Archive for the 'Real Estate News' Category
New Orleans Condos and the foreclosure Market, Louisiana ranks 40th!
March 14th, 2008 categories: Condo Knowledge, Market Trends, Real Estate News
According to City Business “Louisiana was ranked near the bottom of the National Foreclosure list, a not so good list, at No. 40. The state had 650 properties with foreclosure filings, for a decline of 15.25 percent from February 2007 and a 9.72 decline from last month. “ Many of these could be Katrina related but it does not breakdown the reasons for foreclosures.
I have yet to see a foreclosure on a condo in the areas of New Orleans that I work and very few homes. There was one that was getting ready for the Sheriffs sale last August but it was pulled at the last moment. There was not a lot of speculation in this market and thus the downturn will be less. This is not to say the condo market is robust as it is not. Most of the units are holding onto gains.
Condo purchases are going to be less affected than homes in the New Orleans market as the buyers were more upscale and had large down payments, cash transactions, and very few were in the sub prime category. I only know of one unit that I sold in the last 5 years where it was a B paper loan. The person oddly enough was a mortgage orginator for a sub prime lender. He had also no business in the areas where I worked which was a good omen as I look back.
Its good to be on the bottom of some lists. Louisiana then ranks near the top in growth for 2008. Primarily due to increase in exports , high prices for oil and gas, rebuilding after Katrina and a positive effect of lower taxes compared to other states. Our new Governor is lowering taxes on businesses and making the state more business friendly. It does not hurt to have a billion dollar tax surplus which is being put into roads, coastal restoration and education. Solid principles for job growth. He happens to be a conservative Republican in a Democratic state.
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New Orleans Condos, The Homestead Exemption is yours! But You have to file for it?
March 2nd, 2008 categories: Real Estate News
If you live in your condo and consider it your Louisiana residence you are qualified to receive a homestead exemption of $75,000, exempting $75,000 of value from your property taxes. The only caveat is that you have to file for it at your assessors office in your Parish after you have gone to an act of sale. If you have a condo that you paid $175,000 and you file for the homestead exemption then the millage rate is times $100,000. $75,000 time a mileage rate of .1288 is a savings of $966 for every year.
The rules are different in each Parish as to what you need to bring with you. In St. Charles Parish you can bring your HUD statement and that is all you need. In Jefferson Parish the assessor has to have the copies of the stamped property filing. In New Orleans you may be able to fax the paperwork to the assessor depending upon its rules. Its a saving on your property tax bill. If the millage rate is 12 mills then you save $900 per year. The tax rates or mileages will vary by community, city and Parish.
I listed home at the end of last year where the seller had never filed for the exemption. He did not get it and thus overpaid their property taxes. This was a recent case where the young doctor was doing his residency and did not file for his exemption costing him over $5000 for his four years that he was here. Ouch! Trying to get money back is harder than getting brain surgery. This only has to be done once so do not forget!!! See a related article on New Orleans Reduces Milleage Rates and Homestead Exemptions.
Federal FibreMills Courtyard , Winters Title Millage Rates.
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Restaurants near the Warehouse District Condos, No Wendy’s or Golden Arches!
February 25th, 2008 categories: Real Estate News
Keep in mind, the tips Eric and Jack have on restaurants in areas of New Orleans usually skip the famous ones. This information is to help you eat with the locals. For a quick breakfast at a reasonable price to ward off hunger until lunch, Deanie’s is tough to beat. They also do a nice job on plate lunches and sandwiches. its on the corner of Poeyfarre and Annunciation across the street from the Cotton Mill Condos. It opens for 6 am and closes at 3 pm.
Across the street in the Cotton Mill Condo building sits the Sun Ray Grille. Imagine a restaurant where I have never tasted a main course! I have yet to make it past the appetizers like Crawfish Bruschetta, Crab and Portabella Stack, and black bean soup. The Sun Ray Grill is in the corner of the Cotton Mill Condos on the Annunciation corner nearest the bridge. The Sun Ray Grill has a parking lot on John Churchill Chase. “Failure to Launch” a movie filmed in New Orleans had a scene that was filmed in the Sun Ray Grille.
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New Orleans Condos, Who owns the Courtyards of your condo association?
February 13th, 2008 categories: Real Estate News
The answer to the ownership of the common areas is simple, its you. The common areas can be many or few depending upon the size of the complex or the type. You however do not have an equal ownership in most cases as the most common method is to give each unit, a % ownership based on the square footage of your unit to that of the total complex.
Common areas include courtyards, parking areas for visitors, lobbies, hallways, swimming pools, gyms, elevators, roof top areas, and land. You pay for the upkeep, taxes and insurance of these areas in your monthly condo fees. You can find your ownership per centage in the condo docs. Common areas are part of your value as it makes your condo complex more in demand than others.
Its very seldom that land value becomes an issue as to value but it happened to a friend of mine whose condo in Destin, Florida was destroyed by a hurricane several years ago. The Hurricane wiped out the entire complex destroying all the units. There were 36 units that collected the damages from the insurance. They all had an equal share. The location on the beach was so good that they were offered 18 million for the land. They all agreed and sold the property for 500k each plus the insurance. The numbers were far better than the pre destruction value of the units. You could have never gotten all to agree to sell under normal times, but being destroyed it was much easier.
Some of the condo have very large common areas as living areas. The Cotton Mill Condos has a 25,000 sq. ft. courtyard, large lobby, pool, exercise room and plenty of hall ways. It is different in each building. Keeping the condo areas clean and well maintained will increase the value of your units. Not keeping the common areas will have a negative effect on every-one’s value. You own the common areas so keeping them up to standards is in your best interest.
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New Orleans Condos, Trump Towers Condos and Hotel Update!
January 31st, 2008 categories: New Condo Projects, Real Estate News, Warehouse District
The Trump Towers Sales office is scheduled to open in the New Orleans Warehouse District in mid-Feb, 2008. The new Trump International Hotel and Tower at 555 Poydras Street will be followed by many around the world. The developers hope to break ground later in the year. The 72 story tower will have 290 standard condos and 435 condo-hotel units. The first 2 floors will be retail followed by 12 floors of parking with over 700 parking spots. A group of floors will be the hotel and the upper levels will be residential condos. Many of the units should have great views of the city and River.
In mid December there were 175 deposits. Interest is expected to pick up once the 5000 sq. ft. Sales office is open. Its a unique project especially for New Orleans and should be known by most people in the world. Anytime you get a World Class project in the area is should give the entire Warehouse and downtown New Orleans a boost. Maybe I can meet someone who buys the one of the upper floor units to have me over. Maybe Irene Rand, one of the sales agents will give me a ride on the construction elevator if I can sell a couple of the units. Lets support the efforts and hope the developers can pull this off. Wow!
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