Archive for January, 2011
Condo Foreclosures and Short Sales ! You have to have Patience…and then some…
January 25th, 2011 categories: Buyers Agent
Foreclosures can be great deals of buyers if they have patience and can put up with delays. Banks are improving but its a challenge. Many will not even talk to the buyers agent. All will have limited knowledge of the local market. There are plenty of hurdles to over come in both cases so do not make the loan an issue. Get this worked out before the process starts.
The foreclosures actually tend to go faster. There is lots of paperwork and forms involved in the process. The banks act like they could care less about your needs or issues. Many times its hard to know when the offer is actually accepted so you have to hang tight until it happens. Just because your offer gets there first has little meaning. Time lines have even less meaning if its in your favor.
Short Sales, the key is to have a modivated seller that is willing help in the process. The more time its been on the market the closer the bank is to foreclosure. The selling agent is the key person in a short sale. Its the everyday caller that gets the notice and the deal done. If you have neither the motivated seller and agent then the process breaks down.
The best ones to buy are the deals that have already fallen through for one reason or another. People just get tired of waiting and give up. The buyers agent may not have told the buyer how many headaches and maybe’s there are going to be. Buying one that is not really nice can be rewarding as well. They tend to drop faster than the nice ones. Many times you buy what you see.
However when you jump all the hurdles and get a place 20k to 30k below the market price it makes it worth while. This seems to be my average for properties in very good shape. The incentive is there if the patience is there. My batting average is improving as I now understand more of the pitfalls.
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Condo Market beggining to look up, Could the bottom be here ?
January 22nd, 2011 categories: Condo Knowledge, Market Trends
In some areas of the New Orleans Condo market there are signs that the maket is begging to pick up. It is not all over but certain areas are seeing more buyers and less listings. I see this happening in the French Quarter, Warehouse District, Garden District and Uptown. The one bedroom condos are being shown on a regular basis after a long lull. Once you take out the not so nice units, those just overpriced for what you get, you can easily get to 4-5 condos that meet your criteria.
There is a strong relationship to the housing market and this continues to be the case. The Garden District and Uptown housing market is much better and this brings the condo market along. Condos still tend to much less expensive in these areas and are a vaible alternative to renting. The rental market has been very good. There are few foreclosures to compete with the sellers who own.
When you get to Metairie, Kenner, Lakeview, River Ridge, Old Jefferson and other areas where the condo sales are weaker, the housing sales are beginning to pick up. Its still not there yet but it could be around the corner. One good thing for the market is that there are fewer foreclosures and short sales than one would imagine.
We are seeing more second home buyers which will push French Quarter and Warehouse condos into sales. Buyers will not take just anything but can find some very fair deals in all areas of the market. Financing can be tricky on some of the complexes but an experienced local lender is the way to go. I can point you in the right direction. Stay local and you will be much, much happier. Rates are still below 5% for second home buyers with 20% down and if its your primary residence with 10% down.
Coming out of the Winter season can be good for a buyer if a seller has been sitting there and not getting the sale. It may have been price, condition or just lack of buyers. It happens in all price ranges. The rents have been so good that people can wait out the market until they feel better about selling. One thing that is missing is older people who used to be a staple for the condo market. Most have been missing for the last two years. Hard to figure that one.
You really won’t be able to tell if the bottom is here until after its gone. With that is mind now is a good time to start your search. We can sit down are review your needs and start you on your search for that condo. Rates will not likely stay this low all year.
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New Year, Business picks up…Real Estate is seasonal…Getting started in 2011!!
January 9th, 2011 categories: Buyers Agent, Condo Knowledge
We welcome 2011. Real Estate is seasonal and we are fast approaching the the early Spring selling season. If you are considering buying this year now is a god time to start. The condo market in New Orleans is not all that bad and seems to be getting better in certain areas. The most robust areas are still the Uptown, Garden District and the Warehouse District. The French Quarter is also seeing more action. The Metaire and Kenner markets are still slower than the other areas that I cover.
The best way to start is to sit down with myself and fellow associates who can get your ideas and answer all you questions that you have about the purchasing process. We will know most of the answers and know about the vast majority of the condo associations that have units for sale in them. You want to get one that suits your lifestyle needs and your budget.
Give me some basic ideas of your needs and we can meet at a local coffe shop or office to review the process. I have developed a New Orleans Condo packet that may answer all your questions but its good to get your take as well.
Getting Started in 2011
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You as a purchaser need to think about resale when you are buying. This is where a seasoned agent team can give you the numbers and stats for each condo.
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Have a price range in mind as you begin to look. Its advisable to call a local lender before or after our meeting so you will have some ideas. Please stay local as it is always easier to talk to a local expert rather than a back room in Cleveland or wherever. We know generally which companies do a good job in the local market.
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Have an area of where you want to be. Real Estate and Condos are the same. Its all about location, location, and location.
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What types of things do want your common areas to have ? Do you need parking ? Do you want a pool ? Do you want a gym on site ? Do you want a secure building ? Number of bedrooms and baths
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What type of Condo Complex do you desire. A more historic neighborhood home or multi-family conversion. There are pros and condo to each type.
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We can reveiw the type of loan that you may need and what the down payment will be. How much will my payments be? How much are the taxes ?
