Archive for the 'Second Homes' Category
Second Homes in New Orleans are Picking Up, Condos make a great choice…
January 14th, 2012 categories: Buyers Agent, Condo Knowledge, Second Homes
The New Orleans Market is doing very well for second homes as we start the new year of 2012. The main areas of interest are the French Quarter, Warehouse District, Garden District, Lower Garden District and Uptown. Most second home buyers want two bedroom places although good number of buyers are looking at one bedrooms as well. The buyers fall int0 one of two categories…
New Orleans Connections - Buyers with connections are those that may have lived here or gone to school in the past. Many have moved away and all miss what New Orleans has to offer. They tend to look in various areas of the City of New Orleans because they know it better. Some have relatives and want to get back to visit them and their families.
Buyers Just with a love to come- I am seeing more and more buyers who have no real connections to New Orleans through family but just like to come here often. They may have come to Jazz Fest, a convention, or on business and just like it here. These are the buyers that make me appreciate what we have here.
In both these categories you tend to see people looking at the purchase as a retirement condo to spend part of the year here. Many plan to live in New Orleans for several months at a time. Some can even work in New Orleans part time and then return home between visits.
One thing most second home buyer have in common is that they have the 20% down required by lenders, will put a lot down or will pay cash for the condo. Most want a place that is carefree and has been updated. Most tend to be very picky in what they are looking for. We have to remember that a second home is a desire and they want what they want. I do see the price ranges getting higher over the last 2 years. However you can find some nice places as low as 140k in the Uptown area.
I always get asked about flooding and crime in New Orleans. The majority of the City did flood during Katrina but over 95% of the condos in the areas mentioned did not flood at anytime in the past. There is crime in the city but where you have condos the crime is not a big issue. The condos tend to be in the more expensive areas of town and are in neighborhoods where people are not interested in crimes.
The other very interesting factor is second home buyers is the length of time they look. Some take a while to purchase but know what they want. They take more time to decide before pulling the trigger. In today’s market its easy to keep clients updated with the Internet if we know about what they are looking for. I can answer the questions and send listings as they become available. The most interested do their homework and have a good idea of what they want.
The other group has been looking for a while but when I get them as a client they are ready to purchase. Most of these can weigh the pluses and minuses of each condo and make that decision.
Neither group wants to see the overpriced condos and those that fit do not fit their needs. Lately it has been very ease to get don to the best 5 properties before they start searching. Lately if they know the area it may be hard to find even 5 winners. I am still amazed at some of the deals my clients have gotten so I am never surprised. I supply then with lots of sales data so they can make an informed decision and answer their questions as honestly as I can. Visit www.nolahomesearch.net to start your search.
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October Market Update for New Orleans Condos….
October 8th, 2011 categories: Market Trends, Second Homes
The New Orleans condo market is going to be different in the various areas of the New Orleans Metro area. The prices of condos and demand are going to follow the sale of homes. The hot segment of the market is in New Orleans. Jefferson remains very cool as demand is very slow even with some great deals to be had. St. Tammany is slow as well. As an agent you tend to work more in the areas of demand.
Rates are at 4% as we enter October. This is a new low for rates in my lifetime. People need to check to see if refinancing is for them. The 15 year rate is like 3.25 and you can save tens of thousands of dollars if you can take a slightly higher note. Getting rid of PMI with 20% equity is a big saver as well. If you can do both its a giant windfall.
Let talk about New Orleans now since it is the best market for condos as it is for the home market in all price ranges. The supply is down in all categories. The supply in the French Quarter is way down from a year ago. The same can be said for the Warehouse District. You can easy get down to the best 2-3 units in all price ranges. Clients are waiting for units to come on the market. The Garden District and Uptown is seeing the better units very quickly.
People are becoming more flexible as to where they would purchase. We even see some uptick in the Lakefront condos where there are a couple of exceptional buys still there. This market has been quiet for a couple of years. It may be waking up….
The supply is down in all these areas. Rents are up in all areas. If you are a buyer its best to get started now so you can get a feel of the market. I can set you up to receive all the new listings as they come on the market. You can see the reductions, sales and begin to see a trend in the condo market.
