New Orleans Second Home Market ! The Twos are in and the Ones are not!

      The New Orleans second home market for condos in alive and well.  Its not doing as well for the one bedroom segment.  The tw0 bedroom condos are more more in demand.   This makes sense on a couple of fronts.  Many buyers want the two bedrooms for family and guest to use.  Buyers in the market today for second homes are skewed to the middle range condos from 200-4ook.  The low end market is just not there.

        Many of the sales are cash or the buyers have 20% to put down.   The interest rates on second homes is still around 5%.  There has never been a lot of investors in the Condo Market in New Orleans and now that is a good thing as prices have drifted lower but have not cratered.  The prices have been level since 2005. 

        Most of the sales I see are in the French Quarter,  Warehouse District, Garden District and Uptown New Orleans.  The buyers are much more willing to venture to all the areas where several years ago sales were concentrated in the French Quarter. 


          The fact that the one bedroom unit sales have been slow means there are currently some good deals in this segment as well.  The fact that first time condo buyers are not there in numbers like a year ago makes an even bigger impact on the market.  There are some nice deals to be had with that said.  The condos that need cosmetic work or are outdated are not at the top of any one’s list.  These could be good buys if you are willing to do some work and the price is right. 

          The rental market has been good as fewer first timers have been buying but renting.  You can as a second home buyer rent your unit out from time if you desire.  That is a fickle market but it is here now.

        Few  New Developments are on the drawing board due to the financial mess we are in so new competition will be few for your condos.  Maybe a second home is in your future.  We may even have a post Nagin housing uptick when the Mayor leaves the 5 th of May 2010.  Just over 4 months away!

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