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….
The Julia Place condos in the New Orleans Warehouse District have become more popular as time moves on for a couple of reasons. The main reason is location with the Warehouse District as it just very convenient to where people want to be. Julia Street is the center of condo living in the Warehouse District. Its actually two buildings with a couple of commercial spaces on the first floo on the Tchoupitoulas side of the building.
The Bemis building pictured below seems to be the newer of the two building and has the majority of the condos over the 5 floors. You miss out on the wooden beams and exposed brick that the older building on the left has. You do however have some large industrial concrete beams and large windows in the units facing the exterior. The Bemis building is on the Commerce Corner closer to the Mississippi River.
Most of the condos have parking which cost the first buyers $25,000. The parking is in the adjacent parking lot or in the garage on the first floor. The condos with parking spots are always going to be more in demand even at the higher prices. The condos with large exterior windows are going to be much more in demand and sell for more. It not all in the square footage.
The smaller building on the corner of Tchoupitoulas and Julia has some great units as well. They tend to be smaller but most have the wood floors, exposed beams, exposed bricks and most happen to be exterior units.
The two bedrooms have been the most popular buys in the building ranging from the 275k range to the 350k range depending on size and quality of the finishing work. Many of the condos in thhis complex were updated by the individuals who bought them and upgraded themselves. There is a few without updates and they will go for less. These could be a great deal if they have all the other qualities that people desire.
The amenities include a roof top pool and sitting area with fantastic views of the city. There are common bar-b-cue grills, a club house and a work out gym on the first floor. The condo fees are moderate for the Warehouse District. The condo fees include insurance, upkeep of the common areas, exterior upkeep, and management fees. The association is professionally managed.
The entrance is secure. The parking areas are secure. The location is one of the best and that is why many people chose the building. It has become a favorite for second home owners since its got a great location and moderate condo fees.
The roof has recently been replaced in 2010 and the owners assessed for the new roof within the last 2 years. That is one of the larger expenses that condos have to redo. The condo also put some money in reserve each month for repairs but generally not enough to fund a major item like a new roof. Each condo is assessed as a percentage of their square footage. The larger one pay more than the smaller units.
In most Warehouse Condos in New Orleans all the units are not equal and many are very different and there is always more to value than square footage. The is the case at Julia Place as well. Always remember buy what is easy to sell, it may cost more but in the long run people buy what they like and want. Stay with the trends and you should do well.
The Cotton Mills Condos at 920 Poeyfarre Street is still a great choice for a condo in the New Orleans Warehouse District. This is especially true when looking for a condo in the under 200k range. Few complexes have the security, courtyard, pool, exercise room and the Warehouse District feel. The high ceilings, exposed brick, wood floors and large windows are still in demand. The units do not have parking but do have access to parking across the street for a monthly fee or many just park on the street.
The latest sales data from the Cotton Mills Condos is that there are 15 units for sale with 4 currently under contract. Two have sold this past week. That is not a bad number considering that there are 288 units in the building. The building spreads over a large city block and 4 fl0ors of condos. Out of the ones for sale some of the condos are just overpriced and some are not just desirable to own at the asking price. There are 10 one bedroom units, 4 two bedroom units and one 3 bedroom currently for sale.
They are among the easiest condos in the New Orleans Warehouse District to rent if use it as a second home or an investment. The condo fees are very reasonable and the common areas seem to always be well maintained. The on site management company is on top of any issues that tend to come up. Its the type of condo where you can leave and come back a month later and nothing would have changed.
There are few one bedroom rentals availiable in the Cotton Mill currently for rent. I check this week and there were only 2 condos for rent. One was a studio and one was a one bedroom that was over priced. The nice things have been renting quickly amd that we why we see few. This has been a trend for several years.
The Cotton Mill is also one of the few FHA approved condo in the New Orleans Warehouse District. This means you have a 3.5% down payment if this will be your primary home at the most competive interest rates. Rates are on the way up but they tend to vary weekly but I do not think we will see 4% rates again but under 5% is still great by historical standards.
