Archive for March, 2009
Why New Orleans for a second home? Sandy says its the French Quarter for them.
March 30th, 2009 categories: Second Homes
“Hard to put a finger on just one thing we love about visiting the city. Naturally the food – who can top the food? Our favorite is Commander’s Palace and we always go there the last night we are in New Orleans. Don’t get me wrong, there is never a problem finding great places to eat on our daily travels through the French Quarter.”
“The people always amaze us. Every time we have visited we have been fortunate to meet locals who have gone out of their way to point us in the right direction for the best of everything. Honestly, we have done alot of traveling and have never felt so welcomed. Next up would be the never ending life of the city – entertainment, architecture, gardens, street performers and artists, tourists that have been to one bar too many and are still carrying my all time favorite the “to go” cup.”
”Whenever life gets a little too rough, we head to New Orleans and the French Quarter – good for the soul. Like the culture of the city, our feelings for New Orleans hasn’t changed so we have decided to look for a place to call our own.”
Sandy
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Window Shopping in the New Orleans French Quarter! Just imagine what you could buy? Looking is Free.
March 28th, 2009 categories: French Quarter
The New Orleans French Quarter is what the early malls in cities must have looked like. In New Orleans many things never change and they become popular again because no one else has them any longer. Disney World kinda of copied this format, but here its for real with all its faults and positives.
The majority of shops and window shopping are on Royal Street but others are popping up elsewhere as well. Its easy to spend a morning just looking in the windows and the other half of the day looking at people who are looking themselves. The cool thing is that many of the shops are unique to only New Orleans and are far from the cookie cutter malls of today.
Just a glimpse of the day from the Quarter windows. This is just one of the many things people can do in a small geographic area called the French Quarter of New Orleans.
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Cotton Mill Condo, Unit #279, One of the Best in Warehouse District under 200k!
March 25th, 2009 categories: Condo Listings, Warehouse District
…. #279 of the Cotton Mill Condos has everything people look for in a New Orleans Warehouse Conversion– high ceiling, exposed brick and beams, large historic windows, original hardwood floors, and custom bathroom and kitchen renovations. No standard developer upgrades here, the owners of this unit renovated the bath and kitchen with distinctive, modern fixtures and features…… The updated kitchen features all new solid wood cabinets, stainless steel appliances, plumbing, granite counter tops, and light fixtures. The bathroom has been redone with form and function in mind and the additional storage is a huge plus. A custom Elfa system in the master closet offers smart, stylish organization. The washer dryer in the hallway stays with the unit.
.….. The original wooden floors are a plus in these older units. This second floor unit gets loads of natural light and has views of a quiet tree shaded street. You can park on the street or rent a spot across the street from the lobby. Onsite security is ample at the Cotton Mill with 24 hour guards, parking lot coverage, and closed circuit cameras.
..…. The unit is 699 sq. ft but feels and lives much larger due to the abundant natural light, high ceilings, smart layout, and ample in-unit storage. The condo fees are $279 and include water, insurance, swimming pool, fitness center, use and upkeep of beautiful common areas, basic cable, security, and on-site management and maintenance. You pay for the power and the taxes. See additional photos of the area at
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Cotton Mill Condos in New Orleans, New Listing priced to sell! How does Your condo Stack up against the others?
March 24th, 2009 categories: Condo Listings, Selling your Condo
I have sold quite a few condos at the Cotton Mill condos in the New Orleans Warehouse District over the past 4 years. I have sold and listed over 20 units in the Cotton Mill Condos so I know the building and values as good or better than most agents that work the New Orleans condo market. I have listed things too high and have learned from it.
One of the things I try to do when pricing a condo is to really evaluate the competition and figure out how the condo fits into the pecking order to be one of the better units at that price. A realistic price is paramount in today’s market. You want to be compared favorably against the competition as everyone looking is going to view 5-6 properties before buying. The selling agent will narrow the selection down to meet his or her clients want and needs. You want your unit to make the cut.
You can check out the properties between 180-200k by looking at my market analysis which is free for signing up. Great tool to learn your market before buying or selling.