The second home market is becoming much stronger even with 20% down as a minimum. One change we notice is that many of the new second home buyers are making New Orleans their home for several months out of the year. The demand is there for the larger units but supply is small as condos in New Orleans have generally been smaller in all price ranges.
Once again timing is key. Buy when all the factors are on your side. Low rates and decent prices. A low supply may be in your favor as the market may have bottomed last year. The holiday season is a great time as some buyers are waiting for next year but the deals may be availiable now.
There are very few bank repos in the market but some sellers just need to sell for a variety of reasons. You can count the bank repos for New Orleans Condos on two hands. I have seen many and they sell quickly mainly to owner occupied buyers. There will be more. I have not heard of a short sale in months. People are avoiding these as rents are too good and a smart seller in trouble can make it work.
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Warehouse District Condos in New Orleans, One Bedroom condos are making a comeback!
March 29th, 2011 categories: Buyers Agent, Second Homes, Warehouse District
The recent real estate trends of the Warehouse District Condo Market over the last year is that the two bedroom units were the condos that were the most sought after. Now we are beginning to see the comeback for the one bedroom units. You still cannot just sell anything but those priced right that have been updated are constantly getting shown and going under contact.
We are seeing a combination of new arrivals, people now renting, investors and second home people looking and finding very few things to look at. Lenders are still requiring 10% for owners and 20% for second homes. The one exception is the Cotton Mills Condos which have been FHA approved meaning a 3.5% downpayment.
The Cotton Mill Condos has always has been a favorite of the under 200k price range. There have been 4-5 recent sales this year and only a very few one bedrooms worth looking and and a couple of two bedrooms. I have one favorite in the one bedroom category and it is a bit pricey for now.
Magazine Place at 760 Magazine Street has two one bedroom condos worth looking at. They are both priced for over 200k but both have reserved parking which is worth 25k in the New Orleans Warehouse District. Smaller units but both have been updated with v ery moderate condo fees. Below are roof top views from Magazine Place looking at the New Orleans Skyline.
Julia Place Condos at 333 Julia Street has several units without parking and have not been tootally updated. Expect to pay $210-$220 for the better condos with parking and good views. There are currently none for sale. A recent law suit against the condo association has put a damper on financed units. The recent sales have been cash. Look for the law suit to be settled soon. Buy a unit here with parking unless its a super deal.
402 Julia, The Lofts has a couple of small units that need updating but the prices are in the 140k-160k range. They need new kitchens and baths. The have great location and you can rent a spot in the Emeril’s lot. These could be good buys but you will have to update. Neither of the views are great. The Lofts on Julia are above the art galleries on the first floor.
I can cover the rest of the associations on a later update. This gives you an idea of the market and knowing it is hard to now find that unit. Get started early so you will be able to know what is good and what is not a buy. I can get you updated with condos that meet you criteria so you will have some knowledge. I can share my knowledge as well which is as good as any agent that works the New Orleans Real Estate Market.
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The Warehouse District and the World War II Museum. They are neighbors and both are on the move !
September 1st, 2010 categories: Second Homes, Warehouse District
The World War II Museum is becoming a destination for more and more visitors to New Orleans. This means a certain number of people are coming to New Orleans just for this great visit. The Museum is becoming a leading attraction for tourist from near and far and an attraction for those who happen to be here for other reasons. Visitors will stay another day in New Orleans to see all it has to offer. If you live in the neighborhood its a good idea to know what is happening so you can tell others and enjoy the things it has to offer you the local resident.
This neighborhood is the New Orleans Warehouse District . The residents benefits from the additions and the Museum benefits with the good will of the neighborhood. It pays for the neighborhood to know what is going on with the expansion and new developments. The increase in visitors will help the businesses that depend on tourist which means jobs. Jobs will increase during the construction stage and other jobs will be available after the construction of each phase.
What does this mean to the real estate market in the New Orleans Warehouse District where the vast majority of residents live in condos ? The exposure for the neighborhood is price less. Many visitors think New Orleans is only the French Quarter. A certain percentage of these visitors will decide to move into the area either buying a primary residence or second home. They will see it as a neighborhood on the move.
We have seen this with the influx of people who come to the Saints games and have time to really walk the area. Each additional destination is another piece to improving the neighborhood and in the end the increase in property values. Pieces like the new Rouse’s Supermarket, new apartments, new deli’s, music venues are not far behind. Even the condition of the streets and sidewalks are improving to take care of the flow.
