Archive for June, 2009
New Orleans Real Estate Map, How Agents think! Its starting with Location!
June 27th, 2009 categories: Condo Knowledge
The New Orleans Real Estate map divides the various neighborhoods and areas down to establish a way way to search and compare. Area 71 is the New Orleans French Quarter, Area 65 is the Garden District, Area 61 aand 69 are Lakeview, Area 66 is Broadmoor, Area 68 is Mid-City, Area 67 is the Warehouse District and so it goes.
The areas are natural geographic areas and well as areas that have similar type of homes and neighborhoods. People tend to look in areas as they have similar values and life style. The values are determined by past sales and the desire to be in those areas. The local MLS and agents think about areas when beginning a search. Location! Location!
When I set a client up for a search the first thing I need to know is the area. Next is the price range in which you will be shopping. The other important factors are the condition, size, age, parking, yard, and type of property. Having these factors identified a good agent can really narrow the search down. This is a beginning any any search.
The various parishes will also have maps that divide neighborhoods and values. This is a much more refined way to search than by zip code. If inside the areas it really varies down to the street level. This however is where begin a search or the hunt. Happy Hunting ! Area What?
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The FHA loan, what are the Advantages in today’s Market?
June 19th, 2009 categories: Condo Knowledge, Julie's Mortgage Tips
The New Orleans real estate market has come alive in the last 4-5 weeks. Interest rates are still good closing at 5.5% today. One of the things I have learned in the last two to three months is the value of the FHA loan when it comes to condos and homes. There are several advantages which I will touch on briefly so you can get some ideas. It may save you thousands.
You still may be eligible for the $8000 tax credit that ends this November so check this out as well. Real Estate season started late this year but is now in full swing.
- The downpayment is 3.5% for an FHA loan where as Conventional financing is at least 10% and more. This has to be your primary home.
- The credit scores are relaxed and you do not pay extra for a loan if you have average credit as you may have to do with a conventional loan.
- The Mortgage Insurance is almost half of what a conventional mortgage is at this time. This is an insurance premium you will pay if you put less than 50% down. On a $200,000 loan the FHA fee is about $110 per month with the 3.5% down.
- The seller can give you up to 6% of the loan amount in concessions. For a condo this is going to be much less since insurances are in the condo fees. This will also help you pay for the FHA upfront insurance fee along with your other closing cost. This means you can get in for 3.5% if we figure the numbers correctly. This means if you borrow 200k, they you need $7500 of your own money.
The one big issue is weather the condo association can be financed by being on the FHA condo list or by doing a spot approval. Please chose a local lender as they will be far more knowledgeable than an out of town person. An agent can help you with the questionnaire to see if the condo may pass the requirements before starting.
Its always better to know that you will have a high probability of success. This is where a knowledgeable condo agent and lender are very valuable. Here is the questions that are asked to condo association to determine if you can do a spot approval. Spot Approval Process.
There are some very good lenders but there is a special one in Jeff Bollinger ” The FHA Expert ” is one who is an FHA expert in my eyes. He has a weekly blog that can answer many of your questions just by reading his thoughts and many comparisons he makes. A true expert indeed. This is where I go to look for answers when I need to have a question answered. He is not local but has the answers for everyone to read and think about.
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840 Tchoupitoulas, Sugar Plantation Condos. Common areas are valuable, the extras! What do they mean!
June 13th, 2009 categories: Condo Knowledge, Condo Listings
Just listed a nice condo at the Sugar Plantation in the New Orleans Warehouse District. With each listing you can always find a couple of topics from that listing to blog about. This listing has garage parking with the unit which is a valuable part of the equation to have in this art of town. The Sugar Plantation also has some nice common areas for the owners to enjoy and use. These assets also have value when a buyer is looking to purchase.
Parking in the New Orleans Warehouse District is not easy if you do not have a space with your unit. As the prices near $250,000 most units will have parking. Initially parking was either sold with the unit or sold separately. The prices range from 20k to 30k and are hard to come by if you did not get one in the beginning. Garage parking is even better for your car and your convenience. Not all spaces are equal, the first pickers of spaces tended to get the better ones.
The common area amenities are not free and they also have a value to the purchaser and an expense as well. The enjoyment of the common area generally out weigh the additional expense. Many times people choose the common areas as one of the main reason for their final choose. Location, Location is always the first choice but amenities ranks up at the top.
The enjoyment of the amenities makes the expense worth while to manypeople depending on the desired lifestyle. Having a gym and pool are a plus to most people. No need to join a health club. Good way to meet your neighbors and get outside of your condo w ith no hassle.
It gets hard to put a number on the value of the common area but most people do value these and the units tend to sell better when the common areas are well done. Its still about people wanting to enjoy the lifestyle at whatever price they are looking for in a New Orleans Condo. If you ever plan to rent your condo then this is a major factor in a future tenant wanting to rent your condo.
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Creole Creamery, New Orleans Ice Cream at its Best! Take a Break!
June 7th, 2009 categories: NOLA Eats
Need a break from real estate shopping or just want a New Orleans Ice Cream experience then stop at the Creole Creamery located at 4924 Prytania Street, New Orleans. Its a good experience that you will remember. Its hard to visit only once, most people return again and again. Treat yourself after a long walk or tough day.
W hen its 90 degrees and 100% humidity, the ice cream just tastes better.
There are an assortment of flavors from which to chose. You need to be brave and pick something that you have never tried. I like the waffle cones but then that is my taste. The open at noon daily. Once a bakery now an ice cream shop. New Orleans is great at recycling icons from the past.
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Cotton Mill Condos, What a premium unit looks like! How do you get there?
June 5th, 2009 categories: Condo Listings, Selling your Condo
I sold this Cotton Mills Condo #211 located in the New Orleans Warehouse District several years ago. At the time it had some nice features that the buyers really liked. I sold it to the present sellers after looking at all the condos in this price range. The high ceilings, lots of natural light, and four large windows made it feel much larger than it really is. The configuration of the unit was a winner.
The surprise came when I went to list the unit again as the client is being transferred. It had been turned into a real show place or what I call a premium unit in the business. It has been transformed into a designer like unit. The professional paint job that they bought cost several thousand dollars makes the most difference. The two tones along with the beams and ceiling being painted really bring out the original hardwood floors.
The shades on the windows, the built- ins in the bedroom, the loft bed, and decor add to the designer look. The addition of California closets, loft bed , and the new wall dresser gives you more than enough room for storage and your clothes. This gives you the Wow!
The updates and features make the unit a move in type of unit. The large windows means lots of natural light with little direct sunlight. The unit is now a much condo better in quality several years later. The condo is 747 square feet of living with a lot of storage areas for a condo of this size.
The updated kitchen features ample custom cabinets, granite counter-tops, double sink, and stainless steel appliances. The washer and dryer arein the hallway and stays in the unit with all the appliances. Its open to the living area and very accessible.
The main point of the article is to point out how improvements can be made in your condo. In the end things that are tastefully done will add value. This is the type of units that people are looking for in this market. To see more photos of the unit click here to see the website page for this Cotton Mill condos located at 920 Poeyfarre in the New Orleans Warehouse District.
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