Archive for April, 2009
Timing in Real Estate is Key for Buying and Selling ! Now is the season !! Its Busy right now.
April 30th, 2009 categories: Market Trends, Selling your Condo, Steps to Purchase
Real Estate is seasonal but its very hard to judge when the season starts. It started for most agents 2 weeks ago. It was like someone shot a cannon off and the market filled up with buyers. I thought it would be after Mardi Gras but nothing happened. Then I thought it would start in March after Easter. Then I thought is would happen after daylight savings time started. It was close after that time that it really picked up.
The interest rates are at 5%. There are willing and nervous sellers. There are some nice places in all price ranges. The better condos and homes tend to come on the market this time of year. People are moving, changing jobs, moving up, moving in and moving out. The sellers and buyers that fall into these categories are serious. The Rent versus Buy is strongly leaning to buyers at this time. The prices are leaning to buyers. Just wonder what took so long for Buyers to start looking. Psychological maybe?
Sellers need to make sure their units are priced correctly and compete well with the competition. Are they ready to shown easily and quickly. Are the places looking great with all the little issues having been taken care of. People will buy the best looking properties. Many, many people cannot see around a mess or lots of defects even if small. You only get so many chances as a seller before your property gets stale in this market. Its show time so act like your condo is in a beauty pageant. The winner sells.
Buyers need to be ready. Getting pre-approved and sitting down with a lender is a great way to start the process. I would sit down and talk to an agent about the process that is used to being a buyers agent that knows the properties. Getting started on the Internet is the way most buyers start looking at properties. Its a great way to start but it has it limits.
Having an agent while you are beginning the process is a great step the right direction. You are learning learning the pros and cons of complexes, neighborhoods, resale values, current and past pricing. Think about resale values and local real estate trends when looking.
Just call me when you are ready. Eric
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New Orleans housing for Tulane or LSU Medical Students and residents often chose condos as a home for their stay.
April 24th, 2009 categories: Market Trends
A New Orleans Condo is often the choice of many students, residents, and nurses going to the local Medical schools of Tulane and LSU. This is often true of the many residents and fellows of the local hospitals. The most popular locations for most are in the Warehouse District and in the Uptown New Orleans area. The prices really drop when you get in Jefferson Parish which is an easy commute to the local hospitals and medical schools.
The New Orleans area is very compact and little commute time is needed to the schools. Safety is an important ingredient in your search. Most of the areas where condos are selling are in the better areas. A local agent can guide you in the choice of areas and lifestyles.
The nature of a condo fits the students lifestyle. There is little to take care of except the inside of the condo. You can come and go as you want. Many of the New Orleans Warehouse Units have security at night and some on duty during the day for packages, guests and deliveries. Many of the units will have common areas and workout facilities.
The Warehouse District is one of the more popular areas as its less than 2 miles to the medical schools. The area is very safe and a car is not needed to get around in. You are around a lot of other students and young professionals that live in the area. The condos are not that large but are large enough for busy people. Shut the door and leave.
The Garden District and Uptown New Orleans are also popular. If living in a more historic building is what you desire then Uptown may be a good choice. The area has historic homes and apartments that have been converted into condos in the Garden District and along St. Charles Ave. Read the rest of this entry »
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700 South Peters Condo- Priced to sell with many Updates ! What are the Pluses!!
April 18th, 2009 categories: Condo Listings, Warehouse District
This elegant condo at 700 South Peters has many things going for it besides a very aggressive price at $389,515. 700 South Peters has a great location within the New Orleans Warehouse District. The unit #515 has a great location within the building. The condo association has more the normal amenities that you can enjoy. The updates to the condo will make the difference when people compare.
The price for the condo is aggressive as it is the nicest 2/2 bedroom/bath unit in the building. It is priced below the two previous sales that were not as nice as this unit. The previous sales in the building were $398k for #317 in November of 2008 and 420k for unit #519 in Jan. 2008 and November of 2008. The other competitor is priced at $374,500 with many fewer updates than this unit.
Slotting your unit to sell is important in this market. You use past sales to price and also look at what your main competitors are priced in the building. How your unit looks next to very similar unit is a key. Most of the time people will pay for the upgrades and updates.
Location within the condo is also a very positive factor with this unit.The fifth floor location overlooking a very quiet one way street is a good location. Facing the East you will get morning light and being on the fifth floor you will will get a lot of natural light during daylight hours. Having several large windows in the master bedroom gives it a much larger feel.
The floorplan is great for entertaining with large open spaces amking up the den and dining area.
The updates in this unit include a newer kitchen, newer appliances, granite counters, tile floors, crown molding, large baseboards and extra built ins will be noticed. Both bathrooms have been tastefully redone and are very very classy. The baths include travitine, glass shower enclosures, custom cabinets, granite counter, new fixtures and lighting. Its easy to spend 10k on the bathroom updates alone.
