The housing market has been strong for all of 2013 in East Jefferson with fewer listing and quick sales being the norm in most areas. Generally when this happens you expect to see condo sales rebound as well. You just never know when that may be. I am thinking that time is now is now.
The interest rates are climbing so buyers are thinking it is time to act. The interest has picked up as rents are also going up in all categories. Much of the inventory that was not selling has been rented out as the rental market for condos has been great all year long.
People that are downsizing are also looking again to downsize and a condo may fit their need. They can now sell their house in a good market so they know it is time to act.
First time home buyers are finding the New Orleans Market almost twice as expensive as areas in Metairie, Harahan, River Ridge, Old Metairie and Old Jefferson. There only choice may be to buy in Jefferson Parish for what is like a ” half price sale” The prices have not gone up which makes it better for all buyers looking for a place.
Many times the condo fees alone are less than the insurance on buying a home. You then get insurance, water, trash, and upkeep in that fee. The condo purchase is a more carefree way to live where you are basically renting to own. You get to deduct the interest on your taxes and build equity at this still low rate environment.
One other thing I have noticed is fewer older people have been looking and buying. We are beginning to see some interest in that segment as that was always a large share of the condo market in Jefferson Parish.
The Metroview Condos in Metairie is a great example of what is one the market. The condo fees for a one bedroom is $162 per month. The one Bedroom townhouse units are $109,000 along with several good deals to be had on some resales as well. The condos are almost new and have some great common areas. Included in the fees are water, insurance, upkeep, management fees, common areas, trash, gated parking, and visitor spaces.
The common area include two swimming pools, full gym, on site management and green spaces. You are close to shopping areas and all kinds of eating and drinking establishments.