The Advantages of FHA verses Conventional Loans in Todays Market
August 7th, 2008 Categories: Julie's Mortgage Tips
Do to the current crisis in the conventional loan market Fannie Mae and Freddie Mac have raised the cost of making loans. An adverse market fee has been added to all loans and has recently doubled. Additional fees or “hits” have been added for various reasons:
- Credit scores below 720
- No credit scores
- 2nd homes
- Cash out refinances
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Private mortgages insurance rates have been raised
An FHA loans has no income limits and can be used by any qualified buyer.
Some FHA loan benefits are:
- Low down payments 3% (your down payment can be 100% gift)
- Will accept a credit score in the 600’s
- Do not require cash reserves
- PMI for FHA is reasonably priced
- FHA will work with a person with no credit score if they can provide 4 pieces of alternative credit.
Loan limits have been raised .
These are the new loan limits for FHA.
These were some shots in Jackson Square this past weekend. You can reall take in a lot with a mile of this historic area in New Orleans.
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Ruth’s Chris Steakhouse born in New Orleans, New place opens in the Warehouse District!
August 6th, 2008 Categories: Warehouse District
The Warehouse District recently welcomed Ruth’s Chris Steak to a new home at 525 Fulton street adjoining the Harrah’s Hotel. The steakhouse was founded in New Orleans by Ruth Fertel a New Orleans native in 1965 when she bought Chris’s Steak House. This single mother with two kids eventually grew Ruth’s Chris into the largest Luxury Steak house in the United States. The Ruth’s Chris Steak Houses eventually became public. Ruth Fertel was a great benefactor to South Louisiana giving of herself and her self made wealth to many worthy causes.
The headquarters was in the Metro New Orleans area till Katrina struck almost 3 years ago when the present CEO of the company. Mr Miller immediately cut and ran after the storm to Orlando rather than rebuild with the rest of us. Tends to take some of the taste out of the steaks. However emotion aside its nice to have another place open in the Warehouse District that welocmes back another New Orleans favorite.
The Fulton Street area will continue to develop. More places will open which makes the neighborhood all that better. Another great place to put on my walking tour of the downtown area of New Orleans. Just thought that idea up and can certainly do a mega post on that subject. “all with a mile” or something like that.
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Inspired Streetcars in New Orleans, Hats off to YLC- Can this idea grow!
August 4th, 2008 Categories: New Orleans Origionals
I have been seeing these artworks of streetcars around town in various locations and wanted to investigate further after seeing a couple of more today. I knew basically what they were but did not realize how many of them are around town. I wonder if there was a big party or will there be one to conclude the event. New Orleans is always looking for another way to celebrate art and raise money for a good cause. I would like a little one for my desk so maybe some will make some models to sell of the favorites. Just an Idea?
What does this have to do with real estate? It shows you the quality of the people who live in New Orleans and that are trying to make it better. These people are your neighbors and like it here. Check out the Streetcar Art Blog
NEW ORLEANS – November 20, 2007 – The Young Leadership Council (YLC) formally announces the kickoff to A Streetcar Named Inspire, a community art project that will place 200 streetcar‐shaped custom creations developed by local artists and sponsored by businesses throughout New Orleans as part of YLC’s ongoing mission to inspire hope throughout the city. Read the rest of this entry »
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Warehouse District Condos-The Rotunda Condos-330 Julia Street Apts to Condos
August 3rd, 2008 Categories: New Condo Projects, New Orleans Condo Reviews
The Rotunda is the latest in a long line of condo conversions of Warehouse District apartments. The old grocery warehouse is in the center of the New Orleans Warehouse District at 330 Julia Street directly across from Julia Place. Emeril’s Restaurant is actually one of the business condos on the first floor. The Rotunda has 68 units split between one and two bedroom units. You can still get a decent size one bedroom in the 200k range. The two bedrooms are going to be closer to 300k. I am not the listing agent but have sold a couple in the building who looked at all the choices in the Warehouse District and chose here for the location and the size of the units. There are currently a variety of units for sale.
All of the units are on floors 2 and 3 with the penthouse units on the top floor which is floor 4. The garage and retail spaces are on the first floor. The more expensive units have garage parking and the others have contract parking availiable across the street. Close to 50% have garage parking. A garage space is the New Orleans Warehouse district can easily be valued at 20k. The spaces across the street at Julia Place sold for 25k when the units were for sale.
The amenities include a roof top deck which gives you a great view of the skyline fronting Julia Street. There is a small plastic pool on the newly renovated deck. The community room is also a nice feature with great views on the penthouse level. The fitness room is on the first floor as you enter from the garage or the Julia Street entrance. Condo fees are moderate and include common area upkeep, elevators, exterior building upkeep, insurance, water, and overall upkeep of the area.
Most of the larger units and two bedrooms have exterior views. The interior view units do get plenty of light which makes the spaces very bright and seem larger than they really are. All the units have higher ceilings and enough windows. You can get the more expensive units totally redone with many updates and upgrades. There are a group of units around the 200-220 range than will have some updates but to keep the cost down are not totally redone as the more expensive units.
The MLS shows 22 sold 23 active units. There are some units that are not on the market yet due to leases and are being cleaned up. In the early stages of a conversion there is a lot of work, painting, flooring, upgrading going on all over the common areas as the developers upgrade from the apartment feel. Once done the common areas are 100% better than the early stages of a renovation.
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French Quarter Condos-Beauregard House Condos-1350 Bourbon Street
July 31st, 2008 Categories: French Quarter, New Orleans Condo Reviews
The Beauregard Condos are at the far end of Bourbon Street near Esplanade Ave. where the night life fades away into the neighborhood of the French Quarter. The condos serve as mainly second homes surrounding a courtyard and a pool. The 25 units are mainly small one bedroom units of between 500-600 sq. ft with some larger units.
