Archive for August, 2008
New Orleans Warehouse District Condos- The corporate condo rental business is alive! Gallery Row Luxury Corp Lease
August 29th, 2008 categories: Listings, Warehouse District
The condo rental business is rather tight in the New Orleans Warehouse District. One of the most interesting aspects of this segment is the corporate rental. This is where the unit is fully furnished down to the forks and spoons. Everything that someone would need for a week or if they are staying 3 months to a year where they can just move in and enjoy. There are many people that just do not want to stay in a hotel for that period. The Warehouse District happens to be one of the most desired locations for this type of condo.
Anne Pierson has a speciality in this, you can see her site and work she has done with the New Orleans Corporate rental business. Anne’s Site. She can rent your condo out for you for a couple of months if you are not going to be there. She can help upgrade your unit so you can get top dollar if you are not here. Any old unit will not do. Let Anne put her magic to work for you. This is a link to one of her units Video Link of Anne’s Condo.
She took this small condo unit at the Cotton Mill and now it looks better than a $300 room at the Ritz. And you can feel at home as well.
You may want to think about renting your unit when you are not using it. You may want the rent to help with the condo fees and expenses. These are all ideas that Anne can help you with. You have to follow the condo rules and do what Anne says as she is the expert.
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New Orleans Condos-1750 St. Charles Ave. Condos-Lots of room and security!
August 26th, 2008 categories: Condo Listings, New Orleans Condo Reviews
Having just listed this St. Charles Ave spacious 2 bedroom-2 bath top floor unit that has a lot of recent updates. It is time to review this condo association and see what is for sale in the building. You can view the details below to see the photos and details of this recent listing. You can also vist my condo site www.neworleanscondos.net to see more photos under featured properties halfway down the page.
This 6th floor unit sold for an extra 10k when sold by the developer in 2005. The extra was for it being a top floor unit with better views and less neighbors. The units however seemed to be the most updated units at the time. This unit was bought in “as is” condition when the seller bought the unit in August of 2005. Before putting the unit up for sale the carpets and wall paper were deleted and replaced. The new wood floors, new paint , granite counter tops, tile floors, crown molding are the correct moves needed to give #639 that updated look.
The 1750 St. Charles Ave Condos were upscale apartments that catered to elderly people before being converted into condos in 2005. The demographic make up of the complex is changing as many people enjoy the security of this well maintained condo association. The location on St. Charles Ave. across the street from Houston’s and the streetcar line is hard to beat. You are blocks from the Mississippi River Bridge and the “Best Bank” of New Orleans as some would say. It is also the entrance to I-10 and points West. You are about an hour and 30 minutes to LSU Tiger Stadium.
The entire first floor is the lobby and the garage parking. Each unit gets one spot and there are visitors parking past the guards gate. They are on duty 24 hours per day. The on site management is on site everyday to tackle any problems and issues that arrive for the 250 plus units. There are multiple evevators from the garage to the upper floors. Read the rest of this entry »
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Selling your New Orleans Condo with a tenant can be tough on Buyers and Agents! It hurts the seller!
August 25th, 2008 categories: Condo Listings
Selling your New Orleans condo with a tenant can be a little harder than sellers may think. The seller is not as motivated but likes the income while the tenant is living there. Most of the time the tenants are nice. Most will co-operate most of the time. It is not a priority for them to sell the condo, they are paying rent for a place to stay. The showing do interupt there lifestyles.
As a seller you will miss appointments as the tenant cannot always be ready to show the unit. In a slow market you have less people looking and each showing is more important. Many agents will call you with a couple of hours notice and this just cannot be done with a tenant. As an agent you figure these sellers are not as serious since income is coming in. You however do not know. The tenants will have good intentions but life is always throwing us curves and plans change.
It just makes everything a little harder to get the tenant, the listing agent and the showing agent lined up for a showing. When I am on the buying side I often do not schedule a tenant occupied unit unless I feel that is one of the better buys available. If the tenant lets us put a lock-box on the door and will just take a call that someone is showing up a X time, then we have no problem.
Many times the tenant is not prepared to have the unit shown but it gets shown anyway. If the tenant has a dog or cat that can also add to the fun and smells. If the pet is mean then it just multiples the effect of a negative showings. It may not leave a good impression when it does get shown. The opposite of staging a condo is having a messy tenant. The tenants may have valid reasons not to show or be messy, but the prospective buyer cares little about this.
There are going to be many times the tenants have been great but all to often the latter is true. I have had both this year and its hard to over come the unmotivated tenant. It cost the seller in the end in terms of market time and price.
