Archive for March, 2010
Marion Court Condos, 3723 Marion Court ! Good Buys for around 95-115k in Metairie!
March 28th, 2010 categories: Condo Listings, Metairie
The Marion Court Condos in Metairie on Marion Street right off Veterans behind the Barnes and Noble Book Store is a great location. The small complex of 19 units is an apartment conversion remodeled in 2004.
The unusual thing is that there is so much parking and common areas. It gives you a big feel as there are three separate buildings with balconies, courtyards and common area space.
When looking for condos in the 100k range in Metairie, location is the most important factor along with how the condo association maintains the common areas and the buildings. The 3723 has a great location and the 2004 redo is still fresh. The unit pictured below is a second floor unit priced at $115,000. There is another availiable for $98,000 on the first floor. There was a recent sale of one of the two bedroom units.
The condo H is a corner unit on the second floor that overlooks the courtyard. It is one of the few that has two designated spaces and looks very fresh. All the appliances including washer and dryer in the hallway stay with the condo. The condo is 632 sq. ft of living area. The moderate condo fess are $160 which covers insurance, exterior upkeep, water, common area upkeep. The secure entrance is by code.
The kitchen and baths were gutted during the remodel so the cabinets, appliances, tile counters, were all finished in 2004-2005. There are wood floors in the den along with crown molding and a designed paint job. Its just move right in quality. The rooms are spacious for a condo. There is a small balcony off the bedroom. The unit gets a lot of natural light and the area is very quiet with well behaved neighbors.
To see more photos visit my other site under featured condos for more photos. New Orleans Condos.
The Complex has recently been approved for FHA loans by Wells Fargo. This means 3.5% down and the seller can help with closing cost. Why pay rent at this price.
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New Orleans Condo Trends! What is up right now! Spring of 2010!
March 22nd, 2010 categories: Market Trends
The new financing rules are making it harder to get financing until things adjust to the new market place. Many of the condos where people want to live are not on the FHA list as projects that they will finance in. This is now one of the more popular ways to finance. This effects the first time buyers the most.
The two bedroom units are doing better than the one bedroom units. This is because more people are buying condos as second homes in New Orleans. More people are living there full time as well. The new buyers are hurt because of the financing and large down payments.
Many mortgage companies are requiring buyers to have condo insurance for contents and the insides of the condo. This requirement is also new. Its always been a good idea since its about $500 per year for $30,000 of coverage. The outside damages are covered by the condo associations but not the insides.
We are beginning to see a few more foreclosures come on the market. They can often be good buys and if you have patience with the banks then you can really have some instant equity. They market these properties very poorly. The photos are often terrible and the info published is often unreliable. Thus if you know the real numbers and facts its really in your favor.
The demand for condo rentals is very good. This is the case with many apartments really pushing for new people. People tend to not want the apartment feel if they can avoid it. The demand for New Orleans corporate condo rentals is way up as there are several large films in the area
The interest rates are still very good! Hanging around the 5.25% range for a 30 year loan. You do need better credit scores for loan approval. The tax credit is still out there unit April 30,2010. Doubt if it will be extended.
Condo fees seem to be stable as owners do not want to see the fees go up. The insurance rates have come down from the peak in 2006 after Katrina. This is a major factor in condo fees.
The surprising thing is that when you start to look at the inventory there are not a lot of good choices in each and every price range. Coming up with 3-4-5 nice properties is all that you see once you start weeding them out for one reason or another. You would think this would not be the case. There is less this year than last ! people will soon be moving so I expect to see some more choices in the next couple of weeks.
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Knowing the Inventory is Important! A buyers Agent can work for you!
March 9th, 2010 categories: Buyers Agent, Condo Knowledge
There are not many buyer agents that tend to concentrate on the New Orleans Condo Market. Eric Bouler and his team see a lot of condos. We know the pluses and minuses of the various condo associations. We basically know what to expect in terms of pricing, common areas, demographics and trends in the Metro New Orleans Condo market. When buying you need to think about resale when you are.
Know the Pricing History - Know what the sellers paid for the property. If bought in the last 5 years it is very helpful. Over 5 years not so.
Know the trends in the area and in the complex. What is selling and what is not. Is the area trending up. Is the particular style becoming more popular?
Know the Value of the units that you are interested in. We are seeing some nice values but we are also seeing things that are not priced correctly. How does the condo compare to previous sales. First hand knowledge is important.
Know the issues of the condo association- lawsuits, assessments and financing issues.
Know the Neighborhoods of New Orleans What is the neighborhood like. What are the trends. Is there safety issues. What are the pluses.
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