Archive for April, 2008
New Orleans Condos, the Shotgun Double converted into a Condo, Its Unique!!!
April 30th, 2008 categories: French Quarter, Uptown NOLA
The New Orleans Condo that was once a shotgun double is one of the cities unique condo choices. The double home has been converted into a couple of condos. You will see this type of condo in the New Orleans French Quarter and in the Uptown New Orleans condo market. You are basically buying half a house and sharing the common areas with your neighbor.
There are not going to be a lot of these but it is going to be a choice in these areas. You share a lot with the person that lives next door. The expenses are split between the two people and you are the managers. There is not manager or many amenities in this type of arrangement. I have see where a developer has tied several into a small condo association to share the expenses and common areas.
What most do have in common is that most are historic homes with wood floors, high ceilings, fireplaces, porches, high ceiling and a lot of historic woodwork. The key with doubles is in finding them in nice areas. You will generally have a small yard in the rear. You will rarely get a front year but its a porch that may work better for you.
The condo fees are mainly going to be cover insurance, common area maintenance and exterior maintenance. You will get to know your neighbor before its over. You are going to inspect the entire structure as you are in for a 50% ownership.
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New Orleans River Front Park, Warehouse District and French Quarter meet on the Mississippi River.
April 28th, 2008 categories: French Quarter, Warehouse District
When you are looking for a New Orleans Condo you are also looking for a certain lifestyle that the area has. The Mississippi River is why New Orleans is here. New Orleans in recent years has been making the River more accessible to the public. This is happening in the New Orleans Warehouse District and the French Quarter in particular.
The River Walk is between the Warehouse District and the New Orleans French Quarter. The River Walk and Waldenberg Park creates a park and shopping area along the largest river in North America thru one of its most historic cities. Waldenberg Park begins after the Aquarium of the Americas and provides green space and walking paths that leads to the French Quarter. Its a excellent place to watch the river traffic and large ships pass by.
The River Walk shopping center runs along the Mississippi River along with various places to eat and drink and to view the river. River Walk starts where the Convention Center leaves off and ends at the Spanish Plaza. Leaving the Spanish Plaza you can pass the New Orleans Ferry entrance. You can even take the free ferry to Algiers as long as you are walking.
The Waldenberg Park stretches to the French Market from this point. the Mississippi Rive is at one of its widest and deepest points at this point in the river. Its the free views that will catch your eye. Its very hot in the summer but then you can walk at night.
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Warehouse District Condos, Market Update! Its not always just the numbers!
April 24th, 2008 categories: Market Trends, Warehouse District
This week there are 197 condos for sale in the New Orleans Warehouse District. This does seem like a lot of condos for sale. If we examine the numbers, the amount of resale units are far less. This number includes several pre-sale condos and several new conversions.
There are 15 condos at the Rotunda which are located 330 Julia Street. These are conversions from apartments into condos. They are currently being renovated. There are 10 units for a hotel condominium Royal Cospolatitan at 121 Royal. There are 7 units listed for the Tracage which is to be built.
There are 9 new units that are still for sale at Mills Row Condos on John Churchill Chase. Most of the units have been sold. The Pre-sales at 835 Julia have 10 listed. This project is underway as the building already exists.
There are 28 units below 200k which is high for the Warehouse District. This is a high number for resales in this price range. There are 39 condos for over 500k which is also a higher number than usual. Many of the higher end units have come on the market in the last 30 days. Read the rest of this entry »
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Combine FHA & Bond
April 23rd, 2008 categories: Julie's Mortgage Tips
Combine FHA and Bond and get into a home with very little money.
State bond money with 4% grant can be used for your down payment.
Example: Sales Price $200,000
Down Payment $6000
Loan Amt. $194000
MIP $2910
Total Loan Amt. $196910
3% Down Payment $6000
Closing $2800
Insurance & Taxes $5000
Total Cash to Close $13800
Subtract Bond Grant $7876
Seller Contribution $5500
Final Total Cash Needed $424
Pricipal & Interest $1218.81 plus insurance, taxes & PMI
Julie Baudier
Baudier & Grace Mortgage
((504) 583-1793
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Uptown Condos Update, New Orleans Condos
April 21st, 2008 categories: New Condo Projects, Uptown NOLA
New Orleans Condos in Uptown New Orleans are in good supply. There are currently 325 condos in all price ranges and types on the market. There are several complexs that got listed twice in the MLS as they are with two agents giving the raw numbers a rethinking. There are 85 sales and units currently under contract this year. This is the time of years students, residents, and people in general put their places up for sale. These figures contain new conversions, some pre-sales and mainly resales. This is also the time of year that creates the most interest.
There are 134 units under 200k for sale. This is an odd figure in that they are 67 units priced under 160k which is a very hard price range normally to find things in. There are several larger complexes where there are many units for sale. In the 1750 St. Charles Ave. there are 21 units for sale currently. 1205 St. Charles has 14 units for sale. This is a converted hotel near the Warehouse District.
There are several new complexes of 8-10 units along with several four plexes that are also new. The L’Orange at 1544 Camp has 10 units. The new constructions at 1633 First Street has 11 units. The historic conversion at 1520 St. Mary has 8 units. The 1717 Religious condos in the Lower Garden District has 10 units. You can combine all the new condos and you have at least 50 new units.