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New Orleans Uptown Condos-8416 Oak Street Condos
August 23rd, 2008 categories: New Orleans Condo Reviews, Uptown NOLA
The 12 unit condo association at 8416 Oak Street is unique in a number of ways. There are not many other complexes in the area. The complex was new construction in 2005, few new complexes over 4 units have been built in Uptown New Orleans. The Uptown New Orleans condos have two parking spots for each unit and one is in the garage. The large porches, swimming pool, and courtyard are unusual for a 12 unit complex. All the units are two bedroom units. Many of the smaller two bedroom units are town-homes with one bedroom up and one down. Real Estate prices are generally cheaper in the area so this is possible.
The condos are all two bedroom units and origionally sold in the 249k range for the smaller two bedroom units of 1100sq. ft. There were several larger units in the 320’s range. There is currently one listing for sale on the first floor off the pool and courtyard. Its a very nice unit and was used as the developers model in 2005 so it has some extras.
The designer kitchens featured granite coountertops, stainless steel appliances, custom cabinets and even a wine cooler to top it off. The high ceilings, wood floors, plenty of light and crown molding give you a look above the norm in all of the units. The area remained hihg and dry during Katrina.
The large porches are very unique and a very nice touch. The pool and courtyard are in great condition and very private as there are only 12 units using the common areas. There is a secure entrance on Maple Street with the parking entrance on a side street. The porches are really great and offer plenty of room to visit and just enjoy the outside views and great wheather we will have in a couple of months. There is an elevator and stairs to the upper units.
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New Orleans Real Estate in August-Listing High is not smart! Get less in the End!
August 21st, 2008 categories: Condo Knowledge
The hot and humid summer in New Orleans is still here as we get ready to move into September. School is starting and the focus has been on getting the kids ready to return to school. Many of the new arrivals have settled in and are getting used to the heat. In terms of real estate there are less people looking for condo or home this time of year. However there will be some good buys.
It happens every year ! You see condos that were listed too high in the Spring of 2008 that are still on the market. The sellers have missed the crowds and most likely buyers. The higher sales price scared the buyers away. The unit has gotten stale and people have stopped looking thinking something is wrong with the unit. The seller wanted to try to get a high price without the numbers backing them up. Now the sellers are much more realistic in their numbers but the buyers are not as abundant.
This happens over and over again. Every year we see this in homes and condos. Agents see the unit in the beginning and just forget about it and tell other agents how pricey the units are. I know this and often fall into the stale condo trap. I showed one this week that was listed at 329k earlier in the year. Now it is 249k, a big, big drop. The difference does not have to be that great. The unit had a tentant in the condo and did not show nearly as well as it does now empty. The tentant issue can also be expensive to the seller as you need to have the unit in tip top condition in this market.
Pricing correctly when listing your condo is the best and smartest best way to go. Take the money and run to the bank when you have a chance. An empty unit has few good things that will happen to it. View the competition when you list. Look at the numbers. Get an agent that knows the right answers that does not mind being honest.
The buyers however should also know that some of the best buys may be the result of the seller not paying attention to the numbers. The buyers end up getting a better idea as the sellers are just ready to sell. Buyers need to keep this in mind when looking as this happens over and over again. August and September can be a treasure hunt with the buyers finding the treasures.
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New Orleans Condos buyers can get a Federal tax credit of $7500 and Be able to Use State or Parish Bond Money also!
