New Orleans French Quarter Condos- 627 Ursuline Street- Much like a Treasure Hunt!

July 28th, 2008 categories: French Quarter, Second Homes

Selling condos in the New Orleans French Quarter is always an experience and much like a Treasure Hunt. Walking on the same streets that real pirates did almost 200 years ago in the French Quarter is like going back in history. The condos vary in size and quality and there are few new buildings that have been built in the last 100 years. All the units are going to have their pros and cons. A lot of times finding the right unit takes a little more time than other areas. But there is however little driving and old fashion foot work. Its more the nature of second homes and what you client desires.

Jack and I recently had a client who knew precisely what he wanted. The condo had to have a street balcony. It had to be between Bourbon Street and the Mississippi River. It had to have historic qualities and would be no more than $350,000. We knew it would be a one bedroom and have no parking so the search was started last fall in October of 2007. We knew it would not be in a larger complex as there are few and none of those would meet his criteria. We did know the client was very serious and had several hundred thousand to put down. You can do so much more with a motivated client that has no financing issues. The hunt would begin !

French Quarter Condo

Time in this case was no issue. Jack and I put the client on an automated search for a price range and location. Some units have balconies to courtyards so those would also come up in the search but our client wanted a street balcony. Units would come up regular basis and we would weed out the ones that would not work. Many times the descriptions did not tell the full story so Jack would call the listing agent to get the details. Many times this would solve the mystery and eliminate the unit.

Our client would come to New Orleans about every other month and we would show him a couple that met his criteria. The showing times were quick and never take more than an hour after our first run through to eliminate the choices. We made an offer on one unit that had a high asking price but did not get it. The seller would not budge on her price and it was unrealistic in the asking price. You want to offer what its worth. This would become the prime benchmark as we showed other units.

On one of our clients trips I showed him the unit that he eventually would buy. The seller had reduced it from 450k which was excessive to 399k which was more realistic. This was done the day before showing him. It had all the qualities that he wanted. The price was just too high. We made a reasonable on his next trip but the offer was too low. Being patience can have its good points. Six weeks or more passed before he came to town again this time with his wife to show her. He went up and the sellers came down and a deal was struck.

Below is the Historic French Quarter condo that we eventually sold our client so you can get an idea of the historic nature of the area. The views were great and the location was very special.

627 Ursulines in New Orleans French Quarter

One of the things you will find in the New Orleans French Quarter is the variety in the selection of condos both bad and good. You do not have a lot of complexes so most of an agents sales are not repeat sales in the same buildings as mine generally do in the Warehouse District nearby. This is a great unit in a small complex of nine units with very little turnover in the units. Our customer wanted a unit with a balcony that was between Bourbon and the river that was priced below 350k. He was going to use it as a second home and for company entertaining.

The search centered around the view form the balcony and the street itself. We found a couple that fit the bill but the price was not right. This one fit all the elements except that of price. It was much better than our clients favorite and the unit was much bigger. It was just reduced to 399k when we first saw the unit. I knew this was the best we had seen but it was over budget. A offer was written and was refused as it just had been reduced. We pegged the value at about 375k when we ran the numbers.

Almost two months passed and nothing new had come along worth making an offer. This unit was still available, our buyer when up and the sellers accepted our offer of 375k. They agreed to all the necessary repairs which centered around the electrical panel not having enough capacity. When electricity was added to the unit no one was even thinking television, computers or dishwashers.

After about 6 months of looking the right one came along with the ingredients that our client was looking for. Many times second homes tend to be very fast or a little slower depending on what you are looking for. This is the nature of the French Quarter sometimes. Other times you find it right off the bat.

The internet is a great tool to keep up with the new listing but you have to have someone on the ground to check them out. An experienced realtor can spot the overpriced condos and cull the ones out that do not meet your needs. Getting down to the best 5-6 are just not that hard for agents that do this everyday.

French Quarter Second homes
Wood plank floors , high doors, crown molding, and light fixtures add up.