Archive for the 'Garden District' Category
One of the hottest segments in the New Orleans Condo Market is the sale of upscale condos that were once single family homes and historic Duplexes. Its easy to see why when you see how nice some of these fully restored buildings have become. It makes sense where the neighborhood is right. You can be in great neighborhoods for half the price and even more of your single family neighborhoods.
The Uptown, Garden District, and Lower Garden District is where you will find most of these condo complexes. The majority of the these will be between Magazine and St. Charles Ave. The areas are great for walking, biking, and streetcar rides to the rest of town. Walking to a coffee shop, sandwich shop, local store, antique shop, art gallery, and fine restaurants are all within easy reach.
The main attraction remains the old world charm of these homes that are now condos. The high ceilings, balconies, porches, wood floors, large windows, natural light, and that neighborhood feel. The best ones are the ones where the developer kept the old fireplaces and tried to duplicate the old features by refurbishing many of the details. Once this was done he made modern baths and kitchens.
The one pictured above is on St. Charles Ave. nestled among million dollar homes. The one picture below is in the Lower Garden District. I sold one of the balcony units several years ago for around 160k. You could not find it in today’s market at that price however.
The purchasers are split between second homers and purchasers using them as their residences. Financing was once an issue with these complexes but that hurdle can now easily be overcome with all the local New Orleans Banks wanting to do more business.
If you are a second home purchaser you do have to think about not being there as many are not managed but taken care of by the people living there. You want to make sure the complex is well taken care of and the maintenance is up to date. Many over come this negative with the desire to have a historic property. They make arrangements to have someone take a look at the property when they are not there.
When you do your inspections you will have to do a more in depth inspection than you would have to do in a large managed complex. Since you are going to be one among four or five units, your expenses for major repairs are going to be more. So looking at the roof, foundation, and checking for termites is strongly recommended. Most of the condo fees are going for insurance and the week to week upkeep of the grounds and minor repairs that come up.
One of the things I do get feedback on is how much the purchasers of these historic condos enjoy their choice. They enjoy the feel and love the idea of walking the neighborhood and leaving the car behind. Pets are almost always welcomed.
There are quite a few condo associations where the developers has purchased several homes next to each other to make a larger condo association making the association larger and easier to maintain. Almost of all these developments figure the condo fees on the size of the units. The more valuable units are the ones with the balconies and porches. The resales are always better on these as it is something people desire to have.
The condo above were on Magazine Street. It was a total renovation of 5 units where almost everything was new including electrical, heat, air, and plumbing. The one below was on Prytania and was also a total redo. It sold recently within a week of coming on the market.
Many clients start looking in other areas of town because they have less knowledge of these areas. Then if they are interested we review and look in this segment because they just get so much more for their money than they would in the Warehouse District or French Quarter condos.
There are not going to be that many choices but since I really like this segment I try to see as many of these that I can in order to stay on top of this market.
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The New Orleans Condo Market is doing better in all areas in 2012 with increased sales and a much more limited supply. The better units that are priced correctly are generally selling with 2 weeks. The condo market is following the uptick in the single housing market that picked up in the Spring of 2011. This is happening in all price ranges.
Reasons this is happening….
Interest rates are below 4% and local banks have financing for all types of condos. Owning is cheaper than renting at this rates in many cases. Your principal and interest are about $900 when borrowing $200,000.
Rental Rates are up over 10% and are not easy to find as competition is stiff for the nice things. I recently had a rental listing and 16 people looked at it in three days. It was rented the second day for over $1500 for a small two bedroom and one bath shotgun.
Pick up in other condos areas, Warehouse District and French Quarter This is especially true with people looking for second homes where finding something in their price range is now harder to find. Many more are willing to come to Uptown New Orleans.
More people want the area, its getting more exposure The area along St. Charles Ave. and the area between Magazine and St. Charles is getting plenty of interest. You can walk to so many places. Parking is much easier than other areas. So many things to do….
Variety of Styles…. You can look at historic renovations of old homes, to small complexes and some large complexes along St. Charles Avenue. It all depends on what you like.
Condos are much cheaper than homes…Starting out the prices of homes are pricing many out of this market. So a condo is a viable option that gives you a carefree home.
Growth in the local Job market , The New Orleans area is producing more jobs and people want to live where the action is. People are feeling good about themselves and the local economy.
People are just more positive about the city and this translates in a desire to be part of something special….Thanks to Mayor Landrieu for being a great leader….There are new things on almost every block in the area.
The City of New Orleans is just getting younger…Many time condos are a better way to get started and young people are a great fit to own a condo.
The prices are up moderately and that have been about even since 2009. Many sellers are just pricing the condos better in most cases. You will see ones overpriced but they will sit there.