The location is getting better and better. The World War II Museum is a block away and still growing for the next 10 years. There are 3-4 Warehouse buildings within the block that have been converted into upscale rentals over the past year. You can easily walk to the French Quarter, The Riverwalk, The Convention Center Harrah’s, the Superdome, Lafayette Square and the New Orleans Arena. There is just a lot of things going on in the area that makes it positive.
There is even a full service Market and Deli opening soon directly across the street by my friend Nick Nesbit in 2011. The Poeyfarre Market has its own blog and Facebook fan page so you will have to check it out. New Orleans is always a place that supports a local business so I hope he does well and look forward to a new business in the area for 2011. The street is not that big so you cannot miss it. Maybe he will have a Grand Opening Party when he is ready….
If you have seen one unit, you have not seen them all as the variety of floor plans are mind boggling. I have a page on my New Orleans Condos website where I post the past listing so you can get an idea of the variety of the units and a great feel for the condos before you even take you first visit to the Cotton Mills.
I currently have a nice 2 bedroom and 2 bath unit facing the courtyard on the 3 rd floor reay and waiting. Its #336 that has been totally updated and is reasonable priced. In fact its the best 2/2 in the Cotton Mills. The Cotton Mill page is a link away.
The Common Areas are among the best for a New Orleans Warehouse District condo in the 200k range. The Cotton Mills condos features a large 25,000 square foot courtyard with a swimming pool, Clubhouse, and a large workout gym. The in person security is in the lobby with an on site management office.
I think it has one of the better management staffs in the Warehouse District. There is no parking for each unit but parking is availiable in a lot across the street for a month fee of $125 per month. You can always park on the street for free.
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……………….
The French Quarter condos at 1020 Esplanade in the the French Quarter were once an Italian Hall dating back to the early 1900’s . This is when you had an influx of Italian immigrants that lived down river in the Marigny and in the French Quarter. The complex features 24 units and has parking which is very very unusual in the French Quarter.
The feature that catches my eye each time I visit is the tropical courtyard, fountain, and pool. Its a lot of space for 24 units and makes such a huge difference in the lifestyle. The condos are home to a good number of second homers. Once you close the doors you are in another world as you can see by the photos below. The common areas are second to none for a complex this size and have plenty of room to spread out and feel alone in the middle of town.
The condos vary in size, value, views so when you have seen one, you have not seen them all. High ceilings, beautiful millwork, large windows, fireplaces, and that historic feel are felt though out the complex. The complex has improved recently with upgrades to the hallways and the exterior of the building. The condos are self managed and the owners take pride in their homes. Yet the condo fees remain reasonable for what you receive.
The brick courtyard features fountains, lush greenery, tables and chairs to rest and talk about politics in New Orleans. Once you enter the courtyard behind the main building its very a quiet and peaceful setting. A perfect place to sit and have a thought or two. I have never seen anyone in the pool but it looks very inviting and is great on the eyes as well.
You can easily walk to all the venues, restaurants, Royal Street, Jackson Square, the Marigny in 10-15 minutes from your tropical courtyard int he French Quarter. Having amenities such as these should be a consideration when thinking about a second home or a place to live. It does add to the quality of life and often times the condos are no more than condos that do not have any features.
There have only been 3 sales since 2008 in the building so people tend to stay put. I recently sold one and am in the process of listing another one in the building. The other oddity is that most of the units have parking in a lot 50 feet our the rear door on Barracks Street.
This large updated condo is located at 1750 St. Charles Ave. is priced at $269,335 and is a two bedroom two bath condo with garage parking. The condo itself is very large for the New Orleans condo market with more than 1450 sq. ft of living area. It has large rooms, plenty of storage, nine foot ceilings and windows in each bedroom. The third floor location is ideal for its street views. It is close the to elevators and the trash chute.
Recent updates include a professional paint job throughout the condo. The new wood floors are in the dining, living and kitchen. The newer carpets are in the bedrooms. The kitchen is in very good shape as are the large bathrooms. All appliance stay with the purchase. There is a washer and dryer in the master bath.
The condo complex is a well managed complex with on site management and 24 hour security that is very strict. The large tropical courtyard is a site in itself being well maintained and a place to ponder the day. Big enough to take a walk and easily get some fresh air. The garage parking is a big plus as well. There are 3-4 elevators to make it easy to get to your unit.