Market Snap Shot for the Warehouse District.
Buyers want to walk right in and not do a lot in today’s market. They want a condo that has been updated in the last 5 years… They want a view so they can see and hear the streets below. I have a check list of the most wanted items in downtown condos. You rarely get it all but the best in the list generally will be the first to sell. Lets look at this new listing to see what I was thinking and the factors that make this condo a favorable buy.
My sellers bought Cotton Mill #279 from the developer and did all the renovation themselves. The renovations are unique with a higher quality on almost all the things that they did. Its a plus !
I have a mental check list that I go through on the important things that people want in the Warehouse District Market in the under 200k range.
- High Ceiling, yes 18 foot ceiling
- Exposed Bricks-Beams, yes all the beams and exterior wall are brick
- Plenty of light and some type of view, yes 15′ windows and tree top views of the street below. Second floor units sell better.
- Original wood floors in the entire unit, no carpet is a big plus
- Security, Cotton Mills has full time security and on site management
- Kitchen and Bath, yes both have been updated very tastefully
- Parking, No but you can street park or park across the street in a contract lot for $125 per month.
- Appliances New, yes they are new along with washer and dryer that stays
- Pets are welcome, few have major restriction on pets within reason.
- Colors are very bright and artistic, maybe too much blue but paint is one of the easiest things to do. All the hard stuff has been done.
- Condo Fees are reasonable, Yes with plenty of amenties
- The Cotton Mills is quickly liked or disliked, but praised in the under 200k bracket. See more photos of the project at
New Orleans Condos Cotton Mill Page
I think #279 stacks up well with the condos for sale in the Cotton Mills and other in the Warehouse District condos. If someone wants to buy in the Cotton Mills then #279 should be one of the best in the range. People tend to chose condo associations first then they put the better units they see in a pecking order of price and quality. I have seen most of the properties in the building so I know it sets up well to the competition.
The one issue I had to overcome is that the unit has a renter in it that has little furniture and looks rather sparse. My seller came to the rescue with the photos she took while they lived there. Means a lot to be able to show people what the unit looks like at its best.
Now I need to get the word out that its a unit worth seeing and potentially buying. How does the condo stack up, Very Well !!!!
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New Orleans Interest Rates Drop to New Lows! 4.6% What does that mean to you?
March 20th, 2009 categories: Julie's Mortgage Tips
The market is telling us we need more buyers to buy homes and condos. The rates plus willing sellers is making for some nice deals. You should also be thinking about refinancing possibilities if you plan to stay for two years as the payoff is quite nice. Here are some numbers. You save a lot per month. In two years at 200k you will save $4224 which is much more than the cost to refinance. Refinance Article Earlier on Cost of new loan.
Per 100k of loan your payment of principal and interest at 6% was $600 per month.
Now, at 4.6 % its dropped to $512 per 100k of loan, you save $88 per month
100k-save 88, 200k save $176, 300k save 284 per month
As a buyer your money is just going to go further these days. People with good credit are in the drivers seat as buyers. These low rates will last for a period of time. Then with the government spending over a trillion dollars per year more than they take in the cost of money will rise. I just cannot tell you when its going to happen but know it will happen.
There are a number of developers who need to clear their books of properties that are new or almost new in some great price ranges in Uptown New Orleans. Part of their problem is the slow market and the facts that people cannot get loans for new projects using conventional loans. This this adds to some very nice units that I have not seen before at these prices. There are not massive amounts but they are out there. Check it out!
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Great New Orleans Streetcar Art Promotion! The streetcars are Indeed part of the New Oleans persona!
March 18th, 2009 categories: Art , Music , Parks
The New Orleans streetcars are part of all of us that have grown up in New Orleans area as well as a favorite to tourist and newcomers. Its a continuity of ages and they still work well as transportation. They were one of the things everyone has looked forward to getting up and running since Katrina knocked them out for over a year. The red streetcars had to be rebuilt as they all flooded during Katrina. Its a great buy to ride down Canal Street and St. Charles Ave.