The new units put pressure on the older units that have not been updated. That is why I think there are such a large number of units below 200k for sale. Location and condition is still the key for future appreciation. There however will not be that many for a criteria that you may have as we cull out the bad locations and overpriced units. With this said there are some deals to be had. Numbers are numbers unless you get a true insite inot the niche markets such as the New Orleans Uptown Condo market.
Todays Uptown Flowers add to enjoyment of the showings in these historic neighborhoods.
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New Orleans Uptown, The Azaleas have bloomed! Living and walking with history!
April 14th, 2008 categories: New Orleans Origionals
One of the great things about living in New Orleans is that the neighborhoods offer unlimited photo opportunities. I took these on Good Friday because I realised that the azaleas were almost finished blooming. New Orleans is unique for many reasons, one is the ability to walk from your condo into historic neighborhoods such as the Garden District and Uptown New Orleans.
The blog can say a lot with the photos and will leave it at that for now. Its always great to walk the neighborhoods before buying so you can see the good and the bad. New Orleans is a great walking town before it gets hot in the June, July, August and September. Most of the time you never need to water these gardens. Enjoy your day!
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New Orleans Condos, the New Orleans Uptown late model apartment conversions!
April 14th, 2008 categories: New Orleans Condo Reviews, Uptown NOLA
A good example of a 1970’s apartment conversion in Uptown New Orleans is the condo development at 3201 St. Charles Ave. near Napoleon Ave. The 70 unit complex is a 3 story high is centered around a rather nice open courtyard with a pool, fountain and plenty of room. Parking, located in the rear of the building, is gated with an assigned spot for each unit. The complex seems to be well managed and maintained and offers a quiet place to live.
You get a lot of space for your money as this type of condo is not going to cost as much as the more recent renovations. The one bedroom prices will range in the 160-170k range for a 700 sq. ft unit and moderate condo fees in a nice location. There are laundry facilities on site. Some units have installed washers and dryers in their units but not all. There are also going to be two bedrooms with the same basic layouts.
The units are going to be in various stages of being updated by the owners. Do not expect granite counter-tops and stainless steel appliances. These were built as apartments in the 1970’s where all the units open onto the courtyard. They are going to have that apartment feel to them. There is security for the parking and the front gate which is a great feature. The security person is always on duty.
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New Orleans Condos, 4 Plex Conversions in Uptown New Orleans
April 13th, 2008 categories: New Orleans Condo Reviews, Uptown NOLA
One of the more common types of New Orleans Uptown Condo conversions has been the replacement of 4 plexes with 4 unit condos. Most of these conversions are generally older buildings which started out as large single family homes,forced by economic conditions into multifamily rental property, more often than not, a 4-plex. The more recent conversions will be updated with all new things. Those built as 4-plexes will be less expensive, newer but lacking in historic significance. Both types can be found in great neighborhoods.
The above conversion on Magazine Street had extensive renovations done and it ended up much like new Construction. The front 2 units that featured balconies and porches were sold quickly for the 350k range. It had parking which is the hard thing to find but you should have it in this price range. The balconies and the porch mean much more than most people think and you pay a premium for those. Taking the best unit is generally the best way to go as it will pay in the end. This was a home of over 100 years that was completer with all the i’s dotted and t’s crossed.
This four plex that was turned into a condo directly form a four plex. This recent sale on Prytania was much cheaper as less work had to be done for the conversion. When you see all the units in a four plex look very similar it was generally built as a four plex. You will still get some of the nice historic features as you would get in an older home it will just be less expensive. Read the rest of this entry »
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New Orleans Uptown Condos, The apartment conversions circa. 1920, Alameda Condos, 7014 St. Charles Ave.
April 10th, 2008 categories: New Orleans Condo Reviews, Uptown NOLA
The New Orleans Uptown Condo market offers a unique variety of historic properties which have been converted into condos. The Alameda at 7014 St. Charles Ave. is an example of an historic apartment complex converted into condos. Each of the 1920-30’s complexes has its own character and features. A popular design of that period was that all the units are off a central hallway with a secure entrance off the street. Many will have porches. The central hallways are wide with all the unit doors opening into the hallways.
This 2 story building had all the great old features of wood floors, high ceilings, large windows, crown molding and limited parking. People at the time used the St. Charles Ave Street car line as a main means of transportation and did not have cars. Most of the historic features were left intact and repaired which gives the condos much more future value especially in New Orleans where history can add thousands to a sales price.
The 2 story conversion has 12 units all of various sizes and configurations. You could have bought the unit as it was or in an updated condition with new kitchens and overall improvements to the individual units. You could have bought a parking spot for 10k and they were limited. Do not think twice everyone should have bought one at this price. You will have several of these types mainly on St. Charles Ave as this was the premier street in Uptown New Orleans.
This location was ideal as it was walking distance to Audubon Park, Tulane University, and Loyola University. The historic features will always make this type of conversion much more value than those of the 1960-70’s conversion. Being on the Street car line is also a big plus. This should have been very appealing to college students and second homers. These smaller units will not have very many amenities but all you need is to walk out the front door. Read the rest of this entry »
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New Orleans Warehouse District, Italian Plaza another urban niche
April 9th, 2008 categories: Art , Music , Parks, Warehouse District
The Italian Piazza is another one of the urban parks or casual niches hidden away in the New Orleans Warehouse District. Few people know of its existence. New Orleans today has over 200,000 residents of Italian Heritage who came to America around 1880-1900, adding to our New Orleans cultural gumbo. The Piazza has the aura of a place in Sicily. For many in New Orleans, it was designed and forgotten, but now you know!
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