The local neighborhood needs to learn about what is going on in the neighborhood so they can enjoy the area as much as the tourists do. One great way to do this is to visit the Museum and find out what is going on. You can sign up for a Museum Newsletter that advises you of the various activities and future plans. See next attraction that is beginning to take shape……… Read the rest of this entry »
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Second Home Buying picks up in Uptown New Orleans ! A large variety of Condos exist.
July 24th, 2010 categories: Second Homes, Uptown NOLA
The second home market in New Orleans Condos is changing in a couple of ways over the past year. There are always positives and negatives in a market. Buyers are branching out and buying in a variety of areas. We are seeing more action in the Uptown and Garden District markets. The New Orleans Warehouse District remains strong and the French Quarter continues to improve.
The Uptown Segment is improving for a couple of reasons, The prices are cheaper and the condos are larger in general. Many of the larger complexes have amenities and great locations that make walking very easy. If you need to travel the streetcar is always available. The best reason is that people are enjoying the lifestyle that the area has to offer. The City is not that large and most places are not that far away.
The Uptown area has always seen many students buying condos while they are going to school. We are seeing buyers using the condo as a home for the student with the idea of keeping it a second home in later years.
The interest rate are near 4.5% which means a principle and interest payment of $500 per 100k that is borrowed. You add property taxes and condo fees to that number. You can only have one second home at these rates and then it becomes an investment property. As a second home you will need a 20% down payment for a conventional loan and with good credit you will get these low rates. 
One segment that is showing the most renewed interest is the historic condos that were once old homes. When you can find one of these in a good location with parking or easy access to parking it is a good find. There are not that many so its easy to narrow the choices down to the best condos. The two bedroom and two bath condos are the most in demand. The one bedroom units are still doing OK as well especially if you have a lower budget. Buyers still want location and condition and will not just buy anything.
The other segment that has shown strength is the complexes with secure parking and amenities that provide a place where you can come and go for months at a time and not have to worry about a thing. A great example of this are the Condos at 3915 St. Charles known as St. Charles Gardens . I have sold several condos within the last 18 months and have several clients that are interested in this complex at the present time.
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Buy a condo now as a second home, Enjoy it for the upcoming New Orleans Saints season! You could be a winner too!
July 4th, 2010 categories: Second Homes, Warehouse District
Many people are doing just that as they enjoy the Saints game as well as all the things New Orleans has to offer leading up to the game. If you have been putting that off , now may be the right time to buy. Many are looking at the Warehouse District, French Quarter and the Uptown New Orleans Market condo market. Its a great place to spend a weekend or more for your kids and family friends. Tie it into a business condo as it could easily be more fun than the stock market.
Interest rates are 4.5% this week- A second home will qualify for these rates. You can dress it up the way you like and this is a lot of fun in itself especially if your wife likes to shop.
The prices have been stable on condos but there are some nice buys as some people need to move on. There are a couple of bank foreclosures that look very interesting. These can always be bargained on to bring the price even lower. It is all in the timing with those.
Many condo offer additional amenities such as gyms, courtyards, roof top views and pools along with some great common areas. These will appeal to all of your family and friends. You can grill and drink at your condo before the game.
Keep that car parked in the garageduring the long weekend as everything you want to do is within walking distance. Walk to the Super Dome or catch a streetcar to the game. Plenty of things to do for fans of all ages.
No need to look at 30-40 condos as I will know where the best 3-4 are that meet your criteria. Just need to know what it is. You can close in 30-40 days just in time for the regular season opener against the Minnesota Vikings. Brett Farve may even want to buy one after the game.
Once people do buy a condo for a second home they always find many things they did not know about New Orleans. You can live as close as Metairie and Kenner and still enjoy your second home. I have sold them and know what people say about the ability just to get away for periods of time. Win or lose the games are an experience. Its time to repeat !! Geaux Saints!!…………..
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Warehouse District Condos trends, I see more and more Second homes! The trend continues in 2010.
May 24th, 2010 categories: Second Homes, Warehouse District
The New Orleans Warehouse District is fast becoming one of the top locations in New Orleans condo market for people looking for second homes. Its a combination of location and the condition of the condos that are available. The condos make a great choice as you can lock the door and leave for a month. The Warehouse District is adding more and more things to do and is close to the others areas of town. Many are a walk or streetcar ride away.
