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Second Homes in New Orleans are Picking Up, Condos make a great choice…

     The New Orleans Market is doing very well for second homes as we start the new year of 2012.  The main areas of interest are the French Quarter, Warehouse District, Garden District, Lower Garden District and Uptown.  Most second home buyers want two bedroom places although good number of buyers are looking at one bedrooms as well. The buyers fall int0 one of two categories…

     New Orleans Connections – Buyers with connections are those that may have lived here or gone to school in the past.  Many have moved away and all miss what New Orleans has to offer.  They tend to look in various areas of the City of New Orleans because they know it better.  Some have relatives and want to get back to visit them and their families.

    Buyers Just with a love to come- I am seeing more and more buyers who have no real connections to New Orleans through family but just like to come here often.  They may have come to Jazz Fest, a convention, or on business and just like it here.  These are the buyers that make me appreciate what we have here.

     In both these categories you tend to see people looking at the purchase as a retirement condo to spend part of the year here.  Many plan to live in New Orleans for several months at a time.  Some can even work in New Orleans part time and then return home between visits. 

     One thing most second home buyer have in common is that they have the 20% down required by lenders, will put a lot down or will pay cash for the condo.  Most want a place that is carefree and has been updated.  Most tend to be very picky in what they are looking for.  We have to remember that a second home is a desire and they want what they want.  I do see the price ranges getting higher over the last 2 years.  However you can find some nice places as low as 140k in the Uptown area.

     I always get asked about flooding and crime in New Orleans.  The majority of the City did flood during Katrina but over 95% of the condos in the areas mentioned did not flood at anytime in the past.  There is crime in the city but where you have condos the crime is not a big issue.  The condos tend to be in the more expensive areas of town and are in neighborhoods where people are not interested in crimes.

    The other very interesting factor is second home buyers is the length of time they look.  Some take a while to purchase but know what they want.  They take more time to decide before pulling the trigger.  In today’s market its easy to keep clients updated with the Internet if we know about what they are looking for.  I can answer the questions and send listings as they become available. The most interested do their homework and have a good idea of what they want.

    The other group has been looking for a while but when I get them as a client they are ready to purchase.  Most of these can weigh the pluses and minuses of each condo and make that decision.

    Neither group wants to see the overpriced condos and those that fit do not fit their needs.  Lately it has been very ease to get don to the best 5 properties before they start searching.  Lately if they know the area it may be hard to find even 5 winners.  I am still amazed at some of the deals my clients have gotten so I am never surprised.  I supply then with lots of sales data so they can make an informed decision and answer their questions as honestly as I can.  Visit www.nolahomesearch.net  to start your search.

    French Quarter Artist, The botanist

404 Notre Dame Building

New Orleans Multi-family homes 

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