The promotion of the Young leadership council has had local companies and organizations placing this street car art all over town. See Earlier blog on Street Car Art.
Having a chance to drive and show condos and homes all over the City of New Orleans I get a chance to see a lot of these pieces. Always enjoy discovering a new one. Wanted to share a few of the ones I have seen in the last couple of weeks. Once again the guys that thought this up had a great idea. They will sell them at the end of the promo.
One of the things I have noticed as the cars tell a story of what people in New Orleans like and want to preserve. People like the local sports teams and almost all are die hard fans. Lots of food and music which is easily understandable. We appreciate a good meal and work it into the artwork.
There is also lots of wildlife worked into the windows. You see everything from gators, to crawfish, to pelicans, to dogs and Hornets. The local heros and celebrities get worked in like Drew Brees and local musicians.
Mardi Gras and even religion make it into many of the scenes. They are all local so its quite a history of New Orleans. What I have never see is the politicians or political views. But then we want the positive aspects of the city to show. Sorry Mayor Nagin ! The streetcars work, run on time, make money and are something to enjoy for all.
Each company that sponsors one works some of their icons and symbols into their cars.
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New Orleans, A buyers Market? People like to Buy High and not Buy Low? Following the herd! Psychology does matter!
March 11th, 2009 categories: Market Trends
Eric’s Editorial Comments:
New Orleans Real Estate is in a buyers market phase when it comes to homes and condos. The prices are lower since there are fewer buyers. There are eager sellers that want to make a deal. Many sellers and developers need to sell and move on. The Interest rates are really good, anyone who thinks they will not go up next year is crazy. Many buyers are not in the market due to credit restrictions. The prices have been rather stable until this past November when real weakness started showing up. Supply and demand with incentives does work !
Most buyers have opted out of the market because of the psychology of going against the herd is very hard to do. This makes it a great time for people to buy things cheaper with a lot lower carrying cost. There are incentives from the sellers, there is an $8,000 Federal tax credit for buying if you have not owned something in three years. The interest rate deductions are still there which means much more than people think. Its a government subsidy to become an owner if you pay taxes.
The real estate bubble had a lot to do with this feeling of doom. New Orleans missed the bubble. Maybe we were smart enough to see through the schemes and irrational behavior by many lenders. More than likely it was a combination of our conservative nature and the fact that many could not be fleeced because they had little to lose. In plain English the lenders saw little profit here like the Wild West of California, Arizona, and Nevada.
Also towards the later stages of the bubble we were facing the aftermath of Hurricane Katrina. We did not need foreclosure to move people out of their homes 4-5 and even 10 of water for several week took care of that. There is also few new homes built in the area that were prime targets of the unsuspecting and or greedy speculators. There is not a lot of foreclosures like the rest of the country is seeing. There are very few in areas that I work.
Could the prices go lower, surely. Could they stay stable and go up in a coouple of years, sure. If you are looking at it as a second home, things are easier to rent as more are not buying. Looking for a primary residence then you can sell for what you paid and still come out ahead in a couple of years.
This is something to think about as you ponder what to do. Not many people wanted to buy Wal Mart stock early on but many did later on. Everyone needs a place to live and they are not making any more. At least not in the near future. So now is a good time to begin keeping up with the market to see what deals would come your way.
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Historic French Quarter Condo, Details and Origional items are impressive!
March 9th, 2009 categories: Condo Listings, French Quarter
Its not often that you see a condo renovation that keeps many of the historical features and integrates the updates that everyone likes and enjoys into the plan. This 1830’s building with 5 condo units is one of those developments. It has many of the ingredients that people look for in this two bedroom condo. The price of $219,528 what sets this unit apart from many condos in the French Quarter and the Warehouse District.
The features include high ceilings, lots of windows, long exterior balcony, 3 sets of french doors, lots of windows, wood plank floors, exposed brick the length of the condo, cypress woodwork, old fireplaces. Its a second floor unit with a lot of privacy. Feel like you have gone back in history.
