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New Orleans Warehouse District Condo Update-July 2008

    The heat and humidity of the New Orleans summer is upon us but sales are still happening.  Sellers have a nice unit and it has to be priced right to get the buyers attention.  The big trend that I have noticed is the demand for the 300-400k,` 2 bedrooms are way up over that of a year ago. I have sold several units this year around the 300k price to people that are buying them as second homes.  This second home segment of the market was missing last year.  You also see more people coming for jobs that are also buying condos as their primary homes.

     There are currently 181 units listed as active which includes some pre-sales and a good number of developer units.  There have bee 38 sales since May and there are currently 33 units under contract.  The price levels remain rather stable year over year.  Condo fees have leveled off as the effects of Katrina have vanished from the scene in this area of town.  The energy prices seem to be having little effect on the area.

      The energy prices may be having a positive effect on condo sales.  The commutes are small and the need for a car is much less in a downtown area.  You can walk more or take the streetcar to avoid the increased fuel prices.  I tend to see an even split of locals and new comers choosing this area as place to settle.

Warehouse District, World War Two Museum New Orleans 

   The expansion of the World War Two Museum in the Warehouse District is moving along will a completion date of next summer.  The expansion will triple the size of the present day museum.  There are several new apartment complexes expected to be completed in the next year as well.  Lots of construction in the area.

      Rentals have been hard to find as owners are not renting the units out as much and the demand has eaten up most of the supply in most of the complexes.

      My son Marcus just moved back for Houston for a better job, now that is a switch.  He had been there since Katrina and wanted to return to a small town. 

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