Archive for February, 2009
New Orleans Garden District, Unique and certainly Historic !
February 23rd, 2009 categories: Historic Homes, New Orleans Origionals
Little did we know looking at New Orleans today that a mere 180 years ago New Orleans was very famous city. It was a much richer city on the banks of the Mississippi River than it is today. The odd thing is that New Orleans had the largest population of Free blacks in the the nation before becoming a state in 1820. Many of the homes in the Garden District were built in this pre-civil war period.
New Orleans was captured early on in the Civil War and was not burned down like some other Southern Cities. Maybe because General Sherman was the first President of LSU. He was not involved in the capture of New Orleans at that time.
” The population of the city doubled in the 1830s, and by 1840 New Orleans had become the wealthiest and third-most populous city in the nation. It had the largest slave market. Two-thirds of the more than one million slaves brought to the Deep South arrived via the forced migration of the internal slave trade. The money generated by sales of slaves in the Upper South has been estimated at fifteen percent of the value of the staple crop economy.”
” The slaves represented half a billion dollars in property, and an ancillary economy grew up around the trade in slaves – for transportation, housing and clothing, fees, etc., estimated at 13.5 percent of the price per person. All this amounted to tens of billions of dollars during the antebellum period, with New Orleans as a prime beneficiary.” From New Orleans Wikipedia , read the rest of the story.
The great thing about the area is you can spend 1/2 day walking in the area viewing the historic homes and its free. Just do a little homework so you will wander by the correct homes. You can take a streetcar to make the trip even more enjoyable. Guided tours are available for those who do like homework. The Garden District will give you camera a workout. These were just random shots that I took on a Spring like day in Jan. 2009
The area is like a Garden so its good to get the home photos before everything starts growing again.
Garden District Condos- Homes can be expensive in the area- You can however get some great condos in the area where you can get the feel of the area at a much lower cost. The historic condos have been one of the strong points in the New Orleans market. They are hard to duplicate and the nice buys are still rather hard to find. Its an area that is worth checking out if you like the feel.
New Orleans Luxury Condos-St. Elizabeths Condos-1314 Napoleon Ave-Plenty of history here.
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New Orleans Foreclosures in the condo Market ! Where are they?
February 22nd, 2009 categories: Market Trends
There happen to be very few foreclosures in the New Orleans Condo market that I work. You would think that there would be more but there are not that many. The market is not great and there should be some good buys in the near future. There is only a handful at this time. Its still a buyer’s market and we are just beginning to come out of the slow season.
The main reason is that there was very little speculation in the market. The market has been stable since 2005. There was a lot of activity following Hurricane Katrina in 2005 with people buying and selling. There are a couple of complexes that did have some speculation but the prices have come back to within reason.
Most of the speculation was Katrina induced but much less than people think. Equal numbers had to sell and buy so it tended to equalize prices. Fewer people overpay that most sellers would think. Its in the numbers for 90% plus of the sales.
The other reason is that many people live in their units full time and those that use them as a second home tended to be conservative in there financing options. Since most people have equity in their condos they can always sell them for a reasonable price.
The few that I have seen are not in great shape and are not priced correctly from the bank as yet. Much better to buy something that you like at a reasonable price. If you are interested in foreclosures just wait and the price will drop. Most have not been taken care of which should come as no surprise.
The housing market is going to be a different story. There are going to be more foreclosures in this market which is against the National Trends. When did New Orleans follow the trends, Happy Mardi Gras!!
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Jefferson Parish Grant Money for first time home buyers! Great way to start!
February 17th, 2009 categories: Grants and Incentives, Julie's Mortgage Tips
Jefferson Parish has several programs that can help you as a first time buyer for a home or condo. You have to be able to qualify for a loan and meet the income requirements. The purchase price has to be below $200,160. You start by getting qualfied for a loan through an approved lender. This will let you know what you can afford and if your credit score is sufficient for a loan. The loan itself can be FHA, VA, or Conventional. Call Julie Baudier at Standard Mortgage to get you started with the loan process 504-583-1793. This is your first step.
The home or condo has to be in good shape and should not need major repairs. Then you call the Jefferson Parish Community Developement Office. They will give you information on the classes and a certificate to get started.