At the same time you have an open floor plan and new kitchen. The kitchen features granite countertops, stainless steel appliances, lots of cypress cabinets, and recessed lights. This condo is great for entertaining.
The second bedroom is great for guests. There is no parking with the unit but you are in the residential area of the French Quarter where parking is accessible. This is most likely one of the oldest buildings that I have listed. The condo was developed in 2004 so much is new and everything has been updated. Your view from the balcony that extends the length of the condo.
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Cypress Cove Condos, 2330 Edenborn in Metairie, Under $80,000!
March 6th, 2009 categories: Jefferson Parish, New Orleans Condo Reviews
In Metairie you can find some nice one bedroom condos at 2330 Edenborn at the Cypess Cove Condominiums for under $80,000. They are very nice and the condo association is well maintained with the condo units surrounding the courtyard, fountains and pool. The units are about 600 sq. ft. and very well laid out. The condos are 23 years old but from the outside of the units do not look that old. The roofs are new along with the siding.
The 83 condo units are in a three story building surrounding a courtyard. There is plenty of parking and the secure entrance is at all corners of the complex. Once inside its like a courtyard and garden much like those in the New Orleans French Quarter. The most noticeable thing is how well kept the buildings and the grounds are kept. Most of the units open onto the tropical courtyards.
The condo fees are a very reasonable at $120 per month. It covers water, insurance, upkeep, and maintenance. Each of the units have a balcony on the 2nd and 3rd floor. The first floor units have a small patio. There are no elevators but plenty of stairs. There is a storage room on each balcony. There are washer-dryer stack-able units in each condo.
There were 3 sales in 2008. There are currently 2 active units in the buildings right now. Thre is just not a lot of turnover in the condos which is a good sign as this means people are long term residents. The sales were all the 75k-80k price range. The location is very convenient located between Clearview and Causeway on the river side of 1-10. Read the rest of this entry »
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Saint Charles Ave. Condos, Does the address make them more valuable !
March 3rd, 2009 categories: Uptown NOLA
The correct answer would be yes! The St. Charles Avenue real is second to none in its historic diversity and real estate value. The St. Charles Avenue address is on one of New Orlean’s most premium and historic streets. The extra wide avenue is more than 90 blocks long traveling from Canal Street to Carrollton Ave. Best way to see the street and really get a feel for St. Charles Avenue is to take the streetcar and get off when you feel like walking.
The architecture of the homes and condos will change dramatically as you travel through the older Garden District to the newer University area. The area around Tulane University is much newer but still old by most cities standards.
The New Orleans Streetcar line runs 13 miles down the middle of the tree lined street along with four lanes of traffic most of the way. The historic street is known worldwide for the historic homes and oak trees that line the avenue. The St. Charles street line began in 1835 and is the oldest continually running line in the United States. Originally it was steam driven cars but were changed to electric cars in 1884. The current street cars are the Perley Thomas cars dating from the 1920’s.
Its all about location which is very similar to the address in most cases. However the address is not the only thing to look out for. The condo could be on the backside of the building with no views. The condos with views of St. Charles Ave. or any historic street are going to be easier to sell and have a higher price tag on them. It really gets down to the location within the condo complex and how good a view do you have. The upper floors are considered to be more valuable due to the views and extra light you receive.
I get a lot of requests to look for condos on St. Charles Ave. Many times we cannot find units not only due to price and type of unit that the person is looking for. The Avenue becomes much more residential as you pass Napoleon Ave going towards Audubon Park. There thus tend to be fewer condos.
The first condos in the city were popular on the Avenue and were once thought to be only for the older set. This is not longer the case but many building were designed for that purpose. There will always be a greater supply of 1960’s apartment condo conversions and much fewer historic condos.
The large neutral grounds as we call then in New Orleans provides running and walking for the brave between the traffic and streetcars. it also provides room for the historic Live Oaks to spread their canopies over the street. The shade is much appreciated in the summer time. Its one of the great walking streets in the nation and is almost perfectly flat. The area has never flooded as it high ground near the Mississippi River.
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