Archive for October, 2008
New Orleans Statues, Some little known? Some well Known! All have a History!
October 31st, 2008 categories: New Orleans Origionals
New Orleans is a city of statues, some in unexpected places, some very well known and others almost forgotten . Here are a few that everyone will know and some that you may never seen. New Orleans has more statues that any city its size in the United States and maybe the world. That will be another blogs. You can maybe guess why that is? You may be dead on !
This one is at St. Elizabeth’s Condos on Napoleon Ave. This was once an orphanage and home to Anne Rice, the vampire author.
This one is outside the Louisiana Super Dome remembering the soldiers who fought in Vietnam.
P.T. Beauregard, a Civil War General outside the entrance to New Orleans City Park. Read the rest of this entry »
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New Orleans Lakefront Condos-7300 Lakeshore Drive Condos-Light House Harbor Condos
October 29th, 2008 categories: Lakefront, New Orleans Condo Reviews
The Light House Harbor Condos are located on 7300 Lake Shore Drive steps from Lake Pontchartrain and the New Orleans Marina. The 5 story building is about 23 years old. The entire bottom floor is for parking and common areas. All parking is secure gated and covered with elevators to the upper floors. The 41 units are multilevel units with views and balconies facing the downtown area as seen below. The back of the units overlook the Marina and Lake Pontchartrain.
The amenities that set these apart from many of the condos in the area are the gorgeous lake views and sunsets over Lake Pontchartrain. You can dock you boat in slips behind the condos. Some units come with their own private slips. The condos have a pool, jacuzzi, deck, and club for parties. Balconies and fireplaces are the norm for each of the units.
The units vary in size from around 1600 sq. ft. to around 2500 sq. ft. for the three bedroom units. Most are two bedrooms however. The units are designed so you can have water views from the dens and bedrooms of each condo. The age of the units are such that some units have been totally renovated and some in various stages of being upgraded. The pricing is going to be very reflective of this fact.
” LHC offer full time residential living in the most relaxing and casual atmosphere in New Orleans. Large balconies overlook the New Orleans Marina on Lake Pontchartrain. The Christmas boat parade can be viewed from your balcony or from the deck of the Club Suite each Christmas with your fellow owners and friends. Each evening watch the boats going in & out of the marina, on Wednesday afternoons the twilight regatta, and class sailboat regattas on the weekend.” as per LHH Website
The condos are within walking distance of the lake and the levee system that allows for easy walks and bike riding. You are a walk away from Robert’s Fresh Market, a new coffee shop and several places to eat. If you like boating and water sports this is one of the best places to be in New Orleans. Casual lifestyle with a Large “C” But 15 minutes to the central business district and the French Quarter.
There is currently one unit for sale in the complex. That is a two bedroom unit for 265k with garage parking. There is a larger unit under contract that was listed for 329k and was a 3/3 in need of updating. There have been 8 units sold since 2006 which saw several units go up for sale due to the Katrina dislocation. The condo fees tend to be on the high but there is a lot to keep up in a water front property. Insurance and Upkeep of the common area are the large items. Light House Harbor Website, New Orleans Condos
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Russells Marina Grill, New Orleans Lakefront- Its breakfast any time of the day!
October 28th, 2008 categories: NOLA Eats
New Orleans has a lot of local places but not that many in the Lakefront near Lake Pontchtrain area since Katrina. An easy drive from downtown in Lake View across from the New Orleans Marina you can find Russell’s Marina Grill at 8555 Pontchartrain Blvd. The new version since Katrina is always a good spot. I go because I like breakfast anytime of day. This is no Denny’s and always has great service and plenty of ice tea.
The entrance to the Marina is yards away from Russell’s Marina Grill. This is one of New Orleans the few places still on the lake. You will see some condo high rises in the background. There are 7-8 complexes with walling distance to the Marina for the many people who like to be near the. The New Orleans Lake Front offers an endless compliment of boating and recreational opportunities.
“Perched near the near the start of Lakeshore Drive, Russell’s fits right in with the “harbor” vibe of the whole area. Large windows wrap around the entire dining room giving it a nice wide-open feel. The pastel color scheme and aquatic-motif are a bit misleading, because at first glance Russell’s doesn’t really look like a spot that could dish up some mean omelets. But isn’t underestimation a treat nowadays?
The best way I can sum up the feel of Russell’s is that it almost makes you feel healthy, while you’re knoshing on bacon and eggs. (A feat I wish every place could pull off given my dining habits.)” from a recent article on wwl.com
The wait staff is always pleasant and on top of there toes. They have plenty of regulars. Parking is easy. Its also easy to just take a walk across the street to the Marina or to the Lakefront a couple of blocks away. Prices are reasonable and there is a good chance you will see someone that you know.
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New Orleans Condo foreclosures? Just not very many condo foreclosures!
October 25th, 2008 categories: Market Trends
I get asked if there is a lot of foreclosures in the New Orleans Real Estate market for condos. There are very few that I see and do not know of any in the areas where I am currently working. There are several reasons for this. There was very little speculation in this market. Most people buying were well funded and did not get involved with sub-prime or adjustable rates. It had more to do with the culture and not willing to gamble on the future increases in rates. Many condo buyers that I have had paid cash, up to 25% and a large number put a lot of cash down.
