New Orleans Condos buyers can get a Federal tax credit of $7500 and Be able to Use State or Parish Bond Money also!
August 18th, 2008 Categories: Condo Knowledge
The possible combination of using the Federal Tax Credit and the Parish or Louisiana State Bond money can really be a plus to your condo buy. Lets say you buy a condo for 200k and put 10% down, your loan balance is $180,000. The Bond Issue can give you up to 3% of your loan which is $7200 credit on your sale and will more than cover closing cost with the balance reducing your loan. This is a great way for first time buyers to have some cash left. | Discussion: No Comments » August 16th, 2008 Categories: New Orleans Condo Reviews, Warehouse District The condos at 801 St. Joesph Street was one of the earlier Warehouse Conversions of an old building into more of upscale downtown condo. This was not a conversion from apartments. Its got that decorators touch with some very nice amenities which include spacious, garage parking, swimming pool, exercise room and large courtyard. There is a small exercise room all in a very New Orleans style courtyard setting. The secure entrance leads to elevators for the upper floors. The garage is actually a building separating the condo units from the newer town-homes that were built around the courtyard and swimming pool. The St. Joesph condos are a little of out the hot area of the Warehouse District but are in a much quieter area of the downtown market. The floor plans are very open with exposed brick and enough windows to give you plenty of light. The high ceilings, granite counter-tops, subzero appliances, wine coolers, and wood floors in the living areas. The crown molding, tile bathrooms and the little touches give the units a nice upscale look. The Courtyard is surrounded by townhouses that were built in the condo complex. These of course are larger and cost a little more. The brick wall on the left colapsed during Hurricane Katrina when the building next door fell. It is being rebuilt to give the courtyard that very private feel. A recent sale was that of a town home that went for 400k and was 1593 sq. ft. in living area. This works out to 251 sq. ft. When you compare square foot prices you need to compare condos with like size units and very similar locations. The prices per square foot will drop as the units get bigger in the same class. Its always a factor in looking at prices but often times other factors over shadow these numbers. Read the rest of this entry » | Discussion: 2 Comments » August 12th, 2008 Categories: Condo Listings Thinking of listing your New Orleans Condo in 2008 requires an Internet presentation and visible presence. Getting some great photos is key to getting your condo out to the public via the local MLS and other Internet avenues. Having a website where you can feature the condos you have listed is important. Your property can have a more intensive layout of features, neighborhoods, and of course nice photos that give the viewer a better view. People want to see what they look like. Not all agents are going to have that Internet presence. The postelet below can be posted on a blog. It can be posted on Craig’s list for more exposure where people can actually look at properties in mass. The MLS has room for 8 photos which many, many people view to see what is for sale. Having a group of good photos and descriptions will get your property noticed. Taking good and better photos will make a difference as people do buy what they see. I am always amazed at how many agents in today’s market have not mastered the camera and the online presentation of your listings. Taking pictures of the immediate neighborhood is also a good idea if you have the tools to do this. A website is a good way to get a full blown article 1627 Conery Condo so take a look. People want to see what separates your listing apart from the rest. In the end it helps you sell your property for more money and in a shorter time. A website also allows clients see all the info that they are looking for when buying a condo. New Orleans Condos is my site that gets updated weekly. A recent entry I am working on is a Luxury Rental in the Warehouse District at Gallery Row #410 which has a page on my website. | Discussion: 2 Comments » August 12th, 2008 Categories: Julie's Mortgage Tips There will be a new issue for Louisiana State Bond Assistance coming soon. The new issue should come out in the end of August and early September. I will send a new blog when the information becomes available. There is also the federal Tax credit that is also avaiable for people buying in the next 9 months. It is up to $7500 if you have not owned a home in the last 3 years. This is a tax credit that may work for you. You pay it back over 15 years or unitl you sell the property. Its better to have $7500 now, its like an interest free loan. There is always rules for the programs but I have had at least 10 people in the last year take advatage of the various Bond issues. The early birds get the best photos like I did early one morning and you can do the same by being informed in advance of a major decision such as buying a home or a condo. | Discussion: 1 Comment » August 10th, 2008 Categories: Condo Knowledge, Warehouse District The Warehouse Condos have fallen out of favor that need updating. If they are priced accordingly you can, if willing and able to update come out fine. You can give the condo the touches and that little extra that a developer cannot do. You just have to do it and do the things that people want. A large portion of this can be sweat equity and planning the upgrades in the most efficient manner. You should also get the equity that come with taking a chance. One of my clients Anne Pierson took that chance and now has a great second home and or corporate apartment to rent out. Check out how the unit now looks as a condo that is very polished and very updated. She has a flare for the remodel. Anne’s Corp Condo Site . Compare these early photos of her condo and how it looks now. Condo Makeover Award Winner. This is an old kitchen at the Cotton Mill Condos in the Warehouse District. This is left over from the way it was as an apartment over 15 years ago. Its very livable but it is not what people want in today’s market. It was the buyer choice at that time to get a developers upgrade for about $9000 or take the unit as it was. These went on sale before Katrina and many sold after the storm when people just wanted to move in. The value on these type of units has remained stagnant over that period. Putting money into the kitchen , bath, flooring and decor is what is going to set your unit apart from the others. As long as you have the right ingrediants then your renovations can pay off in terms of your enjoyment and future value. Buyers do like any carpet on the floors but not just any wood floors. The spaces are small so you have to do some nice things with flooring. Many times the floor is in place saving you a couple of thousand. The unit had what people want in the New Orleans Warehouse District which is the high ceilings, large windows, some decent view, exposed beams. The bottom line is most buyers do not want a project. If you want a project then these can be had for good prices. There are however not that many. There are always a few that you can catch for a very fair price. Related Articles-Cotton Mill Update , New Orleans Second Home Market | Discussion: No Comments » 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: 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: 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. | Discussion: 1 Comment » 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. | Discussion: No Comments » 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 » | Discussion: 1 Comment » 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. | Discussion: 1 Comment » 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. | Discussion: No Comments »
801 St. Joesph Condos-New Orleans Warehouse District- Luxury Choice!
Your New Orleans Condo Listing! Photos can tell a story! Good photos get appointments!
Louisiana State Bond Assistance
Warehouse District Condos-Good buys in units that need updating!
The Advantages of FHA verses Conventional Loans in Todays Market
Ruth’s Chris Steakhouse born in New Orleans, New place opens in the Warehouse District!
Inspired Streetcars in New Orleans, Hats off to YLC- Can this idea grow!
Warehouse District Condos-The Rotunda Condos-330 Julia Street Apts to Condos
French Quarter Condos-Beauregard House Condos-1350 Bourbon Street
