Archive for the 'Second Homes' Category
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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New Orleans French Quarter Condos- 627 Ursuline Street- Much like a Treasure Hunt!
July 28th, 2008 categories: French Quarter, Second Homes
Selling condos in the New Orleans French Quarter is always an experience and much like a Treasure Hunt. Walking on the same streets that real pirates did almost 200 years ago in the French Quarter is like going back in history. The condos vary in size and quality and there are few new buildings that have been built in the last 100 years. All the units are going to have their pros and cons. A lot of times finding the right unit takes a little more time than other areas. But there is however little driving and old fashion foot work. Its more the nature of second homes and what you client desires.
Jack and I recently had a client who knew precisely what he wanted. The condo had to have a street balcony. It had to be between Bourbon Street and the Mississippi River. It had to have historic qualities and would be no more than $350,000. We knew it would be a one bedroom and have no parking so the search was started last fall in October of 2007. We knew it would not be in a larger complex as there are few and none of those would meet his criteria. We did know the client was very serious and had several hundred thousand to put down. You can do so much more with a motivated client that has no financing issues. The hunt would begin !
Time in this case was no issue. Jack and I put the client on an automated search for a price range and location. Some units have balconies to courtyards so those would also come up in the search but our client wanted a street balcony. Units would come up regular basis and we would weed out the ones that would not work. Many times the descriptions did not tell the full story so Jack would call the listing agent to get the details. Many times this would solve the mystery and eliminate the unit. Read the rest of this entry »
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New Orleans Sparkles, Second Home Condo Market looking up!
July 4th, 2008 categories: Second Homes
“In a national survey, Americans voted online for the most “animated, brilliant, lively and vivacious” city in the United States. The winner–New Orleans! Yellowtail Wines sponsored the survey, and the city will receive its award, given by travel authority Pauline Frommer and Yellowtail, in front of St. Louis Cathedral, behind Jackson Square, on July 1. Welcome, and sparkle on!” Sharon Keating- New Orleans Travel Blog
This is a local travel blog I read weekly. Living here we do not always know what goes on as we are doing our thing which is New Orleans real estate. This is a blog I check into several times a week to see what is happening. Its the positive spots we all need to know. I sell more and more New Orleans second homes that are condos. If you run out of things to do you should check out the blog before you come to town.
This French Quarter and the Warehouse District have been hot spots for second homes with people even looking Uptown. The French Quarter is much, much cleaner than it used to be and people are taking more pride in all the areas since Katrina. There are becoming more family attractions than ever before and that is accounting for a lot of the new business. Some of it are people living in the New Orleans Metro area that want to stay close to home and have a place to visit that has a little excitement.
These areas are a great place to entertain and visit on a regular basis. Its easy to get people to accept an invitation. It tends to go against the grain as to what is happening in other real estate markets, but then a lot of things in New Orleans tend to be against the grain. Property taxes were lowered 30% in 2008. Charter schools are the norm. The Hornets are winning, the Saints should be winning and LSU are the college football champions for the 2nd time in 5 years.
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New Orleans second homes, New Orleans Condos fit the bill in the French Quarter, Warehouse District and Uptown. Buyers returning!
June 2nd, 2008 categories: Market Trends, Second Homes
Second home buyers are returning to the New Orleans Real Estate market in the Spring and Summer of 2008. Several Years ago second homes were mainly to be found in the New Orleans French Quarter. Now the Warehouse District and Uptown are also favorite spots depending upon the lifestyle that the buyer desires. The prices remain most expensive in the French Quarter, then the Warehouse District and then in the Uptown area of New Orleans. Condos have been the choice for most second home purchasers.
This was not the case the past 2 years following Katrina. Now all of a sudden people are aggressively looking in the areas where they want to be. Prices have remained rather stable since 2005. You have some motivated sellers so its not hard to find the right deal. Buying a condo makes the most sense as the upkeep and insurance are in the condo fees.
The French Quarter has shown the most dramatic movement and improvement as many of the units are already second homes. Since business has been slower for two years there has been a build up of inventory which makes for more buys of high quality units. The other element is that people are also choosing other areas of town within to buy for a variety of reasons. A lot of the business has been in the 250-400k range. looking for less than 200k its best to look in the Warehouse District.
The Warehouse District Condos are going to more updated since very few even existed ten years ago. The center of activity for the Warehouse District is around the Julia Street area. You can walk to the French Quarter from here. This is where many of the locals live and walk or ride the street car to work. Its the place to be for young professionals and those second homers who have kids and family with them.
Its much easier to find two bedroom units with parking in the Warehouse District. Many of the condos feature common areas security and tend to be larger complexes unlike the French Quarter. The Cotton Mills gives you a great value for those looking at under 200k and want the amenities of having a pool, parking security and exercise room. Pets are welcome in the Warehouse District. Julia Place has also been hot as they have finished the common areas and offer a great location in the center of the area.
The Uptown area has also beginning to see people buying in this area of town as a weekend retreat from the busy week. Here there is also no need for a car as you can streetcar to town rather quickly. The city is compact so nothing along the Mississippi River is very far away. Most of these areas had no flooding from Katrina. The condos in Uptown New Orleans come in all shapes and sizes. Its easier to find things under 200k and the it depends on what you are looking for.
Many people buy units while their kids are to school and either take over the unit or sell and buy something larger. The area feels the college market more than any other. The new factor is the second homes and condos tend to be the most viable choice.
Gas prices are effecting everyones pocket book this Summer of 2008. But once your hear you can get plenty of exercise and ther is no need to ride in your car. The cost of a Hurricane at Pat O’Briens is soon going to be cheaper than a gallon of gas one of these days. The variety is there and it will depend on what you would like to pay and enjoy. I am very good at picking the best in your price range so call me or shoot me an e-mail.
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