Many purchasers tend to look way too much at the price per square foot when looking at pricing. It is a factor but there are many more factors and the Condos in the French Quarter have a lot things to look at in addition the the size. In the end the price is determined by what you are getting for your money and what you will pay for it. Sellers like to look at those numbers if it makes their unit more valuable. Its just the nature of how people look at their own units.
There are so many variables that is often times easy to pay too much. Also the buyer may not realize the value if all the facors are not taken into account.
1. The quality of the condo assoication does matter. Has the condo association been kept up. Is it kept clean. Is there unfinished or unmaintained look. Are things being put off for future owners to pay. Does the condo assoication have enough in reserves to take care of future issues without an increase in condo fees. If the complex is kept up to a high standard then the price will stand up. The management of the condo assoication does matter as well. Most small associations are self managed.
2. The size and quality of the common areas do matter. This is an extension of the condo itself. In an area where units are small having that nicely landscaped courtyard with furniture with pol are fountain are part of the enjoyment of having a second home. Its something that you own and its for your enjoyment and in the end value.
3. Location within the Quarter matters with condo between Royal and Decatur generally selling for more. Its just where more people want to be. This however is nice for people liking the more residential areas of the French Quarter as you get more for your money and the areas are great. Its just that perception that people have. What do you see, feel or smell when you walk out the front door.
4. Location within the complex is important. The 3rd floor walkups generally get less that a second floor unit with all else being equal. Stairs and views do matter as a lot of these are like an attic space. A unit that opens onto a nice courtyard with french doors is more desirable than one that opens to an alley.
5. Views are super important. Is it a view of an alley or a street view or that of a beautiful courtyard. This is where the amount of natural light can really help sell a place coming through French doors or larger windows.
6. The condition of the condo itself does matter. Newly renovated units to the studs can be worth as much as 20% more. You just get less problems and are able to enjoy without doing work on it. Now if you get a big break on price then it may be worth it. These are few and far between. So updates do matter and are more desirable when you go to sell.
7. Balconies and Galleries are big. A second floor balcony is among the most desirable feature of a French Quarter second home and can easily add 20-40k to the value of the unit. A gallery is wider as it is supported to the street and can generally be a much more usable space. By having a balcony to the street you naturally get a much better view of the scenery. The photo below is a gallery as you can see the supports to the street and that it is wider than most balconies. Private patios can really be a plus as it just adds to the usuable space.
8. Parking is a biggie but most units do not have parking. It can easily be worth 40k if you can find one. Some places will have nearby parking but others may not. This will become a factor to at least half the purchasers but any of the buyers will not have a car so it is a mute point to them.
9. High Ceiling and an open floor plan are going to increase value as you jut get a larger feel. A single story is going to give you a larger feel because the space is on one level. It just lives larger. This is not always the case but is a general statement. Spiral staircases are not the perferred way to go. Historic feels get the nod from the 70’s look. Most buyers want that New Orleans feel….
10. The kitchens and baths are the key things people do look at just like in homes. Do you get your own washer and dryer or is ther one close by to the unit. Remember paint is cheap and sellers should clean and paint before putting the units on the market. Light fixtures give the condo an elegant look as well. Wall paper is an easy fix and buyers can get a wall paper discount.
These are some of the points well worth thinking about because all this does matter when you go to sell. You get more if you have more to offer. Your value goes up when you keep all these facors in mind. The condo are all so different and that is where a well rounded and knowlegable agent can help you in getting the best value…