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The Uptown New Orleans Condo Market has been Hot….Increased Sales and Limited Supply

     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. 

Magazine Street Condo, New Orleans Garden District Condos

     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. 

3915 St. Charles  Ave, St. Charles Gardens Condos

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4007 St. Charles Ave. Condos, Reasonable Prices with a great location!

    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. 

4007 St. Charles Ave. Condos, Exterior Fronting St. Charles

     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.

4007 St. Charles Ave. Condos, pool and patio

     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 »

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Commodore Condos on St. Charles Ave. The Studio Condo #4 stands out for location and price ! A winner for Sale !

Studio Condos in the New Orleans condo market are not the norm.  Very few exist and even fewer exist that have great locations.  This studio that I have just listed for $121,000 on one of the most prestigious Avenue’s in all of New Orleans does have the location.  Its located at 3300 St. Charles Ave. in the Commodore condos.  Add the location to the historic building on the St. Charles Ave. street car line and you have a winner.

    Studio condos are generally small units or basically rooms with everything being in one room.   They are generally going to be smaller cheaper than a standard one bedroom unit.  The space may be leftover and this is the best use.  Rarely do they have separate kitchens. 

     Another unique feature is that it has a separate kitchen, living-bedroom area and a very large bathroom for a studio.   The natural light and windows make the unit feel larger than it really is.  Being right under 400 sq. ft. the condo is small.  Being small it is very energy efficient. 

     The Commodore Condos is next door to the new Borders Book store.  The courtyard is right outside your door.  The secure entrance and secure entry to the building give you a great deal of privacy.  Walk out the side door to an Uptown New Orleans park.  You can park on the street with ease.  The present owner rents a spot from one of the other owners for $75 per month in a gated parking lot behind the condos.  You really do not need to use your car that often living here.

      The condo #4 features wood floors, nine foot ceilings, crown molding, granite counters, stainless steel appliances, tile floors and is tastefully painted and decorated for a small condo.  The present owner set an office in the kitchen which could be used as a breakfast area.  This is a great place for a student, second home or someone just starting out.  The present owner will sell the furniture at a bargain price with a sale.  The building is pet friendly and secure. 

     With interest rates at 4.5 percent your principle and interest would be less than $600 per month.  Add your modest condo fees and taxes and you have another winner in a great location at a great price.  This could be the best studio in the City of New Orleans at this price.

3300 St. Charelse Ave, Front Door Commodore Condos

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Second Home Buying picks up in Uptown New Orleans ! A large variety of Condos exist.

     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. 

Second Homes in New Orleans, Activity picks Up!

     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.   St. Charles Ave Condo Historic          

      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.

3915 St. Charles Ave., St. Charles Gardens Garden Condos Courtyard

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Neigbhborhood Condos in New Orleans! An often overlook segement that can be great choices!

      One segment of the New Orleans condo that is often overlooked are these small condo associations that are scatted through out the city.  Most of these units in Uptown, Garden District and Mid City.  This condo association is in mid city in a great historical neighborhood.  Its two four plexes that started out as apartments then were converted into condos.  They just blend into the residential neighborhoods of New Orleans. 

New Orleans Neighborhood Condos

     The interesting comment is that most of these are in residential New Orleans neighborhoods rather than on main streets or around commercial properties.  The turnover in these style units tends to be less than in the larger complexes. 

      There have been several in and around Tulane and Loyola University which are suited for students, residents and other first time home buyers.  Many will not have parking but street parking is easy and this does not bother many.

    The resales have been good so long as the condos are well maintained.  The developers of these types of units are a key factor in future values.  Many are just thrown together and while others are well thought out.

     Most of the buildings were once small apartment complexes that were built in the 1920’s or 1930’s.  Many were large homes that were divided into apartments many years ago.  The zoning allowed this in those days.  Most of the complexes are in the more  historic neighborhoods of New Orleans.

