Archive for June, 2011
The New Orleans Condo Market is not that bad….2011 Update..Demand is up and supply is down.
June 26th, 2011 categories: Condo Knowledge
The New Orleans Condo market in 2011 is much better I expected in the City of New Orleans. There are a variety of reasons for this that are unique to the New Orleans condo market. It all has to do with supply and demand. But what is causing the demand and lower supply. One caveat is that people are much more picky about the selections than in years past.
The Second Home Marketis much stronger than it has been is many years. You have people that have deep connections to the City of New Orleans wanting to come back and enjoy what it has to offer. Its fueled by Baby Boomers to experience the unique flavor of South Louisiana. Its fueled by people who just want to be here that may have visited and thought this would be a place to be and enjoy.
The Business Market is much like the second home market and can be called a close cousin to the second home. People working in New Orleans often have several locations and have people living here for extended periods of time. The workers want something more than an extended stay hotel. The business can use this for living arrangements for customers and guest.
The Student Market is still strong when families consider the rents they will have to pay over a four or five year period. Its easy to pay $50,000 to $75,000 over four or five years of rent. You look at the amount of students from Tulane, Loyola, Xavier and UNO that come to New Orleans to study for undergraduate and graduate degrees and you always have a new flow of students.
You add to that mix the Medical Students from Tulane and LSU and you have a sizable group of new buyers. You also add all the medical residents and those studying for specialities and you have added demand. Condo living is ideal for those studying and working long hours. Just a lot less to take carer of.
Rents are not cheap and easy to find Its is not easy to find affordable rentals where people want to be. There have been many rental units added to the market but condo owners can easily rent their units out rather quickly at nice rents. Many owners have opted to rent keeping more units off the market. It has become a good investment.
Investors have also been buying With interest rates on peoples money running often at 2% or below many are finding it lucrative and fun to make money off of a condo rental. Many are buying to rent and later will plan to live in the area.
Cash sales and Large down payments have kept the number of short sales and foreclosures to a minimum for the number of condos in the market. Lately the prices on these units have been very good and sell rather quickly. A decent unit does not stay on the market long. The banks price these condos to sell and know little about the New Orleans market which is great for the willing buyers.
The Mitch Landrieu effect has not hurt the condo mjarket. The can do attitudeis alive and well as people are just feeling better about the direction fo the City Of New Orleans. People from all walks of life and incomes do notice this.
There are other factors at work as well but I can save that one for another blog. The City is becoming younger and condo living is appealing to that group. The Housing market is much better in areas where most of the condos are. As houses become harder to find then the condo option becomes a viable option. This is currently the case in Uptown, Garden District, French Quarter, Marigny, Bywater and Lakeview where nice homes are not easy to find.
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Warehouse District Today, 75 cent Sliders and Restoration News at World War II Museum…
June 10th, 2011 categories: Art , Music , Parks, New Orleans Origionals, Warehouse District
The John Kushner Restoration Pavilion has just opened this past weekend at the World War II Museum on Magazine Street in the Warehouse District of New Orleans. It is a ” big garage” where World War II relics brought back to life through restoration. It allows the public to watch the process. They are currently restoring a PT boat for all to see. Really a great idea and much more than a simple garage.
The other great new is free parking and a Happy Hour with Sliders for $.75 and a Happy Hour. Sit in an air conditioned Stage Door Canteen and enjoy yourself while getting a great deal. I will go back and make it a point to eat several more on on my next trip.
The City just put parking meters in where they can make a few cents and give out more tickets on the nearby street. The Stage Door and Museum countered with free parking with food and drinks. The locals and tourist in New Orleans loves this idea. They will get the word out, get more people introduced to the place, and in the long run bring in more bucks. Great marketing Idea for the Museum and the same old thing for the City to soak the traffic. Now which tactic would you favor…..
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Will the real Warehouse District condo please stand Up…..
June 8th, 2011 categories: Condo Listings, Warehouse District
This is a new Listing in the Federal Fibre Mills located in the New Orleans Warehouse District at 1107 S. Peters one block from the convention center. Its priced at $289,223 and is a two bedroom and two bath condo facing the park. You can find a more in depth view of the condo at New Orleans Condos . Net
I wanted to show you a great example of what I think is a true Warehouse Condo and it just happens to be one of the first developments in the area following the New Orleans World Fair in 1984. It was once a rope factory built in 1896 when William Mckinley was President of the United States.
The Fibre Mills preserves the large windows that factories needed when it was a Mill. The exposed bricks make the exterior wall in the vast majority of the units. The exposed beams and high ceiling give the units the bigger Warehouse feel. They are the original wood color and have never been painted. The wood ceilings are natural wood that supports the floors above.
You do see old stains and hardware used to keep the structure standing through the toughest of hurricanes. Very few condos are alike in the building but most have that ture warehouse loft feel to them.
The other features that separates the Fibre Mills is the courtyard, lobby, common areas, gym, swimming pool and spa and just the over all appearance of the condo association itself. I give the common areas an A plus and is always gettting better. Its got a real commmunity feel.
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1129 Jackson Ave. #8, Townhouse Style Condo with lots of Space, large rooms, parking, and more!
June 7th, 2011 categories: Condo Listings
The townhouse style condo is across the Street from the New Orleans Garden District and steps to Magazine Street. It’s at 1129 Jackson Ave#8 and is the corner unit closest to Magazine Street. The condo is right at 1500 square feet of living. Its has two very large bedrooms up with each bedroom having its own bath. Both have large closets and plenty of room. Great for a roommate…
The condo features gated parking and a swimming pool in the rear. Inside you have hardwood floors downstairs, a large laundry room, a wood buring fireplace, lots of natural light, small patio, balcony facing Jackson Ave. , a nice breakfast room and built in book cases in the foyer. Master bedroom has vaulted ceiling and the second master has dormers facing Jackson.
You have a secure entrance to the grounds and to the parking lot which is in the rear. Just walk down the stairs by the rear pation and you are in your car. Ample parking for two cars for each unit.
Priced at $249,000 makes it a good buy for all the space for a well maintained condo in a small comple of 8 units. Not too big and yet not too small. A more in depth look at the condo can be found at New Orleans Condos . Net
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