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French Quarter Condo Trends for May, 2009! What are the numbers saying?

      Most of the real estate sold in the New Orleans French Quarter are condos.  At the present time there are 156 units for sale with only 9 under contract.  These are not good numbers if you are a seller.  There have been 28 sales during the last six months or about 5 units being sold per month.  This is coming out of a very slow period.  Real Estate is seasonal and many of the condos sold are to second home people from nearby states. 

     The square foot prices in the French Quarter are all over the place as to the quality and location of the units vary a lot.  The French Quarter has always been more expensive than the Uptown and Warehouse District.   The Uptown and Warehouse District locations were not competition for French Quarter condos as much in the past but they are now.

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    You wonder why the trend to fewer sales.  One of the reason is that people have other areas to chose from that are competitive for what you get.  There are fewer and fewer locals looking to buy as they tend to look in other locations.  The prices for property went up way too fast from 2000-2005.  Now you have the nicer properties in other areas at cheaper prices.  Many people are still looking in the French Quarter but are buying in as great numbers.

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      I find the weakest segment of the market are the very small units that are under 500 sq. ft. that are not in great shape.   The best segment is the two bedroom and two bath units with good locations.

     This means if you are a buyer you will begin to see the prices trend downward on the not so premium properties.  Those that are very small, those that need updating and those in the poorer locations.  There will be sellers that just want to sell and get their profit out of the second home and invest in something else.  Some motivated sellers will have very fair prices and they will price their French Quarter condos accordingly. 

    This means its still a buyers market with great interest rates and motivated sellers.   Many people just want the French Quarter so now that its a buyers market its time to starting looking.  That good deal may be around the corner.  This is what I a thinking.  You may have some other comments and that would be great!

 

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  1. AndyI

    Eric, this is good info for someone looking for a condo and wants to research the market!

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