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732 Cherokee Condos, Corner of Maple! Good location for Tulane and Loyola Universites. River Garden Condos

      The River Garden Condos at 732 Cherokee are affordable condos in a great area if you are working at Tulane University or Loyola University.  You really do not need a car as most of the things you need are within walking distance.

732-1-cherokee-condos-maple-and-cherokee

     The 26 condos are one bedrooms units professionally managed with moderate condo fees.  There is secure parking for all  in the adjacent lot.  Most of the units should sell in the 130-140k range depending on the condition of the condos. 

    My most recent sale was to a young man going to Tulane Law school.  The previous owner was a Tulane Professor who had lived there for 10 years.  He liked the area so much, he purchased a home several blocks away.

    The condo are not elegant but have a great location in an area that is always going to be in demand.  And if you like walking places then this is it.  There is not much turnover and rarely no more than 2-3 units are for sale in a year.  Also makes a great location  for a second home in Uptown location.

732-2-cherokee-condos-exterior

 

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Uptown New Orleans Condo Market, Condos in the 150’s and less!

     I recently had a chance to visit a good number of condos in this price range.  I was surprised to see some very nice thing that have not been on the market in previous years.  The units are small.  Several had parking and were in nice Uptown New Orleans neighborhoods.  Some were historic in nature with most being apartment conversions.  Several were updated and had all the bells and whistles. 

2800-st-charles-ave-condo

     The units would make excellent homes for students, second homes and people just beginning and need a starter place.  It beats paying rent and at these low interest rates its a great advantage to buy and build up some equity.   There is even one in the building pictured above but its a rear unit.

     I was impressed with several of the condos that I saw.  I ran a market Snap Shot so you can get an idea of what is out there.  This is a great tool that you can use in a search as it gives you the sold data for the past three months plus the actives.  I am able to do an advanced search which really narrows it down but in the beginning the broad overview is a great way to start.

 Market Snapshot of Uptown Condos 130-160

Hello Market Snapshot User,

View the Market Snapshot here. Your report is personalized: it charts market activity– current up-to-the-minute –with homes in your area, including such data as sold homes, properties for sale, inventory counts and even days-on-market.

There are many ‘intangibles’ behind this data, such as whether homes were fixed up or not, special amenities and the like. I have the local market expertise to help you interpret this information fully.

Please contact me with your questions and comments.

Eric Bouler
Prudential Gardner
Office: 504-212-0072
[email protected]

 

    I have not seen the number of condos in this price range in the last couple of years but was pleasantly awakened that there are some very nice places in small packages.  The nice ones will all sell in the near future.

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Saint Charles Ave. Condos, Does the address make them more valuable !

      The correct answer would be yes!   The St. Charles Avenue real is second to none in its historic diversity and real estate value.  The St. Charles Avenue address is on one of New Orlean’s most premium and historic streets.   The extra wide avenue is more than 90 blocks long traveling from Canal Street to Carrollton Ave.  Best way to see the street and really get a feel for St. Charles Avenue  is to take the streetcar and get off when you feel like walking. 

      The architecture of the homes and condos will change dramatically as you travel through the older Garden District to the newer University area.  The area around Tulane University is much newer but still old by most cities standards.

     The  New Orleans Streetcar line runs 13 miles down the middle of the tree lined street along with four lanes of traffic most of the way.  The historic street is known worldwide for the historic homes and oak trees that line the avenue.  The St. Charles street line began in 1835 and is the oldest continually running line in the United States.  Originally it was steam driven cars but were changed to electric cars in 1884.  The current street cars are the Perley Thomas cars dating from the 1920’s.  

st-charles-ave-streetcar-st-charles-condos

      Its all about location which is very similar to the address in most cases.   However the address is not the only thing to look out for.  The condo could be on the backside of the building with no views.  The condos with views of St. Charles Ave. or any historic street are going to be easier to sell and have a higher price tag on them.  It really gets down to the location within the condo complex and how good a view do you have.  The upper floors are considered to be more valuable due to the views and extra light you receive.

st-charles-ave-condo-historic

    I get a lot of requests to look for  condos on St. Charles Ave.  Many times we cannot find units not only due to price and type of unit  that the person is looking for.  The Avenue becomes much more residential as you pass Napoleon Ave going towards Audubon Park.  There thus tend to be fewer condos.  

