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This weeks condo trends in New Orleans ! Business picking up…

1.  Interest rates hit the 4% range  this week for a 30 year fixed rate. Lowest rate in years.  This means it would be a great time to refinance and save big time.  The prices on comps in some areas are great for an appraisal and not so good in others.  But this is the time of year that the premium condos have sold in the last 6 months and these should be good numbers.  Getting 20% equity can also get ride of the PMI, or private mortgage insurance. 

2. Rental Market is very strong  Many people cannot buy for one reason or another.  These future buyers maybe on the fence about buying.  They are paying strong rents for the hot areas where people want to live.  The mortgage lending institutions which is the Federal Government have made it very hard to new projects started and financed.  Even if the demand is in New Orleans, it is the one size fits all approach for Fannie, HUD and Freddie.

3. Furnished and Corporate rentals are great.  The movie business has a lot to do with this segment of the rental business.  Add in the various construction projects and this is where most of the demand is coming from.  It has been strong for the last two years and continues into the Summer of 2011.  You can be getting close to $2,000 or more for a one bedroom in the Warehouse District of New Orleans

4. The demand for the one bedroom condo is back.  For the longest time people have been wanting two bedrooms but the one bedroom demand has come back.  The units need to be priced correctly and have to be updated to get the sale. Its always easy to spot the overpriced things in this market.

5. A shortage of large units in the 1500 sq. ft and up below $500,000  These  are empty Nester’s looking for a home and they need more room, parking and something updated as they want to be full time residents.  Walking and not using a car to go everywhere is a big plus.  This is happening in the Warehouse District and the Uptown neighborhoods.  There has not been a new supply put on the market in several years in terms of a new development of any scale.  The  New Orleans Condo Market is ripe for this.

6. Foreclosures and Short Sales are in short supply   Not many in the last 6 months in the areas where I work.  I know there are some foreclosures  in the pipeline and they tend to go fast.  The prices are generally 20% below the market value and people quickly pick up on the good prices.  Owner occupied gets first crack in may cases.  This cannot be an investent or second home when the units go on sale in the first 15 days.  You have to be ready but the deals are there.  Getting a pre-approved is a must….and you need Patience…..  Get on my list now and get ready….

Cotton Mill Condos New Orleans Warehouse Distric, The Tower

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