Warehouse District Condos, Market Update! Its not always just the numbers!

     This week there are 197 condos for sale in the New Orleans Warehouse District.  This does seem like a lot of condos for sale. If we examine the numbers, the amount of resale units are far less.  This number includes several pre-sale condos and several new conversions. 

     There are 15 condos at the Rotunda which are located 330 Julia Street.  These are conversions from apartments into condos.  They are currently being renovated.  There are 10 units for a hotel condominium Royal Cospolatitan at 121 Royal. There are 7 units listed for the Tracage which is to be built. 

    There are 9 new units that are still for sale at Mills Row Condos on John Churchill Chase.   Most of the units have been sold.  The Pre-sales at 835 Julia have 10 listed.  This project is underway as the building already exists. 

    There are 28 units below 200k which is high for the Warehouse District.  This is a high number for resales in this price range.  There are 39 condos for over 500k which is also a higher number than usual.  Many of the higher end units have come on the market in the last 30 days.

    Some of the numbers that are worth noting are the 27 units for sale at the Cotton Mills and the 12 units for sale at the Federal Fibre Mills.  One of the reasons is that listings are seasonal and these two complexes have a lot of medical students and residents that are finishing up there studies this time of year.  The mortgage crisis has made it harder for buyers to put little money down to purchase a unit.  This is the price range where people need low down-payments.

   The Warehouse District has  80 units under contract or sold in 2008.  The sweet spot of the market seems to be the 2 bedroom units in the 275k to 350k range that have been updated and have parking. 

   The trends are that the fully updated units are what people want.  Those that need updating will have to take a big discount.  There are more second homers looking to relocate in the area.  The prices remain steady as they have been for a couple of years.  Parking remains a need for many purchasers.  The second home people want places closer to the French Quarter and those units are doing better than those further away.  However the distance is not that great where ever you happen to choose.

Gallier Hall In New Orleans Warehouse District

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