Archive for the 'Steps to Purchase' Category
New Orleans Condos, The New Orleans buyers agent, how he can help you? Much more than just Pricing ?
April 5th, 2008 categories: Condo Knowledge, Steps to Purchase
In Louisiana the agent working with you to find a condo is in effect a buyers agent for you. Choosing an agent is very important. An experienced and knowledgeable agent knows the pitfalls, upsides and various condo trends in the market. Some areas are going to be hot and some areas not. Some types are going to be slow while others much faster. Some of course are going to be overpriced. Some are going to be priced correctly.
Square footage is often overdone in determining the value of the condo. The buyers agent should be able to relate past sales with a first hand knowledge and how they compare with what you are buying. Lets sit down a coffee shop like the one below and talk about it. Lets begin our homework.
In this blog lets just concentrate on pricing. Many times the seller has a figure in mind and does not listen to his agent or the numbers. Some times the seller will take the advice of the agent and go right at the price. The seller many thinks his unit is better than the competition without ever seeing the competition. Its not what the sellers is asking that is the important number, it is what the unit is actually worth.
Pricing can be somewhat subjective but the pricing is going to be in a range depending on what has been done to the unit to upgrade it since the seller bought the unit. How it compares to the units that have just sold and are currently on the market. Things that effect pricing to look at include: Read the rest of this entry »
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New Orleans Condos, Your condo Inspections? One more Step!
March 28th, 2008 categories: Steps to Purchase
Once you have your offer accepted by the seller you have a certain number of days to inspect the working parts of the condo. This period is usually 15 days but doing it as quick as possible is the best rule and you may need some followup inspections. When you made the offer you looked at the condo and considered everything to be in working order. This is your chance to inspect the condo to make sure all items are working to your satisfaction. It is quite normal to find some items not working properly.
Its advisable to hire a professional inspector so he can go through the list of items he has to check. He will inspect everything from the electrical plus to the shower to the air conditioner unit. You want to know what you are purchasing. It is always advisable for you to attend the inspection so you can watch and really have time to look around. This is a time to ask questions. The inspector will write up a report and give it to you before we leave or e-mail it to us. This gives you a back up from a professional to go to the sellers with the items that we have found to be deficient.
Many times you will pick up on cosmetic issues that need addressing while the inspectors are checking the mechanical items. Mothers are really great when it comes to this facet of the inspection. We will combine the lists after both are finished.
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New Orleans Condo Fees, Always going up, maybe not?
March 9th, 2008 categories: Condo Knowledge, Steps to Purchase
Condo fees seem to always be increasing and since Hurricane Katrina that has been the case as insurance companies rushed to raise rates — doubling the insurance on the buildings and in some cases even more. Since Insurance is a major, major part of your condo fees, your condo fees had to go up. Now we are beginning to see quotes being lowered which means the insurance rates are coming down. This may not lower your monthly fee as other costs will continue to go up.
Many condo associations may opt to build up the reserves that may have been used for any number of reasons. Its always good to have a reserve as every insurance policy has a deductible. The trend has been to have a higher deductible. Conforming loans want no more than a 5% deductible on the insurance policy.
Its always good to check the latest business statements of your condo association to see what is being spent. If you use a lender they are sure to look to make sure certain conditions are meet. The lending rules have tightened up in the last couple of months and the rules seem to change monthly.
This is a Mardi Gras Bead Tree that tends to bloom the week of Carnival and can bloom all summer. May need fresh beads every now and then.
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