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Putting a Value on Your New Orleans Condo, It’s more than just how large the condo is….

   

      The value of a condo is determined by location, condition, style,bedrooms and size of the unit.  Too often many agents, sellers put an over emphasis on the square foorage of the condo. It is a very important factor but other factors should be considered when making an evaluation. Many of these factors can be emotional.  Over the last 15 years of selling over 200 condos here is what I learned.  These factors add value because of the demand for these factors.

 

      Rather than talk about each factor,  I will show you many of the itmes that are desired in a New Orleans condo.  A good appraiser and agent will take all these things into account when establishing a price. If condition and location are equal then these factors will set your unit apart from others.

 

Balconies are a big factor….

 

Royal Street Ferns at Dumaine Street

Views, What you see out the Condo.

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

Pools and Courtyards do Matter, Common Areas

1107 S. Peters, Federal Fibre Mills Condos, Gym and Pool

837 Royal Street  Pool. French Quarter Condos

Large Windows, Natural Light, Window Features

289 Cotton Mill Condos, Exposed Brick

High Ceiling and Wood Floors are  Demand Items

333 Julia Street 226, 14 ceilings, Julia Place Condos

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Parking Spaces are a large factor…

333 Julia St. 209, Garage Parking

Amenties such as rooftops and Common Areas

333 Julia St. 209 Roof Top views

1107 S. Peters, Federal Fibre Mills Condos, Lobby

Historic Features are Desired….

289 Cotton Mill Condos, Exposed Brick

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New Orleans Condos Next to the Garden District, Let’s Walk the Neighborhood…

 Condos on and near Magazine Street

      There are quite a few condo complexes between Washington Avenue and Jackson Avenue in New Orleans on the edge of the New Orleans Garden District. There are others on St. Charles, Washington Avenue and Jackson Avenue. Let me take you to the adjacent neighborhood and we will take a look at many of the Garden District Homes.

 

     It’s great to live next to such historic neighborhoods. If you like to walk you will like the neighborhood even more.  More and more people are discovering this area as a great place to be as a second home.  I have sold a number of second homes and primary residences to students and young professionals that love the area.

 

1111-1113 Second Street Condos FSecond and Magazine StreetMagazine Street Condos in New Orleans2326 Magazine Street Condos2512 Magazine Street Condos, Garden District2512 Magazine Street, Once a Victorian HomeThird Street and Magazine StreetThird Street and Magazine Street1122 Third Street Condo in New Orleans Garden DistrictCondos on Third Street, Steps to Magazine Street

Let’s Check out Garden District Historic Homes in New Orleans.

       Just walk the Garden District neighborhood with me to see all sizes and styles of historic homes that you will come across. This is just a small sample of some of the homes you will walk by.

 

        A Short history before we take our walk. The Garden District was developed from 1832 to 1900. It was several large plantations that were sold as large parcels of land to mainly wealthy English Americans who did not live in the Creole French Quarter. It became the City of Lafayette in 1833 before being annexed as part of New Orleans in 1852.

 

Garden District Cottage 4

Garden District Home and Gallery

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Garden District Home, Coliseum and Third

Garden District Home, New Orleans 15

Garden District Home, Wrought Iron Plenty

Garden District Home..Porch and Fence

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New Orleans Warehouse District, Eric’s NOLA Walk About….

Cotton Mill Windows,Warehouse District

      The New Orleans Warehouse District always has a lot of things to do.  It is a great area to walk and leave the car at home. It has become a great place to live and have a second home.  There are many condo complexes to chose from but not many for sale this time of year.  Had to vist a listing this week at the Cotton Mills Condos so decided to take a walk around the area. I will share some of my stops with you.

Resource Center Warehouse District

Love the windows on this Building

Mississippi River Bridge, Warehouse DistrictThe Mississippi River is the Easter Edge of the Warehouse District. Always some nice shots of the Bridge
Outlet Collection Riverwalk,Warehouse District

      The Outlet Mall is a newer attraction that always is a nice walk if you need to stay cool. It’s on the Mississippi River starting out on Julia Street and ending up at the Spanish Plaza.

