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New Orleans Warehouse District Condos, Strength of the market is in the 2 bedroom/2 bath !

       The strength of the New Orleans Warehouse District Condo Market is currently in the 2/2 condos selling between 250k and 500k.  On the surface the supply looks great but on a closer look you have fewer and fewer choices.  There are 40 condos currently for sale in this category.  There are 10 recent sales of units that have sold or now under contract. 

       There are 13 units for sale at 1201 Canal Street in the old Krauss building although technically in the Warehouse it is much more a French Quarter Place.  There are 8 units for sale at the Rotunda at 330 Julia Street.  Take these away and you are left with 9 choices.  This is not a lot as potential buyers are looking certain criteria that these 9 may not have.   

        There are no new condos or conversions currently on the drawing board so the supply will not increase anytime soon.  In January you should begin to see new listing as well as new buyers coming into the market.

       The one bedroom units are not in high demand which is totally uncharacteristic for this segment of the Warehouse Condo Market.  I have several premium one bedroom units that are not being shown much in the last 60 days.  I have a two bedroom listed that has gotten shown 5 times last week.  Very Strange indeed!

new-orleans-warehouse-district-condos

      The only reason I can tell you is that the buyers are young couples looking for a place and they need two bedrooms.  Other buyers looking for a second home and they want room for guests.  The first time buyers are just beginning to think about purchasing.  This is most likely due to the economy in general or the tightening of lenders as to who they will lend to.  Then we could be in a seasonal lull.

      Regardless of the reasons sellers have to have their units priced correctly or purchasers will look only.  As a buyers agent it is easy to see which units are overpriced.  The appraisers are even tighter so agents do not want to waste time with things that cannot close.

     As a purchaser the best way to approach this market is to view what is availiable now and then see the new listings as they come on. This will give you an idea of what you are looking for when the time comes to purchase.

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