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New Orleans Foreclosures in the condo Market ! Where are they?

      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. 

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