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What do my condo fees cover when I do purchase. All condos cover the property insurance and maintaince fees that it takes to keep up your investment. The more things a condo association has then generally its more expensive. Large complexes can spread this over many condos where smaller ones cannot.
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Is this your primary residence, second home or an investment property. These will have different answers and concerns. Benefits of owning the right place are many. We will go over the tax advantages of owning.
Now lets get started. Today’s technology let me get you quickly by email all the condos or homes that will match your needs. Its easy to keep you updated as new things come on the market. There will never be as many condo choices as one would think. Its fairly easy to narrow it down to the best 5 choices with an experienced agent working for you. Get to see the best deals and compare as this will enhance your investment in the long run.
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Penthouse Condo in the New Orleans Warehouse District, One of a kind….
January 2nd, 2011 categories: Condo Listings, Warehouse District
Many times you are disappointed when you look at penthouse condos. You alway think they will be better than they really are. In the case of this premiere penthouse condo in the Federal Fibre Mill Condos you will not be disappointed. You will be amazed at the details and the views.
Its a great combination of an elegant condo with the New Orleans Warehouse feel. The penthouse features wood milled floors, high ceilings, exposed brick and beams, large windows, city views, gigantic terrace and plenty of natural light. Then add a gourmet kitchen, master suit, master bath suit, large rooms, plenty of storage and many other details that you would expect to see in a condo built by the developer.
The Penthouse Condo is 2995 sq. ft. of living and has three bedrooms, 2.5 baths, dining room, den, wetbar, storage room, large laundry room, office in master suite, fireplace, and living room with some of the cities best views day and night. Many time my photos make the condos look better than they actually are. In thins case the photos do not do the condo justice. You just have to see it for your self.
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Cotton Mills Condos in the New Orleans Warehouse Distirct still remains a popular Choice!
January 1st, 2011 categories: New Orleans Condo Reviews, Warehouse District
The Cotton Mills Condos at 920 Poeyfarre Street is still a great choice for a condo in the New Orleans Warehouse District. This is especially true when looking for a condo in the under 200k range. Few complexes have the security, courtyard, pool, exercise room and the Warehouse District feel. The high ceilings, exposed brick, wood floors and large windows are still in demand. The units do not have parking but do have access to parking across the street for a monthly fee or many just park on the street.
The latest sales data from the Cotton Mills Condos is that there are 15 units for sale with 4 currently under contract. Two have sold this past week. That is not a bad number considering that there are 288 units in the building. The building spreads over a large city block and 4 fl0ors of condos. Out of the ones for sale some of the condos are just overpriced and some are not just desirable to own at the asking price. There are 10 one bedroom units, 4 two bedroom units and one 3 bedroom currently for sale.
They are among the easiest condos in the New Orleans Warehouse District to rent if use it as a second home or an investment. The condo fees are very reasonable and the common areas seem to always be well maintained. The on site management company is on top of any issues that tend to come up. Its the type of condo where you can leave and come back a month later and nothing would have changed.
There are few one bedroom rentals availiable in the Cotton Mill currently for rent. I check this week and there were only 2 condos for rent. One was a studio and one was a one bedroom that was over priced. The nice things have been renting quickly amd that we why we see few. This has been a trend for several years.
The Cotton Mill is also one of the few FHA approved condo in the New Orleans Warehouse District. This means you have a 3.5% down payment if this will be your primary home at the most competive interest rates. Rates are on the way up but they tend to vary weekly but I do not think we will see 4% rates again but under 5% is still great by historical standards.
The location is getting better and better. The World War II Museum is a block away and still growing for the next 10 years. There are 3-4 Warehouse buildings within the block that have been converted into upscale rentals over the past year. You can easily walk to the French Quarter, The Riverwalk, The Convention Center Harrah’s, the Superdome, Lafayette Square and the New Orleans Arena. There is just a lot of things going on in the area that makes it positive.
There is even a full service Market and Deli opening soon directly across the street by my friend Nick Nesbit in 2011. The Poeyfarre Market has its own blog and Facebook fan page so you will have to check it out. New Orleans is always a place that supports a local business so I hope he does well and look forward to a new business in the area for 2011. The street is not that big so you cannot miss it. Maybe he will have a Grand Opening Party when he is ready….
If you have seen one unit, you have not seen them all as the variety of floor plans are mind boggling. I have a page on my New Orleans Condos website where I post the past listing so you can get an idea of the variety of the units and a great feel for the condos before you even take you first visit to the Cotton Mills.
I currently have a nice 2 bedroom and 2 bath unit facing the courtyard on the 3 rd floor reay and waiting. Its #336 that has been totally updated and is reasonable priced. In fact its the best 2/2 in the Cotton Mills. The Cotton Mill page is a link away.
The Common Areas are among the best for a New Orleans Warehouse District condo in the 200k range. The Cotton Mills condos features a large 25,000 square foot courtyard with a swimming pool, Clubhouse, and a large workout gym. The in person security is in the lobby with an on site management office.
I think it has one of the better management staffs in the Warehouse District. There is no parking for each unit but parking is availiable in a lot across the street for a month fee of $125 per month. You can always park on the street for free.
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