Archive for August, 2009
Putting a Value on your New Orleans Condo Views ! Views and Windows do Matter!
August 31st, 2009 categories: Condo Knowledge
One of the primary factors in the resale of your condo is the views. You may not have paid extra for the views in the beginning if you were the original purchaser. You just got first choice and you chose the one that you liked. This is most likely the one that most people would have liked. However all people do not think of resale. The smart ones do.
The views do not show up in the square footage prices so how do you quantify the views. It only shows up in like type of units. It is very hard to put a dollar figure on this factor but it does exist. Since New Orleans has few high rise condos its not how high you are. Most buildings here are not tall but conversions of older buildings and homes.
Light also figures into views as people like large windows that lets in natural light. No one wants the afternoon sun heating up your condo but they want the reflective light. Oddly enough most condos are exposed to the blistering heat of the New Orleans afternoon sun.
What you actually see is equally as important. Looking at a trash can is not going to add values but getting a nice city view does matter. Getting a nice city street view can be a great view. It all depends on what people generally like. People always ask about River Views but there are few high rises that have them in the under 600k range.
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New Orleans Garden District Homes, Condos still selling in Garden District.
August 29th, 2009 categories: Garden District, Historic Homes
The condos in and around the New Orleans Garden District have maintained their value thur the latest downturn. I think the main reason is that they are hard to duplicate and expensive to duplicate. When you have high home prices in an area the only way to start may be with a purchase of a condo.
This does not mean all the condos are a good buy but its a great place to look to find that condo that has all the ingredients that people will want. It is no surprise that most want the same things. The historic features of wood floors, high ceilings, large windows, lots of natural light, porches, balconies, old woodwork, brick fireplaces, and the location are things all people want. Oddly enough these features can be found in all price ranges.
Most fireplaces are not in working order but its a nice feature to have. Many condos will have more than one.
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New Orleans Warehouse District, Paragon Condos, A True “Warehouse District Feel”
August 27th, 2009 categories: Condo Listings, Warehouse District
The Paragon Condos at 900 South Peters are large condos that give you the true New Orleans Warehouse feel in an association of only 21 condos. It is centrally located in the New Orleans Warehouse and a short walk to the French Quarter, New Orleans Convention Center and the Riverwalk Shopping areas. Location in value is always a factor.
This is a unit that I have just listed. It has some features not usually found in the area. The condo has 3 balconies. One is off the Master bedroom overlooking Fulton Street. One is looking at Fulton Street towards the Convention Center. One has great city views facing downtown. Currently listed at $429,913.
The condo is large by Warehouse District standards measuring over 1800 sq. ft. It also has a lot of storage, secure parking garage, high ceilings, exposed brick walls, and lots of natural light. It is also a corner unit overlooking a quiet street below.
The other unusual feature is the size of the bathrooms and storage areas, they are like separate rooms. The Master is 13×25 with its on private balcony. The great view are a selling point in any condo and this unit has it. The morning sun is another great feature.
There are 2 blocks of green space half a block away from the condo. All of the units in the New Orleans Warehouse District are very pet friendly and these small parks are scattered around the area. Two valuable features that this listing has are plenty of views and a great location.
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$8000 tax credit from Uncle Sam, Time is running out in New Orleans!
August 23rd, 2009 categories: Grants and Incentives
If you are considering purchasing that home or condo you should have a contract by the end of October to take advantage of the $8000 gift from Uncle Sam. He will be too poor in future years to give away more. There are some good deals out there as well. If less people are looking then the ones that look will get the better deals.
1. If you are in contract on a New Orleans Home or condo but have NOT closed by November 30th, sorry but you DO NOT collect $8,000 from the U.S. Government. The tax credit is ONLY for homes purchased and closed by November 30th, 2009.
2. If you are in contract to have a Home or condo in New Orleans metro area built for you but the house is not going to be ready until December 30th, 2009, sorry but you DO NOT collect $8,000 from the U.S. Government. Although you were under contract by November 30th, you did not close on the house by November 30th and the tax credit is ONLY for homes purchased and closed by November 30th, 2009.
3. If you are in contract on a New Orleans Condo and your closing date is scheduled for November 30th, but the lender is unable to close on November 30th because he has not finished processing your loan, sorry but you DO NOT collect $8,000 from the U.S. Government.
Incentives do work so you need to start looking no to take advantage of getting $8000. There also may be some Louisiana State Bond money coming out which should have great rates and another gift for you. Details should be out shortly. It too is too good to pass up of you qualify. Its well worth checking out and getting $15,000 in a double deal. Can that be you?
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New Orleans Mortgage Tips! Credit Scores are more Important than ever.
August 20th, 2009 categories: Julie's Mortgage Tips
Last week I was talking to one of my favorite Lenders Julie Baudier of Standard Mortgage about the quality of borrowers that she is getting. Many buyers cannot buy because they have low credit scores. Most loans now require higher credit scores. They are requiring more on FHA loans as well. So if you are in the thinking process now is the time to check your score and learn the ways you can improve your score.
