Archive for the 'French Quarter' Category
November 5th, 2012 categories: French Quarter
Esplanade Ave is one of the more interesting Streets in New Orleans as it winds it self from the French Quarter at the Mississippi to Bayou St. John at City Park. These homes are all in the same area as the street leaves the French Quarter. One has been turned into a hotel. One is a double town home, and the other an elegant single with wrap around balcony.
It is also a great area to find a condos the buildings are relatively newer and larger. The area gives you a real neighborhood feel along the Oak covered Avenue. The parking is much easier than most parts of the French Quarter and access is easier from the interstate.
The new Street car line will come down N. Rampart as it makes its way from the train station to Elysian Fields. The Marigny Triangle is a hot spot for local musicians and clubs and its a short walking distance away.
It is one of my favorite spots for that condo purchase because you get that old world charm in a quiet mostly residential neighborhood.
This is one of my favorite Courtyards and Pools at 1020 Esplanade Ave. It was once an Italian Hall for dances, weddings, and social gathering. You never get to see some of the nicer courtyards from the street as they are hidden and normally walled in for privacy.
The condos at 1004 Esplanade are one of my favorites as the units are large with plenty of natural light. The Victorian Home is much newer than most homes in the French Quarter. It was turned into several large condos from a large home. Just very nice. The two best units sold again in 2012 in April and September.
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Halloween is a big holiday in New Orleans and is getting bigger all the time. More and more people are decorating. This is some of the great decorations in the French Quarter this weekend with more to come. New Orleans is just a natural for this holiday. People just like to costume and this gives them another chance to do so.
This weekend was the Seafood Fest at Waldenberg Park. There was also a Blue’s Fest in Lafayette Square. The Voodoo Fest is on the way. It will run the weekend before at City Park on October 26,27, and 28th. People will stay the entire week to enjoy New Orleans and hopefully some fo best weather of the year.
The First New Orleans Hornets NBA game is October 31st with another one on Friday night. The big LSU-Alabama is on Saturday. That will put a lot of Bama fans in town. Maybe they will run into a ghost of the game. The New Orleans Saints play on Sunday against Philly. You can see that it will be a busy week or so.
Lafitte’s is one of the oldest bars in the United States and it will get busy at noon on Halloween and stay busy to the wee hours of the morning. The number one costume may be pirates as they have dress rehearsals monthly as it is.
There will also be several big movies shooting around that times as well. That always adds to the fun.
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I have had on more than one occasion from clients looking in the French Quarter for a condo that they did not want to be on Esplanade. One client said he lived there in the 1980’s and it was unsafe and rowdy. Today it is not the case…You can get more your money in this area. Get a larger place, get a larger common area, sometimes parking, sometimes a pool. Always easy access to the interstate and all points East and West.
All these photos were shot this week in the 1000 block of Esplanade near Rampart. A lot of changes have happened in the immediate area and all for the better. There are beautiful historic homes, Hotels, and many condos. You are adjacent to the Marigny, a popular area for the locals that was more like the French Quarter of old. More people just live their full time….
The intersection of Esplanade has seen a new apartment complex, an upscale condo complex. More changes are coming with new and upgraded sidewalks and streets. The New Streetcar line will be finished next year that will intersect Esplanade as it runs from Loyola to Elysian Fields. This is a big deal that will open up the area even more and provide even more access to the area. Add in the Riverfront Park development and the area will become even more popular.
The condo sales have picked up in the French Quarter for 2012 with few new properties coming on the market. The demand has picked up as well. The market is doing better with the larger units selling quicker. Things that were on the market last Fall are not there now. There was some great buys but almost all sold in the last Fall of 2011 and Spring of 2012. I sold a couple that had been on the market for only a week. I expect the trend and demand to continue.
I do know that you get more for your money along Esplanade in terms of size, updates, courtyards, common areas. Many clients choose this area because its a quiet neighborhood yet close to all the things tourist like to do. The historic homes on Esplanade are larger and newer than many other areas of the French Quarter. That is why you get more space and have some great common areas.
Its all within walking distance and soon the streetcar can connect you to much more. For $1.25 it will be a fun ride and there may be no reason to use that car as much. This is a great area where you can bike as well.
So do not sterotype an area before looking for that condo as times and places have changed. And for the better in 2012. Maybe that is why the Port of Call is always busy several blocks away.