The Warehouse District is fast becoming a center of commerce, entertainment, culture, and home to many locals in the New Orleans second home market. Lets look at what is in the Warehouse District. The Superdome, New Orleans Arena, New Orleans Convention Center, Childrens Museum, World War II Museum, Harrahs Casino, Aquarium of Americas, Federal Courts many hotels, Lucy’s Bar, Emeril’s, art galleries, music venues, and much more. New things are popping up monthly. The Mississippi River is still the biggest reason the area is what it is.
The New Orleans French Quarter is across Canal Street and is within walking distance to all the Warehouse District condos. The New Orleans Garden District and Uptown are a streetcar ride away. The area gets a great score for walking !
The condos themselves are much newer and have some great common areas for relaxing with friends and families. You can find pools, gyms, roof top viewing areas and views of the city and streets. These are the type of units that you can just leave and come back in several months with all in tack. The condo fees tend to be reasonable and most of the condo associations are professionally managed. The parking issue are not a large issue. Crime does not enter the equation in the Warehouse District.
The Corporate Condo market is also beginning to pick up as well. We are seeing companies buy units to entertain their clients on weekends. The Saints winning the Superbowl certainly did not hurt this thought. The fact that more and more things are being built every month you get a sense of an area on the move for something better.
The Warehouse District style condo with exposed brick walls, large windows and high ceilings, wood floors, exposed wood beams beams, thick walls and that historic feel are in style. Most of the buildings are over 100 years old but there are a few newer ones to chose from. Many have plenty of light and exterior views which is now very popular.
The Warehouse District is very pet friendly and all the condos allow for pets. There are parks and green spaces within walking distance too almost all of the condos. Lafayette Square is one such large park on Saint Charles Ave. One thing that is missing is fast food places. Its a lot of local places that have New Orleans written all over them. Wow! What a great change of style to eat good food and walk a lot.
The interest rates on second homes are now at 5% or below which is really the lowest rate in years. Some lemders were offering 4.75% last week. Always better to stay local as the know the market and seem to just care more in getting the job done in a timely fashion.
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Your New Orleans Condo can be your second home and a place for your student to live! Two uses for the price of one!
January 17th, 2010 categories: Condo Knowledge, Second Homes
I sell quite a few condos to students going to Tulane, Loyola, LSU Medical School, Tulane Medical School, Loyola Law School, LSU Dental school and others. The same goes for young doctors doing their residences or fellowships at local hospitals. A condo offers a carefree lifestyle for the student to concentrate on their students in a safe and quiet environment. They can also double as a second home for the parents.
The Second Home Advantage- You can borrow at the same rate as you can on a primary home. At around 5% , this rate is great. The values have been stable in most of these areas for the last 4 years. You may not make anything in the short term but you are building equity month by month. Once the student is finished school you can use it as a second home.
The Condo Advantage- Your upkeep is only on the inside of your unit. The upkeep and Insurance are paid monthly in your condo fees. Your time is free to enjoy the time in New Orleans. Leaves you time to enjoy school and your studies.
Locations for Students - Most of the condos that sell to students are in the Uptown area of New Orleans along with the Warehouse District. The Warehouse Distance is a short distance to the Medical schools and all the local hospitals. Uptown along St. Charles and over to Magazine Street are also great locations for condos in prime areas. You will never spend much time commuting in these areas.
Roommates can help pay the rent- Getting a roommate can help you pay your note. There are plenty of students that would love to live in a nice condo. I cannot guarantee great roommates. However they are not hard to come by in a city where rents are high for the nicer locations and places.
New Students and Buyers come every year- When you are ready to sell there will always be some buyers. In this market you as a buyer have to know the locations and types of places that will be in demand when you are ready to sell. Its the location, condition and style that will give you the best return. Do your homework or ask me your questions!
New Orleans offers a well rounded education that students generally remember the rest of their life. Many will want to repeat that segment of their life 30-40 years later. They can do that with the condo as a second home in New Orleans as time stops. Enjoy the Class of parades. Tuition Free in the early Spring of every year.
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New Orleans Second Home Market ! The Twos are in and the Ones are not!
