Archive for February, 2010
New Orleans condo foreclosures! There are not many but they can be a great buy! Be ready!
February 28th, 2010 categories: Buyers Agent
We are not seeing a lot of bank repo’s in the New Orleans Condo Market but the ones that I have seen have been some very good buys. The banks have no desire to keep the properties and it cost them daily to hold the properties. The taxes, condo fees and no return on their investment is what they are looking at for monthly cost. There are far more foreclosures in New Orleans Real Estate housing market.
Many of the units are in very good shape with a few that have been abused. Most are very livable. They key point is that the prices are generally below market value as the bank wants a sale sooner than later. They have done the numbers so they know the value. Many times they are selling for an investor so the prices have to be reasonable or they will not sell.
Most banks have gotten several appraisals and price below this number. They will look at offers that make sense. They will reduce on a regular basis so watching the prices drop until they get a sale is a good way to follow. Its like a reduction in 30, 60 and 90 days. Timing is the key.
The banks know little about the local market so you can uncover some gems as much of their foreclosure experience comes from places like Las Vegas, Phoenix and Miami. The listing agents often know little about the repo properties so this ”could be” in the buyers favor. Its in the best interest to find the info out on your own rather than rely on the sellers for info.
A buyer’s agent should be able to help you with all the ends and outs of the process of buying a foreclosure. Sometimes you can make the deal quickly and other times they tend to linger. The agent should know about what the bank would take and can run the numbers for you. The banks are seldom local so filling out forms and dealing with some delays are the norm. Knowing the current value is the key. An agent that works this segment will quickly know if the price is right.
I would avoid short sales at this time as the answers never come. There are endless delays before you even know that you have a deal. Months could go by and the deal may not be great now that the foreclosures are starting to show up. I have begun to think the banks would rather have the foreclosures than trying to make a short sale work. Once foreclosed it has a cost.
The best deals should be right before the market turns. Most people will not want to take the risk so the best deals may be had at this point. Each market is very different as real estate is very local.
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The Landscape of lending and lending to condos is in a state of flux.
February 27th, 2010 categories: Julie's Mortgage Tips
As each month goes by there is always a new wrinkle in the mortgage business. It may be new forms. It may be higher credit scores. It may be new appraisal rules. It may mean more of a down payment. It may mean a more expensive mortgage insurance. The FHA loan is making a big comeback as it may be cheapest route if the condo association can be approved.
This means that less people can buy homes or condos. It is getting harder by the month to get purchasers qualified for a loan. As a seller or buyer you need to start the process earlier and learn what to expect from a lender. Sellers need to know how their property can be financed. The buyers need to know as there are more and more forms to fill out and hurdles to overcome.
Lenders- They have much more work to do on each loan. Most have more time on their hands as many are just not busy. Many have dropped out of the business. Experience does matter in 2010. They need to have to condo experience as its gotten harder. Staying with a local office is highly recommended as the entire work can be done within the company. Ask for the people who are busy, there is a reason.
Sellers of Condos- Sellers need to see if their complex can be on the FHA list that will attract more buyers as the down payment and fees tend to be lower. You as a seller cannot wait but need to be proactive especially if the majority of the condos on the association are less than 300k. Your condo can just be more competitive to the buyer. The new rules took effect Feb. 2010. The federal government has not put many on the list in the last 15 years where people actually want to live. Think ahead and ask questions.
Condo Buyers- Start early and know the kind of loan you are getting. Give yourself more time to complete the process. Add ten days to get the deal done. Knowing the steps to purchasing is essential to a successful purchase. An agent with experience is more essential than ever. First time buyer, second home buyer, and move up buyer its all different in 2010. Do not rely on luck !
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Federal Fibre Mills Condos #413 in New Orleans Warehouse District. The True Warehouse Feel!
February 22nd, 2010 categories: Condo Listings, Warehouse District
The Federal Fibre Mills Condos in the New Orleans Warehouse District is one of areas premier historic buildings. The impressive lobby leads into an impressive courtyard and pool area. The common areas are the best of any in the Warehouse District at these prices. Most of the One bedrooms are loft style units. The complex has 140 units spread over the five floors and penthouse area.
Condo #413 has several great features right off the bat. The fourth floors city views are among some of the best in the building. The loft area is open for more natural light and has much higher ceiling than most of the other one bedroom units.
The master is 10×17 and overlooks the living area and is in a position to have a lot of natural light. The living are is 23×17 and has all wood floors and an area next to the kitchen for a dining area.
The split level nature of this condo makes it feel much larger than the 867 sq. ft. of space. The kitchen and bath has been updated recently. The wood floors, high ceilings, exposed brick, exposed beams and floor plan make this condo a real winner. Add in the views and it is hard to beat.
All appliance stay in the unit. The unit comes with gated parking in the near by lot. The secure entrance makes this complex very safe as the front door is manned the major portion of the day. The management staff has an on site office to take care of daily issues. The units are cooled from a central system so your a/c bill is in the condo fees. The fees are higher but your electric bills are much lower.
Best to check out the photos to get a picture of the common areas featured in the Federal Fibre Mills Condos. Listed at $244,413.
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Real Estate is Seasonal ! The market has picked up big time in the New Orleans Condo Market!
February 19th, 2010 categories: Condo Knowledge, Market Trends
Now the Mardi Gras parades are over. The Superbowl Saints are a great recent memory. The New Orleans Mayor’s election is over. Buyers are turning their attention to purchasing. The buyers know the rates are great, the prices are lower and the tax credit expires on April 30, 2010. People are thinking Spring and the days are getting warmer and longer.
New Orleans has gotten millions of dollars of free press since the Saints were going to the Superbowl and coming home a winner. All the press was positive and people are feeling good about the area and the future prospects are looking up. Hundreds of millions of dollars for hospitals and schools will be forth coming. This is like a renewed interest in New Orleans.
This is also the time of year that you will begin to see the better listings as people have to move for many reasons. This is when you generally see the most of the premium listing where nothing has to be done but your decorating touch.
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