Archive for the 'Market Trends' Category
New Orleans Condos, Best Cities For Singles, New Orleans ranked #17
March 13th, 2008 categories: Market Trends, New Orleans Origionals, Warehouse District
A large number of my clients who are buying New Orleans Condos are single. Many are young professionals or students who want more time to study or work hard, and play hard. A home will come later but for now a condo is the best match for needs and budget.
New Orleans, LA: In the Top 20 Again!
Several of the reasons New Orleans has a higher percentage of young people in 2008 is that many older people moved after getting flooded out in 2005. The older people were in no position to rebuild. The tourist industry is a magnet for younger workers.
New Orleans is home to many colleges, universities and medical schools. You have Tulane University, Tulane Medical School, LSU Medical School, LSU Dental School, Loyola University, UNO, Xavier University, Delgado College, Southern University, Dillard University and Loyola Law School among others. The artistic nature of New Orleans lets young people work out their dreams.
The older people tend to think younger than they are, or maybe they are hoping to be young again. Let me know your ideas.
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New Orleans French Quarter’s Most Expensive Homes
February 17th, 2008 categories: French Quarter, Market Trends
Quoting from a most recent article from Frobes.Com by Matt Woolsey, The New Orleans French Quarter is still alive and well. I know my business being mainly second homes in the Quarter has picked up in the last 8 weeks. I have 2 new clients and both are still looking for the right thing. There are a lot of listings but nothing nice in their price range. Neither is in the most expensive range so thought I would pass this along.
“Most memorable Mardi Gras stories involve, in some way, a balcony.
“ Above the street, behind the wrought-iron railings, and before color-soaked storm windows is where the luckiest experience the festivities, lording above the spectator-lined parade route, then retiring to courtyard parties thrown by the city’s krewes and grand dames.”
“You could hustle your way in, if you’re well connected.”
Photo Gallery: French Quarter’s Most Expensive Homes
“Or you could buy into the French Quarter, New Orleans’ oldest neighborhood. But it’ll cost you. The landmarked area with about 3,000 residents boasts several luxury properties featuring shaded courtyards, wrap-around balconies and details like pressed tin ceilings and French marble mantles. Like much of the nation, sales are sluggish, but price-per-square-foot figures are about where they were pre-Katrina.”
“I think that it’s a hard message to send that the French Quarter and areas that visitors would see when they come into town look fine,” says Michael Wilkerson, owner of French Quarter Realty. “But it’s a small part of it. The market outside of the French Quarter isn’t doing as well.”
“Traditionally, the French Quarter acts as a second-home location to residents from all over the country who rent out their mansions when they aren’t in town. That still goes on, but brokers say that an increasing number of buyers are from New Orleans, reaffirmed in their commitment to the city’s rebuilding and looking to land an iconic home in the city’s most famous neighborhood. “
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New Orleans Condos, Warehouse District Condos, Market Update
January 24th, 2008 categories: Market Trends, Warehouse District
The Warehouse District Condo market is still in good shape as we head into the 2008 Spring season. It is not like the go-go days of early 2005 but still in much better shape than other areas of the New Orleans real estate market in general. There were roughly 150 units for sale with 27 under contract. These numbers also contain the Rotunda Condo at 330 Julia Street conversions which had 17 units for sale. There are numerous other pre-sales and conversions in these numbers which bump the numbers of new units up to about 40. In these numbers are going to units that are not desirable and ones that are simply over priced. Units that are not updated are having the hardest time because the this market wants updated units. The sales of more expensive under over 300k are going to be the slowest segment of the market with the units under 200k the most popular. Most are going to be one bedroom units in this price range. Given your criteria you will than likely not have more than 4-5 good choices to choose from. This has been the case for a while. Values have been steady for the last 2 years so tis much easier to see the overpriced units. Stats are great but an in-depth understanding of the type of things people like are usually two different things.
The expectations of lower interest rates, second homers looking more at the area, and the location of being near the Tulane and LSU Medical complexes make this a popular destination for residents and medical students. The best advice I can give people looking in this area is to look over the complexes and which meets your needs in terms of pricing and amenities. Then start looking as the nicer units tend to sell faster when priced correctly. The new listings have also slowed in the last month.
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French Quarter Condos - New Orleans Real Estate - Market Update January 2008
January 24th, 2008 categories: French Quarter, Market Trends
The French Quarter is a rather depressed market as we begin 2008. There are a 139 listing for French Quarter condos with very few under contract. There are quite a few new developments that are not doing particularly well. The main reason for the down trend is that this is an area that has a high percentage of second homes and that market has become much smaller since Katrina. The French Quarter is also competing with new and updated condos in the Warehouse District which is just across Canal Street. Uptown is also pulling people away as a second home choice also. The French Quarter units will have to adjust in price or the demand of the second homers will increase.
The second home people have however picked up since December and activity has picked up. Looking at the numbers however can be only part of the story. Once you begin to look, there are not a lot of nice condos on the market making the number irrelevant. Many people will tend to look elsewhere when they this.
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