Archive for the 'French Quarter' Category
French Quarter Markert Update! Prices are all over the spectrum! Buyers Market?
October 28th, 2009 categories: French Quarter, Second Homes
The French Quarter Condo prices are all over the place for a number of reasons that I have been able to put my finger on. Most of the real estate sold in the French Quarter are condos so I will concentrate on that market with this update. It all get back to slack demand for the price that people are asking.
French Quarter Market Update- This will give you what is currently for sale and what has sold in the last 3 months in the French Quarter in condos. Its shows 114 for sale with, 14 currently under contract, 14 sold condos over the last 3 months. Click to get a detailed update form the Market Snap Shot which is available to you by filling in the basic info. I can get it far more refined if you would like me to do it.
Why are the prices all over the place!
Second Homes- Many of the condos in the French Quarter are second homes. Less second homes are being bought in general due to the economy. Many second homers want to sell but do not have to sell. They have the units priced incorrectly. Comparisons are harder in this segment or the sellers are stubborn with pricing.
You have various motivations for owners wanting to sell. Some have to sell and become more reasonable quicker. Many have been of the market for a while and sellers begin to see the real value in their condos. They finally see prices are declining and decide to sell and move on.
Strong rise in prices in 2003 and 2004 You had a real estate bubble with people buying condos with great appreciation during those years. Some buyers got good deals but many buyers did not get so lucky. The early buyers have more equity so can still sell with a profit.
Competing locations in New Orleans You now have more areas that compete with the French Quarter. The Uptown area, the Warehouse District and other areas are getting the attention of buyers who once only looked in the French Quarter. This puts pressure on the average condo. The premium units will always fare better.
Nature of the Condo Associations Many of the condo association have not kept up with the necessary updates and repairs that they should have. This may be because most of the owners do not live in New Orleans. With that said there are a number of very well run associations.
Number of Updated Units A lot of the units are in need of updating. Today’s are passing these up for the premium units that have been updated. The units that need updating have not priced that into the asking price. Some of the best buys are those that need cosmetic updates such as bad floors, lighting and colors. Spending 5k to 10k can get you equity if you are willing to take the chance.
Size of many Condos Many of the condos on the market are just too small. They are more like a motel room. These have quickly fallen out of favor.
Financing on New Units The new developments are having a hard time getting conventional financing unit a certain number are sold. To do other wise is to pay cash or a much higher interest rate.
The values are there but you have to cull through many units to find the correct one. Its all in the timing of finding what you are looking for and what currently is available. All these issues however make it great for a Buyers looking to be in the French Quarter.
People are starting to notice as properties that meet their needs are reaching prices that are affordable and much cheaper than a couple of years ago. Get a good Buyer’s Agent and do your homework in advance.
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Hidden Gems in the New Orleans French Quarter! Beauty and History!
July 25th, 2009 categories: French Quarter
Last week I had to meet David with Absolute Pest Control in the French Quarter to so he could inspect a recent sale for termites. I arrived early and had a few minutes to take a couple of photos with my new camera. Its always in my car and ready to go when I see something. A real estate tool.
I had time to take a couple of photos and discover some new things about New Orleans and the French Quarter. I am a student of history and historic buildings. One of my hobbies is tropical plants. One of my hobbies is photography. In real estate you are your own boss so these hobbies really tie in with my work.
This group of town homes were built 10 years after Louisiana became a State. Many women in French Louisiana were the business person of the family. The brothers would often have too much play and the father wanted his investment protected so he chose the best to run the business. Many Creole plantations were also run by women at the turn of the century. That was the 18th century and early 19th century however.
New Orleans gets about 60 inches of rain per year and very few cold days and nights. Found these flowers growing in the courtyard flowing from the home next door. Now how many places in the United States could you find this much history, historic structures, tropical plants, be self employed and have time to goof off.
Now I will have to get me one of these plants. The were designed to turn someone’s eye. Some of your best photos come the morning so enjoy!
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French Quarter Condo Trends for May, 2009! What are the numbers saying?
May 3rd, 2009 categories: French Quarter
Most of the real estate sold in the New Orleans French Quarter are condos. At the present time there are 156 units for sale with only 9 under contract. These are not good numbers if you are a seller. There have been 28 sales during the last six months or about 5 units being sold per month. This is coming out of a very slow period. Real Estate is seasonal and many of the condos sold are to second home people from nearby states.
The square foot prices in the French Quarter are all over the place as to the quality and location of the units vary a lot. The French Quarter has always been more expensive than the Uptown and Warehouse District. The Uptown and Warehouse District locations were not competition for French Quarter condos as much in the past but they are now.
You wonder why the trend to fewer sales. One of the reason is that people have other areas to chose from that are competitive for what you get. There are fewer and fewer locals looking to buy as they tend to look in other locations. The prices for property went up way too fast from 2000-2005. Now you have the nicer properties in other areas at cheaper prices. Many people are still looking in the French Quarter but are buying in as great numbers.
I find the weakest segment of the market are the very small units that are under 500 sq. ft. that are not in great shape. The best segment is the two bedroom and two bath units with good locations.
This means if you are a buyer you will begin to see the prices trend downward on the not so premium properties. Those that are very small, those that need updating and those in the poorer locations. There will be sellers that just want to sell and get their profit out of the second home and invest in something else. Some motivated sellers will have very fair prices and they will price their French Quarter condos accordingly.
