downtrend in the last year for the better properties. More if the properties needed some work.
This means if you borrow 100k your principle and interest are $491.94 per month. You would add taxes and condo fees to this and you will get an idea of the total note. Do not forget the value of the tax deduction for interest. Do not forget in year one you actually reduce the principle by $1686 and this figures grows each month.
Second homes get this low rate as long as you have only one second home. There are no third homes as it then becomes investment property at a much higher rate. Second homes will require 20% down in all most all cases. You avoid PMI with 20% down and this is a huge savings.
Buying a condo as primary residence would mean putting 10% down. You can ask the seller to pay the majority of the closing cost if you want to preserve cash. This is more and more common in all transactions.
Two bedroom units have been the strength of the market year to date. I do see the one bedrooms making a comeback with the low rates in the very near future. These are the units that are currently some of the best buys. These are going to be your first time buyers and second home people that do not need a lot of room. Many sellers have had their units on the market all Summer and are ready to make a deal as the seasons change.
Condos that need updating are still out of favor as prices have not been adjusted for the things that need to be done. The majority of the sales have been in the premium units. Meaning you buy and almost nothing needs to be done except you own taste.
Sellers may be better to make their condos into premium units rather than reducing the price. This is working for me. Get all the things done before putting it on the market. Today’s market is a beauty contest with only best looking units winning the sales. The buyers today are very stern judges.
I have seen some of the nicer things having been sold in the last couple of weeks. They were their one day and gone the next. There are several good buys that I have seen and bet those will begin to vanish as well. The good news about the oil spill being capped is good news for everybody and the real estate market. Psychology of markets works like a clock as fewer people buy at the bottom but now may be the bottom.
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Staging Advice pays off big time ! Getting your New Orleans Condo in top shape is very important!
July 31st, 2010 Categories: Market Trends, Selling your Condo, Warehouse District
I just had a young couple, Lauren and Taylor that called me to list their condo in the New Orleans Warehouse District at the Cotton Mill Condos. They had already called a stager-decorater to come give them advice on how to make the condo look better in the sales process. I got there before they started to unclutter and repaint a portion of the condo. I reviewed the plans and everything she said made a lot of sense. We added a few things then the sellers were ready to start their work. They wasted little time as you want the resign to be finished before the first buyer comes.
The owner of Bella Home Staging is Suzanne Gindy. Her expertice was in telling the sellers on the things they could do to make their condo sparkle in the buyer’s eyes. She charged for her time and advice. Her initial charge was only $100. The sellers did all the things she was asking for. Many will need a follow up visit but Lauren and Taylor did not need one. The basics were
- To rent a space to put the clutter. This makes the unit look larger and the focus is on the unit rather than the things in the condo.
- Do some accent painting and touch up work to make the condo fresh.
- Move the furniture around to show the best configuration for this particular condo. Put the right amount of art work on the walls.
- Decorating ideas that just made the place look more livable.
The focus here was on the wood floors, large windows and high ceilings as these is why people like the Cotton Mills as a place to live. You want the buyer to say ” I want to live here and can see myself settling in very quickly”.
The best thing about the this approach is that it works and pays big dividends if you follow the plan. Once Lauren and Taylor finished the makeover and cleared the clutter we were ready for out first showing. The very first buyer that looked at the unit make an offer and it was accepted. Rather than taking less and staying on the market for a much longer they followed the plan and it worked to perfection. The condo sold and both the buyers and sellers were happy.
Today’s market is such that you want to be in the top three of your class so people will consider your condo. The positives have to outweigh the negatives in the eyes of the buyers. There are fewer buyers so you have to feature the positives of the condo so you will be the best in your class. Many buyers will not see past a junkie place or one that is not ready for sale. It just takes more work.
Suzanne Gindy knows more than I do about the staging business so why not look for advice from one of the best. She has a variety of programs but this initial step is well worth the money. I fully support any effort to make a condo more ready to sell in a much shorter time frame. My job is to get people in the unit through marketing the condo in the best possible light. Working on a premium unit makes the photos, flyer’s, videos, Internet ads all look so much better. People start off looking at pictures and staging gives you some great photos. Its is very much like a beauty contest so looking and feeling best is the way to go !
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Second Home Buying picks up in Uptown New Orleans ! A large variety of Condos exist.
July 24th, 2010 Categories: Second Homes, Uptown NOLA
The second home market in New Orleans Condos is changing in a couple of ways over the past year. There are always positives and negatives in a market. Buyers are branching out and buying in a variety of areas. We are seeing more action in the Uptown and Garden District markets. The New Orleans Warehouse District remains strong and the French Quarter continues to improve.