People will notice these updates. The baths and kitchen are the most important updates that people can make for future value. Its much better tha a suite at the Royal Orleans.
The 700 South Peters Condo Association has one of the best rooftop pools and areas to relax in Downtown New Orleans. The landscaped atrium bring the outdoors close to your front door. The rooftop garden, pool and cooking area let you enjoy the views of New Orleans day and night.
The parking is in the garage on the first floor. Valet parking is availiable certain hours per day. Security is top notch and is on duty 24 hours per day. The on site management is hired by the condo association to make sure the building is in top notch shape. Its extremely clean and well maintained by the staff.
The condos location is a huge plus. You are 2 blocks from Harrahs Casino, one block to the river and Riverwalk, 3 blocks to the French Quarter. This unit in the Quarter would be 500k plus easily.
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Warehouse District Update- April of 2009-Still a Buyers Market!
April 14th, 2009 categories: Market Trends, Warehouse District
Buyers are coming back into the market after a couple of very slow months. Real Estate is still seasonal coupled with motivated sellers, reduced prices, low interest rates, and various tax incentives. The Warehouse District remains a favorite for young professionals, students, medical students and people who want a taste of downtown living.
The cost to rent or purchase is more and more in favor of purchasing as costs of owning have come down while the cost of renting has remained steady or increased over the past year. The market psychology however remains negative much like the stock market of the past several months.
The odd thing is that there are less quality units than there were a year ago. This is the case if you are looking for a one or two bedroom. I also expect to see more units come on the market in the next couple of weeks as we near the summer season which mean job changes, transfers, and graduations.
The Market Snap Shots will give you an idea of what is happening in several of the categories in the New Orleans Warehouse District. Just fill in a zip code and you will get an indepth analysis of the areas that interest you. Want something more detail then just send me a note with what you want to see. I can set this up so you can see it every month.
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New Orleans Warehouse District, Unit #303 is Best of Class! Gallery Row Condos on Julia Street
April 9th, 2009 categories: Condo Listings, Warehouse District
I just listed a wonderful condo on Julia Street located at 448 Julia Street in the heart of the New Orleans Warehouse District. The 48 unit complex is a very quiet complex in a great location. The complex is actually 3 historic buildings turned into condos 4-5 years ago. Unit #303 is going $234,303 and comes with parking and is fully furnished. Just step in on day one and enjoy the third floor unit overlooking the courtyard below.
The Unit 303 is what I consider ” best of class” meaning its competition is stiff for sales but it will stand out like a star when clients and buyers begin comparing it to others. It comes fully furnished and looks like it has been staged for the purpose of selling the unit. The furniture is in the price and really shows off the condo well. Gated parking comes with the condo. A parking space in the Warehouse District can easily cost $20,000 and are in demand. Few condos under 200k have parking.
” Best of Class” means also that little has to be done upon move in. Just figure the cost to furnish and to park and the price is competitive with all the units in ths price range in the Warehouse District.
The unit has many of the features that people are looking for in this historic district. The high ceilings and three large windows let in plenty of natural light. Its a corner unit steps from the elevator. Its got three brick walls for a natural sound proofing , wood floors, a new kitchen, new appliances, washer-dryer, and is tastefully painted to match the taste of all.
The 737 sq. ft. condo makes great use of the space and features an open floor plan with the kitchen, living and breakfast area on one level. The bath and bedroom are 3 steps higher as you enter the condo.
The bedroom was once open to allow for the natural light. The owner came up with a classy idea to give it more privacy with opaque glass panels that now surrounds the bedroom. This is the first time I have seen this as it was a perfect solution.
Below is some shots of the Gallery Row common areas and links to previous articles on the condos. Gallery Row Condos , Gallery Row Corp Rentals.
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Pontchartrain Place Condos, 420 Old Hammond Highway. On the Lake!
April 2nd, 2009 categories: Jefferson Parish, New Orleans Condo Reviews
Pontchartrain Place Condos located in the Buck town area of Jefferson Parish have been around for 24 years. Its got a great location across the road from Lake Pontchartrain and the levee. Its an easy walk to the New Orleans Marina. Its an ideal location for those that enjoy the outdoors. Using the levee for running and biking is a favorite past time.
There are 93 units in the complex with mostly one and two bedroom units. Many of the two bedroom units are loft style units
The parking is ample on the ground level with designated spots for each condo and plenty of guest parking. The garage is covered and the units have a storage shed in the garage. The amenities include in ground pool and club house with neatly landscaped grounds over the courtyard. The condo fees are moderate. The units have balconies and the views will vary with the units. The third floor units have a view of the lake in the distance.
There is an evevator from the garage to the units. The complex is structured where all the units do not have elevators past the first floor level but stairs.
The units have been around long enough to many updated units with new kitchens, baths and floors. You will also see a number of original units that will need updates. These however will be priced accordingly to sell. The incentive to update plus the cost has to be figured into the asking price. Read the rest of this entry »
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