Fulton Street,New Orleans Warehouse District

Fulton Street is an entertainment zone near Harrah’s Parking and Casino. It is free to enjoy the plants, the eats and the music…

Poeyfarre Market, Warehouse District

The Poeyfarre Market across from the Cotton Mill Condos

Galvez Monument May 1977

     The Galvez Monument at the International Trade Mart. It was a gift from Spain in 1977. The 12′ high statue is Berardo de G’alvez who served as Govenor of Louisiana and Cuba in the 1700’s. Always enjoy finding out about this statues and why they were put here. They tell such a rich history.

Lucys Nights

Lucy’s Bar and Grill. The Local Place to Enjoy…

 

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Cotton Mill Condo #289 is for sale, Fully Furnished Designer Condo at 920 Poeyfarre Street in the New Orleans Warehouse District, Move Right In…

289 Cotton Mill Condo,living 1

289 Cotton Mill Condo,living 2

Listed at $299,289

 

    The Cotton Mill #289 is a second floor unit with a lot of updates to go along with the historic warehouse feel. The recent improvements include the exposed brick wall being cleaned and sanded. All the beams and poles have been sanded down to the natural look of the wood.  The wood floors are rare original and there is no carpet.  The kitchen and bath have been updated. the unit has recently been painted.

 

    A lot has been added with stairs to an area over the closet and bath. It can be used for guest or a small office. This is not in the 700. sq. ft of living but is very useful space. All the upgrades cost the seller almost $14,000. You can purchase this condo furnished for the price above.

 

    The Condo fees are reasonable at $322 per month. This includes water, insurance, building upkeep, pool, gym, 24 hour security, on site management and maintainance team, swimming pool, courtyard and bike storage. You get hot water as there is a central hot water system. Basic Cable is included in the fees as well.

 

 

    The Cotton Mill condo features high ceilings, exposed brick, large warehouse style windows, lots of natural light, exposed beams and structural poles. Laundry room and plenty of storage in a walk in closet. All appliances have been upgraded and come with the condo.

 

     The kitchen has granite counters, stainless appliances, breakfast bar, and a reasonable amount of cabinets. It is just move right in. It will make a great second home for someone. Low energy bills. Low expenses.  The unit has been rented out as a corporate apartment several time for $2250 per month. You can rent out for 6 months and more than pay your expenses. It’s just another thought.

 

 

289 Cotton Mill Condos,Living 3

289 Cotton Mill Condos,kitchen

289 Cotton Mill Condo,Kitchen Seats

289 Cotton Mill Condos, Floors

289 Cotton Mill Condos,bedroom

289 Cotton Mill Condos,Closet

289 Cotton Mill Condos, Loft

289 Cotton Mill Condos, Loft Area

289 Cotton Mill Condos, Beams-Loft

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289 Cotton Mill Condos,Window

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The Cotton Mill Condos in the New Orleans Warehouse District, 920 Poeyfarre Street

289 Cotton Mill Condos,Front Door

     The Cotton Mill Condos were converted into condos in 2004-2005.  There are 288 units in the building that were apartments before that with several penthouse on the roof. The Building was once a Cotton Mill built 1882. It employed about a 1000 people at its peak. It covers an entire block in the New OrleansWarehouse District at 920 Poeyfarre Street between Constance and Annunciation Street.

 

      The units are of varying sizes and configurations. Some condos have exterior view and some have courtyard views. The common historic features that people love are the exposed brick, large warehouse windows, exposed beams, high ceilings ranging from 14′ to 20′, natural light, wood floors and all the common areas the Cotton Mill has to offer.

 

     The common areas include a large courtyard of 25,000 sq. ft. of space with trees, tables, a pool, walkways in the middle of the complex. There is a secure lobby that is manned 24 hours per day. An on site manager and staff that does a great job. There is a large gym, bike storage area, meeting room next to the pool.

 

     The large windows feature city views and views of the courtyard. Even number units have courtyard views while odd number units have city views. Most units have at least two large windows that are at least 6 ft. by 10  ft. on the exposed brick wall. This give the units what I call a true warehouse feel.

 

    The location in the New Orleans Warehouse District is a block from the World War II Museum, several blocks to the Convention Center, a longer walk to the Superdome, Smoothie King Arena and the French Quarter.

