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The Condos at 700 S. Peters in the New Orleans Warehouse District, A Review!

700 S. Peters Condos, Building in Warehouse District

     I recently listed a two bedroom/two bath condo at 700 S. Peters in the Warehouse District.  I listed it at $499,512 and got a cash offer that was near the asking price within a week.  I thought this would be a good time to review the complex and give you some ideas of what to expect when buying a New Orleans Condo.  We will touch on amenties, condo fees, location and staff.

700 S. Peters Condos, Secure Lobby

     One of the first things you notice when you enter the building is 24 hour security guard at the front desk.  They will not let you in unless the owner has you on a list and they are super careful about who they let in.  The have an on site manager who has an office on the first floor. He knows the owners by name as he has been there several years.  The staff has little turnover as you have a maintaince crew that works at the complex daily doing different functions.

    The more qualified people you have on staff , the more it is going to raise the condo fees.  This is what the majority want so that is what makes the Condos at 700 S. Peters so easy to sell in this vibrant market that we are in.  You get what you pay for in condo association.

700 S. Peters Condos Map in New Orleans Warehouse District

700 S. Peters Condos, Fulton Street

      You have heard that real estate is location, location and location.  The 700 S. Peters Condos do have that and has gotten better as the Warehouse Distirct is much more in demand as we move forward. You are between Fulton Street with Harrah’s Casino. The  New Orleans Convention Center, Canal Street, The Mississippi River, The French Quarter, The Streetcars on St. Charles Ave, The World War II Museum,  Many Galleries, Eating and Drinking Places, New Riverwalk Outlet Mall are all with 7-8 blocks away.

700 S. Peters, Rooftop Sitting, New Orleans Warrehouse District

    The complex has a great rooftop pool, courtyard athat is always well taken care of. Great views of the City’s skyline day and night.  All the units have windows facing the street.  The living rooms are large in all the one and two bedroom units.  All the units open up into an atrium that is like a tropical garden. Garage parking for all with valet parking during peak hours of the day. The 24 hour security makes this among the safest in New Olreans.

700 South Peters Condos, Amenties

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Julia Place Condos in the New Orleans Warehouse District, They are in the Center of the District, A Review…New Listing of Condo #226

    Julia Place Condos, 333 Julia Street, New Orleans

 The 333 Julia Street address is home to one of the more popular condo complexes in the New Orleans Warehouse District.  I call it the center of the Warehouse District.  The 101 condo units cover the entire block fronting Julia Street between Commerce and Tchoupitoulas Streets.  The two  buildings that make up the condo association are very different.  You are in the middle of the Arts District near the Childern’s Museum and s short walk to the Convention Center and the St. Charles Street Car line.

    The Bemis Building on the right was a bag factory around the 1890’s. Not sure what the building on the right is.  The Bemis building is most concrete beams and large floor to ceiling windows.  The building on the left is wood beams, old wood floors and it much smaller. It faces Tchoupitoulas Street.

     Most of the units come with parking in a lot and on the first floor of the Bemis Building.  The condo association has moderate condo fees.  Julia Places features a Gym that faces Julia Street.  The roof top pool, viewing areas, grilling, clubhouse are hard to beat for some great views day and night. The units are about evenly split between the one and two bedrooms units with most of the two bedroom units has exterior street views.

OLYMPUS DIGITAL CAMERA

OLYMPUS DIGITAL CAMERA

Julia Place Condo #226  $349,226

The 833 square condo is updated and gives one the true “feeling ” of an upscale New Orleans Warehouse District Condo.  It comes furnished and has a gated parking spot in the lot adjacent to the building.  The unit has an updated kitchen with new cabinets, new counters, some new appliances, breakfast bar, and has an open feel with a breakfast bar.  The unit has been recently painted that gives it a fresh light look and feel.

The condo features 2 bedrooms and a bath in the hallway. No walking through a bedroom to get there.  Washer and Dryer in closet.  Both bedrooms have warehouse windows and the living area has two.  The unique crown molding and exposed brick make an inviting picture.  The wood plank floors are probably original to the historic building.  The exposed beams have been exposed by recent sanding.  The 14 ft. ceilings give you a larger feel with lots of natural light.

