Warehouse District Market Update for the Spring of 2010.

     The Warehouse District condo market has showed increased sales activity over the last month or two.  The strength of the market has been in the two bedroom and two bath condos.  The price range that is showing the most activity is the 250k to 450k range.

       We are seeing second home buyers, students buying for medical schools with a desire to have a roommate.  We are seeing more people wanting to live in New Orleans on a part time basis and want the extra bedroom for guest.  We are also seeing a couple of companies buying units to have for their clients.

     The one bedroom units have been the slowest of the Warehouse condo market.  There have been a couple of foreclosures that have been some great buys.  We are seeing some locals looking to take advantage of the low rates and flat prices of the last 4-5 years.  When certain segments have fallen out of favor, this is when you get your best buys.

     There are currently120 condos for sale up to the 500k range.  There are 40 condos that are under contract or have been sold since March 1, 2010.  Not all are priced correctly or may not be the most desirable units.  It is still easy to narrow the choices down to 5-6 that meet your criteria.

      The things that are selling have been updated.  Not many people that want to buy and then fix up at this point.  Parking remains an important factor in a buyers decision process.  I would not recommend buy a place without parking unless the price is great or no others in the complex have them.  The amenities are also becoming more important than ever.

    Real estate is seasonal so that is where we currently are.  Interest rates are still around 5%.  The down payments have increased making it harder for first time buyer to afford their first place.  This could be one of the reasons for the lack luster sales of the one bedroom units.

     The Cotton Mill Condos is getting closer to being on the FHA that will make it much easier to purchase.  Thanks goes to Ross Miller of Miller Mortgage who has been the lead person helping this along.  This is not an easy process but would greatly help sales of units below the 300k level.  But the 3.5 % down with lower cost is a great incentive.

     835  Julia has sold all but two on the one bedroom units that they had for sale. This is a new development that got hurt form the financial crisis of 2009. This is a great sign. There are a couple of new 2/2 penthouses that are for sale.  These are good buys in the 400k range.

     In the last couple of weeks we have seen more condos come on the market.  This is a combination as a better selling environment and the seasonal aspect of the New Orleans Condo market.  The premium units have the best change of selling unless a fixer upper have big decreases on cost.  Many times the units needing work are just not discounted enough. 

Warehouse District Update May, 2010

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