Archive for November, 2010
Aquatic Gardens, Could it be in your shopping plans !
November 27th, 2010 categories: Art , Music , Parks
Aquatic Gardens at 621 Elysian Fields is a hidden gem of a retailer. Its right ouside the French Quarter. I have been there to buy lilies which is one of their specialities. The gift shop is full of yard art and much more items that are completely unique. For small spaces and courtyards this retailer is a must visit just to see the colors and get ideas for ponds and gardens.
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Condo assessments, They are good, bad and sometimes necessary?
November 20th, 2010 categories: Buyers Agent, Condo Knowledge
Federal Fibre Mills, 1107 South Peters….. The Federal Fibre Mills Condos in the New Orleans Warehouse District pictured above is in the process of refurbusing its historic windows. There are a lots and lots of large windows in this building. I would have to guess there is over 300 large historic windows. The repair and refurbise these many windows in not cheap and is not a normal expense of a condo association.
The question most will as is where does the money come from to do a major repair job such as this. Its the owners of the individual condos that are paying the bill based on their ownership share in the complex. Larger units pay more since they are larger. Most condos in New Orleans base ownership on the size of the unit.
When an association has a major bill such as this they have to have everyone pay for it. This is an assessment to each owner. All condo associations have reserves for small jobs as a small amount of the monthly condo goes into the reserve account for things that will happen. In this case the costs come out of the reserves. The major bills are generally assessments where the 101 owners of the Federal Fibre Mills pay the bill in the form of an assessment. The members vote on the assessment and the majority generally wins.
Repair work has to be done or the repairs will be more later on. The building was built in 1896 and was part of the Worlds Fair in New Orleans in 1984. The windows were works of art by today’s standard all being hand made out of quality wood and hardware. When association do not keep up the complex the value begins to decline as nobody wants something that is in disrepair. If enough work is delayed the values fall like a rock.
The Federal Fibre Mills is a first class building and the owners want it to remain as such. The dues and assessment make it possible. The buyers that buy after the assessment have no responsibility for paying anything once the assessment is in place. Buyers should always ask if there are pending assessments when they are looking to purchase. The minutes of the last couple of meetings should help discover this along with asking the managers of the complex.
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1020 Esplanade Condos in the French Quarter features a tropical courtyard.
November 15th, 2010 categories: Buyers Agent, French Quarter, New Orleans Condo Reviews
The French Quarter condos at 1020 Esplanade in the the French Quarter were once an Italian Hall dating back to the early 1900’s . This is when you had an influx of Italian immigrants that lived down river in the Marigny and in the French Quarter. The complex features 24 units and has parking which is very very unusual in the French Quarter.
The feature that catches my eye each time I visit is the tropical courtyard, fountain, and pool. Its a lot of space for 24 units and makes such a huge difference in the lifestyle. The condos are home to a good number of second homers. Once you close the doors you are in another world as you can see by the photos below. The common areas are second to none for a complex this size and have plenty of room to spread out and feel alone in the middle of town.
The condos vary in size, value, views so when you have seen one, you have not seen them all. High ceilings, beautiful millwork, large windows, fireplaces, and that historic feel are felt though out the complex. The complex has improved recently with upgrades to the hallways and the exterior of the building. The condos are self managed and the owners take pride in their homes. Yet the condo fees remain reasonable for what you receive.
The brick courtyard features fountains, lush greenery, tables and chairs to rest and talk about politics in New Orleans. Once you enter the courtyard behind the main building its very a quiet and peaceful setting. A perfect place to sit and have a thought or two. I have never seen anyone in the pool but it looks very inviting and is great on the eyes as well.
You can easily walk to all the venues, restaurants, Royal Street, Jackson Square, the Marigny in 10-15 minutes from your tropical courtyard int he French Quarter. Having amenities such as these should be a consideration when thinking about a second home or a place to live. It does add to the quality of life and often times the condos are no more than condos that do not have any features.
There have only been 3 sales since 2008 in the building so people tend to stay put. I recently sold one and am in the process of listing another one in the building. The other oddity is that most of the units have parking in a lot 50 feet our the rear door on Barracks Street.
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The value of the Views !! Views Matter in the New Orleans Condo Market ?
November 10th, 2010 categories: Condo Knowledge, Selling your Condo
The value of Condo views in New Orleans condo market may not be determined by some math equation or could it be found ! The value of the views is what someone will be willing to pay for what is considered a big plus in any condo complex. In many complexes that sell from a developer you can see what units sell first and which ones sell last. Simple: Better views generally sell first !
Many of the developers will sell on square footage rather than location within the complex. Early buyers get the prizes and end up with the higher prices when they go to sell their condo. Some developers will sell the best views for more as they know they will demand more money.
The 3915 St. Charles condos or St. Charles Gardens did exactly that selling the condos on St. Charles Ave for $40,000 more. At the time I could not see the value. As resales have come up the margins have help up or actually increased as the the lesser view units. Five years later I was proven wrong.
So, how do we go about figuring the value of a view when you are buying something you desire. If you are buying a 200k condo would you pay $5,000 more for the best view? How about $10,000 more? How about $15,000? Then you get to $20,000 more and then you say no because that is too much. If that is the case then the answer is between 5% and $7.5 more for those units.
It is not always not that easy since most condos will have varying degrees of great views. People do buy condos with bad views but when the market slows then they become harder to sell as buyers become more particular and want more for their money.
I recently sold this French Quarter condo pictured above because it had the best views of any condo in the French Quarter for the 225k range. The unit was not in good shape and will have a lot of updating to be done but the views are rare when you have 4 French doors overlooking the historic French Quarter.
In the end that was the rare feature of this condo that could not be found in units costing $100,000 or more. It did not hurt to have several balconies and a large 3rd floor patio. The buyers and I knew it had a great future. It was a condo located at 1020 Esplanade in an improving complex.
As you move up in the price ranges of the condo views will become even more important to the buyer and they can buy what they can afford. They know what they want and the extra money is generally worth the price.
In the French Quarter you do the same thing with the value of balconies that have street views. That can be another blog within itself. Second floor balconies are my favorite unless you can get Mississippi River Views.
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