The condos have a living area, bedroom, kitchen and small dining area. Most of the condos open onto a balcony overlooking the courtyard below. Parking does not exist for most condos in this price range in the Quarter but parking is available on the street or in nearby lots. Having a quiet pool and courtyard can really add to the pleasure of the experience in the French Quarter.
Its always interesting to see behind the gates to see the courtyards, patios and pools where people can enjoy themselves after the French Quarter nites and walks during the day. Best to take that walk early in the Summer heat of July and August because its brutal even for the locals.
Currently there are three units in the building for sale. The prices are $234,500, $235,000 and $250,00. The variables are location within the complex and the amount of updates that the units have. Many times you can get a furnished unit for the sales price. The condo fees run about $310 per month and include upkeep of the common areas, Insurance, pool upkeep,management and maintenance. The units have the same floor-plan as each other. Good way to compare one with the other.
Most of the units have a balcony directly on your front door. The units with views of the streets are some of the better units. There is no elevators in the buildings nor do the smaller units have their own washer and dryer.
Recent sales include two units, one in July of 2007 for $253,000. The other was a larger unit that sold for $320,000 in February of 2008. You do not have a large turnover in many of these complexes. Its alwys a good idea to know the motivation of the seller and what they initially paid for the unit. That is why its always good to have a buyers agents to give you all the info and possible things you can do and ask for.
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Louuisiana State Bond Money- Works for Condos too!
July 31st, 2008 Categories: Julie's Mortgage Tips
Put your name on the waiting list for state bond money. The rate is 6.625% with 0 points and 0 origination fees. You also get 4% of your loan amount as free closing cost assistance. Last month all of our clients who were on the waiting list received the bond money. The state put their own money up in $5,000.000.00 increments for the people on the waiting list.
Julie Baudier
Baudier & Grace Mortgage Group
504-583-1793
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Condos New Orleans- Federal Tax Credit is Yours-Read the details!
July 30th, 2008 Categories: Condo Knowledge
First-Time Home Buyer Tax Credit at a Glance
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The tax credit is available for first-time home buyers only.
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The maximum credit amount is $7,500.
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The credit is available for homes purchased on or after April 9, 2008 and before
July 1, 2009. -
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
You can visit this site for more details and questions. This is Federal tax credits for purchases of homes and or condos.
This means that if you buy something for over $75,000 and meet the details its a tax credit which is much better than a deduction. Its like cash. You owe $5000 in taxes and with the credit you get a check for $2500. That is the way that I read it. This is hard to pass up if you are on the fence on buying a house or a condo. Have a couple of thousand to save or decorate. This is great news for people thinking about purchasing. Do not wait till the last minute as many people will.
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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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Garden District Condos-1627 Conery St.-Historic Condo Renovation! What do you get for $192,500?
July 23rd, 2008 Categories: Condo Listings, Historic Homes
This exciting condo at 1627 Conery Street in the New Orleans Garden District is a new listing of mine. This is a great example in how we in New Orleans love to keep these old buildings and reuse them. The developer really has gone the extra mile to leave the old fireplaces with the exposed brick, wood plank floors while at the same time giving people what they want. This is what we like about Historic Renovations.
The unit was renovated down to the studs meaning new electrical, new a/c-heater, new water pipes and much more. At the same time people want new kitchens, new baths, crown molding and lots of windows. I would guess this building was about 80 years old.
This Garden District condo has two bedroom and one bath and is in a great location. You are within half a block of St. Charles Ave. and public transportation via the New Orleans Street car line. There is no parking but street parking in front of the unit does not seem to be an issue. Most people living here would love to park and walk.
The Condo features include 12 foot ceilings, crown molding, recessed lighting, renovated windows that work, under counter lighting, ceiling fans, custom cabinets, travertine tiles, upscale granite counter tops, new stainless steel appliances, and windows that still work. Whenever you have windows with natural light and high ceilings the unit lives much larger than the 753 sq. ft. of living. The condo fees are reasonable at $187 per month. This cover insurance, flood insurance, water and up keep. The building has never flooded. Read the rest of this entry »
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New Orleans scores well on the walking score, Check it out!
July 21st, 2008 Categories: New Orleans Origionals
The New Orleans Warehouse District scores well on the Walk Score. Its a neat tool for a couple of smiles and conversations. The New Orleans French Quarter scores even better. These neighborhoods existed well before cars, so things had to be close. You had local markets in neighborhoods and public transport was good because it had to be. Few families owned cars before 1950 in New Orleans. Check out the link above and see what your score neighborhood score is.
One of the nice things about walking is that you get to see the sites. There will be something for everyone to see. I am sure the score did not give you the conditions of the streets or the joys of walking in our humid summers. Walking here you can easily work up a sweat which is not all that bad. In New Orleans you can always dress down, fashion city we are not.
The Warehouse District scored a 92 on the test. The French Quarter a scored 98. There were no bonus point because you can walk and drink at the same time, it just has to be outside of a bottle. Its the go cup which may have had it origin in New Orleans.
The Warehouse District has a lot of small streets and wide sidewalks to make you walks easier. This is a photo of Lafayette Street several blocks from the Super Dome, several blocks to the French Quarter, several blocks to the Mississippi River.
You can actually walk across the Mississippi River for free on the New Orleans Algiers Ferry which is free. It operates from 6 am till Midnite from Canal Street. Best way to ride is not to sit down but walk down to where the cars are. There you get the breeze and the feel of the Mississippi River. You can walk around while the ferry motors across. The views are great and you cannot beat the price. No meter maids will hassle you either.
I did not check out the scores in the Uptown 0f New Orleans but I sure they are high as well. Many people walk for their health in Audubon Park. Take your dog along and it will become habit forming.
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