Its been a strange year for sales in the Warehouse District of New Orleans. There have been fewer sales of late than normal. This is because there is not much in the way of condos that are priced to sell. Here are the numbers. There are 16 active listing today with 22 under contact. I would suspect most of those to close by the end of the month. I will say at least 8 of the 16 active listings are at priced at least 10% over the asking price. This means there is even less to chose from.
The extra demand has come from second home buyers who love to be in the area. It is just close to everything with new restaurants and retail stores opening monthly. You have to be ready to buy when you see something you like when you see it or it will sell when its priced right and is a nice place. Some are even selling before they hit the market by asking around the office as to “who has a client for this”
I am now having to suggest other great areas of New Orleans where they can find things just as nice where the prices are cheaper. The areas have many of the same things that people are looking for, they are just not as familiar with them as they are with the Warehouse District. After we take a tour most will see why and if the other areas suit their needs.
So you need to check out other areas that will surprise you as to what they have to offer. Looking down St. Charles Ave, Garden District, Lower Garden District and Uptown are the most ideal locations after the Warehouse District. The French Quarter may also be an option but the prices do go up quickly in this area. The French Quarter does not have its normal inventory either as the nicer priced condos are selling quickly.
Best thing to do is get on a watch list to show you what is on the market each day. It shows when it goes under contract, when the price is reduced, and whatever changes are made in the listing. I just set you up based on your criteria. Keeping updated is important and will save you money. As will a good buyers agent who does not mind telling you when something is too expensive. Best to get in your condo before the Saints football season starts on the way to the Super Bowl in the ” Big Apple”.