New Orleans was also a small market and missed a lot of the present issues with mortgages as lenders could not make the amount of money here as elase where. The new construction of condos just was not great as the market was viewed as much slower than the now bubble markets. Few Condos were built for low income people since the prices were well above what they could afford in the New Orleans Condo real estate market.
Most of the condos in the Warehouse District, Garden District, and French Quarter were not FHA approved for small down-payments and were over the FHA loan limits so you saw very little FHA loans in this segment. The condos that are having the most trouble selling is units that were conversions in Metairie and Kenner that are marketed for first home buyers. This segment does not have many buyers since the credit crunch. Many have become rentals and thus avoid the foreclosure market.
I also have not had any problem finding loans for people who qualify for loans. There are a lot of local lenders who are still looking for buyers and were very conservative during the past 4-5 years and stuck to old time lending standards.
We do see people wanting to sell for a variety of reasons that more more to do with their individual situations and the overall gloomy forecasts of the economy. These is especially true of people not living in the units, changes in job status and ones that have two notes. The current climate should make sellers ready to make a deal rather than waiting for an offer that may not come. Always good to know the “true motivation” of the seller.
Related Articles - Warehouse District Trends, New Orleans Uptown Condos
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Julia Place Condos-New Orleans Warehouse District- Good choice for a second home!
October 21st, 2008 categories: Market Trends, Warehouse District
Looking for a New Orleans Warehouse District condo that would be suitiable for a second home, then the Julia Place Condos at 333 Julia may fit the bill for you. We are seeing an ever increasing number of second home buyers looking in the Warehouse District area for plaes to use as a retreat. Many buyers like the condos in Julia Place because of the central location in the downtown area. They are an easy walk to River Walk about three blocks away. They are 6-7 blocks to the French Quarter or 4 blocks to the Mississippi river. The Louisiana Super Dome and the New Orleans arena are an easy walk as well.
The complex is large enough to be professionally managed. An on-site manager is on site during the week and the condo always seems to be clean and well taken care of. The condo fees are reasonable for a Warehouse District condo. There are a high per cent-age of second home owners so the condo complex is rarely crowded.
The condo fees are again reasonable and include insurance, common area upkeep, management, pool up keep, water and sewerage, termite contract, and exterior upkeep. Most of the units are updated since the complex went condo in 2005. The vast majority of the units are on one level.
The kids can also enjoy the area and do things while on the condo common areas. There is a nice gym and exercise area that faces large windows on Julia Street. The units are spread out in the building with all units opening onto spaces with only a few condos. The roof top area is one of the top attractions with city wide views from the pool area. There are Bar-b-Que grills in the common areas along with a large party room that can be rented out for small parties. Read the rest of this entry »
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French Quarter Balconies-Your window to the French Quarter. What are they worth?
October 18th, 2008 categories: French Quarter
How do you value a balcony in a New Orleans French Quarter Condo. Its hard to put a number on the balcony but people will definitely pay extra to have one. They may not use it a lot but its an item that many people want when looking for a condo in all price ranges. You cannot build or add balconies if you do not already have one. To remain historically correct few changes can be done without approval of the Vieux Carre Commission. This is even down to the color of your paint.
French Quarter Balconies are valued since there is a shortage of them. People prefer second and third story units over that of a first floor unit. People want condos that have street views. People want units that have more light and larger windows. The front units tend to be larger and have higher ceilings and character. The developers now know that so many of the best units are units with balconies.
This is because the front units were the main parts of these old townhomes. The front units tend to be larger as they are in the prime spot of the complex. None were condos in the beginning over 150 years ago plus. All these factors enhance the values of the balcony units. The more windows you have on the balcony the more valuable the balcony.
As you can see balconies are a chance for you to show off your green thumb. Balconies are also great place to view the local sites and sounds of the Quarter. They come in a variety of sizes and heights. Everything here was built before a/c or even electricity for that matter so access to many balconies are thru the windows or French doors. Ferns are the most common hanging basket that is used but also you will see a lot of color with annuals.
The iron work of the railings are like artwork each with its own design. I cannot think of many places in the United States that as many balconies as the New Orleans French Quarter. These facts show you the value of a condo of a condo with an exterior balcony. It is still hard to put that number on balconies but the great value is there. What do you think?
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Warehouse District Condos-priced around 200k-A popular price range! An Update
October 14th, 2008 categories: Market Trends, Warehouse District
The Warehouse District Condo market under and around 200k is the most common price range that people are looking for in the New Orleans Warehouse District. The second most common is the 2 bedroom and 2 bath places for around 300-350k range. Lets see and review what is happening in the 200k range as we sit in the middle of October, 2008 . Things are selling but not that fast and there is a valid reason for that. There are not just a lot of nice units for sale in this price range that I would recommend to clients. There are a couple that I like from a value standpoint. The value units do sell. There were two such units in the Cotton Mill and both sold in the last 2-3 weeks. They were just good buys.
