Archive for December, 2010
Your resale value is an important factor in buying a New Orleans Condo! See you in 2011…..
December 31st, 2010 categories: Condo Knowledge
When you are looking to buy a New Orleans condo in this type of market you as a buyer need to make sure you are thinking about the resale value down the road. In a fast market it was not as important as it is now. I see a lot of condos and show a lot of people. Most people tend to think along the same lines. Here are some of the ideas I have come up with to think about when you are looking.
1. Price- Make sure you do not overpay for what you are getting. Have all the negatives been factored in.
2. Condition of the Unit- People want to buy things in prime condition these days. Buying something needing cosmetic updating is OK if you can stay within a budget.
3. Condo Association - Is condo association in good shape from a financial standpoint. Is there major repairs needed in the future. can it be easily financed.
4. Does the Condo Association present itself well. Do the common areas of the association look like its a place you want to live. Is this the style of the individual condo that will appeal to most buyers in New Orleans.
5. High Condo Fees- Most people want to pay moderate condo fees. As fees go most likely your services do as well. However people do not like high fees.
6. Views and Light – It means a lot and you do not want to underestimate the value of natural light and windows.
7. Parking- Make sure there is available parking. Do not buy the odd ball condo without parking if others have it. Just not worth it.
8. Amneties do matter The common areas do matter. It may be the deciding factor as you narrow the search down.
9. Security and Safety- You need to think like a single 29 year old female. This is very important for many many buyers. Perception can be reality.
10. Location, Location- Is the location going to get better in the future or is it going to get worst. People pay for location. What is happening in the area to make it better. Is it easy to duplicate?
I can write a blog on each of these points. These are some you can think about and add some of your own. None may be perfect but its what you can do with it in the future.
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St. Elizabeth’s is in the Christmas Spirit ! Now St. Elizabeth’s are condos…Merry Christmas!!!
December 19th, 2010 categories: Garden District, New Orleans Condo Reviews
The St. Elizabeth Condos in Uptown New Orleans have not always been condos. The historic New Orleans condo complex is located at 1314 Napoleon Ave. It looks ready for Christmas as it is brightly decorated with red bows and green trim. It is just a very pretty building dating back to the 1850’s.
Many if not most of the condos in New Orleans Market did not start out as condos but were built for other uses. St. Elizabeth’s started off as a school. It then became an orphanage several years later. In the later years it was purchased by Anne Rice , the vampire author who called New Orleans home. It was purchased and developed as condos in 2004 and sold as condos in 2005.
The conversion such as this building is what buyers like in New Orleans. If a developer can redo and develop a historic building upgrading the the building with classy redesign then he will have a winner in all price ranges. It still got to have a great location as St. Elizabeth’s has done.
There has been little turnover since the conversion. The few condos that have come on the market have sold fairly quickly. Its because there are not enough top notch condo conversions to meet the demand in this price range. There were town homes built on the rear of property but they lac the historic feel of the historic building.
Merry Christmas and a Happy New Year as 2010 is almost gone……………….
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Facebook Pages are another tool for learning about New Orleans Condos…
December 18th, 2010 categories: Art , Music , Parks, Warehouse District
Facebook and Real Estate can easily be used together as a way to give you a glimpse of the lifestyle of an area that you may be interested in. Most people want to see and hear about an area before they begin looking for a condo or home. Facebook has become very photo friendly so its easy to shoot and quote. Then link a news article about the area to give you a feel as to what is happening and what is new.
Its a much more updated way to keep people in the loop of what is going on week to week. Its not only I that keeps up the pages but friends and clients who are interested and have a view that may differ from mine. Its as much about a lifstyle of the area than the bricks, beams and mortor of New Orleans.
Eric’s New Orleans Profile on Facebook is another way to give you a feel for the New Orleans Market and feel of the areas where I work. It has become very photo friendly. Its not all fact and figures but more about a lifestyle of what is going on in the areas. You can follow my posts easily on my facebook fan pages by just pressing “ like”.
New Orleans Today and Yesterday is a collect of photos and things that people remember about New Orleans and what makes our city different. You can share as well. It touches on the history of the neighborhoods with lots of info on the various types of homes and buildings in the New Orleans Metro area. Its getting that feel as people do want lifestyle…..
New Orleans Warehouse District on Facebook is about the New Orleans Warehouse District. It is much newer page and the area is smaller than many I cover. I have hundreds of photos so posting one a day is easy. So much going on and you can read and make comments as well. Its meant to be informative and since seeing is believing it can show you what is here. Few Words and a photo………..
Using this blog and the condo site New Orleans Condos along with Facebook will give you the feel that you need so you can make an informed decision. You can always just call me to go over any questions that you may have or we can meet wherever to talk about your needs…..
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Metairie Condos for under $100,000, Much better than paying rent…
December 16th, 2010 categories: Buyers Agent, Jefferson Parish
Many agents and people looking for a place just may not know that you can get a nice condo in some nice complexes in Metairie for under 100k. I just did a search for a retired fella that was looking for something inexpensive. The initial search brought up 41 condos. It was fairly easy to get it down to the best 6-7 condos. Its all about location in this price range and finding a condo association that is kept up.