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The French Quarter Condo Market is really doing well in 2012. The nice things are selling rather quickly if they are fixed up and updated. The majority of buyers are going to be second home buyers and they generally do not have the time to update. They want something ready to go. The other hard sell is the very small units under 400 sq. ft that will not be approved for a conventional loan.
The mid range and upper end condos are the units that are selling which is a good sign. This is the case in the New Orleans Condo Market as well. You are still going to units that are overpriced that tend to stay around for a while.
I recently sold one on Toulouse that had only been on the market for less than a week. It was move in quality. My client lives in Mandeville, Louisiana and wanted a place in the French Quarter. Kids in college and wanted a place to enjoy on long weekends and to have friends use when needed. The rates are still below 4% and more local banks are lending as they know the New Orleans Real Estate Market has shown a drastic improvement since last Fall.
Many locals in New Orleans may just not get to the Quarter that much but an ever increasing amount of locals are purchasing so they can have fun and enjoy a different lifestyle. That is why I will share my photos from this week when a lot of things were going on. There is virtually a top festival almost every weekend these days. So here is what I saw……French Quarter Real Estate Face Book is where I post a lot of photos along with New Orleans Homes. This is what I was able to see in about 90 minutes…..
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I am finding that more and more people want the amenities that the larger condo associations have as long as the condo fees stay reasonable. When you live in or visit a small condo, you like spending time outside by a pool or lush courtyard. You cannot generally find this all over town but they tend to be concentrated in large buildings in the Warehouse District, French Quarter and along St. Charles Ave. in Uptown New Orleans.
You can find courtyards in all areas of the condo market. The tropical courtyard just says “You are in New Orleans” Many times you will find this in the larger condos but that does not mean it would not exist in smaller complexes. Most of these tend to be in the French Quarter where a small courtyard can really be made to be lush and inviting. It is up to the residents and owners to decide which they they will go. It will add value to the condo association as they become nicer and more inviting.
Many of the larger condo associations have added gyms for exercise. These can be rather Spartan to be one that has everything. This is more often found in the New Orleans Warehouse District where large building have been converted into condos. You will also see some very nice lobbies and meeting areas in some of the larger condo associations as well.
The swimming pools are enjoyed by all, most never get in but do enjoy the water and the relaxing quality of the blue liquid. Great way to cool off on our hot steamy days however. You can even jump in the pool in December with our weather patterns.
All the extra amenities will cost money and is spread over everyone’s monthly condo fee. Living in a larger complex makes these very affordable. As a resident you will not need to go to an outside gym. You may take your bottle of beer or glass of wine to the courtyard to relax. You can grill in most of these areas as well.
All these things just add to the quality of life issues. Its fun to enjoy where you live , getting out without going out of the complex is easy.
If you ever rent your condo then these quality of life issues do play a large part in the mind of the renter. These units just rent faster and stay rented longer.
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New Streetcar line will spur developement even more in Warehouse District, French Quarter and Marigny
The new streetcar line that will run 2.5 miles down Loyola from the Train Station will run through the Warehouse Distirct, French Quarter, Treme, Marigny, and the Bywater neighborhoods of New Orleans. It is currently under construction and would expect these lines to be ready for the Super Bowl in New Orleans in 2013. I think this is a perfect fit for our city. Streetcars just make our city have that sense of history and will provide another tourist attraction as well as transportation for the local community.
How will this effect the real estate values in the areas? It is one of the best developments that can help the real estate market and condos in particular. The Warehouse District is moving this way towards the Super Dome, New Orleans Arena, New Hyatt Hotel, Champions Square and the Benson Mall next to the Champions Square. This will just make it more friendly to leave your car and ride to the French Quarter and points beyond.
The impact on the French Quarter will also be great for Burgundy Street, N. Rampart and Esplanade. It will really give notice to the Marigny as a place to live and enjoy. This is a natural that will pay for it self but also spur development along the route. You can see this along the Canal Route as well. It would have been much further along except Katrina came along in 2005. However now its better than ever. But now Mid City is doing quite well.
The new lines along with some two of the largest projects ever in New Orleans such as the new VA hospitaland LSU Medical Center are going to be a magent for these areas. A certain per centage of people employed along the route will want to live in the area. We already see a shortage of condos and would expect it to grow as these projects come on line. The streetcars will just add to the quality of life that enjoy Urban Living.