August 18th, 2008 categories: Condo Knowledge
The possible combination of using the Federal Tax Credit and the Parish or Louisiana State Bond money can really be a plus to your condo buy. Lets say you buy a condo for 200k and put 10% down, your loan balance is $180,000. The Bond Issue can give you up to 3% of your loan which is $7200 credit on your sale and will more than cover closing cost with the balance reducing your loan. This is a great way for first time buyers to have some cash left. | Discussion: No Comments » August 16th, 2008 categories: New Orleans Condo Reviews, Warehouse District The condos at 801 St. Joesph Street was one of the earlier Warehouse Conversions of an old building into more of upscale downtown condo. This was not a conversion from apartments. Its got that decorators touch with some very nice amenities which include spacious, garage parking, swimming pool, exercise room and large courtyard. There is a small exercise room all in a very New Orleans style courtyard setting. The secure entrance leads to elevators for the upper floors. The garage is actually a building separating the condo units from the newer town-homes that were built around the courtyard and swimming pool. The St. Joesph condos are a little of out the hot area of the Warehouse District but are in a much quieter area of the downtown market. The floor plans are very open with exposed brick and enough windows to give you plenty of light. The high ceilings, granite counter-tops, subzero appliances, wine coolers, and wood floors in the living areas. The crown molding, tile bathrooms and the little touches give the units a nice upscale look. The Courtyard is surrounded by townhouses that were built in the condo complex. These of course are larger and cost a little more. The brick wall on the left colapsed during Hurricane Katrina when the building next door fell. It is being rebuilt to give the courtyard that very private feel. A recent sale was that of a town home that went for 400k and was 1593 sq. ft. in living area. This works out to 251 sq. ft. When you compare square foot prices you need to compare condos with like size units and very similar locations. The prices per square foot will drop as the units get bigger in the same class. Its always a factor in looking at prices but often times other factors over shadow these numbers. Read the rest of this entry » | Discussion: 2 Comments » August 12th, 2008 categories: Condo Listings Thinking of listing your New Orleans Condo in 2008 requires an Internet presentation and visible presence. Getting some great photos is key to getting your condo out to the public via the local MLS and other Internet avenues. Having a website where you can feature the condos you have listed is important. Your property can have a more intensive layout of features, neighborhoods, and of course nice photos that give the viewer a better view. People want to see what they look like. Not all agents are going to have that Internet presence. The postelet below can be posted on a blog. It can be posted on Craig’s list for more exposure where people can actually look at properties in mass. The MLS has room for 8 photos which many, many people view to see what is for sale. Having a group of good photos and descriptions will get your property noticed. Taking good and better photos will make a difference as people do buy what they see. I am always amazed at how many agents in today’s market have not mastered the camera and the online presentation of your listings. Taking pictures of the immediate neighborhood is also a good idea if you have the tools to do this. A website is a good way to get a full blown article 1627 Conery Condo so take a look. People want to see what separates your listing apart from the rest. In the end it helps you sell your property for more money and in a shorter time. A website also allows clients see all the info that they are looking for when buying a condo. New Orleans Condos is my site that gets updated weekly. A recent entry I am working on is a Luxury Rental in the Warehouse District at Gallery Row #410 which has a page on my website. | Discussion: 2 Comments » August 12th, 2008 categories: Julie's Mortgage Tips There will be a new issue for Louisiana State Bond Assistance coming soon. The new issue should come out in the end of August and early September. I will send a new blog when the information becomes available. There is also the federal Tax credit that is also avaiable for people buying in the next 9 months. It is up to $7500 if you have not owned a home in the last 3 years. This is a tax credit that may work for you. You pay it back over 15 years or unitl you sell the property. Its better to have $7500 now, its like an interest free loan. There is always rules for the programs but I have had at least 10 people in the last year take advatage of the various Bond issues. The early birds get the best photos like I did early one morning and you can do the same by being informed in advance of a major decision such as buying a home or a condo. | Discussion: 1 Comment » August 10th, 2008 categories: Condo Knowledge, Warehouse District The Warehouse Condos have fallen out of favor that need updating. If they are priced accordingly you can, if willing and able to update come out fine. You can give the condo the touches and that little extra that a developer cannot do. You just have to do it and do the things that people want. A large portion of this can be sweat equity and planning the upgrades in the most efficient manner. You should also get the equity that come with taking a chance. One of my clients Anne Pierson took that chance and now has a great second home and or corporate apartment to rent out. Check out how the unit now looks as a condo that is very polished and very updated. She has a flare for the remodel. Anne’s Corp Condo Site . Compare these early photos of her condo and how it looks now. Condo Makeover Award Winner. This is an old kitchen at the Cotton Mill Condos in the Warehouse District. This is left over from the way it was as an apartment over 15 years ago. Its very livable but it is not what people want in today’s market. It was the buyer choice at that time to get a developers upgrade for about $9000 or take the unit as it was. These went on sale before Katrina and many sold after the storm when people just wanted to move in. The value on these type of units has remained stagnant over that period. Putting money into the kitchen , bath, flooring and decor is what is going to set your unit apart from the others. As long as you have the right ingrediants then your renovations can pay off in terms of your enjoyment and future value. Buyers do like any carpet on the floors but not just any wood floors. The spaces are small so you have to do some nice things with flooring. Many times the floor is in place saving you a couple of thousand. The unit had what people want in the New Orleans Warehouse District which is the high ceilings, large windows, some decent view, exposed beams. The bottom line is most buyers do not want a project. If you want a project then these can be had for good prices. There are however not that many. There are always a few that you can catch for a very fair price. Related Articles-Cotton Mill Update , New Orleans Second Home Market | Discussion: No Comments »801 St. Joesph Condos-New Orleans Warehouse District- Luxury Choice!
Your New Orleans Condo Listing! Photos can tell a story! Good photos get appointments!
Louisiana State Bond Assistance
Warehouse District Condos-Good buys in units that need updating!
