Archive for September, 2010
Sales on One Bedroom Condos are looking up in New Orleans !
September 17th, 2010 categories: Condo Knowledge
Sales of all types one bedroom condos have been the weakest segment of the New Orleans condo market in the Uptown, Garden District, French Quarter and the Warehouse District. This has been the trend for the past 18 months. I detect a change in the sales as the better units have been selling in all the above mentioned locations. They are picking up as we enter the Fall of 2010.
When you see these changes you have wonder why are we seeing this and will the trends continue. Maybe its a combination of things coming together.
The BP oil spill this Spring and Summer did nothing to help sales. Sales tend to have a seasonal nature to them as well. As seasons change , people change their needs with them or begin to think about the next thing in their life. Maybe thinking about a condo for a first or second home has been in their mind and they are ready to act.
The low interest rates are making people think. Most people know that 4.5% rates and below are not here forever. Condo fees have been level as well as the Katrina increases wear off.
There are less new listings coming on the market and as units sell there is just less to look at. The prices have not fallen that much in the last 5 years for the better places if at all. Its been a very steady market if you have a condo that matches most peoples needs. Sellers price more realistic as well.
There are few new developments to compete with the established condos. This is mainly due to the lack of affordable financing of new projects. You still have new people moving into the market without a new supply.
Rentals have been very strong if someone needs to rent on a part time basis in New Orleans real estate market.
You even are beginning to see people will to fix up units that need updating but they have to be priced correctly. I personally have sold 2 of these in August which was a surprise. These people were completely missing for at least a year.
Older people who have been absent form the market are beginning to look again. You can see this when you look at places that were once mainly retired people and see the number of units for sale. They have been absent for two years so this is welcome news. I have had several retired people making inquires with the last month. Some of these people will look at the one bedrooms.
There have been several bank repo’s that are getting people starting to look. They start to look and end up buying something else.
The Saints winning are bringing more people to town and they begin to think about a weekend place. New Orleans is getting discovered again as a place to be. Word travels quickly among friends.
Putting all the segments and knowledge you can just feel the buyers coming back into this market. This is my gut feeling coupled with the experiences that I am having it makes sense to me. It also helps when the paychecks are coming more often in 2010.
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That one thing you might be missing to set your New Orleans Condos above the rest.
September 4th, 2010 categories: Selling your Condo
With over 90% of home buyers searching online for a new home your home must make a great first impression. The first impression is a lasting impression! In a buyers market sellers compete with sellers. If buyers are not impressed what they see online they will move on to the next listing. Ready, Set, Stage! works with you and your Realtor to put your condo or home on the “must see” list for today’s home buyers.
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The Warehouse District and the World War II Museum. They are neighbors and both are on the move !
September 1st, 2010 categories: Second Homes, Warehouse District
The World War II Museum is becoming a destination for more and more visitors to New Orleans. This means a certain number of people are coming to New Orleans just for this great visit. The Museum is becoming a leading attraction for tourist from near and far and an attraction for those who happen to be here for other reasons. Visitors will stay another day in New Orleans to see all it has to offer. If you live in the neighborhood its a good idea to know what is happening so you can tell others and enjoy the things it has to offer you the local resident.
This neighborhood is the New Orleans Warehouse District . The residents benefits from the additions and the Museum benefits with the good will of the neighborhood. It pays for the neighborhood to know what is going on with the expansion and new developments. The increase in visitors will help the businesses that depend on tourist which means jobs. Jobs will increase during the construction stage and other jobs will be available after the construction of each phase.
What does this mean to the real estate market in the New Orleans Warehouse District where the vast majority of residents live in condos ? The exposure for the neighborhood is price less. Many visitors think New Orleans is only the French Quarter. A certain percentage of these visitors will decide to move into the area either buying a primary residence or second home. They will see it as a neighborhood on the move.
We have seen this with the influx of people who come to the Saints games and have time to really walk the area. Each additional destination is another piece to improving the neighborhood and in the end the increase in property values. Pieces like the new Rouse’s Supermarket, new apartments, new deli’s, music venues are not far behind. Even the condition of the streets and sidewalks are improving to take care of the flow.
The local neighborhood needs to learn about what is going on in the neighborhood so they can enjoy the area as much as the tourists do. One great way to do this is to visit the Museum and find out what is going on. You can sign up for a Museum Newsletter that advises you of the various activities and future plans. See next attraction that is beginning to take shape……… Read the rest of this entry »
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