Archive for October, 2011
1350 Bourbon Street, French Quarter condos…Kinda of quiet area…for the Beauregard House Condos
October 31st, 2011 categories: French Quarter, New Orleans Condo Reviews
The Beauregard House located at 1350 Bourbon Street is close to the bourbon Street that we all know. It however is a very quiet neighborhood condo association between Esplanade and Barracks. Tucked away behind its brick wall it is barely noticed except for the flowers and vines that have crept over the front gate.
The condo association has 25 units with most of them being one bedroom units with the same basic floor plan of an alcove kitchen, living area and a good size bedroom. They all open to the balconies and have plenty of natural light. They surround a wonderfully landscaped courtyard and sparkling pool. The complex is three stories.
Each unit has French doors with shutters for the living room and windows in the bedroom. The units are about 525 sq. ft each. The kitchens are not large plenty of room for those who live in them on a part time basis. Its an alcove like kitchen leaving it open to the living area. Bath in the hall outside of the bedroom.
Most of the units are for second homes. Its a safe place where you can lock the door and leave for weeks at a time. You can enjoy the courtyard and then step out to enjoy what the French Quarter and Marigny has to offer. You can generally park nearby as the units have no on site parking.
There were three unit for sale this Summer and all have now sold. They were listed at 189k and 199k. One is currently under contract so the sales price is not yet known. The sales price on the others was 180k and 188k with the difference being the condition. We sold one of the units as it was a good buy for the under 200k range in the New Orleans French Quarter. A great location indeed.
There was a special assessment for the current owners so they could do some upgrades. You can always have the current owner finish up with the assessments which were due through the end of the year. The pluses were location, condition of the complex, attractive units, great common areas and competitive sizes. Just a perfect setting for a second home as the last three buyers are finding out. There was one sale in 2010 but three in 2011 with nothing currently on the market….
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Shopping for the negatives and positives of each New Orleans Condo….
October 28th, 2011 categories: Buyers Agent, Market Trends
In ans a market where almost all clients are very picky they will view each condo they see with positives and negatives. Everyone does seem to want it all and people become less picky when the units are bargains. I tend to think that way as well as I am thinking about resale value as I go through the listings.
Some negatives can be made into positives such as paint, older appliances, light fixtures and such. Some negatives such as floor plans, no parking, odd views, high condo fees cannot be overcome. Sellers can make their unit have more positives as well. Overpricing is a huge negative and agents will just pass them buy as they do not compete as well.
I had a client call me today to see condos in the Warehouse District between 180k and 300k. I could only find four that I thought they would like to see. One they had already seen. One is not available till next week. Two that would have been a winner was sold this past week. Both were “winners” in my book and far as positives and price. That leaves two units to see. In the Warehouse District this is becoming the norm.
Business is not booming but there is not a lot of the nicer things for sale. It is a supply issue when all you can show are two or three condos. The buyers can expand their search to other areas or wait for the right one. More than one buyer will be doing this so you begin to have a buildup up in demand of the nice condos that are priced correctly and have a bunch of positives.
There have been several foreclosures this year and all three were sold in a couple of days with mutiple bids. Fannie Mae generally lists the condos 20% below market value and you take it as it is. There were several bids on each. They take the highest bid from someone who is going to live there for the first 15 days. Then investors get a shot. Very few have gotten any shots in 2011 Warehouse District.
There are other areas that are going to be like this but they are not quite there as yet. Happy Halloween ……Eric
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Coliseum Square Neighborhood Condos, Condos and home live togeather…
October 24th, 2011 categories: Condo Knowledge, Garden District
This is a good example of one of the historic condos in the coliseum area that I have recently sold. Its an historic building that has been totally redone, its basically new construction at this point. Surrounded by million dollar homes with green space in the form of an urban park called Coliseum Square.
There are several condo association within 3 blocks of the Square and park. Located in the Lower Garden District, its close to everything. This one is located 1446 Camp Street across the street from the Park and its many oak tress and fountian. Its only 4-5 blocks to the New Orleans Warehouse District which is still very much in demand. Walk to Magazine Street and watch the changes going on there.
As housing prices firm so do the prices and demand for condos that fit peoples needs. People are still picky and want the most for their money. The big difference in this area is the type of conversions that have taken place over the last ten years. Many conversions are turning small apartment complexes that were old homes into condos. This gives you the historic feel of a modern place with high ceilings, large windows, wood floors and some nice views that would be very expensive in other areas of town.
The unit we sold is the balcony unit overlooking Coliseum Square with with plenty of natural light. Each unit has gated parking. There are only 6 units within the renovated old home. The developer went over the top trying to keep the old features while at the same time making this almost new construction.
The prices in area make the neighborhood much more affordable the neighborhoods surrounding it. The historic condos fit nicely into the neighborhood and add life to the total neighborhood. The more owners you have in an area, the more they care about the quality of life and their investment. Just another area of New Orleans that gives you a taste of the Crescent city…..
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What will be the next Hot area in the New Orleans Condo Market ?
October 23rd, 2011 categories: Condo Knowledge, Garden District
When you wonder where the next hot area for condos you have to look at what is currently hot and what that area has to offer. Can that experience be duplicated elsewhere ? How is the housing market doing in that area ? How close is that area to where you would like to be but cannot afford to live there.
The condo market is an alternative to a house for many. The condos in New Orleans are becoming a second home to many. Condos are a way to avoid paying rents that are very high at the moment and have been that way for a couple of years. You can live in an area that has very expensive homes in a condo. So if the housing market is strong then the condos in the area will tend to do well. If people are just discovering the area then it only takes 10-15 clients to make a trend.