This is one of the units where you just move right it and have almost nothing to do.  Most of the furniture is recent and has been rarely used.  It is currently a second home and most likely will be sold as a second home.  I am betting it will not stay on the market long as it have few competitors    on the market right now that has this feel of luxury in a great location.

The condo fees include water, exterior insurance, upkeep of the common areas, management fees, trash, sewerage, parking lots, pool, gym and reserves.  You will still need an HO6 policy for inside the walls and contents.

333 Julia Street 226, New Kitchen, Julia Place Condos

333 Julia Street 226, Ceilings, Julia Place Condos

333 Julia Street 226, Living Exposed Brick, Julia Place Condos

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The Federal Fibre Mills Condos in the New Orleans Warehouse District…

 1107 S. Peters, Federal Fibre Mills Condos, Front of Historic Building

     The Federal Fiber Mills Condos in the New Orleans Warehouse District is among my favorites in New Orleans.  I just listed a beautiful condo in the building and I will share that one with you.  This was once a rope factory that was completed around 1900 to service the needs of the Port of New Orleans and beyond.  The large windows and high ceilings were needed for light, equipment and storage of raw materials and finished goods.

The building was to become a focal point for the Worlds Fair in 1984.  The monorail ran through the building and the German Beer Garden was housed here.  The developer left many of the historic features in each of the units.  Exposed Beams, Large Windows, Exposed Brick, High Ceilings, Wood Ceilings, Beam Hardware were left in most of the units.  This makes them very popular today.

The Warehouse District Condos have seen a recent appreciation of up to 20% in the last year alone.  A lot of the demand has to be that this area is in big demand as second homes.  You can walk to the French Quarter from here.  Its only 12 blocks and prices are still cheaper than the Quarter.  You get parking and a lot of common areas  which to enjoy.

The Federal Fibre Mills is centrally located a block from the Convention Center and easy access to the expressway.  Easy to get to all locations from the area.  You are even getting new streets which should be finished by the Fall or 2014.

1107 S. Peters, Federal Fibre Mills Condos, Lobby

1107 S. Peters, Federal Fibre Mills Condo, Patio

     The common areas include a beautiful historic lobby with a five-story atrium with plenty of massive beams and original hardware.  The building is secure with secure parking for all the units half a block away.  Security is on duty daily and 24 hours on the weekend.  There is an on site manager and wonderful staff to deal with.

     The building has undergone many upgrades over the last 5 years.  New Floors in Lobby, New Gym, Refurbished windows in the entire complex, upgrades to the Tropical Gardens that surround a spa and swimming pool.  The Tropical Gardens is second to none in the market. Having the common areas so beautiful does make the condos worth more as people really appreciate the added value and use of the areas. Pets are welcome and the owners are very considerate of the neighborhoods.

    Best to view the slideshow so you can get a much better feel of the unit and the features of the complex of 140 units over the 5 floors.  Many different floor plans but this is a good example of a one bedroom loft style unit.

      The #413 is a furnished unit on the fourth floor of the Federal Fibre Mills with some great city views of the New Orleans skyline.  The unit is a one bedroom loft style condo with over 820 sq. ft of living area and is being sold furnished.  Recent updates include new kitchen appliances, a new bath and shower, freshly painted, new carpet in bedroom, new window treatments, new light fixtures and other updates. Listed at $320,413.

    The condo fees cover exterior insurance, water, trash, security, upkeep of the lobby-parking and all common areas, on site management, reserves, common electricity and all the common elements of a condo association.  The one item that is different here is the Central A/C system that serves all the units.  You control the temp.  This means you electic bill is going to be very low without an a/c bill.

1107 S. Peters 413, Federal Fibre Mills Condos, City Views

1107 S. Peters 413, Federal Fibre Mills Condos, Exposed Beam s and Brick

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New Orleans Warehouse District Condo Market Lacks Inventory as We Enter Feb. 2014, Why is the Question?