This means its still a buyers market with great interest rates and motivated sellers. Many people just want the French Quarter so now that its a buyers market its time to starting looking. That good deal may be around the corner. This is what I a thinking. You may have some other comments and that would be great!
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Window Shopping in the New Orleans French Quarter! Just imagine what you could buy? Looking is Free.
March 28th, 2009 categories: French Quarter
The New Orleans French Quarter is what the early malls in cities must have looked like. In New Orleans many things never change and they become popular again because no one else has them any longer. Disney World kinda of copied this format, but here its for real with all its faults and positives.
The majority of shops and window shopping are on Royal Street but others are popping up elsewhere as well. Its easy to spend a morning just looking in the windows and the other half of the day looking at people who are looking themselves. The cool thing is that many of the shops are unique to only New Orleans and are far from the cookie cutter malls of today.
Just a glimpse of the day from the Quarter windows. This is just one of the many things people can do in a small geographic area called the French Quarter of New Orleans.
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Historic French Quarter Condo, Details and Origional items are impressive!
March 9th, 2009 categories: Condo Listings, French Quarter
Its not often that you see a condo renovation that keeps many of the historical features and integrates the updates that everyone likes and enjoys into the plan. This 1830’s building with 5 condo units is one of those developments. It has many of the ingredients that people look for in this two bedroom condo. The price of $219,528 what sets this unit apart from many condos in the French Quarter and the Warehouse District.
The features include high ceilings, lots of windows, long exterior balcony, 3 sets of french doors, lots of windows, wood plank floors, exposed brick the length of the condo, cypress woodwork, old fireplaces. Its a second floor unit with a lot of privacy. Feel like you have gone back in history.
At the same time you have an open floor plan and new kitchen. The kitchen features granite countertops, stainless steel appliances, lots of cypress cabinets, and recessed lights. This condo is great for entertaining.
The second bedroom is great for guests. There is no parking with the unit but you are in the residential area of the French Quarter where parking is accessible. This is most likely one of the oldest buildings that I have listed. The condo was developed in 2004 so much is new and everything has been updated. Your view from the balcony that extends the length of the condo.
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New Orleans French Quarter Sunrise, Wake Up New Orleans !
December 20th, 2008 categories: French Quarter
Sunrise in the New Orleans French Quarter is fairly quiet. You can get some photos since no one is around but it lasts only so long then you have to eat breakfast. Always great to get another view since most will sleep through it.
There is always something to do in New Orleans and that is why its a great destination city for people all over the world. That is why the French Quarter, Warehouse District and Uptown New Orleans are becoming a second home choice for many. Enjoy the Holidays and 2009 will be a better year.
See the latest French Quarter Condos Updates for status of condos under 200k. Many people do not know that the Warehouse District is steps away and the prices drop fairly dramatically. The Warehouse District Condos, Buyer Market will give you some additional insight into the market.
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French Quarter Market Update! Condos under 200k, yes there are some nice ones!
December 11th, 2008 categories: French Quarter, Market Trends
The New Orleans French Quarter is alive and well. The under 200k condo market is always a small segment of the French Quarter condo market in a couple of ways. The units are very small and many are studios at this price with many under 400 sq. ft. There are currently 36 units for sale in the Quarter under 200k with only four under contract. They are also going to be in varying conditions of not being updated. But some are updated !
With this said there are a number of neat units that would be used as second homes and weekend retreats. There will be no parking with these units and not many will have balconies. Its a buyers market in this segment much more than the higher end units. There is plenty of competition from the Warehouse District which is across Canal Street where the same price units are larger, cheaper, and more updated. They are however not in the Quarter where many people still want to be. Real Estate is still a lot about location, location and location.
I have seen a number of nice unit in the 160-180k price range that anyone would be happy with as a retreat home. I like these since they are larger, have plenty of light and offer some amenities as a courtyard. There are 5-6 that are very nice in either great locations or have that historical feel.
There are not a lot of buyers at this time. Rates are very low and sellers may be willing to part with the units for some good prices for a variety of reasons. Rates hit 5% today which is $538 per 100k that you borrow. Get the seasonal discount from the seller and the lowest rates of the century. The lowest of the Century is correct.
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New Orleans French Quarter, Bright Historic Shotgun Faces! Where ya at?
November 27th, 2008 categories: French Quarter, Historic Homes
Happy Thanksgiving! Hope everyone is full of turkey and had a good time with family and friends today. You always eat too much! That is easy to do in New Orleans. Just wanted to share some of my recent photos using www.picnik.com to do some fun things. The initial version is free and only $25 for the fancy version. I use it weekly so its a good buy.
The New Orleans French Quarter has been here since 1718 but these shot guns came much later and were not mansions. Just wanted to call to the attention of detail with the Victorian gingerbread work that became popular from 1830 to 1910. The owners of these shotguns could dress them up with the style of the day which was Victorian Gingerbread work. They could also be very creative with the colors not of American but those of the West Indies. I guess you could say they were works of art since they are found in few places beyond the New Orleans area that I know of.
The New Orleans French Quarter and the historic homes brighten the streets and the lives of the people living and visiting the area. Its a mixture of Creole, West Indies, Italian and Irish who settled in in these shotgun neighborhoods. Much of the style is dictated by the hot humid climate in which we lived before autos and A/C. My guess is most of these shotguns were built around 1900.
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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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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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