Archive for March, 2008
New Orleans Warehouse District Condos, Market update March 2007, Seasons do Matter
March 18th, 2008 categories: Market Trends, Warehouse District
New Orleans Warehouse District Condo Updates - Its a good time to update you on the status of Sales and Outlook forf the Warehouse District Condos for the upcoming Spring season. The amount of buyers we see looking around has been picking up in the last 3 weeks. At the same time the amount of listings coming on the market has also increased. Real Estate remains seasonal as people tend to move in the spring and summer. Each price range has a number of good choices.
This tends to happen every year as New Orleans is a primary place of residence for many medical students and residents at the nearby teaching hospitals. Tulane and LSU Medical Schools are within an easy walk. These are motivated sellers as they will be moving to different parts of the country for the next steps in their training. There are also many sellers dropping their prices after not selling at generally inflated prices. However, we continue to see overpriced condos.
People looking for second homes begin searching as the days get longer and the weather is inviting. At the same time present sellers and owners also know this. What they do not know is that prices here have been rather steady for the last three years. Some sellers may have paid too much and others got very nice deals. The buyer must view the unit as what it is worht as opposed to the asking price. Unless it is a cash sale, the condo has to appraise to cover the loan. In our internet-savy world, buyers can learn what the seller paid for the unit and under what circumstances. The buyers’ agents’ job is to point out these facts.
Here are some statistics to consider. Right now there are 176 Warehouse District Condo units for sale. There are 124 below 400k and 27 units under 200k. In each of the price ranges we will quickly get down to 4-5 choices. Many of the units are not priced to sell as of yet. People are becoming more motivated as to what is happening on the National scene which effects buyers and sellers. The interest rates are jumping all over the place along with changes in financing for condos.
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French Quarter Condos, Zeus,Debra and Anne explore the French Quarter, Dog day Out!
March 16th, 2008 categories: French Quarter, New Orleans Origionals
People are not the only lovers of the French Quarter and Warehouse District of New Orleans. After a long week of indoor confinement, our dog, Zeus, decides it is time for a “dog day” outside… and that means Deb and me finding some entertainment for the old boy - or else. Woof.
We aren’t sure of the dog-friendliness of our neighborhood, or the French Quarter. One thing we do know for sure is that dogs are welcome and loved at the Cotton Mills condominiums.
Our building is full of dogs - from small yappy ones to full-blown great danes. A favorite is the shiny black lab, Boo-Ray, who lives across the courtyard and spins in circles with glee when he’s released outside. His owner is friendly, giving us a wave and a smile when we take Zeus out to play, and dozens of other pups populate the halls, stairwells and sidewalks of our cozy co-op.
But out on the town? We decide to give Zeus a special day, and our mission on a beautiful Saturday morning in March is to show the man of the hour a good time. We’ll have to be creative…
We start six blocks away from home with breakfast at Lucy’s, our favorite neighborhood pub. We’ve become “regulars” who can now order “the usual” at Lucy’s, so we think it will be a safe test… will our dog be welcome?
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New Orleans Condos, The Lofts Condos at 402 Julia Street in the Warehouse District
March 15th, 2008 categories: New Orleans Condo Reviews, Warehouse District
The Lofts Condos at 402 Julia Street are in the heart of the New Orleans Warehouse District. The condos were converted from rentals to condos in 2006-2007. Of the 24 units 18 condos are one bedroom units and 6 are two bedroom units in the 4 story building. The two bedroom units are all on the Tchoupitoulas Street side of the building. The first floor is an art gallery along with the entrance to the condos. Many of the condos units were sold in an as is condition and some were updated like most of the ones facing Julia Street.
The one bedrooms are small and have the basics. The two bedroom are the units on the corner of Tchoupitoulas Street and Julia Street. Most of the one bedroom units sold in the 160k-175k range. The two bedrooms were in the 230k to 250k range. Contract parking is available as there was no parking that came with the units. The lot is out the back door and serves as a lot for Emeril’s. The Louisiana Children’s Museum is on the other side of the building while Tony’s and Emeril’s are across the street.
The better units were and are the ones facing Julia Street by far. You got a street and city view with much larger windows and thus more light than the rear units. Read the rest of this entry »
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New Orleans Condos and the foreclosure Market, Louisiana ranks 40th!
March 14th, 2008 categories: Condo Knowledge, Market Trends, Real Estate News
According to City Business “Louisiana was ranked near the bottom of the National Foreclosure list, a not so good list, at No. 40. The state had 650 properties with foreclosure filings, for a decline of 15.25 percent from February 2007 and a 9.72 decline from last month. “ Many of these could be Katrina related but it does not breakdown the reasons for foreclosures.
