Archive for April, 2010
Neigbhborhood Condos in New Orleans! An often overlook segement that can be great choices!
April 23rd, 2010 categories: Historic Homes, Uptown NOLA
One segment of the New Orleans condo that is often overlooked are these small condo associations that are scatted through out the city. Most of these units in Uptown, Garden District and Mid City. This condo association is in mid city in a great historical neighborhood. Its two four plexes that started out as apartments then were converted into condos. They just blend into the residential neighborhoods of New Orleans.
The interesting comment is that most of these are in residential New Orleans neighborhoods rather than on main streets or around commercial properties. The turnover in these style units tends to be less than in the larger complexes.
There have been several in and around Tulane and Loyola University which are suited for students, residents and other first time home buyers. Many will not have parking but street parking is easy and this does not bother many.
The resales have been good so long as the condos are well maintained. The developers of these types of units are a key factor in future values. Many are just thrown together and while others are well thought out.
Most of the buildings were once small apartment complexes that were built in the 1920’s or 1930’s. Many were large homes that were divided into apartments many years ago. The zoning allowed this in those days. Most of the complexes are in the more historic neighborhoods of New Orleans.
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Cotton Mill Condos, Another Great Condo for $179,806 for an updated unit! Its Unit #307!
April 17th, 2010 categories: Condo Listings, Warehouse District
The Cotton Mill Condos is one of the better entry level condos in the New Orleans Warehouse District. These condos give you a true New Orleans Warehouse District with a lot of amenities with moderate condo fees. The amenities include a secure building, large interior courtyard, on site management, swimming pool, exercise gym, and secure parking across the street.
The #307 is well priced and has been updated with a few extras such as three large windows with city views. The new wood floors, professionally painted condo, updated kitchen and bath, and location withing the building are hard to beat. It’s the cheapest condo in the complex that has been updated.
Its the best buy for the under 200k price in the Warehouse District. This would make a great second home or home for a student going to medical school in New Orleans. Yes, you can get the best for the cheapest in this case!
This has been a good real estate season so far in the Warehouse District. The supply is slowly being bought and fewer nicer units are coming on the market as more buyers are looking for the nicer things. There however is more demand for the two bedroom units at the present time. The rental market is fairly tight. I think the demand is coming back for the one bedrooms soon!
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New Orelans Condo Foreclosures! Warehouse District Update!
April 11th, 2010 categories: Market Trends, Warehouse District
I often get asked about getting a good or great deal on a condo in the New Orleans Warehouse District. There just have not been bank foreclosures for sale. Since the beginning of 2009 I can only remember 5 that came on the market. They all happened to be very good deals. I sold 3 of them, but they stayed on the market for a while before getting scoopedup by a Sawy buyer. They were generally in great shape and needed very little done to them.
One was damaged by the owner but the bank put it back together so it looked nice by the time it hit the market. One was entered as a condo and it was a town home and proved to be a great deal. The photos were terrible and I almost missed the deal since the photos made the place look bad. Two of the unit only had exterior photos but were very nice inside. They both sold for about 25 k below fair market value.
The banks will continue to reduce the prices on a regular basis. The out of town banks give you the best deals as they have no feel for the New Orleans Market. They tend not to want to listen so it does not matter, its generally someone else’s money they are dealing with. Coming out of the slow season is a great time to catch these. They tend to go with real estate companies that do not normally work these areas. All these factors tend to work in the buyers favor. The knowledge of pricing and trends are on your side.
Short sales are a totally different story. I know of no successful sales first hand and many disappointed sellers, buyers and agents. I would avoid these in this market. It generally takes many months to make it to foreclosure after a short sale falls through. The information flow is terrible from these companies to the point of being just downright rude. My advice to buyers is to move on to better deals. Once foreclosed then the deals get even better.
One of the reasons there are few condo foreclosures, a Warehouse District Condo is easy to rent and the rental market has been getting tighter. Fewer people are buying but opting to rent for a time before jumping into the market.
Most people think there are many more foreclosures than there actually are. Most happen to be in pretty good shape. This is not Miami or Las Vegas and New Orleans Warehouse District did not get overbuilt in this area. Hurricane Katrina hit at about the time that the real estate bubble was really building before the skid.
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