The Uptown Segment is improving for a couple of reasons, The prices are cheaper and the condos are larger in general. Many of the larger complexes have amenities and great locations that make walking very easy. If you need to travel the streetcar is always available. The best reason is that people are enjoying the lifestyle that the area has to offer. The City is not that large and most places are not that far away.
The Uptown area has always seen many students buying condos while they are going to school. We are seeing buyers using the condo as a home for the student with the idea of keeping it a second home in later years.
The interest rate are near 4.5% which means a principle and interest payment of $500 per 100k that is borrowed. You add property taxes and condo fees to that number. You can only have one second home at these rates and then it becomes an investment property. As a second home you will need a 20% down payment for a conventional loan and with good credit you will get these low rates. 
One segment that is showing the most renewed interest is the historic condos that were once old homes. When you can find one of these in a good location with parking or easy access to parking it is a good find. There are not that many so its easy to narrow the choices down to the best condos. The two bedroom and two bath condos are the most in demand. The one bedroom units are still doing OK as well especially if you have a lower budget. Buyers still want location and condition and will not just buy anything.
The other segment that has shown strength is the complexes with secure parking and amenities that provide a place where you can come and go for months at a time and not have to worry about a thing. A great example of this are the Condos at 3915 St. Charles known as St. Charles Gardens . I have sold several condos within the last 18 months and have several clients that are interested in this complex at the present time.
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Buy a condo now as a second home, Enjoy it for the upcoming New Orleans Saints season! You could be a winner too!
July 4th, 2010 Categories: Second Homes, Warehouse District
Many people are doing just that as they enjoy the Saints game as well as all the things New Orleans has to offer leading up to the game. If you have been putting that off , now may be the right time to buy. Many are looking at the Warehouse District, French Quarter and the Uptown New Orleans Market condo market. Its a great place to spend a weekend or more for your kids and family friends. Tie it into a business condo as it could easily be more fun than the stock market.
Interest rates are 4.5% this week- A second home will qualify for these rates. You can dress it up the way you like and this is a lot of fun in itself especially if your wife likes to shop.
The prices have been stable on condos but there are some nice buys as some people need to move on. There are a couple of bank foreclosures that look very interesting. These can always be bargained on to bring the price even lower. It is all in the timing with those.
Many condo offer additional amenities such as gyms, courtyards, roof top views and pools along with some great common areas. These will appeal to all of your family and friends. You can grill and drink at your condo before the game.
Keep that car parked in the garageduring the long weekend as everything you want to do is within walking distance. Walk to the Super Dome or catch a streetcar to the game. Plenty of things to do for fans of all ages.
No need to look at 30-40 condos as I will know where the best 3-4 are that meet your criteria. Just need to know what it is. You can close in 30-40 days just in time for the regular season opener against the Minnesota Vikings. Brett Farve may even want to buy one after the game.
Once people do buy a condo for a second home they always find many things they did not know about New Orleans. You can live as close as Metairie and Kenner and still enjoy your second home. I have sold them and know what people say about the ability just to get away for periods of time. Win or lose the games are an experience. Its time to repeat !! Geaux Saints!!…………..
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Mariners Island Condo #401 in Mandeville on the Lake! The Views are stunning!
June 26th, 2010 Categories: Condo Listings, Lakefront
A choice lakefront condo that features sunsets from your den and sunrise views from your kitchen. Its a corner unit right on the lake within walking distance to the marina and plenty of green space. The balcony is off the den and covered parking for two is on the ground floor. You are minutes away from the Causeway and close to everything.
The lake front condo is tastefully done with wood floors, built in bookcases, a large master bedroom, open kitchen with plenty of cabinets, fireplace, open floor plan , large master bath, plenty of natural light, breakfast bar, elevator and much more. The living area is 1767 sq. ft. The master bedroom is 18.5×15.6 and the second bedroom is 12×15 which is also a good size room.
There are 23 units in the complex. The condo fee’s are $435 per month and include insurance, water, common area maintenance and upkeep. The price $340,900. What set this unit apart is the location with the complex with unobstructed views of the lake and surrounding areas. The other bonus is if you own a boat it can be parked within walking distance of your home. Enjoy the sunsets and dream on!
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New Orleans Condo Trends for June! Bits and pieces of knowledge!
