Cotton Mills Condos in the New Orleans Warehouse District, A Sales Update!

       The Cotton Mills Condos located at 920 Poeyfarre Street is one of the most popular and largest of the Warehouse District Condos.  Its about a block from the new addition to the World War II Museum.  It has the most amenities for the price that you can find in the New Orleans Warehouse District.  Its easy to find a one bedroom for under 200k.  Two bedrooms should be under 250k for the smaller ones.

        The positive points to the Cotton Mills Condos are the high ceilings, exposed beams, exposed brick exterior walls, extra large windows and that true warehouse feel.  It features a 25,000 sq. ft. courtyard, swimming pool, fully equipped exercise room, live security, and low condo fees.  The condos have a site manager and maintenance staff which is something all condos do not have.

      The complex is one of the largest at 269 units but it spread over the entire block.  Some of the units have not been updated since going condos in 2005.  Many however have been updated with many personnel touches since that time.  The units do not come with parking but parking is available on the street or in the secure lot across the street.  The immediate area has a lot of new construction and additions in the neighborhood over the past two years.

       The odd thing is that sales have been very very slow in the complex over the past 3 months.  Currently that are 15 units plus 3 penthouses for sale with no condos under contract.  This is highly unusual since going condos. I have sold 20 plus condo here so I know it quite well. 

       Breaking the units down there is only one 2/2 regular condo for sale at 250k which is a fair asking price. There are 3-4 nice units that are priced very well and are nice units.  What is not selling is the 5 studios or studio conversions.  There is one bank foreclosure which is a screaming buy at 153k.

       If you are looking for a second home this can be a great complex with the amenities and low condo fees.  The condos are easy to rent if that is the route you decide to go.  The condos have no problem getting financing.  Buyers should look at the Cotton Mills as I am sure the sales will pick up next year.  Buyers can get the $8000 tax credit and low interest rates of around 5%.  It ends up being cheaper than rent at the Cotton Mills.

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