Its only natural for purchasers to look at the areas of New Orleans that they know the most about. A lot of time people will change their minds and look at other areas of town once they become educated as to what they will find. There are some who will not change their mind and keep looking in the area where they had their heart set on being.
One of the best examples is that many second home purchasers start in the New Orleans French Quarter. Its a great place to start but prices are high for what you get and parking is harder than most areas. A certain percentage of these buyers once exposed to the Warehouse District will consider that area as well. Its across Canal Street and they may find a condo more to their liking.
Many second home buyers start with the one area in mind. Once exposed to multiple areas they go where the better buys happen to be. Some start in the New Orleans Warehouse District and see they cannot get something that matches their budget and desires. They go Uptown, Garden District and in the Lower Garden District Condos to see what is available at lower prices.
I tend to call this a natural affordability progression of neighborhoods. The areas on the edge of the more popular neighborhoods tend to develop this way as people are priced out of a certain areas. In addition to pricing they become more educated to the various choices of New Orleans Condos. This makes the edge area expand out until it meets the more popular areas again. This happens in homes as well, the the condo market follows. Condos on Saint Charles Ave. in New Orleans is another area where buyers may start or end up.
This does not happen to everyone but to at least half of my clients. Many think about it and become open to other areas. In some ways we come a tour guide in order for the client to get the extra exposure. Its part of the job and tends to be fun…Our job is to expose clients to areas they may not have considered as they just did not have enough information to know. Doing this everyday I tend to know what you will find in each of the New Orleans Condo Marget Segments and Neighborhoods.
The buyers that can spot these trends often get a condo thaat appreciates more as the area becomes Hot. Once the trends are more evident then the prices tend to rise. It just takes experience and time to watch these trneds develope. You however cannot make a trend where there is not one.