The Market for second homes in New Orleans is as good as I can ever remember it since I got into real estate in the late 1990’s. There are few new projects on the drawing boards. There have not been any foreclosures in the last two years as the rental market is tight and places are easy to rent.
Oddly enough many of my clients for second homes live in Louisiana, Alabama and Mississippi. Lafayette, Baton Rouge, Mobile and Jackson is the most common towns that they hail from. This makes it even harder for people living further away as when something nice and priced right comes on the market it sells quickly. We can get the people living close to come down and look at the condo on day one. This is much harder for people living further away.
At one time the bulk of the second homes were centered in the French Quarter and along St. Charles Ave. This has changed and people are focusing on the French Quarter, Warehouse District, Garden District, Lower Garden District, Uptown New Orleans and adjacent areas. In areas that never flooded from Katrina as they are in older areas of town that were built on higher ground.
A sale that I have now sold the first day to one of my clients. They lived in Baton Rouge and was able to introduce them to the market and look at the most likely spots where listings would come up. We toured the complexes to give them some ideas. I then sent them the past sales from 2012 to date so they could see what they would get. I then set them up on a watch list to get the new listing each day that met their criteria. I could then answer there questions about the condos and if they were priced correctly. We did see a couple of overpriced units, but I knew they would come down in price as time moved on.
Then when the right one came along they were ready to purchase and had a good idea of what to offer. They were prepared to make an offer quickly. They just happened to be cash buyers which makes it easier. Borrowers will need to get their duck in a row and use a local lender by all means. We have seen too many deals not make it in a timely manner from out of town lenders or large banks. We are too happy to give you the best people that do deals in these locations all the time.
That is the way it has had to be done for the quality places that people are looking for. There will be more time if the place needs work, complex dated in need of repairs or is overpriced. These units will tend to stay on the market longer.
The result of a successful search is to be patience and the right thing will come up. Many times we here about new listings from our agent friends so we can get our clients some advance notice. It has helped me sell several listings quickly after I had them listed. It does help to be prepared and in the know as to what are going to be the future choices….