 

     Take a look at the photos below to get a feel for the complex.  There is no parking but there are several lots adjacent to the building where you can park on a month to month basis. I have had clients who parked on the street for years however. The condo fees are moderate and you get a lot of common area for the money. The building is well-kept up and you have had ongoing improvements over the last 10 years…

 

     I have sold over thirty condos in the building so could answer most questions that you may have. A Call away, Eric…

289 Cotton Mill Condos,Secure Entrance

289 Cotton Mill Condos,Lobby to Courtyard

289 Cotton Mill Condos,pool

289 Cotton Mill Condos, Pool Yard

289 Cotton Mill Condos,courtyard

289 Cotton Mill Condos,Meeting

289 Cotton Mill Condos, Exposed Brick

Cotton Mill Condos Gym in New Orleans

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Cotton Mill Condos, Clock Tower

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The Commodore Condos at 3300 St. Charles Avenue in New Orleans, Best known for its historic Studio Condos…

3300 St. Charles Avenue 4 Front

3300 St. Charles Ave 4 Front Gate

3300 St. Charles Condo 4 Door

    The Condos at 3300 St. Charles Avenue known as the Commodore Condos and have a high per-centage of studio condos.  There are several one and two bedroom units in the building but most are studios.  most units have parking, wood floors, small separate kitchens, large bathrooms, and decent views.

 

     The complex is next door to the Fresh Market Grocery near the corner of Louisiana Avenue.  It’s a great location on St. Charles Avenue.  Makes a great place for a small second home and a home for students who do not need a large condo.  Condo fees are reasonable.

 

    Enjoy the historic courtyard and the park across the street on Toledano Street.  Catch the Streetcar and leave the car at home.  There are  31 units are in three stories with a gated parking area in the rear.

 

3300 St. Charles 4, Side Entrance.

     This is the side entrance for the condo #4. Just open the gate and the door to the building and this unit is right there. Your living and bedroom are in one room. You have a small kitchen and breakfast area and a large bath by condo standards.

 

     The units are very energy-efficient and light and bright. This unit is priced at $132,994 with low monthly condo fees of $140 per month which covers water, trash, insurance, up keep of the building and the common areas.  The building is very quiet and is in good shape.

3300 St.. Charles Condo Living 2

3300 St. Charles Condo 2 Living

3300 St. Charles Condo 4 Kitchen

3300 St. Charles Condo Bath

3300 St. Charles 4 Park

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The Elmwood Oaks Condos in Harahan 70123, 832 South Clearview offers some great values with low condo fees and lots of nice common areas.

Elmwood Oaks Condos in Harahan

 

    The Elmwood Oaks condos were built as condos almost 30 years ago. They are a short walk to all the retail and eating places on Clearview Parkway and retailers in Elmwood Shopping Center. The condos are an easy commute via Jefferson Highway or River Road. Jump on a Earhart Express for an easy commute downtown.

 

     The 101 units are mainly 2 bedroom units spread over 5 building and 3 floors. Each floor is gated with a security code. There are a few one bedrooms and a few three bedrooms. The first floor units have a private courtyard and the other units have a balcony.  Both have storage outside. Parking is very easy for 2 cars and guests.

 

      The amenities include a large courtyard and swimming pool . Tennis courts and plenty of common area that is always well maintained.  You have elevators to each floor and easy stairs at each end of the building.

 

    The condos are well maintained and managed. The association is well-financed. The condo fees are very low ranging from $216-$233 for the two bedroom units.  The condo fees cover the exterior maintained, water,trash, common electricity, yard and pool upkeep. Just a lot of your money.

 

     If these condos were in Orleans Parish 5-6 miles away they would be 275k to 300k for a condo with this many amenities. The condo fess would be about twice as much. There are 3 condos currently for sale with prices ranging from $114,900 to $135,336. Any of these buys would be cheaper than paying rent at these low-interest rates. Prices have been steady or down for a couple of years.

 

     Elmwood Oaks is always in my top three for condo associations in Metairie, Harahan, River Ridge areas of East Jefferson.