This does not count all the spin off business that will employ even more people in the general area. So if you have been thinking of a primary residence or a second home, now may be the time to invest with rates at 3.5% before all these projects come on line. I am convinced enough to start looking myslf as I could see an entirely different look to the areas along the New Orleans Streetcar Lines.
Then they are just fun to ride while leaving the car parked. Project this to be a must for all tourist that come to town. Many have never been to these areas before. Riding the line as the Saitns win the Super Bowl can be remember forever. Geaux Saints….Get an all day pass or just pay the $1.25
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What you do not see from the outside of New Orleans Condos…Courtyards, Common Areas and Roof Top Areas….
The French Quarter condos are going to have smaller and more defined courtyards and common areas because the condo association are smaller as you can see from the above photo of the courtyard at The Italian Hall at1020 Esplanade in the French Quarter of New Orleans. It is large for the quarter but elegant none the less.
You do pay to have these common areas but most times the enjoyment outweights the cost that all the owners pay. Its a chance to escaped behind a gate to relax and enjoy the pool, gardens and fountains within an urban area outside your gates. Whey stay inside when this can is yours to enjoy day and night.
Many time you have no idea what is behind the walls of many of the condo associations in New Orleans. New Orleans is famous for its courtyards, fountains, tropical plants and its love for water. Condos are no different as you can see in these photos. This is but a small sampling of what I get to see on a weekly basis.
The Warehouse District has much larger condo associations. The picture above is but a part of the Cotton Mill Condos located at 920 Poeyfarre large 25,000 square foot courtyard which is the size of a city block. Hidden within the structure where plants, pools, grills, trees and plants can be very soothing.
The Federal Fibre Mills Condos at 1107 South Peters has one of the best Courtyards and common areas within the City Of New Orleans. It is a tropical garden that features a pool, workout room, a large party room, grills, table and chairs under tropical trees. Potted plants are all over the courtyard and are well taken care of. You get that splash of color in the Spring and Summer with an assortment of annuals.
The other feature not often seen from the street is the roof top viewing areas with panoramic views of the city. Many feature plants and small pools where you can cool off and watch the city lights at night and the skyline during the day. None of the buildings are tall and we have no hills here so you can view for miles.
The Julia Place Condos located at 333 Julia Street in the heart of the Warehouse District is pictured below has very nice area to enjoy the city. A small pool, covered sitting area, grills for common use and even a party room that residents can use with a small deposit. These common area expenses are shared by the owners. People do want these amenities and it really helps with the resale values.
The Metro View Condos in the center Metaire is another one of the best common areas in Jefferson Parish where you can enjoy a lot of amenities and common areas throughout the complex. Each unit has a balcony faces the courtyards and pools. Its great to open up your doors and enjoy the views, flowers, trees, and pools throughout the complex.
In larger complexes such as these it really adds to the quality of life at a very reasonable cost. The condo fees for a one bedroom are $152 per month and about $200 for a two bedroom. It is the better way to go as residents do use the facilities. The condos are reasonably priced and run at about half the price of those in the City of New Orleans. Buyers are starting to think of the Metro View as inexpensive place to own a Second Home to view and enjoy what New Orleans has to offer.
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The French Quarter Condo market is doing very well. Sales may slowed down somewhat as there are not that many things for sale as compared to last year. The inventory is 50% of what it was last year this time. I would say the best deals were to be had last August and September as the Summer was ending. Sellers are now more likely pricing the condos better and the buyers just have to make decisions quicker or the condos will be gone.
The French Quarter has been crowded almost every weekend this year. Many people have been thinking about a second home and many are deciding now is the time. Many are local people which does come as a somewhat surprise. They are looking for a get away place for themselves and friends. Others are thinking about retiring and spending more time in New Orleans. Others have always wanted a place here and feel this is the time to make the jump.
Pricing has always been tough in the French Quarter since you have a lot of variables. Many sellers think there condos are worth more than they paid regardless of the market condition. Some may not really want to sell. Others however need to sell. The conditions will vary greatly from one unit to the next. The location within the quarter is big, the location within the complex is also large, second floor units tend to get more, balconies to the street get much more, balconies to a courtyard get more than those that have none.
