New Orleans Condos and High energy prices, Postive effects! How do you view it?
May 15th, 2008 Categories: Market Trends
With ever rising energy prices New Orleans condos offer a unique chance to save money and energy. This is especially true of the New Orleans Metro area which is compact and very compact in the Warehouse District, Uptown and French Quarter. You can walk many places and do not have to drive very much at all.
The New Orleans public transportation like the street cars run on electricity are easy to use and a delight to ride. The savings here is not just on gas but time as well. “time is money rings true” Many clients look at condos to save on commute times.
Most condos are smaller than homes by their nature and thus are efficient. The nature of condos being much like a honey-cone effect. This is a natural insulator. The think walls of many warehouse units also have to help in keeping the units cool. Using a heater more than 15 days per year is unusual in New Orleans. Many of the units that I sell were built before air conditioning where high ceiling, fans, and windows were the norm.
You buy less since you have less storage area. You walk more helping your heart and your pocket book. Maybe we could spend more on sidewalks and bike paths and less on roads. Maybe not, as New Orleans is noted for its forgotten roads. Repairs every 100 years does not cut it in today’s world. We have a lot of bad drivers that would also be safer walking.
Condos use less land leaving more room for many to enjoy the public areas. New Orleans is more of a European style city with neighborhood shopping and neighborhood services. The reason its part culture and part geography. When you are surrounded by water its tough to spread out. Common areas can be made better and enjoyed by all. Audubon Park is just such a place in the middle of the city. Just some ideas and thoughts.
These factors are especially appealing to second homers who love not using their cars when they come to visit. New Orleans looks like it could become a green city with a little push here are there.
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French Quarter Real Estate, The area is unique and has character very seldom matched! One Spring day.
May 11th, 2008 Categories: French Quarter
The New Orleans French Quarter is never at a loss for unique photos and historic homes. This French Quarter double shotgun home was one we passed last week going to a listing appointment. The house itself was unique but the hanging baskets and flowers blooming in the late afternoon sun defined curb appeal. It takes a lot of time, effort, and love to maintain these homes and then decorate them with seasonal flowers for all of us to enjoy. You can enjoy them with me.
Need to thank Lana Sackett the co-lister on the property we were visiting for letting me take these photo detours for which I am famous. But I am also known for finding a good parking spot so things even out. New Orleans is a great walking city in the cool months of march, April and May before the Summer heat and humidity arrive on schedule in June.
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Metairie Condos, the Metro View Condos is best bet for one bedroom condos in Metaire!
May 11th, 2008 Categories: Jefferson Parish, New Orleans Condo Reviews
The Metro View Condos located at 3805 Houma Blvd in Metairie are new conversions which offer some nice choices in the 120’s range. It has a very nice location in the heart of Metairie, several blocks from Veterans and a couple of blocks from East Jefferson Hospital placing it across the street from the East Jefferson Wellness Center. Plus, there is easy access to I-10 and Lakeside Shopping Center. There is are a total of 199 condo units consisting of mainly one and two bedroom units.
All the units have been redone and they are basically new units. You get almost 800 sq. ft. of living with a large 22×12 den, small patio and large 16×12 bedroom. The kitchen is new and comes with all new stainless steal appliances and granite countertops. The bathrooms are also new and have new plumbing fixtures. There is a small washer and dryer in the master closet. There are larger washers and dryers on premises for the large loads.
The amenities include a fitness center and two outdoor pool. There is plenty of parking near your unit and the spaces are assigned. Some of the larger units have storage sheds. Many of the one bedrooms are on the ground floor for easy entrance and exit.
There are less than 30 0f my favorite style left which is the one bedroom flats. I like these for the large floor plan and resale value. Once the developer has finished his sales these stand a good chance of appreciation in value over the next couple of years. its get down to location and size for future value. Low condo fees are also a big plus. The condo fees cover water, Insurance, upkeep and common areas for about $150 for the one bedrooms.
In my opinion these are the best buys for a one bedroom in Jefferson Parish.
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625 St. Charles Ave., New Orleans Luxury Condos in the Warehouse District.
May 8th, 2008 Categories: New Orleans Condo Reviews, Warehouse District
The 625 St. Charles Ave Condos are Luxury Units in the New Orleans Warehouse District. The condos are 7 years old and were built as condos. The 11 story building is in a fantastic location on St. Charles Ave across from Lafayette Square in downtown New Orleans. The 39 units are at least all two bed room plus and two bath starting at about 1300 sq. ft going up to about 3000 sq. ft. units for the four Pent House Condos.