     The New Orleans Warehouse District has few condos for sale.  It is really strange that there are only 12 active listing in the area. There are 7 units below 400k for sale and 5 condos above the 400k range.  Out of the 12 condos for sale, I know at least half of them are just asking too much.  Prices were up an easy 10% in 2013 but some are easily 20% overpriced.

      In the last 5 years the majority of my sales came form condo sales in the Warehouse District.  Now  we have to work other areas that offer more properties at more reasonable prices.

     Why are there fewer listing?  I am guessing with interest rates below 4% where a lot of recent sales were bought at and a great rental market, many owers can rent at a profit.  Many think pprices are still going to go up.  That may or not be the case.  Another reason is that no new units built in the last 5-6 years.  The 425 Notre Dame is being built right now and most of those are over 600k.

    There are plenty of new rental conversions.  There is historic tax credits availaible to developers for rentals that mature in 5 years and its worth millions to them.  They will not convert early if the rents remain high and they can cash in on the Federal and State Historic Tax Credits.

     There is the extra demand for second homes in the area.  This also puts upward pressure on prices which was not as big several years ago.  Many of the second homers are Baby Boomers and people who have business in New Orleans on a regular basis.

     Once clients see that the supply is very limited, many will look in other areas where the prices are better and there is a lot to do.  The Lower Garden District is getting much of the over flow as are condos on St. Charles Ave.  Many however just want the Warehouse District so there is always a demand for places that are priced right. You See it, You Like it, You had better act quickly….

Streetcar 2014 Canal Street

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The Roosevelt Hotel in New Orleans at Christmas, A Must See……

Roosevelt Hotel in New Orleans1

       The Roosevelt Hotel was first opened in 1893 and was known as the ” The Grunewald”.  It was not named the Roosevelt until 1923 and was named after President Teddy Roosevelt.  The Hotel now has 504 rooms. It is located a block off Canal Street at 123 Barone Street.

    “When it was the Grunewald Hotel it hosted “The Cave”, considered by some the first nightclub in the United States. It featured waterfalls, stalactites, and chorus girls dancing to Dixieland jazz. As the Roosevelt, a new night club, “The Blue Room”, was opened and was long a well known venue of nationally touring musical acts.”

     I know it as a great place to visit during the Christmas holidays as they put so much in the decorations and lights.  It has changed over the years and most of us oldies remember all the angel hair floss.  Decorations move on and I think the present day decor is great.  Its a must see when you visit New Orleans during the Christmas Holidays.

    Its so cool that I am organizing a hotel tour before Christmas where we walk to 4-5 hotels to view their decorations and of course stop for a drink at each along the way. Its such a great value and you get a lot of walking and talking in between stops and drinks…..Photos will b allowed along the way….

Christmas at the Roosevelt Hotel in New Orleans

Roosevelt Hotel Door

Roosevelt Hotel Entry in New Orleans

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New Orleans Condos, Open Houses do work…Just takes some Effort and Creative New Ideas…

Today I did an open house in the Warehouse District of New Orleans to help me get a unit sold at 333 Julia or Julia Place #310.  It ended up being a lot of fun, but I do have fun doing real estate.  Had to have a helper take people to the condo while I greeted people and handed out flyers.  I even gave them out to residents as they entered and left the complex. Just another way to get the message out.

Had to bring a potted plant to have to sign stand up on the side walk and managed to get the other by the door. It was very hot so I had to wear shorts to stay a little cooler.  Shannon and I took turns taking people to the unit while the other waited for the next couple.  We had it from 1-3 pm but had a decent turnout.

We did a line ad in the paper but most people just came on their own by seeing the sign.  Running it on the WWL-Real Estate Digest TV show will also bring in more folks.  Next time I am going to leave flyers in the gym so even more people will notice.  People already living in the complex is a great source of potential buyers as it is easy to sell their friends on coming to view the unit.

Open Houses do work in New Orleans

    I ended up meeting two clients that I have been working with over time.  You never know when your prospects are ready to purchase.  Many agents will not go to the trouble to do these open houses and tell their sellers they do not work.  My Idea is to make them work for my seller by getting the word out.  It felt like a success when we packed up and left.  I should have put some cold drinks in the ice box but I will do that on the next open house.