The two main points are that your scores can be raised and they need to be checked every now and then. You need to have them checked on a regular basis as the credit agency’s make mistakes. Its easy to put things on but not so easy to take them off. Do not wait until you want to buy to get started. Starting earlier is better.
Tips to improve your FICO score: Increasing your FICO score may take time and often there is no quick fix. FICO scores reflect credit payment patterns over time with more of an emphasis on recently reported information that older information. · Pay off your bills on time. Delinquent payments, even if only a few days late, and collections can have a major negative impact on your FICO score. · If you have missed payments, get current and stay current. The longer you pay your bills on time after being late, the more your fico score should increase. Older credit problems count for less, so poor credit performance won’t haunt you forever. The impact of past credit problems on your FICO score fades as time passes and as recent good payment patterns show up on your credit report. And good FICO scores weigh any credit problems against the positive information that says you’re managing your credit well. · Keep balances low on credit cards and other “revolving credit”. High outstanding credit card debt can negatively impact your FICO score.
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Lake Marina Towers Condos, 300 Lake Marina Drive, Condos with waterfront views! High Rise with Sweeping Views!
August 16th, 2009 categories: Lakefront, New Orleans Condo Reviews
Lake Marina Tower Condos overlooking Lake Pontchartrain has a panoramic waterfront views. This is not all that common in New Orleans considering we are surrounded by water. High Rise condos are not that common either. Many condos were converted into condos from other uses. There are 7-8 nearby condo associations but only 2 that are high rise buildings that have the sweeping views.
Lake Marina Towers has sweeping views of the New Orleans Marina and Lake Pontchartrain as it towers to 18 stories. This lifestyle puts you 7-8 miles of downtown New Orleans but 50 yards from the lake and all the recreational activities that this area provides.
The 77 units are mainly 2 bedrooms /2 baths with some one bedrooms and some three bedrooms. The two bedrooms have a balcony with ample storage over the 1250 sq. ft of living. The bedrooms and den are the larger of the rooms with galley style kitchens. Prices on the more popular 2 bedroom condos have been in the 250-275 range depending upon the updates and the value of the views.
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732 Cherokee Condos, Corner of Maple! Good location for Tulane and Loyola Universites. River Garden Condos
August 12th, 2009 categories: New Orleans Condo Reviews, Uptown NOLA
The River Garden Condos at 732 Cherokee are affordable condos in a great area if you are working at Tulane University or Loyola University. You really do not need a car as most of the things you need are within walking distance.
The 26 condos are one bedrooms units professionally managed with moderate condo fees. There is secure parking for all in the adjacent lot. Most of the units should sell in the 130-140k range depending on the condition of the condos.
My most recent sale was to a young man going to Tulane Law school. The previous owner was a Tulane Professor who had lived there for 10 years. He liked the area so much, he purchased a home several blocks away.
The condo are not elegant but have a great location in an area that is always going to be in demand. And if you like walking places then this is it. There is not much turnover and rarely no more than 2-3 units are for sale in a year. Also makes a great location for a second home in Uptown location.
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New Orleans Real Estate, Odds and Ends! Some things worth thinking about!
August 10th, 2009 categories: Condo Knowledge, Grants and Incentives
As we near the end of Summer there are a number of things to think about if you are in the market for a home or condo.
- The $8000 federal tax credit expires November 30, 2009. A big incentive not to put off a purchase until next year.
- There is State Bond Money on the way. No rates or details yet but the rates should be good. There are always income limits and the help on Bond issues is generally around 4%. Borrow 200k and that’s an $8000 credit plus the tax rebate. Stay tuned!
- FHA is still the best way to go for a low down payment of 3.5%. You have to have a great lender when doing spot approavals. Checking things out in advance is the best way to go. FHA spot approvals.
- Interest Rates are still in the 5.5% range which is very low by historical standards. Rates change daily and generally cannot be locked in till you have a purchase agreement.
- Sellers are more eager to sell if they have overpriced the property in the beginning of Summer. There is less people looking this time of year which makes it a seasonal buyers market. Its a Seasonal Discount and happens every year. Seasonal Discouts do Live!
- I am often asked how much people come of the price of what they are asking? The answer can vary and the average is 3-4% of the last asking price. As a buyer you want to approach this from what the property is worth and go from there. How to Value Your Condo!
- Do condo fees ever go down? They rarely go down as cost to do things tend to rise over time. The biggest cost in condo fees are the insurance premiums. These may hold steady or drop every now and then but something else is going up in cost or the condo reserves will build up in the mean time. Condo reserves are like a savings account.
- Always start out by know what you can afford. This is most easily down with a face to face meeting with a local lender who knows the market and has the back office and experience to get the loan down in a timely and painless fashion. Avoid out of town lenders.
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New Orleans Realtor takes vacation and returns ! Back to the New Orleans Sauna!
August 8th, 2009 categories: Art , Music , Parks
Realtors need time off so I took a week to visit my brother in California and work in a day at the San Francisco Rebar camp. Below are some of the things we were able to enjoy in Northern California. I would actually like to take another week but need to finish a couple of sales.
This is an easy slide show that you can put togeater quickly with picnik.com. Lots of neat features for those who like to take photos or do real estate.
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