The value of a view great condo cannot be understated in the New Orleans Real Estate Market. People do want views and it is always worth the extra to get a good one when you go to sell. It will show up in the square footage but its hard to tell unless you actually know what you are looking at. The same can be said about private patios and balconies but they are not as the “View” .
I recently sold the condo with this view below in the French Quarter. It was a fantastic view with a patio as well. It sat on the market for months because it needed a lot of remodeling and the price was too high. I went into my mind inventory as one of the best views in the French Quarter below 250k, it eventually sold for 225k.
My clients are almost finishing all the upgrades having spent about 20k to date. The transformation is amazing. They had the vision, insight and the desire to create their own space. Now they may have the best 275k condo in the quarter with parking to boot.
Many time the developers do not fully take this into account on a new project as much as they should basing prices on square footage. Only so many units can have views like this unit below. It has 4 french doors like this facing the city and two facing the patio. The unit may show wear but the views are almost impossible to replace.
The natural light tends to come with condos that have great views which is always a plus as well. When markets slow down as we have had the last couple of years, people will not just buy anything but want the best in a second home or primary residence.
The appraisers know the views matter but just cannot give them the higher numbers due to their techniques of valuing a property. The real proof are in the sales of these premium views. If you have the desire to remodel then you may want to buy a great view in a unit that needs updating.
The view values are going to be important in the French Quarter, Warehouse District, Garden District, Lakefront and Uptown New Orleans because they are not that easy to find in a search. Let say the “views” have timeless values. “View the view as an investment and one of the most enjoyable benefits of owning a New Orleans Condo. As Lana Sackett once said the “eyes” have it……..