832 S. Clearview, Elmwood Oaks Condos

832 S. Clearview Condos Walking

832 S. Clearview Condos, The Pool

832 S. Clearview Condos, Courtyard

832 S. Clearview Condos, tennis

832 S. Clearview 336, Top Corner

832 S. Clearview 336 Balcony

832 S. Clearview 336, Parking

832 S. Clearview 336, Elevator

832 S. Clearview 8 miles

Corner Unit #336 in Building 3

832 South Clearview, Elmwood Oaks

 

      This is a good example of a unit that has been updated with wood floors, freshly painted, new kitchen appliances, new bath vanity, nice fireplace and newer light fixtures. It’s a two bedroom and 1.5 baths on the 3rd floor corner.

 

The third floor has vaulted ceiling and a private balcony plus a storage closet.  it’s over 1000 sq. ft. of living. Laundry room is full size in the hall. Master bedroom is good size.

 

    Use the elevator or stairs to the hallway on the third floor.  Enter the code to the floor.  There are 8 units on the floor. This is a corner unit. Both bedroom have windows to the outside overlooking the parking lot. There is a lot to be said of a corner unit on the top floor. This is the most updated unit in the complex. There is also attic space with pull down stairs for extra storage.

 

832 S. Clearview 336, Fireplace

832 S. Clearview Elmwood Oaks Condos1

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Lakefront Condos in New Orleans are picking up…Things are selling…

7300 Lakeshore Drive, Light House Harbor Condos

Condo sales are picking up in condos that are near the New Orleans Lakefront.  Most of these can be found in Lakeview around Lake Marina Drive and in Jefferson Parish on Old Hammond Highway.  For the longest time things were very slow following Hurricane Katrina.  There was a lot of units for sale for several years.  Now we are seeing sales pick up in all price ranges.

One of the reasons is that Lakeview Real Estate is doing very well.  Many times the condo market lags the housing market. Now it is catching up to the housing market. Another reason is that prices have gone up 20-25% in the downtown area.  They were already about 50% more than the Lakeview area condos.  It’s less than a 15 minute commute to downtown and the French Quarter.  Most of the condos in Lakeview are near the New Orleans Marina Area.

It is normal to have the “Ripple Effect” where when one area gets hot and prices go up it makes the adjacent area to begin to get noticed and also see sales rise.  This is what is happening now.  Add into the equation that Lakeview has been a very good housing market for the last three years…You can see why the sales are picking up.

You can see all the units for sale in Lakeview Condos For Sale.  The high-rise condos will have views of Lake Pontchartrain.  These are generally more expensive and larger units.  All the condo associations will have easy access to the lake and Marina, like 100 yards away.

500 Lake Marina Drive, Harborview Condos

318 Lake Marina Dr. Pier Eight Condos

232 Lake Marina Drive, The Marseilles Condos

Lakefront Condo on the Water Lakeview

300 Lake Marina Dr. Marina Towers Condos

Jefferson Parish Lakefront Condos

The two complexes on the Lake are the Pontchartrain Place Condos at 420 Old Hammond Highway and the Fleu Du Lac Condos at 400 Old Hammond Highway.

The Fleur Du Lac Condo are higher end condos.  Here is a quick view of a sideshow of the unit currently for sale .Fleu Du Lac Condo for Sale.  These units were built as condos after 2000 and  are large units with balconies, garage parking plus one.  Secure entrance, well-managed, pool, meeting rooms, storage units, kitchen, and much more.  Most owners live here full-time or part of the year. Seven stories with all the units on one level.  Some units face the lake but all have patios.

400 Old Hammond Hwy, Fleur du Lac Condos

     Pontchartrain Place Condos are a winner in my book.  You can still buy something here below 200k.  All units have garage parking on first floor with a storage unit for each unit. Plenty of guest parking.  What makes the complex great is the great views, common areas, pool, hot tub, clubhouse, well maintained common areas.  Some of the units will be dated but can be upgraded quickly and easily. Just not a lot on the market in the complex right now.