I have yet to see a foreclosure on a condo in the areas of New Orleans that I work and very few homes. There was one that was getting ready for the Sheriffs sale last August but it was pulled at the last moment. There was not a lot of speculation in this market and thus the downturn will be less. This is not to say the condo market is robust as it is not. Most of the units are holding onto gains.
Condo purchases are going to be less affected than homes in the New Orleans market as the buyers were more upscale and had large down payments, cash transactions, and very few were in the sub prime category. I only know of one unit that I sold in the last 5 years where it was a B paper loan. The person oddly enough was a mortgage orginator for a sub prime lender. He had also no business in the areas where I worked which was a good omen as I look back.
Its good to be on the bottom of some lists. Louisiana then ranks near the top in growth for 2008. Primarily due to increase in exports , high prices for oil and gas, rebuilding after Katrina and a positive effect of lower taxes compared to other states. Our new Governor is lowering taxes on businesses and making the state more business friendly. It does not hurt to have a billion dollar tax surplus which is being put into roads, coastal restoration and education. Solid principles for job growth. He happens to be a conservative Republican in a Democratic state.
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New Orleans Condos, Best Cities For Singles, New Orleans ranked #17
March 13th, 2008 categories: Market Trends, New Orleans Origionals, Warehouse District
A large number of my clients who are buying New Orleans Condos are single. Many are young professionals or students who want more time to study or work hard, and play hard. A home will come later but for now a condo is the best match for needs and budget.
New Orleans, LA: In the Top 20 Again!
Several of the reasons New Orleans has a higher percentage of young people in 2008 is that many older people moved after getting flooded out in 2005. The older people were in no position to rebuild. The tourist industry is a magnet for younger workers.
New Orleans is home to many colleges, universities and medical schools. You have Tulane University, Tulane Medical School, LSU Medical School, LSU Dental School, Loyola University, UNO, Xavier University, Delgado College, Southern University, Dillard University and Loyola Law School among others. The artistic nature of New Orleans lets young people work out their dreams.
The older people tend to think younger than they are, or maybe they are hoping to be young again. Let me know your ideas.
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New Orleans Hamburger and Seafood Company, New Menu
March 12th, 2008 categories: Jefferson Parish, NOLA Eats
New Orleans likes a good lunch and agents like a variety of food . New Orleans Hamburgers has an updated menu and have changed their approach since 2007. More importantly the food remains good. The best choices are the basic hamburger or the shrimp po-boy in my opinion. You can put whatever fixings you want on them at a hamburger bar, bacon bits, tomato’s, lettuce, cheese, pickles and whatever.
The variety of ice tea has also expanded. If you are not super hungry its easy to split an entree with another person. The other popular item is the shrimp po-boy with the popcorn shrimp lightly battered and not overcooked. You get something like 80 shrimp in the regular size so its easy to split into two. I tend to like them with cheese and bacon bits with mayo. it another one of our many choices that we have in the New Orleans Market.
In New Orleans Realtors are always looking for a good place to eat. If we are going to get overweight its not going to be at Wendy’s or the Golden Arches. they have several locations in Jefferson Parish. Most likely the most popular one is on Veterans near the Orleans Parish line. They have been very consistent in their food and that is why they get a lot of return business from the locals. There are 3 locations in East Jefferson and one in Houma. check out the site.
New Orleans Hamburgers Website
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Audubon Trace Condos, another New Orleans Condo choice thats close to town!
March 11th, 2008 categories: Jefferson Parish, New Orleans Condo Reviews
Audubon Trace Condos located on Jefferson Highway between Clearview and Causeway Blvd offers a piece of country living along the Mississippi River. It’s close to Uptown New Orleans and Metairie but it’s 5-6 miles upriver in Jefferson Parish. You can be uptown in New Orleans in 15 minutes and at Oschner Hospital in 10 minutes. Audubon Trace Condos are close to Elmwood Business Park and all the latest box stores in Elmwood shopping center. It’s one of a kind in this area of Jefferson.
You can buy a two bedroom for under 200k in today’s market. The best range to be in for Audubon Trace is from 180k to 240k. You can see floor plans and the Audubon Trace Website to learn more. Crime and security are no issues here.
