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New Orleans Condo Trends! What is up right now! Spring of 2010!

      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.

Spring Condo Trends in New Orleans

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