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.
These conversions were done several years ago in most cases before redoing the entire building became the thing to do. This condo conversion Prytania featured a 2 bedroom and 2 bath with about 1000 sq. ft. for around 200k. Parking is on the street for this unit and that presents little problem in this upscale residential neighborhood with easy parking.
The thing you will have to remember is that you are one of four owners and if something goes wrong you have a larger share of the repairs. It pays to pay attention to the condition to the entire building and any upcoming issues in maintenance. These will become your problems once you are the owner.
You however are more in control of expenses and will not be paying for a lot of extra services such as pools, elevators, common areas, management and expenses that larger places have.