420 Old Hammond Pontchartrain Place Condos

420 Old Hammond Highway, 329, Pontchartrain Place Condos

420 Old Hammond Highway 123, Common areas, Pontchartrain Place Condos

420 Old Hammond Highway, 329 , Courtyard views

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The Condo Association Meetings….And Why is it Important?..

Most condo associations have an annual meeting as per the by laws of the condo association .  Some may have more than that.  Most New Orleans condo associations have a formal business meeting at least once a year for the larger condo associations and less formal for the small associations.  This where they elect officers for the coming year.  They approve the budget for the coming year.  They talk about present and future issues of the condo association.

The owners vote by their percentage  ownership in the condo the condo association. Meaning the larger units get a slightly larger vote.  It’s like the condo fees where larger units pay more since they are larger.  It also gives many out of town owners a chance to meet other owners to exchange ideas and ask about the direction of the association.

As a buyer in the condo association it is important to know what the owners talked about. Are they thinking about raising the fees in the near future. Are they close to assessing the owners for major projects in the future.  Are future expenditures for overdue maintenance or does it add to the improved lifestyle of the  condos.  It is good to review the last two meeting via the condo association’s minutes and budget so you can get a glimpse of the past year and into the future years.

    I am an owner of a condo in Orange Beach and have been attending the meetings for the last couple of years.  One of the main topics is building up the reserves of the condo association to a Million dollars from $700,000.  The condo fees include a month charge for this unit the goal is reached. In 2.5 years the goal will be reached.  Then we can vote on cutting the fees or adding things to the association that adds value to all.  
 
    There is always a lot of discussion about adding things to the common areas to give them a fresh look or to make them more enjoyable for all the owners.  Over time each condo association takes on a culture of its own depending on what the owners want.  This always happens once the developer turns it over to the owners and they come up with their own ideas and begin to implement them several years later…

1111 S. Peters, Bakery Condos, Pool Courtyard

1111 S. Peters, Bakery Condos, Elevator

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

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The “Bakery Condos” in the New Orleans Warehouse District, Yes it was once a Bakery…

1111 S. Peters, Bakery Condos Front

The Bakery Condos located at 1111 S. Peters in the Warehouse District of New Orleans was once a Holsum  Bakery.  It was turned into apartments and then into condos about 10 years ago.  You can still see the ovens in many of the units.

The roughly 65 units are generally smaller size units than many other complexes in the Warehouse District.  One thing that sets it apart is that almost all the units have parking in a garage or secure lot behind the building.

The units were converted into condos about 10-12 years ago.  recently it has been upgraded with painting of the atrium area and much more.  Condo Complexes all need a cosmetic face lift about every 10 years.  The condo association has become very active with various upgrades and have become self managed recently.  It has made a big difference in the appearance of the common areas.  Looks so clean and refreshing….

1111 S. Peters, Bakery Condos, Elevator

1111 S. Peters Bakery Condos, Atrium Courtyard

     The four-story building has elevators near the front gate and stairs as well.  There is a small gym on the first floor and a patio and pool on the third floor in the rear of the complex. It’s a great area to meet your neighbors and grill.  Plenty of tables and chairs by the pool for this.

      You are a few blocks from the interstate and Mississippi River Bridge.  You are across the street on S. Peters from a park.  Th Convention Center is across the park.  It’s an easy walk to the French Quarter, The Super Dome, Fulton Street, and all things in the Warehouse District.

1111 S. Peters, Bakery Condos, Pool Courtyard

1111 S. Peters, Bakery Condos, Park

Condo #409 On the Market

Listed at $309,409 this is the least expensive 2 bedroom condo in the Warehouse District.  it is a top floor corner unit overlooking the pool and patio area of the Bakery. It has garage parking for one car. The condo is about 975 sq. ft. of living and is a tow bedroom and one bath.

The unit #409 features lots of windows with plenty of natural light and wood floors, brick walls, high ceilings and is a corner condo. Both bedrooms are on the second floor.  The condo fees are moderate.  Water, Insurance, Exterior Upkeep and amenities are all included in the monthly condo fees.

1111 S.

1111 S. Peters #409, Bakery Condos, living  and windows

1111 S. Peters #409, Bakery Condos, Kitchen

1111 S. Peters, Bakery Condo, Origional Floors

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