    Another idea for the future is to do a twilight open house to catch people on their way home from work as there are a lot of renters in the Warehouse District of New Orleans.  Always open to old and new ideas to get your place sold for the highest possible price based on the numbers….

Eric Bouler, Gardner Realtors does Open Houses in Warehouse District...

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New Orleans Warehouse District Condos, A Market Update for July 2013…

Its been a strange year for sales in the Warehouse District of New Orleans.  There have been fewer sales of late than normal.  This is because there is not much in the way of condos that are priced to sell.  Here are the numbers.  There are 16 active listing today with 22 under contact.  I would suspect most of those to close by the end of the month.  I will say at least 8 of the 16 active listings are at priced at least 10% over the asking price.  This means there is even  less to chose from.

The extra demand has come from second home buyers who love to be in the area.  It is just close to everything with new restaurants and retail stores opening monthly.  You have to be ready to buy when you see something you like when you see it or it will sell when its priced right and is a nice place. Some are even selling before they hit the market by asking around the office as to “who has a client for this”

I am now having to suggest other great areas of New Orleans where they can find things just as nice where the prices are cheaper.  The areas have many of the same things that people are looking for, they are just not as familiar with them as they are with the Warehouse District.  After we take a tour most will see why and if the other areas suit their needs.

So you need to check out other areas that will surprise you as to what they have to offer.  Looking down St. Charles Ave, Garden District, Lower Garden District and Uptown are the most ideal locations after the Warehouse District.  The French Quarter may also be an option but the prices do go up quickly in this area.  The French Quarter does not have its normal inventory either as the nicer priced condos are selling quickly.

Best thing to do is get on a watch list to show you what is on the market each day.  It shows when it goes under contract, when the price is reduced, and whatever changes are made in the listing.  I just set you up based on your criteria.  Keeping updated is important and will save you money.  As will a good buyers agent who does not mind telling you when something is too expensive. Best to get in your condo before the Saints football season starts on the way to the Super Bowl in the ” Big Apple”.

 

Cotton Mill Condos in New Orleans Warehouse District Exterior

Federal Fibre Mills Condos, New Orleans Warehouse District

333 Julia, Julia Place Condos in New Orleans Warehouse District

 

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Julia Place Condos in the New Orleans Warehouse District, New Listing…..Priced to sell at $209,310.

      The Julia Place Condos at 333 Julia Street in the New Orleans Warehouse District is like being in the center of the Warehouse District.  You are close to everything and easily walk fro the Convention Center to the Super Dome, World War II Museum, Harrah’s Casino and the French Quarter.  Its also easy to hop on the interstate or walk to St. Charles Avenue to catch the street car.

     The Condo #310 is one of my favorite floor plans in the complex because the rooms are large and the amount of windows you have looking into the atrium.  Just a lot of natural light.  I took this pictures on a cloudy and overcast day but still the unit was bright and cheerful….

      The multiple windows, high ceilings, concrete beams, original wood floors, updated kitchen, updated bath and large master makes this condo feel much larger than the 677 sq. ft. of living.  The Third floor has some of the highest ceilings in the building.  The unit has a good bit of storage with extra closets in hall and in master above the regular closet.  The living area is 16×19 with enough room for a breakfast area next to the kitchen.

    The condo fees are among the lowest in the Warehouse District with Julia Place having some of the nicest amenties.  The condo fees are very reasonable at $229 per month.  That includes water, trash, exterior cleanup and maintance, insurance plus all the amenties that you have to enjoy.  Parking does not come with the unit but you can park within 2 blocks in lots that have availiable parking.  Many people are second home people that may let you park in there spot while they are not here….

Julia Place Condos in New Orleans Warehouse District1

    The amenties incude a beautiful roof top viewing area with pool, clubhouse, grilling area plus a nice gym on the first floor facing Julia Street.  The complex is gated with coded entry.  The condo association is well established and is professionally managed.  For second homers this means closing the door and not having to worry about your New Orleans Condo.

