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Condo Market beggining to look up, Could the bottom be here ?

      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.

Early in the New Orleans Condo Market rebound

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