October Market Update for New Orleans Condos….

        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.

New Orleans Condos, Refinace now

       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.

New Orleans Condos, Market Update for October, 2011

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