Archive for May, 2008
Warehouse District Murals, Artwork and the Buildings!
May 7th, 2008 categories: New Orleans Origionals
Living in your downtown condo can be an experience and many people never open their eyes these New Orleans Originals. I have no idea where the practice started but the area does have quite a few murals painted in the oddest places. New Orleans also loves flags and banners, its almost seasonal.
It could be about music like the Mural painted on corrugated metal outside Howling Wolfe in the New Orleans Warehouse District. It could be a map of the downtown area painted on the Hilton Garage. It could be a banner saluting the NBA all-star game.
A common theme is pictures of homes, buildings and music. What else would you want to paint on a house. Just wanted to share these
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New Orleans Condos and Home Warranties, worth the expense?
May 5th, 2008 categories: Condo Knowledge
Home Warranties are insurance policies against the mechanical failing of items and those needing repairs. Many items do break and you never know when or how they will go out. The largest expense in a condo is generally when the a/c quits working properly. This can get expensive to the tune of $1500-$1800. Many time the units cannot be repaired and they need to be replaced. Other items such as plumbing, electrical, stoves, appliances. fans, heaters can all be expensive to repair.
As an agent I write a home warranty in all my contracts asking the seller to purchase one for my clients. It will cost the seller $395 per year with a $50 deductible to the purchaser. The sellers will generally do this to have peace of mind that the items will be repaired if they break. Many items are going to be old and have no guarantees that they will last. The sellers do not want you to have added expenses once you purchase.
I ask the sellers to purchase one to relieve the purchaser of stressing over an old compressor or appliance that they fear is on its last leg. This is never a hard sell unless the seller is just plain cheap and does understand the mindset of buyers.
The purchaser can chose to renew it once the first year is up. Then you have a better idea of the condition of your condo. It has worked out well for many of my clients and many have never had to use them. The warranty company sends me cards when they use the warranty so I know they are saving my clients money.
I use First American Home Warranty not because the rep is nice and pretty but they do the job when it comes time to use them. The are established and easy to work with. I know my clients use the services as they send me a card when repairs are needed. They are always responsive to my questions and my clients needs. I have many horror stories of people who use other home warranties and are not satisfied. All home warranty companies are not created equal. Botton Line, its a nice thing to have!!!!
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New Orleans Uptown Condo Market, Variety of Choices comes alive in the Spring!
May 4th, 2008 categories: Market Trends, Uptown NOLA
New Orleans Uptown Condos are going to come in a variety of shapes, sizes, and types. There are going to be large complexes that have been converted into condos from apartments from the 1970s era. There are going to be conversions for the 1920’s and 1930’s along St. Charles Ave. A common type is where an old home has been converted into several condos. There will be four plexs and doubles that have been converted. There will be few condos that were built as condos available. There are also a couple where the developer put several homes together with parking to have both the historic look and the feel of a complex.
The Uptown Condos are going to appeal to a variety of clients from students, residents of local medical schools, young people starting out, retired people and more and more second homers. The prices of the nicer homes in Uptown have made condos a better choice when you do not want to take care of repairs, a yard, high insurance rates and have other things in your life to do.
Most of the condos are still going to be on the small side when compared to a home but the cost are also going to be much lower. As always location is an important factor as well as condition. In uptown there is going to be a large variety of conditions with most units having been updated in the last 4-5 years.
The market picks up every Spring as young people make buying decisions. You can get the better deals this year and save more then renting if you are going to be here a couple of years. The rents have gotten just too expensive for what you get.
I was showing this week in the 160k and below range and we found several nice units. There will be many more choices in the under 200k range. Each Spring more people sell but also more people are in the market to purchase. It is must to know your numbers in what you can afford because the condo will be there. Especially if you can do some work on updating some of the older units. These have fallen out of favor since Katrina.
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Warehouse District Condos, Sugar Plantation Condos at 840 Tchoupitoulas Street
May 4th, 2008 categories: New Orleans Condo Reviews, Warehouse District
The Sugar Plantation Condos were a new condo development that opened for pre-sales in the Spring of 2005. The condos were basically new construction with the exterior walls of an old warehouse. The 43 units sold with the first week of being offered. At the time they were about 80% complete. Most of the units were 2 bedroom units. All the units had garage parking and a storage area.