June 8th, 2010 Categories: Market Trends, Selling your Condo
The market is odd for a couple of reasons. The most suprising is that you never seem to have more than 4 or 5 good choices in New Orleans when you consider all your criteria. There are not a lot of new units coming on the market but not a lot selling either. Buyers are looking for the premium units where nothing has to be done. They of course have to be priced right as well.
Sellers have to Stage and Update ! I recently listed a condo at the Cotton Mill Condos where the owners hired a young lady to give them tips and ideas to get their unit ready for sale. Some was painting and getting rid of the clutter. They followed her directions to a great degree.
It was time and effort but it worked. It sold within the week and I know this is why it did. Both units in their final choices were down this way. I was even surprised at the effectiveness and I do this every day.
Sellers have to slot their unit to be competitive ! This means knowing what your competition is and what the final choices are going to be before you list. You need to be slotted to be one of the best in that class. A seasoned agent that works the market can show you where you need to be. Selling a place is all about timing. Take the steps to make you unit compete like the Cotton Mill couple. This save time and make you money in the end.
Tax credit rush is over but interest rates are at 4.625% this week ! That means the cost of money is as cheap as it has been for 30 yeas or more. Borrow a 100k and you principal and Intersest is around $520. The tax credit di create a flurry of activity and many who would have bought in May and June pushed up their buying to April. Once the flurry ended there will be a lull.
The weakness is still in the one bedroom units. The weakness is in condos that need to be updated. The premium units are getting all the action as things have reached that lull. The Louisiana Oil Spill has not helped but may mean if you are buying the sellers may just say yes to a lower offer than they would have taken in April.
The photo above is in the New Orleans Warehouse District where a lot of renovations are being done. I can easily count 8-10 complete renovations in the initial stages of work. This was not the case in the last three years so I know someone has confidence in the New Orleans market.
Maybe its the “gone factor” of no longer having Mayor Ray Nagin running the show into the ground week after week. Breath of Fresh Air Now!
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Warehouse District Condos trends, I see more and more Second homes! The trend continues in 2010.
May 24th, 2010 Categories: Second Homes, Warehouse District
The New Orleans Warehouse District is fast becoming one of the top locations in New Orleans condo market for people looking for second homes. Its a combination of location and the condition of the condos that are available. The condos make a great choice as you can lock the door and leave for a month. The Warehouse District is adding more and more things to do and is close to the others areas of town. Many are a walk or streetcar ride away.
The Warehouse District is fast becoming a center of commerce, entertainment, culture, and home to many locals in the New Orleans second home market. Lets look at what is in the Warehouse District. The Superdome, New Orleans Arena, New Orleans Convention Center, Childrens Museum, World War II Museum, Harrahs Casino, Aquarium of Americas, Federal Courts many hotels, Lucy’s Bar, Emeril’s, art galleries, music venues, and much more. New things are popping up monthly. The Mississippi River is still the biggest reason the area is what it is.
The New Orleans French Quarter is across Canal Street and is within walking distance to all the Warehouse District condos. The New Orleans Garden District and Uptown are a streetcar ride away. The area gets a great score for walking !
The condos themselves are much newer and have some great common areas for relaxing with friends and families. You can find pools, gyms, roof top viewing areas and views of the city and streets. These are the type of units that you can just leave and come back in several months with all in tack. The condo fees tend to be reasonable and most of the condo associations are professionally managed. The parking issue are not a large issue. Crime does not enter the equation in the Warehouse District.
The Corporate Condo market is also beginning to pick up as well. We are seeing companies buy units to entertain their clients on weekends. The Saints winning the Superbowl certainly did not hurt this thought. The fact that more and more things are being built every month you get a sense of an area on the move for something better.
The Warehouse District style condo with exposed brick walls, large windows and high ceilings, wood floors, exposed wood beams beams, thick walls and that historic feel are in style. Most of the buildings are over 100 years old but there are a few newer ones to chose from. Many have plenty of light and exterior views which is now very popular.
The Warehouse District is very pet friendly and all the condos allow for pets. There are parks and green spaces within walking distance too almost all of the condos. Lafayette Square is one such large park on Saint Charles Ave. One thing that is missing is fast food places. Its a lot of local places that have New Orleans written all over them. Wow! What a great change of style to eat good food and walk a lot.
The interest rates on second homes are now at 5% or below which is really the lowest rate in years. Some lemders were offering 4.75% last week. Always better to stay local as the know the market and seem to just care more in getting the job done in a timely fashion.
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