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Uptown Condos-More people looking in Uptown New Orleans for second homes-Charm or Price?

     Here is a new trend I have noticed.  People are looking at the New Orleans Uptown Market for condos to use as second homes.  The real estate prices Uptown are lower than both the French Quarter and the Warehouse District. The most popular search is  for a two bedroom and two bath condo for under 250k.  While that is hard to impossible to find in the Quarter or the Warehouse District, choices exist in the Uptown area.

Historic condos with high ceilings, wood floors and old world character are the favorites.  The named streets near St. Charles, Magazine and Prytania seem to be the areas of choice.  A two bedroom condo opens the opportunity to invite business associates, friends, and family for a visit.  All feature easy walking to shopping, dining, and fun.  Park the car and leave it!  New Orleans covers a small geographic area.  You are never more than 15-20 minutes to the French Quarter.

Uptown condos offer much more size and many have been updated.  Most of the complexes are smaller than their Warehouse or Quarter counterparts.  For the most part, these were converted from old homes or apartment houses into condos. Its much easier to find the units between 170 and 200k in the Uptown area as compared to other neighborhoods. 

Hawthrone Condos in Uptown New Orleans

     There has never been a lot speculation in the New Orleans Condo Market so values have remained constant for the last couple of years.  There was never much sub-prime in these areas so that issue is not in play in almost all cases.  A very steady market for the right kind of unit.  The story is much different for condos that tend to look like 1970s apartment complexes.  These have fallen out of favor as they tend to be just a place to stay.

We are beginning to see some good values and people have waited too long to sell for seasonal reasons and just not pricing the condos correctly in the beginning.  You hear over and over again, “This is what I need to get for my place.”  The market does not work that way.   Real estate is worth what others are willing to pay.  No concern is ever given to the sellers’ need for a specific price.

I showed one unit yesterday that was put on the market for 199k.  The price has been dropped to 159k.  That is a great price and does not reflect a drop in value — the unit was priced too high at the start.  The last 3-4 weeks have been very slow with the hurricanes and mortgage mess.  The seller is now willing to jump at any reasonable offer and so will the Bank. I did not show it earlier as I knew the price was unrealistic and the price would have to drop with time.  Drop it did!

Garden District Condos, Condos for Medical Students

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