The condos feature a large exerc ise gym, rooftop viewing area on the 7th floor open to the all residents. Enjoy the city skyline views day and night. The area is several blocks from Lee Circle and right on the St. Charles Ave. Streetcar route.
The building was turned into condos in 2005 and tended to sell quickly as buyers could take the units as they were or pay an extra 25k to get the unit updated with new kitchens and baths, wood floors and other updates. Many did get the updates and some updated on their own as this one had done.
The complex is large but spread out over 7 floors and a large city block. The bottom floor is all secure parking , offices and a lobby. There are 219 units with most of the units being two bedroom units.
There are currently 4 -2/2 condos on the market and 4 one bedroom units on the market. The two bedroom, two bath condos have been the strength of the New Orleans Condo Market for the last 2 years. To my knowledge there has never been a foreclosure in this complex.
The Uptown condos located at 4007 St. Charles Ave. New Orleans, La. 70115 are becoming a much better pick than most people currently know. It is undergoing a transformation from a complex of more elderly to more of a mix of young, middle and older. You are seeing students and second homers buying because they do offer a lot. When you see this transformation taking place you can get some fairly good deals.
Location…..Being on St. Charles Ave between Marengo and Constantinople you are halfway to downtown and halfway to Audubon Park, Tulane University and Loyola University. This puts it close to the medical schools as well. You are on the streetcar line for easy transportation. You can view all the St. Charles Ave. Mardi Gras parades as well.
Parking…..The units have gated parking which is not common for complexes in this price range. It is easily worth 10k-15k in this area of town. There is an elevator as you enter as well as stairs from all sides.
Prices….You can buy a unit in the 160k range. More for condos that have been updated and less for condos that are nice but have not completely updated. The condo fees are very reasonable coming in at less than $170 per month.
Easy Floor plan….That features large bedroom with windows to the outside and a large living area that faces the courtyard. The kitchens are small but then most are for a one bedroom unit. Most of the units are one bedroom condos at about 650 sq. ft. of living. Decent amount of closets.
The only downsize that I see is lack of washer and dryers in each unit. There is a community wash and dry area. Some of the owners have put washer and dryer unit in but not the majority.
The complex is well kept….. and features an updated pool, secure entrance and management that has made many improvements and upgrades over the last 3-4 years. This will keep your values when you see well kept common areas such as you see here. Read the rest of this entry »
The Cotton Mill Condos in the New Orleans Warehouse District is now approved for FHA financing. The majority of the Thanks goes to Ross Miller for getting this started for one of his clients. The process took 3 plus months and a lots of work and paperwork by Ross Miller and the condo association management. With the ever changing rules in financing this was no small feat. This is now the first and only condo association in the Warehouse District that has been approved for FHA lenders.
The first question is “what does this mean”. This means the Cotton Mill Condos can be financed with an FHA loan which features lower down payments, lower mortgage Insurance fees, and lower credit scores. It allows the sellers to give concessions in closing cost to reduce the cost of closing.
The FHA interest rates are generally the same as the best Convention loans. During the past week these have been around 5%. This number means you pay $538 in principle and interest for each one hundred thousand you borrow.
Maximum loan is 287,500 for the New Orleans area. Must be owner occupied by the buyer. The 3.5% down payment is the bug number making it more affordable to the home buyer. This means you need a $7000 down payment for a 200k condo. This beats the 10% to 20% needed for a conventional loan.
The additional savings is also on the mortgage Insurance which is as much as one half the convention rate. This is a fee for not putting down 20% and can easily be $200 per month. This fee for FHA is worked into the loan which is even better.
All this means is that the Cotton Mill cost of ownership is going down for the purchasers in 2010. The value of the units for the sellers is also going to be better over the longer term as it makes for more buyers. This is good news for buyers and sellers in the complex.
Before the financial meltdown there were many lenders that would offer low down payments on condos. This has all changed since that time. Even though New Orleans has not had many condo foreclosures we still live by the National Rules and suffer for markets in South Florida and Las Vegas among others that have many foreclosures.
