Archive for the 'Warehouse District' Category
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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Warehouse District Market Update for the Spring of 2010.
May 4th, 2010 categories: Market Trends, Warehouse District
The Warehouse District condo market has showed increased sales activity over the last month or two. The strength of the market has been in the two bedroom and two bath condos. The price range that is showing the most activity is the 250k to 450k range.
We are seeing second home buyers, students buying for medical schools with a desire to have a roommate. We are seeing more people wanting to live in New Orleans on a part time basis and want the extra bedroom for guest. We are also seeing a couple of companies buying units to have for their clients.
The one bedroom units have been the slowest of the Warehouse condo market. There have been a couple of foreclosures that have been some great buys. We are seeing some locals looking to take advantage of the low rates and flat prices of the last 4-5 years. When certain segments have fallen out of favor, this is when you get your best buys.
There are currently120 condos for sale up to the 500k range. There are 40 condos that are under contract or have been sold since March 1, 2010. Not all are priced correctly or may not be the most desirable units. It is still easy to narrow the choices down to 5-6 that meet your criteria.
The things that are selling have been updated. Not many people that want to buy and then fix up at this point. Parking remains an important factor in a buyers decision process. I would not recommend buy a place without parking unless the price is great or no others in the complex have them. The amenities are also becoming more important than ever.
Real estate is seasonal so that is where we currently are. Interest rates are still around 5%. The down payments have increased making it harder for first time buyer to afford their first place. This could be one of the reasons for the lack luster sales of the one bedroom units.
The Cotton Mill Condos is getting closer to being on the FHA that will make it much easier to purchase. Thanks goes to Ross Miller of Miller Mortgage who has been the lead person helping this along. This is not an easy process but would greatly help sales of units below the 300k level. But the 3.5 % down with lower cost is a great incentive.
835 Julia has sold all but two on the one bedroom units that they had for sale. This is a new development that got hurt form the financial crisis of 2009. This is a great sign. There are a couple of new 2/2 penthouses that are for sale. These are good buys in the 400k range.
In the last couple of weeks we have seen more condos come on the market. This is a combination as a better selling environment and the seasonal aspect of the New Orleans Condo market. The premium units have the best change of selling unless a fixer upper have big decreases on cost. Many times the units needing work are just not discounted enough.
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Cotton Mill Condos, Another Great Condo for $179,806 for an updated unit! Its Unit #307!
April 17th, 2010 categories: Condo Listings, Warehouse District
The Cotton Mill Condos is one of the better entry level condos in the New Orleans Warehouse District. These condos give you a true New Orleans Warehouse District with a lot of amenities with moderate condo fees. The amenities include a secure building, large interior courtyard, on site management, swimming pool, exercise gym, and secure parking across the street.
The #307 is well priced and has been updated with a few extras such as three large windows with city views. The new wood floors, professionally painted condo, updated kitchen and bath, and location withing the building are hard to beat. It’s the cheapest condo in the complex that has been updated.
Its the best buy for the under 200k price in the Warehouse District. This would make a great second home or home for a student going to medical school in New Orleans. Yes, you can get the best for the cheapest in this case!
This has been a good real estate season so far in the Warehouse District. The supply is slowly being bought and fewer nicer units are coming on the market as more buyers are looking for the nicer things. There however is more demand for the two bedroom units at the present time. The rental market is fairly tight. I think the demand is coming back for the one bedrooms soon!
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New Orelans Condo Foreclosures! Warehouse District Update!
April 11th, 2010 categories: Market Trends, Warehouse District
I often get asked about getting a good or great deal on a condo in the New Orleans Warehouse District. There just have not been bank foreclosures for sale. Since the beginning of 2009 I can only remember 5 that came on the market. They all happened to be very good deals. I sold 3 of them, but they stayed on the market for a while before getting scoopedup by a Sawy buyer. They were generally in great shape and needed very little done to them.
One was damaged by the owner but the bank put it back together so it looked nice by the time it hit the market. One was entered as a condo and it was a town home and proved to be a great deal. The photos were terrible and I almost missed the deal since the photos made the place look bad. Two of the unit only had exterior photos but were very nice inside. They both sold for about 25 k below fair market value.
The banks will continue to reduce the prices on a regular basis. The out of town banks give you the best deals as they have no feel for the New Orleans Market. They tend not to want to listen so it does not matter, its generally someone else’s money they are dealing with. Coming out of the slow season is a great time to catch these. They tend to go with real estate companies that do not normally work these areas. All these factors tend to work in the buyers favor. The knowledge of pricing and trends are on your side.