The Warehouse District condos featured granite counter tops, stainless steel appliances, polished concrete floors, open kitchens with plenty of cabinets, full size washer and dryers, high ceilings, crown molding and large master suites. The more expensive units had patios, street views, balconies and were larger. Most of the units had at least one exposed brick wall for that New Orleans Warehouse feel. The units had an upscale feel to them. The developer did not put up enough lights in the units but people have chosen their own lights to brighten things up.
The developer finished off all the units in the same fashion and the buyers were not allowed to pick and chose their colors and cabinets.
The common areas included a pool with a courtyard. There are 2 elevators. The garage entrance is on Commerce with inside access to the lobby and thge condos. Each unit had a large storage area on the first floor. There is a first class party and meeting room. There is also a small gym looking out onto the pool area. The courtyard is and pool are surrounded by units and the excercise room on the gound floor.
Today’s pricing is giving the initial investors a tidy profit. The smaller units are going in the upper 380K range and the nicer units right under 500k depending on size, views and the location with the complex. The prices have remained steady for the most part of the last 2 years. There normally seems to be about two condos in the building for sale at any given time. The less expensive units do not have any great views and you often face a brick wall.
The new kitchens were large and generally opened into the living areas. There is ample cabinets and counter space in all the units. Some of the larger 2 bedroom units will have a small study. These are the units over 1500 sq. ft. The smaller units are in the 1200 to 1300 sq. ft. range. The building itself is very quiet and the units are quite spread out. There are no units on the first floor. Read the rest of this entry »
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River Ridge Condos, Steamship Circle- Another New Orleans Condo choice
May 2nd, 2008 categories: Jefferson Parish, New Orleans Condo Reviews
The New Orleans Condo market has condos in areas where people like to live outside the city of NewOrleans. There are not a lot of condos in River Ridge which is in Jefferson Parish. The Steamship Circle was developed for condos and currently has about 7 to 8 condo associations in the Steamship Circle area. The area is a high demand area next to River Ridge homes, Elmwood Business Park and near the entrance to Earhardt Expressway which is about 15 minutes to town. The prices will vary for 140’s to the 180’s range for a two bedroom unit. There are much fewer one bedroom units. This 2836 Steamship Condo is priced at $179,625.
This is an example of a current listing that I have at 2836 Steamship Circle in the River Ridge area. The 2836 Steamship Circle is in one of the best complexes. Parking is easy. Many long time residents love living in the tree shaded area of River Ridge. There are 20 units in this complex with all being townhouse style condos with large bedrooms, plenty of closet space, easy layout, fireplace, patios in rear, vaulted ceilings in bedrooms, and below average condo fees of $150 per month. The large rooms and windows let in plenty of natural light giving the rooms an even larger feel.
These condos are not new but have been kept up extremely well over the past 20 years. The area has appreciated very well over the years. This unit has a loft which can be used for an office or storage. The second bedroom has a large picture window overlooking the private patio that is fenced in from the public. Read the rest of this entry »
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“New Conventional Regulations”
May 1st, 2008 categories: Julie's Mortgage Tips
On April 1st guidelines have changed in the way loans are priced for lenders who originate loans under Fannnie Mae and Freddie Mac.
Fannie Mae and Freddie Mac now have delivery fees that they charge to banks and mortgage companies on all conventional loans with credit scores that are below 720 that aren’t putting 30% down.
Fannie Mae and Freddie Mac have taken such a big loss in the last year and they are charging these fee to try and offset the increase cost of doing business.
For buyers whose credit scores are under 720 we are looking for alternative ways to finance their loans.
FHA and VA are an alternative to conventional loans and they do not charge these extra fees.
Bond loans are another alternative. Bond loans charge a small fee of .25% on conventional loans which doesn’t make much difference when you are getting 4% of assistance money.
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