This makes the square footage method of valuing a lot harder for people to decifer. Most will not have parking so that is not a huge issue. If one does have parking its worth at least 30k-40k . The area is too old for most things to have parking.
Right now there are 85 units for sale. There are 21 condos under contract. Most close in 45 days so you can see the recent activity. The ultra small units tend to be out of favor. There are 22 units below 200k and many of these have been sitting. Its the nice things that have been selling that have what people want in all price ranges. Light and airy tops with windows and amenities in the complex. Most want things fixed up and done nicely and will pay for it. Few buyers want a project.
However some properties that need fixing can be great if they have all the other things that people want. Great views, balconies, high ceilings, open spaces and in a nice complex. I end up selling a couple of these per year and the buyers end up with some nice buys. The common thread is that they all tend to put a lot of effort and quality in the upgrade. These are all second home people that know what they want and have time and want to do it their way.
It does always surprise people when you can get the best units down to 4 or 5 units before showing them. Just not that many more to show in any given category. The other tip is to keep an eye in those that are overpriced as many will end up selling at good prices over time. As an agent we have our best picks and they do tend to sell. Recently I showed a client 6 properties and the four top units sold within 3 weeks after I showed her. The fourth took 3 more weeks and she has had but one new thing to consider in the last 8 weeks.
Last week the French Quarter Tour only had two new properties to look at. The agents view the new listings every Tuesday so they can look at the inventory to see what looks good and what their clients may like. This saves us time, gets us a free lunch, and the sellers gets a lot of looks quickly as it comes on the market. If it looks good the agent will get in touch with his or her client to let them know if its for them.
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The Beauregard House located at 1350 Bourbon Street is close to the bourbon Street that we all know. It however is a very quiet neighborhood condo association between Esplanade and Barracks. Tucked away behind its brick wall it is barely noticed except for the flowers and vines that have crept over the front gate.
The condo association has 25 units with most of them being one bedroom units with the same basic floor plan of an alcove kitchen, living area and a good size bedroom. They all open to the balconies and have plenty of natural light. They surround a wonderfully landscaped courtyard and sparkling pool. The complex is three stories.
Each unit has French doors with shutters for the living room and windows in the bedroom. The units are about 525 sq. ft each. The kitchens are not large plenty of room for those who live in them on a part time basis. Its an alcove like kitchen leaving it open to the living area. Bath in the hall outside of the bedroom.
Most of the units are for second homes. Its a safe place where you can lock the door and leave for weeks at a time. You can enjoy the courtyard and then step out to enjoy what the French Quarter and Marigny has to offer. You can generally park nearby as the units have no on site parking.
There were three unit for sale this Summer and all have now sold. They were listed at 189k and 199k. One is currently under contract so the sales price is not yet known. The sales price on the others was 180k and 188k with the difference being the condition. We sold one of the units as it was a good buy for the under 200k range in the New Orleans French Quarter. A great location indeed.
There was a special assessment for the current owners so they could do some upgrades. You can always have the current owner finish up with the assessments which were due through the end of the year. The pluses were location, condition of the complex, attractive units, great common areas and competitive sizes. Just a perfect setting for a second home as the last three buyers are finding out. There was one sale in 2010 but three in 2011 with nothing currently on the market….
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Now priced at $357,500 This large condo at 1020 Esplanade Avenue is one of the best buys in the New Orleans French Quarter for a large 2 bedroom and two bath condo. You add in a great courtyard and gated parking spot the condo even gets better. You have a large tropical courtyard with swimming pool in a 21 unit condo complex. Its an easy walk to the Marigny and the busy section of the Quarter. This is a very much a residential area.
The Esplanade condo is 1248 plus square foot of living. The large den was once a ballroom with high ceilings and brick fireplaces. A French Quarter parking spot is easily worth 30k and the common areas are priceless. There is one bedroom down and one bedroom and bath upstairs. The large den is 17×24 and has high ceilings with three large windows. You have a private alley entrance or through the secure entrance through the hallway.
Its been on the market for a while however it now has been reduced and the tenant has moved out. It now looks like it never has. Its easy to show and will always look neat and tidy. A sale with a tenant is always tough so the buyer can get what I call the tenant reward, a lower price because it has not shown well. However now that has been corrected big time. Call us to show…….
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