January 1st, 2010 categories: Market Trends, Second Homes
The New Orleans second home market for condos in alive and well. Its not doing as well for the one bedroom segment. The tw0 bedroom condos are more more in demand. This makes sense on a couple of fronts. Many buyers want the two bedrooms for family and guest to use. Buyers in the market today for second homes are skewed to the middle range condos from 200-4ook. The low end market is just not there.
Many of the sales are cash or the buyers have 20% to put down. The interest rates on second homes is still around 5%. There has never been a lot of investors in the Condo Market in New Orleans and now that is a good thing as prices have drifted lower but have not cratered. The prices have been level since 2005.
Most of the sales I see are in the French Quarter, Warehouse District, Garden District and Uptown New Orleans. The buyers are much more willing to venture to all the areas where several years ago sales were concentrated in the French Quarter.
The fact that the one bedroom unit sales have been slow means there are currently some good deals in this segment as well. The fact that first time condo buyers are not there in numbers like a year ago makes an even bigger impact on the market. There are some nice deals to be had with that said. The condos that need cosmetic work or are outdated are not at the top of any one’s list. These could be good buys if you are willing to do some work and the price is right.
The rental market has been good as fewer first timers have been buying but renting. You can as a second home buyer rent your unit out from time if you desire. That is a fickle market but it is here now.
Few New Developments are on the drawing board due to the financial mess we are in so new competition will be few for your condos. Maybe a second home is in your future. We may even have a post Nagin housing uptick when the Mayor leaves the 5 th of May 2010. Just over 4 months away!
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French Quarter Markert Update! Prices are all over the spectrum! Buyers Market?
October 28th, 2009 categories: French Quarter, Second Homes
The French Quarter Condo prices are all over the place for a number of reasons that I have been able to put my finger on. Most of the real estate sold in the French Quarter are condos so I will concentrate on that market with this update. It all get back to slack demand for the price that people are asking.
French Quarter Market Update- This will give you what is currently for sale and what has sold in the last 3 months in the French Quarter in condos. Its shows 114 for sale with, 14 currently under contract, 14 sold condos over the last 3 months. Click to get a detailed update form the Market Snap Shot which is available to you by filling in the basic info. I can get it far more refined if you would like me to do it.
Why are the prices all over the place!
Second Homes- Many of the condos in the French Quarter are second homes. Less second homes are being bought in general due to the economy. Many second homers want to sell but do not have to sell. They have the units priced incorrectly. Comparisons are harder in this segment or the sellers are stubborn with pricing.
You have various motivations for owners wanting to sell. Some have to sell and become more reasonable quicker. Many have been of the market for a while and sellers begin to see the real value in their condos. They finally see prices are declining and decide to sell and move on.
Strong rise in prices in 2003 and 2004 You had a real estate bubble with people buying condos with great appreciation during those years. Some buyers got good deals but many buyers did not get so lucky. The early buyers have more equity so can still sell with a profit.
Competing locations in New Orleans You now have more areas that compete with the French Quarter. The Uptown area, the Warehouse District and other areas are getting the attention of buyers who once only looked in the French Quarter. This puts pressure on the average condo. The premium units will always fare better.
Nature of the Condo Associations Many of the condo association have not kept up with the necessary updates and repairs that they should have. This may be because most of the owners do not live in New Orleans. With that said there are a number of very well run associations.
Number of Updated Units A lot of the units are in need of updating. Today’s are passing these up for the premium units that have been updated. The units that need updating have not priced that into the asking price. Some of the best buys are those that need cosmetic updates such as bad floors, lighting and colors. Spending 5k to 10k can get you equity if you are willing to take the chance.
Size of many Condos Many of the condos on the market are just too small. They are more like a motel room. These have quickly fallen out of favor.
Financing on New Units The new developments are having a hard time getting conventional financing unit a certain number are sold. To do other wise is to pay cash or a much higher interest rate.
The values are there but you have to cull through many units to find the correct one. Its all in the timing of finding what you are looking for and what currently is available. All these issues however make it great for a Buyers looking to be in the French Quarter.
People are starting to notice as properties that meet their needs are reaching prices that are affordable and much cheaper than a couple of years ago. Get a good Buyer’s Agent and do your homework in advance.
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