New Orleans Condos, Warehouse District Condos, Market Update

The Warehouse District Condo market is still in good shape as we head into the 2008 Spring season. It is not like the go-go days of early 2005 but still in much better shape than other areas of the New Orleans real estate market in general. There were roughly 150 units for sale with 27 under contract. These numbers also contain the Rotunda Condo at 330 Julia Street conversions which had 17 units for sale. There are numerous other pre-sales and conversions in these numbers which bump the numbers of new units up to about 40. In these numbers are going to units that are not desirable and ones that are simply over priced. Units that are not updated are having the hardest time because the this market wants updated units. The sales of more expensive under over 300k are going to be the slowest segment of the market with the units under 200k the most popular. Most are going to be one bedroom units in this price range. Given your criteria you will than likely not have more than 4-5 good choices to choose from. This has been the case for a while. Values have been steady for the last 2 years so tis much easier to see the overpriced units. Stats are great but an in-depth understanding of the type of things people like are usually two different things.

The expectations of lower interest rates, second homers looking more at the area, and the location of being near the Tulane and LSU Medical complexes make this a popular destination for residents and medical students. The best advice I can give people looking in this area is to look over the complexes and which meets your needs in terms of pricing and amenities. Then start looking as the nicer units tend to sell faster when priced correctly. The new listings have also slowed in the last month.

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Eric Bouler Realtor
Gardner Realtors
Metairie - New Orleans, La. USA