Archive for January, 2008
New Orleans Condos - Lush Tropical Courtyards that you do not see!
January 31st, 2008 categories: NOLA Gardens, New Orleans Condo Reviews
What separates New Orleans Condos from those of other cities is the lush courtyards, fountains and lush tropical plants. This of course is possible due to the warm weather and annual rainfall of over 60 inches per year. Everything tends to grow and prosper with little care in the rich Mississippi Delta soil that created the area. Courtyards are protected from the occasional freeze and easy to manage. Tropical plants that prosper are impatiens, bromeliads, hibiscus, ginger, banana trees, crepe myrtles, small palms and many more. The fountain is always going to be a center piece of many New Orleans gardens and the sound of moving water is appreciated during the hot humid summers. Red bricks always add to the as the patios are usually old brick.
This is a courtyard of a condo complex on Washington Ave. When you get these lush gardens you will also get some interesting insects and then a lot of great birds that like to eat the insects. You can get creative so no two courtyards are going to look alike. The problem is that most are hidden behind the gates and do not get noticed. However you can come back and see them on this blog in the future.
| Discussion: No Comments »
New Orleans Condos, Trump Towers Condos and Hotel Update!
January 31st, 2008 categories: New Condo Projects, Real Estate News, Warehouse District
The Trump Towers Sales office is scheduled to open in the New Orleans Warehouse District in mid-Feb, 2008. The new Trump International Hotel and Tower at 555 Poydras Street will be followed by many around the world. The developers hope to break ground later in the year. The 72 story tower will have 290 standard condos and 435 condo-hotel units. The first 2 floors will be retail followed by 12 floors of parking with over 700 parking spots. A group of floors will be the hotel and the upper levels will be residential condos. Many of the units should have great views of the city and River.
In mid December there were 175 deposits. Interest is expected to pick up once the 5000 sq. ft. Sales office is open. Its a unique project especially for New Orleans and should be known by most people in the world. Anytime you get a World Class project in the area is should give the entire Warehouse and downtown New Orleans a boost. Maybe I can meet someone who buys the one of the upper floor units to have me over. Maybe Irene Rand, one of the sales agents will give me a ride on the construction elevator if I can sell a couple of the units. Lets support the efforts and hope the developers can pull this off. Wow!
| Discussion: No Comments »
Rex the King of Carnival, invites the King of collge LSU bands to parade!!
January 31st, 2008 categories: Art , Music , Parks
The Rex Parade announced that the LSU Marching Band would be show cased in the Mardi Gras Day Parade. The band will occupy four blocks and may lead the parade. This rarely happens and I cannot remember the LSU band preforming in the last 30 years. The band is over 350 members. Adding the band to your beads and doubloons will just create more excitement. This will be the bands second trio to the Crescenty City since the BCS National Championship game in which LSU scored a lopsided victory over Ohio State by scoring 38 points. You wonder what their favorite tune will be? If you had a condo on St. Charles Ave. the parade would be at your doorstep and the pit stop would be near. You sure would get some friends to come over. Mardi Gras is Feb. 5, 2008.
| Discussion: No Comments »
Warehouse District Chosen by Idea Village and the St. Joe Lofts
January 30th, 2008 categories: New Condo Projects, Warehouse District
A 19 million dollar project is announced for the New Orleans Warehouse District involving Idea Village and St. Joe Lofts which will be office space and loft apartments. Idea Village is a non-profit group that supports entrepreneurs to develope their business ideas. The Idea Village will occupy the first floor. The development will include 45 affordable units available to people earning under $35,000 per year or 60% of the area medium income. These are the sparks that our downtown area needs and is getting on a monthly basis.
The Idea Village and St. Joe lofts will begin construction with the next 2 months at 400 St. Joesph Street near Constance. The developer is Jay Trevor with J&T Development. The innovative project is expected to be complete in March 2009. It makes great sense to give people starting a new business an affordable place to start in the Warehouse District. Many of the former apartments and lofts have been converted into condos creating a healthy demand for rentals in a very innovative and creative part of town of town. Each addition is a building block in this neighborhood and to creating new jobs that will allow more people to buy. Its private enterprise that creates jobs.
| Discussion: No Comments »
New Orleans Condos, Tax rates Drop 29% for 2008
January 30th, 2008 categories: Condo Knowledge
New Orleans Condos, Tax Rates Drop 29% for 2008. Savings for homeowners just in time for Mardi Gras, find out how much you will save.
The tax rates for New Orleans which is Orleans Parish has been dropped by 29% as part of the Orleans Parish reassessment efforts. This means if you have recently bought real estate and your taxes were based on your sales price then you will see the drop. The new millege rate is 1.288 which means its $1288 per 100k of assessed value. The previous rate was around 1.81 mills with small variances in some taxing districts. This is great new if you are considering buying in the future. On a 200k condo you will save over $1000. That is real money! You still get a $75,000 homestead exemption if its your primary residence. That means a condo assessesed at 175k, then your taxes are about $1288 per year. The bad news is you pay for the year in advance.
The saving of a homestead exemption is $966 per year. I am sure our politicians will be back for more, I am sure you can spend your money better than they can.
| Discussion: No Comments »
French Quarter Real Estate, What no front yards?