Now may be the time for you to be in the market. Get an agent that knows the market and is not afraid to give you the pros and cons on the condos that you will see. Get the sales history and the overall trends of the area.
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This is a good example of one of the historic condos in the coliseum area that I have recently sold. Its an historic building that has been totally redone, its basically new construction at this point. Surrounded by million dollar homes with green space in the form of an urban park called Coliseum Square.
There are several condo association within 3 blocks of the Square and park. Located in the Lower Garden District, its close to everything. This one is located 1446 Camp Street across the street from the Park and its many oak tress and fountian. Its only 4-5 blocks to the New Orleans Warehouse District which is still very much in demand. Walk to Magazine Street and watch the changes going on there.
As housing prices firm so do the prices and demand for condos that fit peoples needs. People are still picky and want the most for their money. The big difference in this area is the type of conversions that have taken place over the last ten years. Many conversions are turning small apartment complexes that were old homes into condos. This gives you the historic feel of a modern place with high ceilings, large windows, wood floors and some nice views that would be very expensive in other areas of town.
The unit we sold is the balcony unit overlooking Coliseum Square with with plenty of natural light. Each unit has gated parking. There are only 6 units within the renovated old home. The developer went over the top trying to keep the old features while at the same time making this almost new construction.
The prices in area make the neighborhood much more affordable the neighborhoods surrounding it. The historic condos fit nicely into the neighborhood and add life to the total neighborhood. The more owners you have in an area, the more they care about the quality of life and their investment. Just another area of New Orleans that gives you a taste of the Crescent city…..
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When you wonder where the next hot area for condos you have to look at what is currently hot and what that area has to offer. Can that experience be duplicated elsewhere ? How is the housing market doing in that area ? How close is that area to where you would like to be but cannot afford to live there.
The condo market is an alternative to a house for many. The condos in New Orleans are becoming a second home to many. Condos are a way to avoid paying rents that are very high at the moment and have been that way for a couple of years. You can live in an area that has very expensive homes in a condo. So if the housing market is strong then the condos in the area will tend to do well. If people are just discovering the area then it only takes 10-15 clients to make a trend.
Two of the areas that I see that happening is the Lower Garden District and the Garden District. The housing market is doing well in these areas. Its close to or next door to the New Orleans Warehouse District which is the hottest condo market right now. Transportation and drive times are small. The prices are cheaper. The demand for historic condo conversions is still alive.
People are discovering the Magazine Street corridor and all that it has to offer. Shops of all kinds. Lots of restaurants and coffee shops and its all walkable. Its close to downtown and close to LSU and Tullane University hospitals. Close to the new VA hospital as well. Its close enough for students and law students going to Tulane and Loyola Universities. Its close to the new VA Hospital, LSU Med school and Tulane Med school. The furture demand is going to be there.
I have experienced the increase sales in the area in 2011 as I have sold 5-6 units in the area. I have also seen the properties come and go at a rapid pace when the price was right. A number of them went under contract in a matter of days. This is even when financing has been hard.
The other area that will begin to show more promise is the Lakeview and Lakefront areas as the market has been doing well there as well. Have to save that for a second blog.
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The St. Elizabeth Condos in Uptown New Orleans have not always been condos. The historic New Orleans condo complex is located at 1314 Napoleon Ave. It looks ready for Christmas as it is brightly decorated with red bows and green trim. It is just a very pretty building dating back to the 1850′s.
Many if not most of the condos in New Orleans Market did not start out as condos but were built for other uses. St. Elizabeth’s started off as a school. It then became an orphanage several years later. In the later years it was purchased by Anne Rice , the vampire author who called New Orleans home. It was purchased and developed as condos in 2004 and sold as condos in 2005.
The conversion such as this building is what buyers like in New Orleans. If a developer can redo and develop a historic building upgrading the the building with classy redesign then he will have a winner in all price ranges. It still got to have a great location as St. Elizabeth’s has done.
There has been little turnover since the conversion. The few condos that have come on the market have sold fairly quickly. Its because there are not enough top notch condo conversions to meet the demand in this price range. There were town homes built on the rear of property but they lac the historic feel of the historic building.
Merry Christmas and a Happy New Year as 2010 is almost gone……………….
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The condos in and around the New Orleans Garden District have maintained their value thur the latest downturn. I think the main reason is that they are hard to duplicate and expensive to duplicate. When you have high home prices in an area the only way to start may be with a purchase of a condo.
This does not mean all the condos are a good buy but its a great place to look to find that condo that has all the ingredients that people will want. It is no surprise that most want the same things. The historic features of wood floors, high ceilings, large windows, lots of natural light, porches, balconies, old woodwork, brick fireplaces, and the location are things all people want. Oddly enough these features can be found in all price ranges.
Most fireplaces are not in working order but its a nice feature to have. Many condos will have more than one.
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