Archive for June, 2008
New Orleans Condo Rentals-Demand is high for Uptown and the Warehouse District. Buyers window Shopping?
June 9th, 2008 categories: Market Trends
Demand is high for rentals in a couple segments of New Orleans Condo market. I am getting calls daily from people looking to rent in Uptown New Orleans and the Warehouse District. There choices are few as many newcomers have decided to rent rather than buy until they know more about the area. The lending requirements have been tightened but this makes less difference that the attitudes people bring with them from other markets.
New Orleans has never been a great place for nice condo rentals. This is especially true this year. Condos make an ideal rental as most have been updated, most are secure and in safe areas. The units and common areas are maintained and many have amenities that people are looking for like a gym, security, common areas, pool and great locations.
Many that have thought about purchasing a condo but decided to wait. I think it has a lot to do with the real estate bubble that has happened in the rest of the country. New Orleans is not like the rest of the country as overbuilding did not take place in the City of New Orleans. Katrina washed away thousands of homes. Insurance rates have made owning a condo a lot cheaper than a home. Many times homeowners Insurance exceeds that of condo fees. Condo fees cover insurance.
The seller still pays the condo fees and taxes when he or she rents and has to pass those fees to the renter. Most time the seller has to pay a note on top of the fees and taxes. That is why the Warehouse District has few units below 1300 per month and the prices start at the 175k level. Many times it makes sense to buy instead of renting.
Its a great market if you want to rent a nice unit and be a landlord. You can generally have your pick of people in the under $1600 per month range. The price of transportation has also been a factor in people wanting to be closer to the downtown area. Its also the trendy areas where young professionals want to be that has caused demand.
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Mills Row Condos, New Orleans Warehouse District located at 450 John Churchill Chase, few left!
June 7th, 2008 categories: Warehouse District
The Mills Row Condos in the New Orleans Warehouse District were constructed in 2005 as new condos and were finished after Hurricane Katrina. They are located on the corner of Tchoupitoulas and John Churchill Chase right behind the Federal Fibre Mills Condos. The 5 story building is concrete construction with most of the first floor being parking. The 31 units are one and two bedroom units. All the two bedroom units have exterior views while the one bedrooms have a view of the Courtyard.
The units that had the best city views were the first units to sell regardless of price. The next units to go were the ones that featured the best floor plans. All the units with great views were two bedroom units. The one bedroom units also sold well with the larger one having parking. The price points were in the 200-250 range depending on size.
The one bedroom units were interior units overlooking the courtyard. Most of the units had parking in the garage, all the two bedroom and the expensive one bedrooms. Parking was deeded with the units. The units had high ceiling and many of the two bedroom had balconies. Elevators and a secure lobby make the units a short walk from the garage.
There are 8 units left and are being marketed by Talbot Reality. There are 7 two bedroom units that range in price from about 350k to 400k for the larger units. I still like a couple of the units and they are brand new. It is great to have parking and if you need another space there is a garage about half a block away where you could rent a spot. The prices work out to about $300 per sq. ft. and below.
New units are not easy to find in the Warehouse District. The bathrooms tended to be large as was the main living was open. The closets were large and the ceilings are high with all new appliances, cabinets, and wood floors in the living areas. Carpet in the bedrooms.
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New Orleans second homes, New Orleans Condos fit the bill in the French Quarter, Warehouse District and Uptown. Buyers returning!
June 2nd, 2008 categories: Market Trends, Second Homes
Second home buyers are returning to the New Orleans Real Estate market in the Spring and Summer of 2008. Several Years ago second homes were mainly to be found in the New Orleans French Quarter. Now the Warehouse District and Uptown are also favorite spots depending upon the lifestyle that the buyer desires. The prices remain most expensive in the French Quarter, then the Warehouse District and then in the Uptown area of New Orleans. Condos have been the choice for most second home purchasers.
This was not the case the past 2 years following Katrina. Now all of a sudden people are aggressively looking in the areas where they want to be. Prices have remained rather stable since 2005. You have some motivated sellers so its not hard to find the right deal. Buying a condo makes the most sense as the upkeep and insurance are in the condo fees.
The French Quarter has shown the most dramatic movement and improvement as many of the units are already second homes. Since business has been slower for two years there has been a build up of inventory which makes for more buys of high quality units. The other element is that people are also choosing other areas of town within to buy for a variety of reasons. A lot of the business has been in the 250-400k range. looking for less than 200k its best to look in the Warehouse District.
The Warehouse District Condos are going to more updated since very few even existed ten years ago. The center of activity for the Warehouse District is around the Julia Street area. You can walk to the French Quarter from here. This is where many of the locals live and walk or ride the street car to work. Its the place to be for young professionals and those second homers who have kids and family with them.
Its much easier to find two bedroom units with parking in the Warehouse District. Many of the condos feature common areas security and tend to be larger complexes unlike the French Quarter. The Cotton Mills gives you a great value for those looking at under 200k and want the amenities of having a pool, parking security and exercise room. Pets are welcome in the Warehouse District. Julia Place has also been hot as they have finished the common areas and offer a great location in the center of the area.
The Uptown area has also beginning to see people buying in this area of town as a weekend retreat from the busy week. Here there is also no need for a car as you can streetcar to town rather quickly. The city is compact so nothing along the Mississippi River is very far away. Most of these areas had no flooding from Katrina. The condos in Uptown New Orleans come in all shapes and sizes. Its easier to find things under 200k and the it depends on what you are looking for.
Many people buy units while their kids are to school and either take over the unit or sell and buy something larger. The area feels the college market more than any other. The new factor is the second homes and condos tend to be the most viable choice.
Gas prices are effecting everyones pocket book this Summer of 2008. But once your hear you can get plenty of exercise and ther is no need to ride in your car. The cost of a Hurricane at Pat O’Briens is soon going to be cheaper than a gallon of gas one of these days. The variety is there and it will depend on what you would like to pay and enjoy. I am very good at picking the best in your price range so call me or shoot me an e-mail.
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New Orleans Townhouses, The City of New Orleans has few? 330 Lowerline is One however!
June 1st, 2008 categories: Listings, Uptown NOLA
There are very few town-homes in the City Of New Orleans as you know them. There is all the forerunners of town-homes which are multifamily units, houses on small lots close together, doubles and duplexes. The area has been built up for so long its been hard to find the room to build these and in many neighborhoods they would be out of character. This is a town-home we listed on 330 Lowerline in the Uptown Area of New Orleans. This is priced at $284,000 where a house this size would be more.
Town-homes are more like homes except you are able to put two on a regular size lot. This saves on the cost of land. That is the reason they are popular in areas where land is expensive. You are responsible in the payment of Insurance and upkeep, just like a home. You however get a small yard and a garage in most cases.
Its the location which counts. Our seller went to Loyola Law School and this to be a great spot for a small commute or long walk. When you think about it the New Orleans townhomes like this have a bigger yard than most homes in the area. You get the garage as a bonus.
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