Short sales are a totally different story. I know of no successful sales first hand and many disappointed sellers, buyers and agents. I would avoid these in this market. It generally takes many months to make it to foreclosure after a short sale falls through. The information flow is terrible from these companies to the point of being just downright rude. My advice to buyers is to move on to better deals. Once foreclosed then the deals get even better.
One of the reasons there are few condo foreclosures, a Warehouse District Condo is easy to rent and the rental market has been getting tighter. Fewer people are buying but opting to rent for a time before jumping into the market.
Most people think there are many more foreclosures than there actually are. Most happen to be in pretty good shape. This is not Miami or Las Vegas and New Orleans Warehouse District did not get overbuilt in this area. Hurricane Katrina hit at about the time that the real estate bubble was really building before the skid.
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Federal Fibre Mills Condos #413 in New Orleans Warehouse District. The True Warehouse Feel!
February 22nd, 2010 categories: Condo Listings, Warehouse District
The Federal Fibre Mills Condos in the New Orleans Warehouse District is one of areas premier historic buildings. The impressive lobby leads into an impressive courtyard and pool area. The common areas are the best of any in the Warehouse District at these prices. Most of the One bedrooms are loft style units. The complex has 140 units spread over the five floors and penthouse area.
Condo #413 has several great features right off the bat. The fourth floors city views are among some of the best in the building. The loft area is open for more natural light and has much higher ceiling than most of the other one bedroom units.
The master is 10×17 and overlooks the living area and is in a position to have a lot of natural light. The living are is 23×17 and has all wood floors and an area next to the kitchen for a dining area.
The split level nature of this condo makes it feel much larger than the 867 sq. ft. of space. The kitchen and bath has been updated recently. The wood floors, high ceilings, exposed brick, exposed beams and floor plan make this condo a real winner. Add in the views and it is hard to beat.
All appliance stay in the unit. The unit comes with gated parking in the near by lot. The secure entrance makes this complex very safe as the front door is manned the major portion of the day. The management staff has an on site office to take care of daily issues. The units are cooled from a central system so your a/c bill is in the condo fees. The fees are higher but your electric bills are much lower.
Best to check out the photos to get a picture of the common areas featured in the Federal Fibre Mills Condos. Listed at $244,413.
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Does the New Orleans Saints winning help Real Estate? It Sure does not Hurt!
January 27th, 2010 categories: New Orleans Origionals, Warehouse District
I can say with first hand knowledge that with the Saints having several playoff games has greatly increased the interest in buying in the Warehouse District in particular. I have been showing several clients who want second homes where they can come to New Orleans for the games and to enjoy what the City of New Orleans has to offer. They all expressed an interest in living in the area on a part time basis.
Most of the press has been very positive for the City of New Orleans and the fan base that extends along the gulf coast and all of South Louisiana. They enjoy the people and the lifestyle. It is totally different from where they are coming from. I have clients from New Jersey, New York, North Carolina, Texas and other states as well. Maybe everyone does not want to live by the beach in Florida.
Now if the local politicians could begin to court these clients as well with upgrades to the infrastructure. These are great tax paying clients that will take part in the rebuilding of downtown New Orleans. It ends up helping everyone and gives us many more helpers plus the cash. Maybe the next Mayor will see this as a positive and push for the changes that are needed.
All ask “what does the future holds for the city” Maybe the Saints are light a fire under someone to see the light for growth and the new blood that will make the entire area a better place to live. Enough of the editorial !
Let’s enjoy the ride until the game in Miami as we are still playing when we are usually talking about a high first round draft choice. Can you think of all the hours upon hours of Saints talk with Buddy Dilberto and Hap Glaudi about when the Saints go to the Super Bowl.
Its Here ! Geaux Saints !! Win !!!
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Magazine Place Condos at 760 Magazine Place. A premium Townhouse style condo in the Warehouse District.
January 23rd, 2010 categories: Condo Listings, Warehouse District
The Magazine Place Condos located in the New Orleans Warehouse District at 760 Magazine has some great features that people are looking for. The great location, on site secure parking, updated condos, high ceiling wood floors, exercise room, roof top common area, courtyard entrance make this one of my favorite smaller complexes in the New Orleans Warehouse District. I just listed this condo for $333,216.
There are not a lot of townhouse style units in the Warehouse District but this is one of them. This condo is almost 1100 sq. of living with a small balcony off the living area. The two bedrooms are upstairs with the two bathrooms. There is a half bath down. The high ceilings and wood floors with the natural light give this condo a much larger feel.
