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Sales on One Bedroom Condos are looking up in New Orleans !

     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.

New Orleans Downtown Buildings Looking Up

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