I am selling a lot of condos that are being used as second homes in all areas of town. This year half my condo sales are from second home buyers. A few are from out of state but many are from nearby cities such as Baton Rouge, Mandeville, Covington, Slidell, Lafayette, Houma, Mobile, and Jackson. Its an easy drive to New Orleans.
They all have some connection to New Orleans. Many have grown kids and it will be like a family home in New Orleans. A condo is ideal when you are not going to be in town every week.
Most are looking for something move in ready where little has to be done. Its going to be a fun thing so few want to spend the time and money updating. Most of the things I am showing have all been in great shape.
Many are looking for two bedroom so they can have family and friends visit them. Others are looking for that New Orleans feel where they can park the car and enjoy a weekend of walking, eating, shopping, and the enjoyment of a city filled with things to do within a few miles or a short street car ride away. It is never hard to have a reason to come.
A lot of the sales are cash. You will need 20% down for a second home so most of the buyers are very stable with good earning with money to spend on each visit.
Uptown Condo Market is Moving
Today’s Buyers want something that looks like it belongs in New Orleans. These conversions are becoming more popular and can be found all over the Uptown New Orleans Area. The Warehouse District and French Quarter is still a demand area but more and more people are looking in the Lower Garden District, Garden District and Uptown.
The prices are better. Everything is still very close and you just get more for you money in terms of space, parking and price. You can take the streetcar to the French Quarter and you are always close to St. Charles, Magazine where there is always a lot of activity.
Part of the demand is because the housing market is doing so well in the area. Condos do follow the trend as beginning Homes are getting very hard to find in the 400k range. So condos make a lot of sense for the second home market in this area.