Archive for July, 2010
Staging Advice pays off big time ! Getting your New Orleans Condo in top shape is very important!
July 31st, 2010 categories: Market Trends, Selling your Condo, Warehouse District
I just had a young couple, Lauren and Taylor that called me to list their condo in the New Orleans Warehouse District at the Cotton Mill Condos. They had already called a stager-decorater to come give them advice on how to make the condo look better in the sales process. I got there before they started to unclutter and repaint a portion of the condo. I reviewed the plans and everything she said made a lot of sense. We added a few things then the sellers were ready to start their work. They wasted little time as you want the resign to be finished before the first buyer comes.
The owner of Bella Home Staging is Suzanne Gindy. Her expertice was in telling the sellers on the things they could do to make their condo sparkle in the buyer’s eyes. She charged for her time and advice. Her initial charge was only $100. The sellers did all the things she was asking for. Many will need a follow up visit but Lauren and Taylor did not need one. The basics were
- To rent a space to put the clutter. This makes the unit look larger and the focus is on the unit rather than the things in the condo.
- Do some accent painting and touch up work to make the condo fresh.
- Move the furniture around to show the best configuration for this particular condo. Put the right amount of art work on the walls.
- Decorating ideas that just made the place look more livable.
The focus here was on the wood floors, large windows and high ceilings as these is why people like the Cotton Mills as a place to live. You want the buyer to say ” I want to live here and can see myself settling in very quickly”.
The best thing about the this approach is that it works and pays big dividends if you follow the plan. Once Lauren and Taylor finished the makeover and cleared the clutter we were ready for out first showing. The very first buyer that looked at the unit make an offer and it was accepted. Rather than taking less and staying on the market for a much longer they followed the plan and it worked to perfection. The condo sold and both the buyers and sellers were happy.
Today’s market is such that you want to be in the top three of your class so people will consider your condo. The positives have to outweigh the negatives in the eyes of the buyers. There are fewer buyers so you have to feature the positives of the condo so you will be the best in your class. Many buyers will not see past a junkie place or one that is not ready for sale. It just takes more work.
Suzanne Gindy knows more than I do about the staging business so why not look for advice from one of the best. She has a variety of programs but this initial step is well worth the money. I fully support any effort to make a condo more ready to sell in a much shorter time frame. My job is to get people in the unit through marketing the condo in the best possible light. Working on a premium unit makes the photos, flyer’s, videos, Internet ads all look so much better. People start off looking at pictures and staging gives you some great photos. Its is very much like a beauty contest so looking and feeling best is the way to go !
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Second Home Buying picks up in Uptown New Orleans ! A large variety of Condos exist.
July 24th, 2010 categories: Second Homes, Uptown NOLA
The second home market in New Orleans Condos is changing in a couple of ways over the past year. There are always positives and negatives in a market. Buyers are branching out and buying in a variety of areas. We are seeing more action in the Uptown and Garden District markets. The New Orleans Warehouse District remains strong and the French Quarter continues to improve.
The Uptown Segment is improving for a couple of reasons, The prices are cheaper and the condos are larger in general. Many of the larger complexes have amenities and great locations that make walking very easy. If you need to travel the streetcar is always available. The best reason is that people are enjoying the lifestyle that the area has to offer. The City is not that large and most places are not that far away.
The Uptown area has always seen many students buying condos while they are going to school. We are seeing buyers using the condo as a home for the student with the idea of keeping it a second home in later years.
The interest rate are near 4.5% which means a principle and interest payment of $500 per 100k that is borrowed. You add property taxes and condo fees to that number. You can only have one second home at these rates and then it becomes an investment property. As a second home you will need a 20% down payment for a conventional loan and with good credit you will get these low rates. 
One segment that is showing the most renewed interest is the historic condos that were once old homes. When you can find one of these in a good location with parking or easy access to parking it is a good find. There are not that many so its easy to narrow the choices down to the best condos. The two bedroom and two bath condos are the most in demand. The one bedroom units are still doing OK as well especially if you have a lower budget. Buyers still want location and condition and will not just buy anything.
The other segment that has shown strength is the complexes with secure parking and amenities that provide a place where you can come and go for months at a time and not have to worry about a thing. A great example of this are the Condos at 3915 St. Charles known as St. Charles Gardens . I have sold several condos within the last 18 months and have several clients that are interested in this complex at the present time.
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Buy a condo now as a second home, Enjoy it for the upcoming New Orleans Saints season! You could be a winner too!
July 4th, 2010 categories: Second Homes, Warehouse District
Many people are doing just that as they enjoy the Saints game as well as all the things New Orleans has to offer leading up to the game. If you have been putting that off , now may be the right time to buy. Many are looking at the Warehouse District, French Quarter and the Uptown New Orleans Market condo market. Its a great place to spend a weekend or more for your kids and family friends. Tie it into a business condo as it could easily be more fun than the stock market.
Interest rates are 4.5% this week- A second home will qualify for these rates. You can dress it up the way you like and this is a lot of fun in itself especially if your wife likes to shop.
The prices have been stable on condos but there are some nice buys as some people need to move on. There are a couple of bank foreclosures that look very interesting. These can always be bargained on to bring the price even lower. It is all in the timing with those.
Many condo offer additional amenities such as gyms, courtyards, roof top views and pools along with some great common areas. These will appeal to all of your family and friends. You can grill and drink at your condo before the game.
Keep that car parked in the garageduring the long weekend as everything you want to do is within walking distance. Walk to the Super Dome or catch a streetcar to the game. Plenty of things to do for fans of all ages.
No need to look at 30-40 condos as I will know where the best 3-4 are that meet your criteria. Just need to know what it is. You can close in 30-40 days just in time for the regular season opener against the Minnesota Vikings. Brett Farve may even want to buy one after the game.
Once people do buy a condo for a second home they always find many things they did not know about New Orleans. You can live as close as Metairie and Kenner and still enjoy your second home. I have sold them and know what people say about the ability just to get away for periods of time. Win or lose the games are an experience. Its time to repeat !! Geaux Saints!!…………..
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