Archive for April, 2011
The Cotton Mill Condos in the New Orleans Warehouse District, 2/2 under 240k, there are 3 for sale…
April 17th, 2011 categories: Market Trends, Warehouse District
The Cotton Mills Condos in the Warehouse District is one of the few places where you can find a two bedroom and two bath condo for under the 240k level. Buyers and residents like the complex because it has easy access to parking, the real New Orleans Warehouse feel with high ceilings, wood floors and large windows. Add in security, a giant courtyard of 25,000 sq. ft., on site management, and a large gym fully equipped. The security is on duty day and night once you enter the secure entrance at 920 Poeyfarre.
A great location for easy access the the interstate, French Quarter, Convention Center and the Street car line that runs down St. Charles. Its a block from the World War II Museum. Its a very short drive to the Medical schools of Tulane and LSU. Its a short walk for everyone working in the Central Business District of New Orleans.
There are actually 3 two bedroom condos for sale currently in the building. The condo fees here cover all insurance, upkeep, basic cable, water, sewerge, and garbage, security and even hot water. The condos are always easy to rent because of the amenties that the association has to offer.
All the two bedrooms that are for sale in this range are what I call “stack-able” meaning one bedroom is stacked on the other. This is doable on the 3rd and 4 th floors as you have at least 18 foot ceilings and twelve foot windows. The two bedrooms that are on one level are going to be higher in price than the stack-ables. These units are great if you want to have a roommate as you have great separation of space.
The Cotton Mill Condos can be financed using an FHA loan which means 3.5% down but you have to live in the unit. Rates today are right under the 5% level.
I have sold over 30 condos in the building so know that buyers either really like the complex or do not. Its either your cup of tea or not.
Here is a brief description of the three condos currently for sale under the 240k level.
Condo #326 is a renovated unit that faces the courtyard. The unit has been updated and looks great. The current owner has made several positive modifications to give him a small office upstairs off the bedroom and more room in the living area by moving the bedroom wall. $239,500
Condo #336 is also renovated and faces the courtyard as well. The kitchen is larger than most and both bedrooms are larger as well. The condo was used as a second home recently so it has been used very much at all and is a one owner condo. It is my listing. $238,5000.
Condo #423is a unit that faces the interstate. It has not been completely renovated and is on the top floor of the Cotton Mills. The condo is 1002 sq. ft of living making it the largest of the three. The price is $235,000.
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Condo fees have to take care of updates and repairs…Improving your condo association pays dividends…
April 10th, 2011 categories: Condo Knowledge, Warehouse District
A condo complex is like a community of people who may have different ideas and objectives. The use of condo fees is important in improving the future value of their condo. You have to pay enough to keep up the complex and make improvements over time. Having a pleasing environment is a must if you want to increase the value of your condo. Having a top flight common area is one of those areas that can help you increase value.
When you do not keep up the necessary repairs as things wear out the value of your place goes down. Some complexes want their condo fees low and do not like to spend what is necessary to keep the association up. It makes sense that the value continues to fall. The condos in the association cannot compete on the market. This often happens when their is a leadership vacuum within the condo association. As a buyer or seller you need to be aware of these factors.
Lets use the Federal Fibre Mills Condos in the Warehouse District of New Orleans as an example of things that get done to improve the value of the complex. Recent updates include new floors in the lobby which is already a show piece. The windows are currently being rehabbed after 30 plus years. This is an expense of over $200,000. It had to be done as they were looking very worn. The rehabis taking months but the results look great. The exercise gym was totally redone last years and now looks great.
Below you can see the courtyard that is always getting something new to make the complex even better than before. This makes many people want to be part of a success. It becomes more valuable when compared to other complexes. The association has still over $200,000 in reserves for things that come up. The windows are a once in a lifetime update that will pay off right now as people see things going on and want to be a part of a A plus building.
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Julia Place Condos at 333 Julia has some great condos in a Great Location..
April 2nd, 2011 categories: New Orleans Condo Reviews, Warehouse District
The Julia Place condos in the New Orleans Warehouse District have become more popular as time moves on for a couple of reasons. The main reason is location with the Warehouse District as it just very convenient to where people want to be. Julia Street is the center of condo living in the Warehouse District. Its actually two buildings with a couple of commercial spaces on the first floo on the Tchoupitoulas side of the building.
The Bemis building pictured below seems to be the newer of the two building and has the majority of the condos over the 5 floors. You miss out on the wooden beams and exposed brick that the older building on the left has. You do however have some large industrial concrete beams and large windows in the units facing the exterior. The Bemis building is on the Commerce Corner closer to the Mississippi River.
Most of the condos have parking which cost the first buyers $25,000. The parking is in the adjacent parking lot or in the garage on the first floor. The condos with parking spots are always going to be more in demand even at the higher prices. The condos with large exterior windows are going to be much more in demand and sell for more. It not all in the square footage.
The smaller building on the corner of Tchoupitoulas and Julia has some great units as well. They tend to be smaller but most have the wood floors, exposed beams, exposed bricks and most happen to be exterior units.
The two bedrooms have been the most popular buys in the building ranging from the 275k range to the 350k range depending on size and quality of the finishing work. Many of the condos in thhis complex were updated by the individuals who bought them and upgraded themselves. There is a few without updates and they will go for less. These could be a great deal if they have all the other qualities that people desire.
The amenities include a roof top pool and sitting area with fantastic views of the city. There are common bar-b-cue grills, a club house and a work out gym on the first floor. The condo fees are moderate for the Warehouse District. The condo fees include insurance, upkeep of the common areas, exterior upkeep, and management fees. The association is professionally managed.
The entrance is secure. The parking areas are secure. The location is one of the best and that is why many people chose the building. It has become a favorite for second home owners since its got a great location and moderate condo fees.
The roof has recently been replaced in 2010 and the owners assessed for the new roof within the last 2 years. That is one of the larger expenses that condos have to redo. The condo also put some money in reserve each month for repairs but generally not enough to fund a major item like a new roof. Each condo is assessed as a percentage of their square footage. The larger one pay more than the smaller units.
In most Warehouse Condos in New Orleans all the units are not equal and many are very different and there is always more to value than square footage. The is the case at Julia Place as well. Always remember buy what is easy to sell, it may cost more but in the long run people buy what they like and want. Stay with the trends and you should do well.
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