The total common areas of the Audubon Trace Condos are 15 acres with many trees, scrubs, well manicured individual areas and a couple of large swimming pools. The 268 unit community is semi-gated with the rear gate being closed at night. I think one of the big pluses is living adjacent to one of the larger playgrounds in Jefferson Parish that tends to be under used due to the demographics in the area. Not a lot of kids. The Jefferson playground has a full size track, softball, tennis courts, gym, baseball fields, and picnic areas. Read the rest of this entry »
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New Orleans Ferry, it’s free to ride as a pedistrian. Warehouse District by the Spanish Plaza to Algiers
March 10th, 2008 categories: New Orleans Origionals, Warehouse District
The Canal Street Ferry runs daily til mid-night from the foot of Canal Street to Algiers on the west bank. You go due east to get there. Going east to get west is sort of a New Orleans thing - a leftover from Christopher Columbus. The entrance is between the Aquarium of the Americas and Harrah’s Casino next to the River Walk. Since people cannot walk the Mississippi River Bridge the ride is free. The ferry service has been running since 1827.
Autos have to pay as they do on the bridge. The Mississippi River is the biggest and longest river in the United States so why not take a free ride. The Ferry docks in between the French Quarter and the Warehouse District so if you are downtown its a great way to take a break and get some great photos.
Its just another thing you can do that most people will not think about but its a hidden treasure. Its natural air conditioning in the summer.
” The Algiers ferry leaves the Canal Street docks every half-hour starting at 6 AM. Destination is Algiers, best known for Mardi Gras World, a warehouse-cum-fun park where the floats for the annual festival are assembled and housed. Best bet is to take this ferry at twilight, staying on for the round-trip (about 45 minutes) and returning to see the New Orleans skyline twinkling under the Southern skies. The ride is free to pedestrians and a mere dollar for cars.
An alternative boat ride is the “zoo cruise” which leaves the River View docks of the Audubon Park Zoo on a regular basis, floating downriver to the Aquarium of the Americas at the foot of Canal Street. You can take the ride in either direction, or both, for a nominal charge. The Mississippi River is hard to miss in New Orleans — just ask anyone for directions.” According to this tour guide its a thing to do. Living here you forget interesting things to do are not expensive.
There is even a Friends of the Ferry site and club.
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New Orleans Condo Fees, Always going up, maybe not?
March 9th, 2008 categories: Condo Knowledge, Steps to Purchase
Condo fees seem to always be increasing and since Hurricane Katrina that has been the case as insurance companies rushed to raise rates — doubling the insurance on the buildings and in some cases even more. Since Insurance is a major, major part of your condo fees, your condo fees had to go up. Now we are beginning to see quotes being lowered which means the insurance rates are coming down. This may not lower your monthly fee as other costs will continue to go up.
Many condo associations may opt to build up the reserves that may have been used for any number of reasons. Its always good to have a reserve as every insurance policy has a deductible. The trend has been to have a higher deductible. Conforming loans want no more than a 5% deductible on the insurance policy.
Its always good to check the latest business statements of your condo association to see what is being spent. If you use a lender they are sure to look to make sure certain conditions are meet. The lending rules have tightened up in the last couple of months and the rules seem to change monthly.
This is a Mardi Gras Bead Tree that tends to bloom the week of Carnival and can bloom all summer. May need fresh beads every now and then.
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Bromeliads, A New Orleans Treat, they love the weather!
March 8th, 2008 categories: NOLA Gardens, New Orleans Origionals
I cannot even remember how I fell into this hobby but it was well before my real estate career started. Bromeliads are a sub-tropical family of plants related to Pineapples. They love the New Orleans weather. I happen to grow these guys because they are easy to grow and the blooms sometimes will last for several months. I have over 100 in pots and flower beds around the house. They need little soil, hate the cold weather, and love the rain and humidity. They can enjoy the shade of Oaks for months at a time.
I cannot give you a lot of scientific info on these plants but they are easy to take care of. I re-pot most of the plants yearly in a mixture of peat moss and garden soil. The pups are the new plants grown off the older plants after they bloom. Sometimes there can be 3-4 pups on a plant. You can break these off and replant. They will even grow with little soil as long as they have shade and water. I planted several in a tree several years ago and they are doing great.
The Bromeliads and the variety that they come in seem to be endless. Being in the real estate business its perfect for picking up new varieties as you meet other bromeliad lovers. You can check out the New Orleans Bromeliad Society for a schedule of their activities. They will have several shows and it’s another place to pick up some unusual varieties. Come on over and I will give you a couple as I have to start repotting and dividing them.
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