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Just Not a Lot of Inventory in The New Orleans Condo Market…..Second Home Market is Strong

We are seeing a strong market in New Orleans Real Estate for second homes.  The demand has been there all year but the amount of sales is down because the supply is just not there.  When something does come up it tends to sell quick if it is priced correctly and is nice.  This has been especially ture in the French Quarter and Warehouse District.  I now see this trend spreading to other areas.

It spreads to other areas because ther is just not a lot to view when you limit your selections to specific areas and price ranges.  For people purchasing from out of town  it is even harder because what is here on one trip will be gone the next month.  I have had several clients who will drive in when something does come up.  They are eager to purchase.  Others are eager but just cannot come into ton on a short notice and will miss out on the better deals.

It also happens to the people who live here and want to wait for the weekend.  This is good for the sellers if they have something nice and its priced right.  Some sellers see the tight market as a chance to get more than their condo is worth.  There are many of these in the market and once those are taken out its easy to get to the best 2-3 choices quickly.  When a seller is over 10% of the market price the condo will sit there until it gets reduced and they fall within the market price.  Many times it takes a while for this to happen.

This week I got a new client and we narrowed to choices to about 8 units.  They reviewed the photos and the areas and were quicky down to five units. They had a dog so that knocked one condo complex out that does not not allow dogs.  Once we started looking, they did not want a 70’s feel apartment even in the best neighborhoods on St. Charles Ave.  That knocked out two more selections.  That left us with two selections.

One was a little overpriced and the condo association has not done a good job at keeping the place clean and pretty.  The other one had a well maintained common area and overall great job at maintaince.  I mentioned that these condos have always shown nice as I have shown in there over the last 5 years.  The condo association and the level of maintaince and how the areas are keep clean do matter a lot.  My clients made a nice offer on the nicer association.  Thats kinda how it works…..You see It You like it, Then you better put in an offer……

 



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Eric Bouler Realtor
Gardner Realtors
Metairie - New Orleans, La. USA