The building on the far right is Gallier Hall and the bleachers in the foreground were getting ready for the Mardi Gras parades to roll this past season. The streetcars roll by your front door and you can walk to many a high class meal from this location. Its an easy walk to the Louisiana Super Dome, New Orleans Arena, Federal Courts and the French Quarter.
The 625 St. Charles Ave. Condos features include 2 parking spots in the garage for each unit. The security is 24 hours and very secure. There is an indoor lap pool and fitness room. There is a common area conference room, catering kitchen and reception area on the second floor. Most of the units are custom built outs by the owners so very few or none are going to look the same.
There are currently 5 units for sale ranging in price from $635,000 to 1.9 million. All the units have been listed in the last 60 days. The complex has have 6 sales since 2006 as the condos tend to have long term owners and some been forced to move due to Katrina. The views are going to vary by the story and the direction of the units.
The units generally start in the upper five hundred range up to million plus for the large pent house units. I have seen a couple that I have really liked and some that had no appeal at all. It all depends upon how the units were finished off by the original owners. Read the rest of this entry »
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Warehouse District Murals, Artwork and the Buildings!
May 7th, 2008 Categories: New Orleans Origionals
Living in your downtown condo can be an experience and many people never open their eyes these New Orleans Originals. I have no idea where the practice started but the area does have quite a few murals painted in the oddest places. New Orleans also loves flags and banners, its almost seasonal.
It could be about music like the Mural painted on corrugated metal outside Howling Wolfe in the New Orleans Warehouse District. It could be a map of the downtown area painted on the Hilton Garage. It could be a banner saluting the NBA all-star game.
A common theme is pictures of homes, buildings and music. What else would you want to paint on a house. Just wanted to share these
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New Orleans Condos and Home Warranties, worth the expense?
May 5th, 2008 Categories: Condo Knowledge
Home Warranties are insurance policies against the mechanical failing of items and those needing repairs. Many items do break and you never know when or how they will go out. The largest expense in a condo is generally when the a/c quits working properly. This can get expensive to the tune of $1500-$1800. Many time the units cannot be repaired and they need to be replaced. Other items such as plumbing, electrical, stoves, appliances. fans, heaters can all be expensive to repair.
As an agent I write a home warranty in all my contracts asking the seller to purchase one for my clients. It will cost the seller $395 per year with a $50 deductible to the purchaser. The sellers will generally do this to have peace of mind that the items will be repaired if they break. Many items are going to be old and have no guarantees that they will last. The sellers do not want you to have added expenses once you purchase.
I ask the sellers to purchase one to relieve the purchaser of stressing over an old compressor or appliance that they fear is on its last leg. This is never a hard sell unless the seller is just plain cheap and does understand the mindset of buyers.
The purchaser can chose to renew it once the first year is up. Then you have a better idea of the condition of your condo. It has worked out well for many of my clients and many have never had to use them. The warranty company sends me cards when they use the warranty so I know they are saving my clients money.
I use First American Home Warranty not because the rep is nice and pretty but they do the job when it comes time to use them. The are established and easy to work with. I know my clients use the services as they send me a card when repairs are needed. They are always responsive to my questions and my clients needs. I have many horror stories of people who use other home warranties and are not satisfied. All home warranty companies are not created equal. Botton Line, its a nice thing to have!!!!
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New Orleans Uptown Condo Market, Variety of Choices comes alive in the Spring!
May 4th, 2008 Categories: Market Trends, Uptown NOLA
New Orleans Uptown Condos are going to come in a variety of shapes, sizes, and types. There are going to be large complexes that have been converted into condos from apartments from the 1970s era. There are going to be conversions for the 1920’s and 1930’s along St. Charles Ave. A common type is where an old home has been converted into several condos. There will be four plexs and doubles that have been converted. There will be few condos that were built as condos available. There are also a couple where the developer put several homes together with parking to have both the historic look and the feel of a complex.
The Uptown Condos are going to appeal to a variety of clients from students, residents of local medical schools, young people starting out, retired people and more and more second homers. The prices of the nicer homes in Uptown have made condos a better choice when you do not want to take care of repairs, a yard, high insurance rates and have other things in your life to do.
Most of the condos are still going to be on the small side when compared to a home but the cost are also going to be much lower. As always location is an important factor as well as condition. In uptown there is going to be a large variety of conditions with most units having been updated in the last 4-5 years.
The market picks up every Spring as young people make buying decisions. You can get the better deals this year and save more then renting if you are going to be here a couple of years. The rents have gotten just too expensive for what you get.