 333 Julia Street Entrance, Julia Place Condos in New Orleans Warehouse District

333 Julia, Julia Place Condos in New Orleans Warehouse District 

333 Julia Street #310, Living area, Julia Place Condos

333 Julia Steet, Julia Place Condos, New Orleans Warehouse District

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The Federal Fibre Mills Condos in the New Orleans Warehouse District, New Listing in a favorite building… Condo #413

     The Federal Fibre Mills in the Warehouse District located at 1107 South Peters has always been a favorite of mine.  Its a block from the Convention Center, several blocks to St. Charles Ave. and a longger walk to the French Quarter.  Today I parked there and walked to French Quarter Fest at Jackson Square.  The building is becoming a favorite for second homers because you get a lot and can get all over town quickly.

    The association features some of the nicest tropical courtyards that you will send in the Warehouse District.  The grand lobby is second to none.  The staff and management are all top notch.  You have the spa and pool in the courtyard.  The gym and rest rooms are just across the way.  The grounds are always kept up and used by the residents to grill and just hang out. You need not go outside the building.  Pets are welcome and people take care of them as well.

   The Condos all have some common features.  Exposed Beams, Exposed Brick, Large Warehouse Windows, Lots of natural light, high ceilings, exposed metal supports and wood ceilings that were oonce forming boards for the concrete between the floors.  All the condos have a gated  parking spot in the lot half a block away. Its a large lot that is rarely ever fully used.  All the units have their a/c from a central chiller system that is very efficient.  The condo fees are higher as your ac is include in them. But the electric bills will be very low…

1107 413 Federal Fibre Mills, Tropical Courtyard

1107 413 Federal Fibre Mill Condos, Lobby

1107 S. Peters #217, Exposed Beams and Brick

 1107 S. Peters 412, Federal Fibre Mills Condos, New Orleans Warehouse District

     The Warehouse District Condo #413 is offered for sale for $249,413.  Its about 900 sq. ft of living with a loft bedroom.  You can see the updated kitchen and bath.  Bamboo floors are on the main living area with tile in the kitchen.  The city views form the 4th floor are top notch day and night.  There is a decent amount of storage on the lower and upper level.  The unit has been freshly painted down.   

     All appliances stay with the unit including the washer/dryer that is in the kitchen closet.  The elevators are right down the hall to the lobby and in the rear to the courtyard.  The condo fee is $461 per month but does incluse the a/c which is easily $100 per month in New Orleans and the parking comes with the unit. Water, Insurance, Exterior upkeep, staff and management are in the fees.  The condo association is currently well funded.

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New Orleans Warehouse District Condos, Just not many balconies….

   One of the questions I am commonly asked is that I want  a condo in the Warehouse District with a balcony or gallery.  The immediate answer is that they are far and few between.  There are 3-4 condo associations that do have them.  The are all larger units in smaller buildings.

    The three pictured here are within a block of each other on Tchoupitoulas and Girod.  The 711 Tchoupitoulas, 633 Tchoupitoulas and the red building on the corner of Girod.  Its most likely that these structures were office-warehouse combinations.  Most of the other warehouse  were much more industrial and larger.  

    The only other one that comes to mind is Mills Row which also happens to be on Tchoupitoulas behind the Federal Fibre Mills.   Mills Row is a brand new structure that was built in 2006.

Balconies in the New Orleans Warehouse District Condos

    The other question I am often asked is why there are so few high rises.  The only 2 Warehouse High Rise condos are One River Place and 625 St. Charles.  Both of these buildings were built as condo complexes.  We are overdue another one. 

    The Tracage was going to be a 25 story building that was cancelled in 2008 during the financial crisis.  It is rumored to be back on the drawing board.  Since the pre-sales reached almost 70% it would be a success this time around. 

    It did not make sense for the 1900’s building to be too tall and most were industrial and basically built by hand. 

  Balconies in New Orleans Warehouse District, Warehouse District Condos

Warehouse District Condos, Red building on Girod

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