Categories

Archives

The Second Home Market in New Orleans is Hot……If its nice and priced right it sells…

     The trend of people wanting second homes is trending upward.  The demand is solid and the supply is low.  This is the case in all areas where people are looking. Purchasing a condo is the way to go for 98% of second home owners.  Prices are trending upward over last year. 

    A second home buyer needs to do his or her homework so they will know the one when it comes on the market.  Since most second home buyers are not local they cannot see the condos as they come on the market daily and sell within a few days.  One major change I am seeing is that a lot of the buyers are “near local” from places like Lafayette, Baton Rouge, Houma, Mandeville, Mobile and even some from Metairie.

    Second home buyers will need 20% down as a general rule.  Rates are at 3.5% or there abouts right now.  Best to have a pre-approval letter from a local lender once the decision is made to purchase a condo.  Your addition expenses are taxes, HO6 Insurance policy and the condo fees which may be a little different depending upon the condo association.

   Second Home Buyers should be open to several areas unless they are completely set on a specific area.  Many times buyers do change their minds once exposed to other areas of town.  Other areas may have cheaper prices and larger condos.

Lower Garden District Porches in New Orleans Homes 

     Once a purchaser decides on what area of New Orleans he wants then the buyer has to decide on the type of condo he wants.  The complex that has a lot of amenities. The Small association with a lot of historic features.  Want a certian area and are not concerned with the style.  There are few complexes in the French Quarter.  There are few small associations in the Warehouse District.  You see both in the Garden District, Uptown and along St. Charles.      

     What you seldom find is that larger complex uptown with that historic feel.  Knowing what to expect is the first step where a realtor schooled in all the areas can really help your search.  My focus is on the resale value of your purchase.  I will know the plus and minus of each unit and will share my knowledge with you as we search.  

    Let your keyboard do the searching and I can answer most of your questions as you begin the search.  If I do not know the answer I can find it out.  One of the most asked question I get is ” Did the condo flood during Katrina”  99% of the time the answer in no.  The popular areas for condos are in the older areas of town located on high ground. Most had little damage and suffere little or no damage….

 2625 St. Charles Ave. Condos, New Orleans Condos

Start Slide Show with PicLens Lite PicLens


Leave a Reply

Copyright © 2007 New Orleans Condo Trends by Eric Bouler     Agent Login     Design by Real Estate Tomato     Powered by Tomato Blogs

Eric Bouler Realtor
Gardner Realtors
Metairie - New Orleans, La. USA