Archive for the 'Warehouse District' Category
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.
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.
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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….
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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….
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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.
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….
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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”.
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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….
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.
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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…
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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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.
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.
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The prices are on an upward trend and are getting back to the levels of 2007 when business was last booming. The big difference is that there is just not a lot of things for sale. There are currently 25 active listings in the Warehouse District of New Orleans. Out of the 25 listings there are 7 listings at 1201 Canal which I really do not consider the Warehouse District.The prices range from 169k to over a million. So choices are limited in all categories. There are 20 condos under contract.
I had several listings last month and they all sold within a week of getting people in the units. If a seller prices them correctly they can get a sale in short order. You still have to have what people want. There a a large demand for 2/2 units that are selling for up to 400k.
Several of the reasons for the demand is that few new places have come on the market since 2008. The second home market is doing extremely well and those buyers are ready to buy when things do come on the market. The odd thing about most of my second home buyers is that they live rather close by in places like Baton Rouge, Lafayette, Kenner, Mandeville and other local towns and cities. This was not the case three years ago.
Many of the second home buyers pay cash or put down large amounts towards the purchase. People still ask about foreclosures but they are few and far between. Those that will pop up have been in the process for years. Then you add to the buyers those that are renting and want to buy with the low rates you have some increased demand.
The Warehouse District is also a favorite place for medical students, residents and law students. Many are not selling when they finish but decide to rent or use their condo as a second home. The demand will increase in that area with the completion of the new VA and LSU hospitals which are under construction.
I have pictured these buildings which are not yet condos. The area of expansion is going to be the areas in the CBD and towards the Super Dome. The construction or conversion of rental units have greatly increased in this area. Once that happens its will be like a ball rolling down a steep hill. Blocks away from the French Quarter where you get larger more updated units for less money and you will have access to parking.
That is what I am predicting is going to happen. The areas just tend to spread out as prices and available space become available….I have had no problems with financing as long as people stay local and use lenders that we know will give you the best deals and get the job done. Out of State Lenders are stressful and much less successful. Add in the large out of state banks to that number. I will not mention names but all Realtors know them… Ask them who is most successful. I never mind saying….Stay away from XXXXXX Brand…
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I just listed this really nice condo in the Warehouse of New Orleans that has a lot going for it. Its a larger one bedroom in the heart of the Warehouse District. It has exterior views and gated parking. The condo has many recent updates. It is priced at $249,213. I will tell you more about it through the slide show. So many people chose the condo complex and the location first so I will give you an overview of The Julia Place Condos.
Now lets review the Julia Place Condos at 333 Julia Street. I think Julia Street is like the “Main Street” of the New Orleans Warehouse District. Its an easy walk to the French Quarter, the CBD, the Convention Center, the Super Dome, The New Orleans Arena and plenty of places to eat and drink.
Its the type of condo where you can just lock the door and leave if it is a second home or if you travel a lot. The amenities include a roof top pool, viewing area, clubhouse and a gym thaat is on Julia Street. The condo fees are low for the Warehouse District and you get a lot for the fee. Water, Insurance, exterior maintenance, daily cleaning plus the management fees. Most of the 2 bedroom and 2 bath units will be over 300k and up depending on the size. There are few one bedrooms with exterior views.
This unit has condo fees of $264 per month and measures 770 sq. ft. of living. The updates done in the last couple of years are wood floors, new a/c compressor, crown molding, blinds, curtains and fresh paint. The kitchen and baths were updated in 2006-2007 when the condos were converted from apartments into condos.
What does make this unit unique is that it is a corner unit in the rear corner with some nice street views. The full length windows from floor to ceiling give the unit a lot of natural light with little direct sun on this corner. The parking spots were sold for $25,000 by the developer, they are still worth at least that much or more.
You open the door and you are in an open atrium courtyard less the 15 feet from your front door. No long hallways in this section. Both of the cross streets by the condo are quiet with not a lot of traffic as Notre Dame and Commerce Streets dead end in a couple of blocks.
Click to enlarge screen and try the music. Just turn it on. You dream better with Music…..
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