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Warehouse District Condos-priced around 200k-A popular price range! An Update

    The Warehouse District Condo market under and around 200k is the most common price range that people are looking for  in the New Orleans Warehouse District.  The second most common is the 2 bedroom and 2 bath places for around 300-350k range.  Lets see and review what is happening in the 200k range as we sit in the middle of October, 2008 .  Things are selling but not that fast and there is a valid reason for that.  There are not just a lot of nice units for sale in this price range that I would recommend to clients.  There are a couple that I like from a value standpoint. The value units do sell.  There were two such units in the Cotton Mill and both sold in the last 2-3 weeks.  They were just good buys.

    The foreclosures are non existent in  market and demand remains strong for updated units. The condos that have the need for updating priced into the asking price are going to sell.  The individual sellers motivation is a key to getting a fair deal even in a buyers market.  Right now many of the sellers do not have the updating priced into the numbers. 

      The rental market remains strong and while sellers are renting at top dollar many feel they can wait.  I know its the pricing and condition that will not sell the unit at the asking price.  The stock market correction is going to have some effect on the sellers response to any offers.  Sellers are used to taking loses in many cases now.  You also have to remember most units in the Warehouse District were bought to live in and not for speculation.  The prices have been steady and that is why its been so easy to handicap the asking prices.

    There are a couple of nice units that are small in the Bakery Condos priced around 160k.  The condos seem fine until you notice that the units have no parking.  Be very careful about buying when the particular unit does not have parking when almost all the rest of the units do have parking.  People will easily pay 15k here for a space.  It makes resale hard.  If none of the units have parking then the issue is not as great.

    Saw one at the Cotton Mill this week where the seller was asking 10k more for a unit that was not updated than I sold for this summer that was updated.  It was the same basic floor-plan.  This is about a 20k swing in value.  Saw another where the seller was asking 20k more than 2 my “Best Buys” just sold for.  The  two that sold were actually much better.

   The one unit that stands out for sale is the 2/1 unit at the Henderson, 700 Commerce.  Looks like a great buy in a condo association that is really on the upswing with a great new Condo President and a lot of updates in the complex and the individual units. Priced at 185k with updates its a compelling unit to look at.  many very recent updates as it was just purchased in 2007.  

    Looking at the numbers there are 40 units for sale between 150-220k at the present time.  There are currently 9 under contract and 8 have gone to sale since July in this range.  September was a total wash with the Hurricanes and seasonal slowdown.  Out of the 40 for sale I would guess 20 are overpriced by 10k or more.  Having tenants that are paying rent means the sellers are not as motivated until the tenants leave.  Most tenants keep the units mess so they do not show as well either.  There are exceptions but not that many.

  Other Articles Motivated Sellers

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