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New Orleans Warehouse District Condos, Market update March 2007, Seasons do Matter

New Orleans Warehouse District Condo Updates –   Its a good time to update you on the status of  Sales and Outlook forf the Warehouse District Condos for the upcoming Spring season.  The amount of buyers we see looking around has been picking up in the last 3 weeks.  At the same time the amount of listings coming on the market has also increased.  Real Estate remains seasonal as people tend to move in the spring and summer.  Each price range has a number of good choices. 

     This tends to happen every year as New Orleans is a primary place of residence for many medical students and residents at the nearby teaching hospitals.  Tulane and LSU Medical Schools are within an easy walk.  These are motivated sellers as they will be moving to different parts of the country for the next steps in their training.  There are also many sellers dropping their prices after not selling at generally inflated prices.  However, we continue to see overpriced condos. 

Warehouse Disrict Condo View

    People looking for second homes begin searching as the days get longer and the weather is inviting.  At the same time present sellers and owners also know this.  What they do not know is that prices here have been rather steady for the last three years.  Some sellers may have paid too much and others got very nice deals.  The buyer must view the unit as what it is worht as opposed to the asking price.  Unless it is a cash sale, the condo has to appraise to cover the loan.  In our internet-savy world, buyers can learn what the seller paid for the unit and under what circumstances.  The buyers’ agents’ job is to point out these facts.

    Here are some statistics to consider.  Right now there are 176 Warehouse District Condo units for sale.  There are 124 below 400k and 27 units under 200k.  In each of the price ranges  we will quickly get down to 4-5 choices.  Many of the units are not priced to sell as of yet.  People are becoming more motivated as to what is happening on the National scene which effects buyers and sellers. The interest rates are jumping all over the place along with changes in financing for condos.

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