A Real Estate Agent like Eric can then help you in selecting a property. Its well worth the time and effort as its a big, big help in getting started towards home ownership.
As per the Jefferson Parish Website ”The HOME Program funds assist first-time homebuyers in purchasing their homes by subsidizing closing costs and/or down-payment requirements in conjunction with loans obtained through the Jefferson Parish Finance Authority or other qualified lenders.
Qualified applicants may receive a level of assistance up to $50,000 determined by Community Development to be applied for the down-payment and normal closing costs. Participants will be required to grant a mortgage to the Parish in the amount of the assistance provided. This mortgage will be for a term determined by the amount of money received, non-interest bearing, and will be non-repayable if certain conditions are met. Eligible participants purchasing homes in the City of Kenner will receive a $10,000 grant secured by a deferred mortgage of 10 years.
Eligibility
Eligible participants include households that have not owned a home during the past three years. The annual maximum allowable household income limits, based on family size, are as follows. The annual income of a family of four cannot exceed $47,850.
1 – $33,500 2 – $38,300 3 – $43,050 4 – $47,850
5 – $51,700 6 – $55,500 7 – $59,350 8 – $63,150
Applicant Requirements
Applicants are required to complete a Preliminary Application with supporting documentation before being funding will be considered.
Applicants are required to attend two classes and must present an acceptable certificate of training completion before loan closing.
The monthly payment required to service the contemplated mortgage(s) may not exceed 30% of the monthly household income.”
You should also be able to get a federal tax credit as well if you buy by the end of the 2009 of $8,000.
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New Orleans Condo Buyers can get tax a credit of $8,000, something for Free !
February 16th, 2009 categories: Grants and Incentives, Julie's Mortgage Tips
Congress had a great opportunity to really jump start the housing market with a $15,000 tax credit open to everyone and anyone. Its hard to believe they thought it would cost too much. This move could have saved people tons of money and would have helped us with the bank bailout. Any incentive to increase demand is welcome.
I would have made it very simple and open to everyone buying a home or condo. Why put all these strings attached when we need to increase demand. It would lighten the load on sellers and banks costing American less in the long run. Incentives do work and when we need immediate spending this is the fastest way to make it happen. Much less than the bailout of Citi Bank alone by 10’s of billions. Where are the Nation’s thinkers?
However if you fall into this niche its something to take advantage of. Its like free money along with the tax advantages of owning.
“The good news is that there is an $8000 tax credit available for first time home-buyers! On Friday, both the House and the Senate passed the American Recovery and Reinvestment Act of 2009 and President Obama is expected to sign it into law early next week.
$8000 tax credit highlights include:
- The $8000 tax credit is available only to first-time home buyers, no purchase in last 3 years.
- The $8000 tax credit is available only when the first-time home buyers buy a primary residence
- The $8000 tax credit is available only to first-time home buyers buying a primary residence between January 1, 2009 and December 1, 2009
- The $8000 tax credit does not require repayment after 3 years.
- The $8000 tax credit is claimed on a tax return and reduces the tax liability. If the credit is more than the tax liability, the unused credit will be issued as a check to the person claiming the credit
- If you sell the home within 3 years, the entire $8000 tax credit is recaptured
- Income limits of $75,000 for one and $150,000 for a couple.
For those of you who have been asking questions about the possible tax credit – the good news is that we now know what has been passed into law.
What this legislation should do is encourage first time home-buyers to buy a condo or home. What it will probably not do is encourage everyone who isn’t a first time home-buyer to buy a home.
And it remains to be seen exactly how much it will help the overall real estate market turn around.”
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Avant Garde Condos, Unit 64 is one of the Best! Updates Galore!
February 9th, 2009 categories: Condo Listings
One of the most updated units that I have listed in this price range in quite some time. The owner did all the correct things when updating. It just looks great and the seller is willing to sell it furnished for 4k more which includes the 52 inch TV and patio furniture. The updates have been made in a very tasteful manner. It looks almost staged with all the designer touches that Kristina gave it. Someone still lives here.