Two of the areas that I see that happening is the Lower Garden District and the Garden District. The housing market is doing well in these areas. Its close to or next door to the New Orleans Warehouse District which is the hottest condo market right now. Transportation and drive times are small. The prices are cheaper. The demand for historic condo conversions is still alive.
People are discovering the Magazine Street corridor and all that it has to offer. Shops of all kinds. Lots of restaurants and coffee shops and its all walkable. Its close to downtown and close to LSU and Tullane University hospitals. Close to the new VA hospital as well. Its close enough for students and law students going to Tulane and Loyola Universities. Its close to the new VA Hospital, LSU Med school and Tulane Med school. The furture demand is going to be there.
I have experienced the increase sales in the area in 2011 as I have sold 5-6 units in the area. I have also seen the properties come and go at a rapid pace when the price was right. A number of them went under contract in a matter of days. This is even when financing has been hard.
The other area that will begin to show more promise is the Lakeview and Lakefront areas as the market has been doing well there as well. Have to save that for a second blog.
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7300 Lakeshore Drive, New Orleans-Water front Condos-Light House Harbor
October 16th, 2011 categories: Lakefront
I was showing the condos at Light House Harbor last week in Lakeview at 7300 Lakeshore Drive, New Orleans, 70124. I was amazed with all the changes and upgrades that have recently been made at the condos. The painting, resurfacing of the deck and much more make the place shine. All due to the result of a recent upgrade and assessment to the present owners. Upgrades do help with the future values. They have to be done from time to time for enjoyment of the residents and upkeep of the condos. New buyers do not pay assements….
The 41 units all have covered parking on the first floor which is secure. Several elevators to the two levels of condos. The odd numbers are on floor one and the even are on two. All the condos are townhouse style with steps. They all have views of the Marina and then Lakeview from the front. They have been around for 25 years so you are going to see some with plenty of updates and others with not so much. That will be the big difference in price for a comparable unit.
There are currently 4 units for sale ranging from 299k to 380k . All are at least 2 bedroom and two bath units. The size of all the units range from 1700-2600. All have private balconies, wood buring fireplaces, boat slips and access to the deck in the back of the condos. The living area and kitches are large areas that go from the front door to the rear while the bedrooms are up. The master will have a balcony with a view of the Marina and water.
The amenities include swimming pool, sauna, club room, full time manager, large deck with many great sunsets. Walk, jog or bike along the lake as there are plenty of open spaces. Walk to at least 8-10 nearby places to eat. Many have opened in the last two years. Condo fees are higher than other condos but you get more enjoyment for your money. Its worth a look for those who enjoy the outdoors and a desire to be close to town. Be prepared for many visitors if you buy here.
This is your backyard at 7300 Lakeshore Drive. Its all about lifestyle for those that live here. It’s the water and out doors but still be close to everything. You are in Lakeview for easy shopping but 15 minutes to downtown. Its another lifestyle that will becoming more popular as prices have moderated in this area over the past 5 years.
I was impressed with some of the units that I saw. Knowing the prices in the New Orleans area these are among the cheapest for what you get.
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You can find some nice places for less than 150k in New Orleans…
October 10th, 2011 categories: Condo Listings
This condo at 2019 Camp Street in New Orleans has just been reduced to 149k today. Its between the Garden District and the Warehouse District where few things go below 150k. An historic renovation on a quiet street within walking distance of the Garden District and a little londer walk to the Warehouse District. Its a one bedroom with high ceilings and plenty of light. Also has an office or guest room. www.neworleanscondos.net will have more photos. Look under featured properties.
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October Market Update for New Orleans Condos….
October 8th, 2011 categories: Market Trends, Second Homes
The New Orleans condo market is going to be different in the various areas of the New Orleans Metro area. The prices of condos and demand are going to follow the sale of homes. The hot segment of the market is in New Orleans. Jefferson remains very cool as demand is very slow even with some great deals to be had. St. Tammany is slow as well. As an agent you tend to work more in the areas of demand.
Rates are at 4% as we enter October. This is a new low for rates in my lifetime. People need to check to see if refinancing is for them. The 15 year rate is like 3.25 and you can save tens of thousands of dollars if you can take a slightly higher note. Getting rid of PMI with 20% equity is a big saver as well. If you can do both its a giant windfall.
Let talk about New Orleans now since it is the best market for condos as it is for the home market in all price ranges. The supply is down in all categories. The supply in the French Quarter is way down from a year ago. The same can be said for the Warehouse District. You can easy get down to the best 2-3 units in all price ranges. Clients are waiting for units to come on the market. The Garden District and Uptown is seeing the better units very quickly.
People are becoming more flexible as to where they would purchase. We even see some uptick in the Lakefront condos where there are a couple of exceptional buys still there. This market has been quiet for a couple of years. It may be waking up….
The supply is down in all these areas. Rents are up in all areas. If you are a buyer its best to get started now so you can get a feel of the market. I can set you up to receive all the new listings as they come on the market. You can see the reductions, sales and begin to see a trend in the condo market.
The second home market is becoming much stronger even with 20% down as a minimum. One change we notice is that many of the new second home buyers are making New Orleans their home for several months out of the year. The demand is there for the larger units but supply is small as condos in New Orleans have generally been smaller in all price ranges.
Once again timing is key. Buy when all the factors are on your side. Low rates and decent prices. A low supply may be in your favor as the market may have bottomed last year. The holiday season is a great time as some buyers are waiting for next year but the deals may be availiable now.
There are very few bank repos in the market but some sellers just need to sell for a variety of reasons. You can count the bank repos for New Orleans Condos on two hands. I have seen many and they sell quickly mainly to owner occupied buyers. There will be more. I have not heard of a short sale in months. People are avoiding these as rents are too good and a smart seller in trouble can make it work.
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