One of the first decisionsa purchaser will have to make is what type of condo they desire and what type of life style does that bring. Both are good choices. Both have their positives and negatives. Lets talk about the New Orleans neighborhood condos which are primarly homes turned into condos.
They come in all shapes and sizes. Many of these style condos were once homes, doubles, four plexes and apartments that were converted into condos in the last 10-12 years. The neighborhood condo has become more popular in the last couple of years.
The doubles that have been converted into several condos generally have the features of a shotgun double. Two condo side by side with maybe a third in the rear. These are going to be in residential neighborhoods where you can walk to a lot of places. We see a lot of this style along Magazine Street and the side streets. Many times coffee shops, antiques stores, dress shops, restaurants and bars are close by.
One common conversion is old historic homes that were apartments that had been home and then apartments were later turned into condos. These have anywhere for four to six units. Some of the condos are going to have a porch or balcony. You may pay more for this but in the long run its a great investment to get the premium condo in the complex.
You will find this segment to have varying degrees of updating. Some condos will have almost everything new and the prices are higher especially when the developer tries to duplicate the time period of the home. These are the premium condos.
The next condo is where the developer did the necessary updates for the building and did all the cosmetic touches to give it a salable look. The third category is where the developer did very little but divided the home into condos. We find less than you would think of this type of condo.
If you want the high ceilings, wood floors, large windows, natural light then the neighborhood condo may be more for you. You will have more responsibility as there are fewer owners and each has to take an active part in the upkeep and manitaince of the building and the grounds. Some condo associations do a great job and some do not keep up the property as they should. In the end this decreases the value of the real estate.
Almost all will like the life style of walking the neighborhoods. We find this condos mostly in the Garden District, Uptown New Orleans, French Quarter and even Lakeview where the cost of homes prices many people out of the single family homes. But with a condo you can live and walk in the areas. Riding the street cars, biking and walking to places is the norm…
Both styles are easy to rent if that is in your plans. The neighborhood style is not going to have the amenities that a complex will. There will seldom be a pool, gym, guard, on site manager, or large courtyard. The condo fees will generally be less as there is less to take care of. The residents do have to take an active role to make sure things are maintained on a regular basis. These are not carefree but can be a very enjoyable lifestyle…..