The condo is the best floor plan in the 249 unit Avant Garde with vaulted ceiling and skylights and two full baths. The floors with wood, tile and new carpet are in great shape and that is one of the more expensive updates in condos. The appliances, kitchen counter-tops, newer cabinets, lighting and paint gives a very updated impression in the kitchen. The master bath has been remodeled with new vanity, mirrors, tiles, lighting that give it a designer quality to it. The best ways to spend money on updates is on the floors, kitchen and master bath.
The new a/c compressor keeps the utilities under $75 per month. The sliding doors have been replaced with french doors on a screened patio that has new tile flooring. A new full size washer and dryer is in the hall closet. You have a corner wood buring fireplace. The wet bar has been taken out for an alcove for a 52 inch TV.
There are currently only 3 two bedroom and two bath condos for sale in the Avant Garde Condos. The other two are priced at $149,000 and $150,000. One of the nicer features of the complex is the ample grounds and space walking the dog and just getting outside. Each unit has a designated space with ample parking for guest near your unit as the buildings are spread out in the complex.
You can see more photos on the website my condo website New Orleans Condos. Recent articles on Avant Garde Condos.
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New Orleans Real Estate Sales are Seasonal ! You can still get a seasonal Buyers Discount!
February 7th, 2009 categories: Condo Knowledge, Selling your Condo
As we near Spring 2009 you will begin to see more people in the market. You will also see increased competition from sellers wanting your business. The sellers that have been sitting on their property over the slow season are ready and eager to sell. They have just paid their property taxes and begin to realise that an empty place is costing them money.
As an agent you can do all the right things and just not sell something in the winter months and this was triple whammy slow season in 2008. Hurricane Gustuf and the economic meltdown have been a headwind much like a hurricane in slowing sales down.
This is the seasonal discount that you can take advantage of . This is especially true of a seller that started out to high and was bypassed by agents and buyers over the last couple of months. This happens over and over, year end and year out. As a agent you know that some sellers will never look at the numbers. In the end it cost them more. For the buyer you can generally be looking at a $5,000 discount for something selling in the 200k range.
This year I am telling my sellers to be right on the money on asking price. Know who and what you are competing against. Have the best possible unit so they will not have the carrying charge. Make sure the condo is in tip top shape before putting it on the market. Get the agent involved to give you some ideas and people that may be able to help you in getting ready. Price and Condition are key in a slower market.
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New Orleans condo sellers, Best investment you can make is in the kitchen for higher returns!
February 2nd, 2009 categories: Selling your Condo
The biggest single return on an investment outside of painting and general cleanup is going to come from kitchen remodeling or updating. The national average for homes and condos is going to be around 80% for kitchens in general. In condos the kitchens are smaller than in homes meaning less money has to be spent. The upgrades still mean a lot to the potential buyer. If you do it the right way you may be able to break even on the remodeling job. You should remodel now and enjoy it as its a future investment in your condo.
The key is doing the updates the correct way. You do not have to have a gourmet kitchen or appliances. You can generally get a nice package deal at a place like Lowe’s for appliances. The cabinets and counter-tops can be ordered there as well. Find some one to install them for you and save on their most profitable portion of the business. This installer can do other small things that will polish up your kitchen.
Granite counter tops is the most likely choice and for a small space its not that much for the standard styles and colors. Let the counter-tops be installed as they may break by having others installing them. Using a handi-man such as Sal Cannizaro to help you plan can save you money if you can organize this over time.
New Orleans Handi-Man, Where are the good ones when you need One? I call Sal !
When you do the updates you should not forget about lighting and some small fancy items that will set you kitchen apart from the others. You may want to think about under counter lighting and tile back splashes for that extra zing. Since most condo kitchens are small you need to do everything to give it that clean uncluttered look. Making it look bigger and brighter goes far in kitchen curb appeal.
Remember selling quickly is important. People are not buying in 90% of the cases where kitchens need work except if for a nice discount in pricing. Leaving a condo on the market 3-4 months can easily cost $5000 in stress and carrying changes. Condo fees, the note, and taxes go forward while you are waiting. Be the best in your class and come out ahead. You want to be fully completed before showing. I use to think it does not matter as much but now it does make smart sense to finish completely.
The cost of not doing the updates is taking a larger discount on the price. Seeing what your competitors have done will let you know where you stand!
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