Warehouse District Condos in New Orleans, A few favorites but not many…It may be time to begin your search !!
The Warehouse District Condos are getting harder to find as the new listings have been coming in at a trickle. The prices are on a gradual uptick. Many of the condos in the 200k range only stay on the market for several weeks. The rental demand has been way up and there a few places to rent. There has only been a handful of foreclosures in the area and could count them on one hand over the last year. Foreclosures were at most 10 units spread over the past 4 years or so.
I had a couple of recent sales where my client was the only one to see the condo because it sold on the first day that it could be shown. Missed out on a couple as well as my client could not react fast enough. Always a good idea to start looking several months before so you can get an idea of the trends in the neighborhood.
There are a couple of nice things available but the parking does not come with the unit. Parking can generally be found but may have to walk a block or so. This is not a big deal for a second home buyer but it is a big deal if you live there full time.
You can still get a nice one bedroom in the 185k range to 220k that has been updated and has parking or access to parking. Many of the two bedrooms will have parking but the prices start in the 280′s range for the 900 sq. ft size and go up from there.
The Warehouse District is attracting more second home buyers than ever before. The Warehouse District has become a place where there is always a lot of things to do. The World War II Museum is expanding. The Convention Center has been having a great year. The Saints weekends have been becoming larger and larger. So just a lot going on each and everyday.
The new VA hospital and LSU Medical Center are in fact going up and people in the area know that this will bring in more people that will desire a lifestyle of the New Orleans Warehouse District. The movie people love the area as a base of operations. Some of these people start off as rents and then become buyers in New Orleans.
I still get a lot of request for second home buyers who want to look but are not quite ready. In each category there are only a couple to look at. The good ones will go before they get to see them or can make up there mind. These buyers have to get started early. Start looking on the Internet. Get financing in order. Begin to look at some other great areas where the supply and prices may be lower.
In short the market is good to very if the condos can be financed and they have most of the things people are looking for. Buyers are still just not going to buy anything so it has to be prepped for sale and be at a reasonable price. Buyers can generally get financing in most of the condos with interest rates at about 4%. Always best to stay with a local lender so the process is smooth and you can close on time.
This will give you a great idea of the New Orleans Warehouse District Lifestyles. The future of the area looks bright so now when rates are look and prices are still good, the next several months is a window that may soon close…..