The building was converted into condos 6 years ago and everything was updated as they were sold. The kitchen is small but has been updated with granite counters, stainless appliances, and custom cabinets. All the bathrooms are also in great shape. This unit is move in ready!
The location is great because you are within walking distance of the French Quarter, New Orleans Arena, Riverwalk, World War II Museum, Aquarium of the Americas, New Insect Museum, St. Charles streetcar line, many places to eat, Harrah’s Casino, The Convention Center, Lafayette Square, plus all the major hotels in downtown New Orleans.
You can quickly review all the 2/2 units in the area between 300-450k as there are not very many for sale. This is the strength of the Warehouse District real estate market.
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Sugar Plantation Condos In New Orleans Warehouse District, New Listing $289,219. One bedroom plus office! Garage Parking!
December 16th, 2009 categories: Condo Listings, Warehouse District
This is a premium condo listing that I have just relisted and reduced in price! It’s located at 840 Tchoupitoulas at the Sugar Mill Plantation next door to Emeril’s. It’s in the center of the New Orleans Warehouse District. It’s almost new as these were built as condos in 2005 and everything was brand new, rather than a conversion. It’s still almost new except for the sellers colors and modest changes. It is also the least expensive condo in the complex. The price range is from 300k-550k in the Sugar Plantation Condos.
One of the issues is that it can be a two bedroom but the second room has no closet so by definition its a one bedroom. Many people looking for a second home like the fact that they can have a guestroom. If you are living there it makes a nice office. The bathroom has a hall entrance as well as an entrance to the master bedroom.
This is a Warehouse Condo with street views of Tchoupitoulas that features exposed brick exterior walls, high ceilings, exposed beams, stained concrete floors, wide hallway, granite counter tops, stainless appliances, washer/dryer, and that finished look of a high end condo. The condo has garage parking along with a large storage area on the first floor. The storage area is 8×10 and is a secure room on the first floor.
The condo itself is 975 sq. ft. of living all on one floor with easy access to the elevator. The condo fees are less than $350 per month and include water, insurance, common upkeep, management, and a passport to a care free life in downtown New Orleans.
The condo association features a courtyard and pool. There is a party room and small exercise room. This is very rare for a condo complex to have all these amenties with 43 condos in the complex. These were built as condos so everything in the association dates from 2005. It could be considered better than new at this time.
The association is professionally managed. The condo fees are still one of the lowest in the New Orleans Warehouse District. The garage is secure, the front door is entered by code key, and is well maintained. You can walk anywhere from this location.
Look at additional Warehouse District Photos, its a lifestyle !
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New Orleans Warehouse District Condos, Strength of the market is in the 2 bedroom/2 bath !
December 12th, 2009 categories: Market Trends, Warehouse District
The strength of the New Orleans Warehouse District Condo Market is currently in the 2/2 condos selling between 250k and 500k. On the surface the supply looks great but on a closer look you have fewer and fewer choices. There are 40 condos currently for sale in this category. There are 10 recent sales of units that have sold or now under contract.
There are 13 units for sale at 1201 Canal Street in the old Krauss building although technically in the Warehouse it is much more a French Quarter Place. There are 8 units for sale at the Rotunda at 330 Julia Street. Take these away and you are left with 9 choices. This is not a lot as potential buyers are looking certain criteria that these 9 may not have.
There are no new condos or conversions currently on the drawing board so the supply will not increase anytime soon. In January you should begin to see new listing as well as new buyers coming into the market.
The one bedroom units are not in high demand which is totally uncharacteristic for this segment of the Warehouse Condo Market. I have several premium one bedroom units that are not being shown much in the last 60 days. I have a two bedroom listed that has gotten shown 5 times last week. Very Strange indeed!
The only reason I can tell you is that the buyers are young couples looking for a place and they need two bedrooms. Other buyers looking for a second home and they want room for guests. The first time buyers are just beginning to think about purchasing. This is most likely due to the economy in general or the tightening of lenders as to who they will lend to. Then we could be in a seasonal lull.
Regardless of the reasons sellers have to have their units priced correctly or purchasers will look only. As a buyers agent it is easy to see which units are overpriced. The appraisers are even tighter so agents do not want to waste time with things that cannot close.
As a purchaser the best way to approach this market is to view what is availiable now and then see the new listings as they come on. This will give you an idea of what you are looking for when the time comes to purchase.
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