January 28th, 2008 categories: French Quarter, Historic Homes
The New Orleans French Quarter is the oldest residential neighborhood in the City of New Orleans. There are very few front yards. Either no one wanted to cut grass or even thought of having yards at that time. Parking was not an issue as the automobile would not be invented for another 200 years. The stables were in another neighborhood and horses were brought over when needed. Instead of front yards, courtyards, many graced with fountains and greenery, provided outside living space. Privacy was another reason.
Many of the early residents lived in New Orleans during the winters and ran plantations during the spring and summer. The plantations line the Mississippi River in the pre-1850’s. The housing styles came from Europe and of those in other French and Spanish colonies that had similar weather. The idea was mainly to keep cool and an air flow thru the houses. Many of these old homes have been converted into condos and no one wants to cut the grass anyway these days.
| Discussion: 1 Comment »
Warehouse District Condos - New Orleans Real Estate - The Cotton Mill condos remain hot? How long will it last?
January 28th, 2008 categories: Warehouse District
The Cotton Mill condos at 920 Poeyfarre in the New Orleans Warehouse District Condos are still hot. There were 5-6 units that sold in December which is suppose to be a slow month. I was fortunate to sell 3 nice units in December. The Cotton Mill Condos remains one of the best buys in the under 200k category. The main reasons are the true Warhouse feel and the amenties which include a gaint courtyard, health and fitness center, manned security,on site management, availiable parking, high ceilings, large windows, exposed beams, exterior masonery walls, and a lot of updated units.
The condo fees are among the areas lowest because the large number of units (268) that share the expenses. The pool and courtyard are 25,000 sq. ft. in the interior of the complex. The units are becoming great second homes as parking is easy and you are only 9 short blocks to the French Quarter. The Warehouse District can keep you busy for a day with the various attractions as the River Walk and Harrah’s casino. The better units tend to sell all the time but here will only be a few of those at any given time.
| Discussion: No Comments »
New Orleans Condos, Insurance Always in the Condo Fees
January 27th, 2008 categories: Condo Knowledge
New Orleans Condos. Is homeowners Insurance Covered By Condo Fees?
Do the condos fees cover the insurance on the condos is the most popular question that I am asked about condos in New Orleans. The answer is yes. Insurance is always covered in your condo fees which are collected monthly to your condo association. There are no escrows taken out for insurance in your monthly notes. For condos its only the interest and the escrow for taxes. The insurance covers wind, hail, and causality plus flood insurance if needed. All lenders will check out the policies before loaning money on your condo. The other items covered are maintenance, security, upkeep of grounds, elevators, gardens,pools, gyms, and whatever the members vote on the things they desire. In our post Katrina world the total condo fees may be less than the homeowners insurance in a like price home. The condo insurance is not going to cover your contents, you have to get insurance for the walls in plus contents.
All lenders and Banks want to be protected when they loan you money for a condo so they you make sure that the association has the proper coverages for Insurance and flood insurances that are required. They also require that the condos have certain insurance deductibles as well. You can and should get condo insurance that will cover the contents and the walls in for several hundred per year. Expect to get 40k worth of this insurance far about 500k per year. Its easy to say that half of anyones insurance will go to condo fees and as the units get more expensive then insuring them is going to get more expensive.
| Discussion: No Comments »
New Orleans Condos, Warehouse District Condos, Market Update
January 24th, 2008 categories: Market Trends, Warehouse District
The Warehouse District Condo market is still in good shape as we head into the 2008 Spring season. It is not like the go-go days of early 2005 but still in much better shape than other areas of the New Orleans real estate market in general. There were roughly 150 units for sale with 27 under contract. These numbers also contain the Rotunda Condo at 330 Julia Street conversions which had 17 units for sale. There are numerous other pre-sales and conversions in these numbers which bump the numbers of new units up to about 40. In these numbers are going to units that are not desirable and ones that are simply over priced. Units that are not updated are having the hardest time because the this market wants updated units. The sales of more expensive under over 300k are going to be the slowest segment of the market with the units under 200k the most popular. Most are going to be one bedroom units in this price range. Given your criteria you will than likely not have more than 4-5 good choices to choose from. This has been the case for a while. Values have been steady for the last 2 years so tis much easier to see the overpriced units. Stats are great but an in-depth understanding of the type of things people like are usually two different things.
The expectations of lower interest rates, second homers looking more at the area, and the location of being near the Tulane and LSU Medical complexes make this a popular destination for residents and medical students. The best advice I can give people looking in this area is to look over the complexes and which meets your needs in terms of pricing and amenities. Then start looking as the nicer units tend to sell faster when priced correctly. The new listings have also slowed in the last month.
| Discussion: No Comments »
French Quarter Condos - New Orleans Real Estate - Market Update January 2008
January 24th, 2008 categories: French Quarter, Market Trends
The French Quarter is a rather depressed market as we begin 2008. There are a 139 listing for French Quarter condos with very few under contract. There are quite a few new developments that are not doing particularly well. The main reason for the down trend is that this is an area that has a high percentage of second homes and that market has become much smaller since Katrina. The French Quarter is also competing with new and updated condos in the Warehouse District which is just across Canal Street. Uptown is also pulling people away as a second home choice also. The French Quarter units will have to adjust in price or the demand of the second homers will increase.
The second home people have however picked up since December and activity has picked up. Looking at the numbers however can be only part of the story. Once you begin to look, there are not a lot of nice condos on the market making the number irrelevant. Many people will tend to look elsewhere when they this.
| Discussion: No Comments »
