The Cotton Mills Condos Sales have done extremely well in 2012 with the listings are are priced correctly selling very quickly. A lot of sales have gone under contract within the week. There are several that stayed on a little longer as they were out of the price range. There are 288 units at the Cotton Mill Condos so through the end of July, 2012 there were about 14 units that have closed with several others under contract.
The Cotton Mill Condos have been very easy to rent and owners have opted to rent rather than put them on the market. The market in this building peaked in 2006 and 2007. The last units were sold after Katrina and the developers got a premium for them. The market was hot in 2007 and units were selling at a premium during that year. We are almost back to those prices in 2012 depending upon the condo and what it offers.
This was the case with the #331 that ended up with 240k but was initially priced at 269k. I would guess if it was priced correctly when listed it would have sold for more than what the seller eventually received. This happens all too frequently with sellers that do not look at the numbers. They do not want the agent to tell them but in the end they know….
The other thing you notice is that the smaller units sell for higher square foot prices as the larger units. This is generally the case. Its the point of entry into the building. The prices will vary depending on the condition of the units and the Updates, Floor Plans, Views, and the overall feel of the unit.
The Cotton Mills has remained popular becasue it has a lot of very nice amenities and is one of the best buys for a unit under 200k in the New Orleans Warehouse District Market. The pool, courtyard, gym, management, and that true warehouse feel is what makes the place appealing to residents and people purchasing as a second home. The appeal of the units remain the large windows, wood floors, high ceilings, exposed brick, natural light and the lifestyle of the Cotton Mill Community.
The area surrounding the complex has been dramatic with the World War II Museum a block away. Several new rental buildings have come on line in the last 5 years. Several old dilapidated warehouse have been torn down. Several new restaurants and bars have opened in the last 2-3 years as well as great little supermarket and deli across the street. Poeyfarre Market at 925 Poeyfarre.
Second Home buyers are increasing in the building. The Cotton Mill Condos the only FHA approved condo development in the Warehouse District.
There would be many more sales but not many units were listed for sale so far in 2012. If interested its best to get an auto feed from your realtor. Just ask and you will get all the new listings daily so you can keep up with what is new. Starting 3 months is always a good idea. You can generally close a deal in 4-5 weeks using a local lender.