Location has a lot to do with what is happening in the neighborhood. Try not to be a trend setter as its hard to stop a trend when the area is going downhill. Go with the best location as that is where people will want to be in the future.
A good complex will keep its value and attract more buyers in the future. A well kept condo association is worth the extra fees that one will pay. Paying too little and things just do not get done. When this happens the value starts to go down.
The 6-7 choices were quite good and many had had recent updates. 3-4 were even two bedroom and one bath. The one bedrooms were the most updated. The choices are not a lot but then the better locations is where people tend to stay longer and do not need to sell. The biggest factors in narrowing the choices are location and the condition of the complex.
When you get under a 100k your note is less than $500 per month. The condos in this range have condo fees in the $150-$175 per month range. Taxes are less than $300 per year oor even less depending upon the price. The prices of the choice units ranged from 75k to 100k
These types of complexes tend to attract an older crowd. There is nothing wrong with that. The prices are somewhat depressed as less older people are buying. This has its positives as prices are cheaper and deals are to be had.
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French Quarter Condo, 1020 Esplanade Ave. has some unique features and pluses…
December 5th, 2010 categories: Condo Listings, French Quarter
The new French Quarter listing that I just got is unique in several ways for the New Orleans French Quarter. The condo is located at 102o Esplanade Ave. #103 which is on the edge of the French Quarter in a more residential area than most people would think. It within easy walking distance of all the local attractions with easy access in and out of the New Orleans Area.
The condo association with its tropical courtyard and pool are as good as any in the New Orleans area and very unique for a small condo association. The fees still remain moderate for what you are receiving. Walk out the back gate and you are on Barracks about half a block from the dog park. There has been very little turnover of units in the last 4-5 years as people like to stay and keep thier units.
The condo itself is unique in that the large living room is much like the ballroom that it once was. The high ceiling, old fireplaces, exposed brick, beautiful millwork , feel and look huge for a condo in New Orleans. There is one bedroom up and one bedroom down. This building was once the Italian Hall converted iinot condos many years ago.
Parking comes with the condo which alone can easily be worth 25k-30k . Parking is an unusual get in the French Quarter. It is secure parking steps from the back door of the condo.
The condo is very secure and the unit opens onto a 3 stroy atrium from Esplanade Ave. which gives one a lot of privacy. This is the kind of place where you can lock your door and come back 2-3 months later with no worries.
The condo is over 1200 sq. ft of living with two bedrooms and two baths. The elegant living area is 24×17. Both bedrrooms are decent size with exposed brick and old fireplace left in tact. The bedrooms are 13×13 and 13×16. The master has a jacuzzi tub for your enjoyment. The kitchen is 12×8 in the rear of the unit.
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Motivated sellers often give you the best deals in your New Orleans condo purchase!
December 2nd, 2010 categories: Buyers Agent, Selling your Condo
When you are looking to buy a condo you want to get the best deal possible. You can get great deals with short sales and bank foreclosures but the numbers are limited in the New Orleans condo market. I work the Warehouse District fairly hard and there may have been only a dozen successful sales through banks in the last 3-4 years. This would be a combination of short sales and foreclosures combined.
Banks do not make it easy to purchase but motivated sellers surely do. Their desire is strong and will work with buyers and agents to get the necessary things done to get to a successful sale. This can be the subject of the next blog.
The motivated seller knows the price has to be right. The sellers motivation can change over the coarse of the listing process. Your agent needs to know that things change quickly and suddenly when people are selling. It may be the new job or lack of job. It may be a new purchase. It may be a divorce. It may be a need to free up cash. It may be a graduation or marriage. Whatever the reason certain sellers are highly motivated to sell from the start.
They will price the condo to be the best in its price range so each buyer looking in that price range knows its a fair buy. Buyers can easily find out the purchase of the condo through the buyers agent so in a flat market the value just does not go up unless positive changes are made to the unit.
The motivated seller will make the condo easy to show. The seller will do all the little things needed to have the place looking the best it can be. This may be done with updates, repairs or using a professional stagger. The seller will know these are important factors. Some may just think its the price and they will be disappointed.
One of the best sellers for a buyer is one who has a lot of equity and just needs to sell for a variey of reasons and just wants his money out of the property. Just saying your motivated is not going to work as a seller, you have to do it. An experienced agent should know and spot the changes that have been made and be able to feel the motivation.
The listing agent may or may not know if his seller is motivated strange as that may sound. Your buyers agent needs to know as it can be money in your pocket. Another oddity is that it does not always show up in the asking price.
I recently made an offer on a 200 k condo on Magazine Street that was priced OK. It was on the market for a week and we ended up getting it for 175 k. There were a couple of defects and the seller took care of those as well. It even surprised me that we got it for that price. It was a two bedroom with parking with lots of quality updates.
Another great motivation may come from a developer who has one condo left in a complex and just wants to finish up with the project. Sometimes he is motivated to get the first units condo sold and will give extras. You just never know…..
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