     The first condos in the city were popular on the Avenue and were once thought to be only for the older set.  This is not longer the case but many building were designed for that purpose.  There will always be a greater supply of 1960’s apartment condo conversions and much fewer historic condos.

 st-charles-ave-views-st-charles-ave-condos

      The large neutral grounds as we call  then in New Orleans provides running and walking for the brave between the traffic and streetcars.  it also provides room for the historic Live Oaks to spread their canopies over the street.  The shade is much appreciated in the summer time.  Its one of the great walking streets in the nation and is almost perfectly flat.  The area has never flooded as it high ground near the Mississippi River.

st-charles-ave-views-rainy-day-st-charles-ave-condos

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Uptown Condos-More people looking in Uptown New Orleans for second homes-Charm or Price?

     Here is a new trend I have noticed.  People are looking at the New Orleans Uptown Market for condos to use as second homes.  The real estate prices Uptown are lower than both the French Quarter and the Warehouse District. The most popular search is  for a two bedroom and two bath condo for under 250k.  While that is hard to impossible to find in the Quarter or the Warehouse District, choices exist in the Uptown area.

Historic condos with high ceilings, wood floors and old world character are the favorites.  The named streets near St. Charles, Magazine and Prytania seem to be the areas of choice.  A two bedroom condo opens the opportunity to invite business associates, friends, and family for a visit.  All feature easy walking to shopping, dining, and fun.  Park the car and leave it!  New Orleans covers a small geographic area.  You are never more than 15-20 minutes to the French Quarter.

Uptown condos offer much more size and many have been updated.  Most of the complexes are smaller than their Warehouse or Quarter counterparts.  For the most part, these were converted from old homes or apartment houses into condos. Its much easier to find the units between 170 and 200k in the Uptown area as compared to other neighborhoods. 

Hawthrone Condos in Uptown New Orleans Read the rest of this entry »

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New Orleans Uptown Condos-8416 Oak Street Condos

     The 12 unit condo association at 8416 Oak Street  is unique in a number of ways.  There are not many other complexes in the area.  The complex was new construction in 2005, few new complexes over 4 units have been built in Uptown New Orleans.  The Uptown New Orleans condos have two parking spots for each unit and one is in the garage.  The large porches, swimming pool, and courtyard are unusual for a 12 unit complex.  All the units are two bedroom units.  Many of the smaller two bedroom units are town-homes with one bedroom up and one down.   Real Estate prices are generally cheaper in the area so this is possible.

New Orleans Condos, 8416 Oak Street

     The condos are all two bedroom units and origionally sold in the 249k range for the smaller two bedroom units of 1100sq. ft.  There were several larger units in the 320’s range.   There is  currently one listing for sale on the first floor off the pool and courtyard.  Its a very nice unit and was used as the developers model in 2005 so it has some extras.

      The designer kitchens featured granite coountertops, stainless steel appliances, custom cabinets and even a wine cooler to top it off.  The high ceilings, wood floors, plenty of light and crown molding give you a look above the norm in all of the units.  The area remained hihg and dry during Katrina.

     The large porches are very unique and a very nice touch.  The pool and courtyard are in great condition and very private as there are only 12 units using the common areas.  There is a secure entrance on Maple Street with the parking entrance on a side street.  The porches are really great and offer plenty of room to visit and just enjoy the outside views and great wheather we will have in a couple of months.  There is an elevator and stairs to the upper units.

New Orleans Condos, 8416 Oak Street

 

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