I was showing this week in the 160k and below range and we found several nice units. There will be many more choices in the under 200k range. Each Spring more people sell but also more people are in the market to purchase. It is must to know your numbers in what you can afford because the condo will be there. Especially if you can do some work on updating some of the older units. These have fallen out of favor since Katrina.
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Warehouse District Condos, Sugar Plantation Condos at 840 Tchoupitoulas Street
May 4th, 2008 Categories: New Orleans Condo Reviews, Warehouse District
The Sugar Plantation Condos were a new condo development that opened for pre-sales in the Spring of 2005. The condos were basically new construction with the exterior walls of an old warehouse. The 43 units sold with the first week of being offered. At the time they were about 80% complete. Most of the units were 2 bedroom units. All the units had garage parking and a storage area.
The Warehouse District condos featured granite counter tops, stainless steel appliances, polished concrete floors, open kitchens with plenty of cabinets, full size washer and dryers, high ceilings, crown molding and large master suites. The more expensive units had patios, street views, balconies and were larger. Most of the units had at least one exposed brick wall for that New Orleans Warehouse feel. The units had an upscale feel to them. The developer did not put up enough lights in the units but people have chosen their own lights to brighten things up.
The developer finished off all the units in the same fashion and the buyers were not allowed to pick and chose their colors and cabinets.
The common areas included a pool with a courtyard. There are 2 elevators. The garage entrance is on Commerce with inside access to the lobby and thge condos. Each unit had a large storage area on the first floor. There is a first class party and meeting room. There is also a small gym looking out onto the pool area. The courtyard is and pool are surrounded by units and the excercise room on the gound floor.
Today’s pricing is giving the initial investors a tidy profit. The smaller units are going in the upper 380K range and the nicer units right under 500k depending on size, views and the location with the complex. The prices have remained steady for the most part of the last 2 years. There normally seems to be about two condos in the building for sale at any given time. The less expensive units do not have any great views and you often face a brick wall.
The new kitchens were large and generally opened into the living areas. There is ample cabinets and counter space in all the units. Some of the larger 2 bedroom units will have a small study. These are the units over 1500 sq. ft. The smaller units are in the 1200 to 1300 sq. ft. range. The building itself is very quiet and the units are quite spread out. There are no units on the first floor. Read the rest of this entry »
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River Ridge Condos, Steamship Circle- Another New Orleans Condo choice
May 2nd, 2008 Categories: Jefferson Parish, New Orleans Condo Reviews
The New Orleans Condo market has condos in areas where people like to live outside the city of NewOrleans. There are not a lot of condos in River Ridge which is in Jefferson Parish. The Steamship Circle was developed for condos and currently has about 7 to 8 condo associations in the Steamship Circle area. The area is a high demand area next to River Ridge homes, Elmwood Business Park and near the entrance to Earhardt Expressway which is about 15 minutes to town. The prices will vary for 140’s to the 180’s range for a two bedroom unit. There are much fewer one bedroom units. This 2836 Steamship Condo is priced at $179,625.
This is an example of a current listing that I have at 2836 Steamship Circle in the River Ridge area. The 2836 Steamship Circle is in one of the best complexes. Parking is easy. Many long time residents love living in the tree shaded area of River Ridge. There are 20 units in this complex with all being townhouse style condos with large bedrooms, plenty of closet space, easy layout, fireplace, patios in rear, vaulted ceilings in bedrooms, and below average condo fees of $150 per month. The large rooms and windows let in plenty of natural light giving the rooms an even larger feel.
These condos are not new but have been kept up extremely well over the past 20 years. The area has appreciated very well over the years. This unit has a loft which can be used for an office or storage. The second bedroom has a large picture window overlooking the private patio that is fenced in from the public. Read the rest of this entry »
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“New Conventional Regulations”
May 1st, 2008 Categories: Julie's Mortgage Tips
On April 1st guidelines have changed in the way loans are priced for lenders who originate loans under Fannnie Mae and Freddie Mac.
Fannie Mae and Freddie Mac now have delivery fees that they charge to banks and mortgage companies on all conventional loans with credit scores that are below 720 that aren’t putting 30% down.
Fannie Mae and Freddie Mac have taken such a big loss in the last year and they are charging these fee to try and offset the increase cost of doing business.
For buyers whose credit scores are under 720 we are looking for alternative ways to finance their loans.
FHA and VA are an alternative to conventional loans and they do not charge these extra fees.
Bond loans are another alternative. Bond loans charge a small fee of .25% on conventional loans which doesn’t make much difference when you are getting 4% of assistance money.
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