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.
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on Thursday, January 24th, 2008 at 8:16 pm and is filed under French Quarter, Market Trends.
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