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.
Comments are always welcome and appreciated!
Eric, good article. I am seeing a lot of activity in GR and many of them are first time buyers taking advantage of the tax credit.