The foreclosures are non existent in market and demand remains strong for updated units. The condos that have the need for updating priced into the asking price are going to sell. The individual sellers motivation is a key to getting a fair deal even in a buyers market. Right now many of the sellers do not have the updating priced into the numbers.
The rental market remains strong and while sellers are renting at top dollar many feel they can wait. I know its the pricing and condition that will not sell the unit at the asking price. The stock market correction is going to have some effect on the sellers response to any offers. Sellers are used to taking loses in many cases now. You also have to remember most units in the Warehouse District were bought to live in and not for speculation. The prices have been steady and that is why its been so easy to handicap the asking prices.
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French Quarter Condos-837 Royal Street-The Lush Tropical Courtyard gets an A+.
October 10th, 2008 categories: French Quarter, New Orleans Condo Reviews
The Delacroux condos at 837 Royal Street in the heart of the New Orleans French Quarter is a 12 unit historic condo complex. Its a 3 story brick building that surrounds a lush tropical interior courtyard that gives the units views of the pool and courtyard. You are in the middle of French Quarter but once inside you could be anywhere in the tropical world. The New Orleans weather is great for growing and the culture is one that enjoys courtyards and fountains.
The La Croux Building dates to 1833 and was turned into condos in the 1990’s. The condos managed to maintain the historic features along with the lush courtyard and fountains. The condos have one and two bedroom units with balconies facing the courtyard. There is an elevator to the upper floors.
The first floor front of the historic building is still commercial as most of the condo complexes in the New Orleans French Quarter. Many of the units open onto the interior balconies with the great views. Check out the shutters and French doors. The units have high ceilings, wood floors, and lots of natural light. Read the rest of this entry »
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New Orleans Condo Buyers, It does help to know what the seller paid!
October 8th, 2008 categories: Condo Knowledge
In the 2008 New Orleans Real Estate market it does help to know what the seller paid for his or her condo. It is important as the New Orleans Real Estate market has been rather flat for the past several years dating back to Katrina in August of 2008. There was a much smaller bump in the post New Orleans Katrina condo market than many people tend to think. You had an almost equal amount of people selling and buying. Some buyers did pay too much but that can happen at any time if you as a buyer are unaware of value.
This thought has helped me in getting several of my clients very good deals for two basic reasons. Knowing the value of the condo first plus knowing what the seller pays may give you an edge as a buyer. Second it helps to know the seller’s motivation and what the seller paid for the condo. Once you get back past 5 years it means much less. There are a couple of actual deals that will be good examples.
A Magazine Street Condo that we made an offer this past Summer is a good example. The couple had lived in the unit for four years and had found a new place in Atlanta. I looked up the price of the unit and saw that they paid 215k. I had figured that the condo was a good buy in the 220s range. The sellers were asking 229k. We offered 215k and the seller took our offer because they were glad to sell and move on to a good deal they got at the other end. It even surprised me.
I sold another nice two bedroom and two bath condo on Prytania that had just been reduced from 239k to 199k. It was the best thing out in the market. They had it listed with another agent at a higher price (239k) and the new agent wanted to get it sold as per the owner. It was easily worth 199k, my buyer at first wanted to bid much lower. My numbers said it was worth 210k easily. We bid 197k and got the condo bought before another bid came in. Knowing the value is a must for a buyer.
Sometimes sellers just want to sell after having been listed at a higher price and getting no activity. Pricing 10% over the value will scare off buyers in most cases. Another condo in the complex was later listed at 229k and was not nearly as nice as the one my client was able to purchase.
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Renting your Condo as a Corporate rental? Extra Income!
October 2nd, 2008 categories: Second Homes
I have been selling a lot of second home condos this year and this is another thought that you can use. If you do not want to have your condo empty, you can pick up some extra cash to pay your condo fees and taxes. Anne Pierson, my good friend and client has some great ideas that you can use. Not only can she rent it out for top dollar, she can show you how to get it done. People want a New Orleans feel when staying here, let her show you how to get it done. Its amazing to me what she has done so read on.
Whether you purchased your condo as an investment property, a second home, or a primary home you now wish to sell, you have probably considered the idea of renting it out in order to create an income stream to help pay the expenses; or, you may already be renting your condo… But have you explored the new trend of appealing to the corporate rental market? You could be expecting
much less than your condo is worth to these clients, and you could be overlooking a very reliable source of income.
New Orleans has had its economic ups and downs over the past few years, but one thing that remains hot is the rental market. More than ever before, professionals visiting the city to work are seeking upscale condos over long-term hotel stays, and their companies are paying the bills. This tenant is usually coming to the city alone, is here to work for a certain contract period, and will occasionally have
his/her family visit… but the rent is reimbursed by his company, and this breed of renter is not here to play. This client is going to take care of your property and leave your condo in great condition.
Not only is this a very stable, reliable source of income for you, as a condo owner, it also makes it possible to nearly double the amount of rent you are receiving if you outfit your condo with everything this kind of client expects.
In my case, I purchased two units in the trendy Warehouse District downtown. Both units were in need of repairs and upgrades. The kitchen appliances, bathrooms and floors were damaged, and there were potential loft areas that had not been finished. Here are some “before” pictures of one of the units:
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