The New Orleans Condo Market is doing better in all areas in 2012 with increased sales and a much more limited supply. The better units that are priced correctly are generally selling with 2 weeks. The condo market is following the uptick in the single housing market that picked up in the Spring of 2011. This is happening in all price ranges.
Reasons this is happening….
Interest rates are below 4% and local banks have financing for all types of condos. Owning is cheaper than renting at this rates in many cases. Your principal and interest are about $900 when borrowing $200,000.
Rental Rates are up over 10% and are not easy to find as competition is stiff for the nice things. I recently had a rental listing and 16 people looked at it in three days. It was rented the second day for over $1500 for a small two bedroom and one bath shotgun.
Pick up in other condos areas, Warehouse District and French Quarter This is especially true with people looking for second homes where finding something in their price range is now harder to find. Many more are willing to come to Uptown New Orleans.
More people want the area, its getting more exposure The area along St. Charles Ave. and the area between Magazine and St. Charles is getting plenty of interest. You can walk to so many places. Parking is much easier than other areas. So many things to do….
Variety of Styles…. You can look at historic renovations of old homes, to small complexes and some large complexes along St. Charles Avenue. It all depends on what you like.
Condos are much cheaper than homes…Starting out the prices of homes are pricing many out of this market. So a condo is a viable option that gives you a carefree home.
Growth in the local Job market , The New Orleans area is producing more jobs and people want to live where the action is. People are feeling good about themselves and the local economy.
People are just more positive about the city and this translates in a desire to be part of something special….Thanks to Mayor Landrieu for being a great leader….There are new things on almost every block in the area.
The City of New Orleans is just getting younger…Many time condos are a better way to get started and young people are a great fit to own a condo.
The prices are up moderately and that have been about even since 2009. Many sellers are just pricing the condos better in most cases. You will see ones overpriced but they will sit there.
Now may be the time for you to be in the market. Get an agent that knows the market and is not afraid to give you the pros and cons on the condos that you will see. Get the sales history and the overall trends of the area.