Archive for August, 2008
The Advantages of FHA verses Conventional Loans in Todays Market
August 7th, 2008 categories: Julie's Mortgage Tips
Do to the current crisis in the conventional loan market Fannie Mae and Freddie Mac have raised the cost of making loans. An adverse market fee has been added to all loans and has recently doubled. Additional fees or “hits” have been added for various reasons:
- Credit scores below 720
- No credit scores
- 2nd homes
- Cash out refinances
-
Private mortgages insurance rates have been raised
An FHA loans has no income limits and can be used by any qualified buyer.
Some FHA loan benefits are:
- Low down payments 3% (your down payment can be 100% gift)
- Will accept a credit score in the 600’s
- Do not require cash reserves
- PMI for FHA is reasonably priced
- FHA will work with a person with no credit score if they can provide 4 pieces of alternative credit.
Loan limits have been raised .
These are the new loan limits for FHA.
These were some shots in Jackson Square this past weekend. You can reall take in a lot with a mile of this historic area in New Orleans.
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Ruth’s Chris Steakhouse born in New Orleans, New place opens in the Warehouse District!
August 6th, 2008 categories: Warehouse District
The Warehouse District recently welcomed Ruth’s Chris Steak to a new home at 525 Fulton street adjoining the Harrah’s Hotel. The steakhouse was founded in New Orleans by Ruth Fertel a New Orleans native in 1965 when she bought Chris’s Steak House. This single mother with two kids eventually grew Ruth’s Chris into the largest Luxury Steak house in the United States. The Ruth’s Chris Steak Houses eventually became public. Ruth Fertel was a great benefactor to South Louisiana giving of herself and her self made wealth to many worthy causes.
The headquarters was in the Metro New Orleans area till Katrina struck almost 3 years ago when the present CEO of the company. Mr Miller immediately cut and ran after the storm to Orlando rather than rebuild with the rest of us. Tends to take some of the taste out of the steaks. However emotion aside its nice to have another place open in the Warehouse District that welocmes back another New Orleans favorite.
The Fulton Street area will continue to develop. More places will open which makes the neighborhood all that better. Another great place to put on my walking tour of the downtown area of New Orleans. Just thought that idea up and can certainly do a mega post on that subject. “all with a mile” or something like that.
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Inspired Streetcars in New Orleans, Hats off to YLC- Can this idea grow!
August 4th, 2008 categories: New Orleans Origionals
I have been seeing these artworks of streetcars around town in various locations and wanted to investigate further after seeing a couple of more today. I knew basically what they were but did not realize how many of them are around town. I wonder if there was a big party or will there be one to conclude the event. New Orleans is always looking for another way to celebrate art and raise money for a good cause. I would like a little one for my desk so maybe some will make some models to sell of the favorites. Just an Idea?
What does this have to do with real estate? It shows you the quality of the people who live in New Orleans and that are trying to make it better. These people are your neighbors and like it here. Check out the Streetcar Art Blog
NEW ORLEANS – November 20, 2007 – The Young Leadership Council (YLC) formally announces the kickoff to A Streetcar Named Inspire, a community art project that will place 200 streetcar‐shaped custom creations developed by local artists and sponsored by businesses throughout New Orleans as part of YLC’s ongoing mission to inspire hope throughout the city. Read the rest of this entry »
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Warehouse District Condos-The Rotunda Condos-330 Julia Street Apts to Condos
August 3rd, 2008 categories: New Condo Projects, New Orleans Condo Reviews
The Rotunda is the latest in a long line of condo conversions of Warehouse District apartments. The old grocery warehouse is in the center of the New Orleans Warehouse District at 330 Julia Street directly across from Julia Place. Emeril’s Restaurant is actually one of the business condos on the first floor. The Rotunda has 68 units split between one and two bedroom units. You can still get a decent size one bedroom in the 200k range. The two bedrooms are going to be closer to 300k. I am not the listing agent but have sold a couple in the building who looked at all the choices in the Warehouse District and chose here for the location and the size of the units. There are currently a variety of units for sale.
All of the units are on floors 2 and 3 with the penthouse units on the top floor which is floor 4. The garage and retail spaces are on the first floor. The more expensive units have garage parking and the others have contract parking availiable across the street. Close to 50% have garage parking. A garage space is the New Orleans Warehouse district can easily be valued at 20k. The spaces across the street at Julia Place sold for 25k when the units were for sale.
The amenities include a roof top deck which gives you a great view of the skyline fronting Julia Street. There is a small plastic pool on the newly renovated deck. The community room is also a nice feature with great views on the penthouse level. The fitness room is on the first floor as you enter from the garage or the Julia Street entrance. Condo fees are moderate and include common area upkeep, elevators, exterior building upkeep, insurance, water, and overall upkeep of the area.
Most of the larger units and two bedrooms have exterior views. The interior view units do get plenty of light which makes the spaces very bright and seem larger than they really are. All the units have higher ceilings and enough windows. You can get the more expensive units totally redone with many updates and upgrades. There are a group of units around the 200-220 range than will have some updates but to keep the cost down are not totally redone as the more expensive units.
The MLS shows 22 sold 23 active units. There are some units that are not on the market yet due to leases and are being cleaned up. In the early stages of a conversion there is a lot of work, painting, flooring, upgrading going on all over the common areas as the developers upgrade from the apartment feel. Once done the common areas are 100% better than the early stages of a renovation.
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