On May 11, 2010 I was able to work with the Department of Housing and Urban Development to obtain FHA lending approval for The Cotton Mill Condominium Complex located at 920 Poeyfarre St., New Orleans, La. 70130. The complex will be eligible for up to about 80 units to obtain FHA financing for purchases or refinances. This means any units where the loan amount will be under $287,500 is eligible for 96.5% financing. Please send any potential clients to Miller Home Mortgage, LLC for Pre-Approvals for this complex.
On conventional financing for condominiums we can do 95% conventional financing on strong purchasers. Our lenders are still doing Limited Reviews on condo complexes which makes the process much easier. We also have mortgage insurance companies who are approving these strong borrowers as well. Hud has recently announced that they are already at 30 days for the initial review of the condo documents. Expect this timeframe to continue to grow as approximately 44,000 complexes need to be reapproved this year.
One new regulation that you should know about. Beginning on June 1, 2010 all loans will have a second credit report run a couple of days prior to closing. If any change in debt or debt not disclosed on the original application is present the loan can be declined or the closing can be stopped immediately. Please advise your clients not to apply for any new credit or to charge up any current liabilities during the lending process.
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Interest Rates
Interest rates are GREAT right now. You can expect rates ranging from 4.625% to 5.0% with no points on Conforming loans and about the same on FHA and VA. We can offer rates as low as 4.375% with 1 point on strong conventional borrowers.
The Cotton Mills Condos located at 920 Poeyfarre Street is one of the most popular and largest of the Warehouse District Condos. Its about a block from the new addition to the World War II Museum. It has the most amenities for the price that you can find in the New Orleans Warehouse District. Its easy to find a one bedroom for under 200k. Two bedrooms should be under 250k for the smaller ones.
The positive points to the Cotton Mills Condos are the high ceilings, exposed beams, exposed brick exterior walls, extra large windows and that true warehouse feel. It features a 25,000 sq. ft. courtyard, swimming pool, fully equipped exercise room, live security, and low condo fees. The condos have a site manager and maintenance staff which is something all condos do not have.
The complex is one of the largest at 269 units but it spread over the entire block. Some of the units have not been updated since going condos in 2005. Many however have been updated with many personnel touches since that time. The units do not come with parking but parking is available on the street or in the secure lot across the street. The immediate area has a lot of new construction and additions in the neighborhood over the past two years.
The odd thing is that sales have been very very slow in the complex over the past 3 months. Currently that are 15 units plus 3 penthouses for sale with no condos under contract. This is highly unusual since going condos. I have sold 20 plus condo here so I know it quite well.
Breaking the units down there is only one 2/2 regular condo for sale at 250k which is a fair asking price. There are 3-4 nice units that are priced very well and are nice units. What is not selling is the 5 studios or studio conversions. There is one bank foreclosure which is a screaming buy at 153k.
If you are looking for a second home this can be a great complex with the amenities and low condo fees. The condos are easy to rent if that is the route you decide to go. The condos have no problem getting financing. Buyers should look at the Cotton Mills as I am sure the sales will pick up next year. Buyers can get the $8000 tax credit and low interest rates of around 5%. It ends up being cheaper than rent at the Cotton Mills.
The Federal Fibre Mills was once a rope factory in the late 1800’s. Later it was part of the 1984 World’s Fair. It was where the beer garden was. It is now one of the more popular downtown condo complexes that features high ceilings, large windows, exposed
A New Orleans Photo Blog is a blog that features photos of New Orleans neighborhoods thur photos and brief descriptions. Its a good way to show you what is going in the various neighborhoods. Once I post a couple of hundred photos you will get a picture of things you know and some thing you most likely not know. I will try to post a daily photosand pages that describe the neighborhoods.
The great thing about New Orleans is that you have a never ending number of subjects to shoot. Interesting and historic homes will dominate the photos along with New Orleans special and unique places.
The New Orleans Condos Website gives you a review of the condo complexes in the Metro areas of New Orleans. It gives you tips on purchasing and the various steps needed to purchase a condo.
The New Orleans Condo Trends Blog allows me to give updates on market trends, pricing and more timely posts dealing with the New Orleans Condo market.
