This is a slow time of year for condo sales in general. There are a lack of buyers, but at the same time there are less premium listings coming on the market in the various categories. Just a couple of ideas as to why this may be?
1. Sellers know its a slow market. If sellers do not have to sell they are waiting for the market to improve. These are the people who do not have to sell but would like to sell. Its takes them a while to get caught up with the market once it turns.
2. The Holidays are approaching. Sellers would rather wait until its more convenient for them to sell. They may have some things to do before putting the condo on the market.
3. Many have given up! The rental market has picked up dramatically and some have decided to rent until the market improves. I suggested this to one of my sellers as I was approached by a person to rent for $2500 per month. I took it off the market. $30,000 for a years rental was too good to pass up.
4. People are not moving as much! Companies think twice about moving a person in slow times as it can be very expensive for them to make a move. Many companies are just not transferring people. They are holding off till better times in all areas of the country.
5. The market has always been somewhat seasonal ! Now it is much more noticable when you go to make appointments. There are not that many premium units to show. There are always the places that few want. There are more that are harder to finance in today’s market.
On the other hand people do look over the holiday times as that when they have the most time. The condos that everyone wants are still selling and many buyers do not get to see them because they do sell.
If your agent does work a particular area often he or she will know people that are willing to sell but have decided not to list at this time. Some of these could be the best buys if you can find them.
The Audubon Trace Condos are located in Old Jefferson between Jefferson Highway and the Mississippi River Levee. They are townhouse condos. Town homes are the particular style of home and condos mean common areas and maintenance are shared. This is not your typical apartment conversion to condos but rather a designed community of attached townhouses with plenty of common grounds. Its a little different lifestyle over your typical condo in Jefferson.
The townhouses are spread out over 15 acres with townhouses spread out in units of 8-10 condos. Almost all are two bedroom townhouse style unit. The townhouse style is where the bedrooms are up or down.type of condos. The larger units do have garages but parking is very easy and plentiful.
What you do not get at Audubon Trace is the normal apartment feel of being on top of your neighborhoods like so many condo complexes in Metairie. You have plenty of room for walking the pets as well as yourself. If you like being out doors Jefferson Playground and tennis courts are right out the back gate. There is a large playground, full size track, and the Mississippi River long a favorite of bicyclers and Rollerblades. There two large pools on the grounds of Audubon Trace Condos for residents.
Prices will be from 175k-200k for the most common floor plans. These will be units from 1250-1400 sq. ft. of living. These will have open parking. The prices will vary depending on the style of the unit, square footage and the amount of updates that have been done. They are almost 25 years old so almost all the units will have varying degrees of updates.
The Audubon Trace Townhouse Condos will have some some sort of private outdoor area for your own plants and outdoor furniture. The condo association is very strong. Its staff of workers do a very nice job of maintaining the exterior of the units and the common areas. The two swimming pools, large amount of trees, shrubs and grass make it its own special neighborhood. That why you have many long time residents!
The Federal Fibre Mills was once a rope factory in the late 1800’s. Later it was part of the 1984 World’s Fair. It was where the beer garden was. It is now one of the more popular downtown condo complexes that features high ceilings, large windows, exposed
A New Orleans Photo Blog is a blog that features photos of New Orleans neighborhoods thur photos and brief descriptions. Its a good way to show you what is going in the various neighborhoods. Once I post a couple of hundred photos you will get a picture of things you know and some thing you most likely not know. I will try to post a daily photosand pages that describe the neighborhoods.
The great thing about New Orleans is that you have a never ending number of subjects to shoot. Interesting and historic homes will dominate the photos along with New Orleans special and unique places.
The New Orleans Condos Website gives you a review of the condo complexes in the Metro areas of New Orleans. It gives you tips on purchasing and the various steps needed to purchase a condo.
The New Orleans Condo Trends Blog allows me to give updates on market trends, pricing and more timely posts dealing with the New Orleans Condo market.
A client called me today looking for a two bedroom in the New Orleans Warehouse District between 240k where they generally start to the low to mid 300k price range. I told her I would send her a list for the better units. There were 16 units for sale but only three worth really mentioning that would be considered premium condos.
I am seeing this more and more as less condos are put one the market and the better condos have been selling. The inventory is not as deep as a buyers market would suggest in the sweet parts of the market. I told her she would want parking, decent views and light, high ceilings, updated kitchen and baths, and in complexes that have the better locations. I added people do not like first floor units in the Warehouse District.
Once you take the overpriced units out you were down to the two best units fairly quickly. This is quite a change in the market over the last 3 months. I did the same search type of search in the 150-170k in Metairie and came out with about the same results. There are many more condos for sale in Metairie but getting down to the 5-6 better condos was not that hard.
I do have the advantage of seeing a lot and knowing the pitfalls of many of the condo associations. The negatives may be high condo fees, hard to finance associations, and units that will have poor resale values. The resale value is one of the most important factors buyers should be looking for when they buy.
As a real estate agent I am glad to get the credit extended. On the other hand I am worried that our Congress can only react to the crowds who want new favors. Does this make common sense when the real problem is creating an environment that will produce jobs. We will be getting ready for the next GM bailout shortly.
Its a carnival of incentives. Much like Mardi Gras- Throw me something so long as it cost me nothing. So if you can get it you have to take it. The interest rates remain low since the Feds are buying the mortgages. Its wild !
WASHINGTON— Senators agreed Wednesday to extend a popular tax credit for first-time home buyers and to offer a reduced credit to some repeat buyers.
The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November. The Commerce Department said Wednesday that new home sales fell 3.6 percent in September, and some industry representatives blamed uncertainty about the tax credit.
Senators agreed to extend the existing tax credit for first-time home buyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.
The tax credits would be available to home buyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, according to a summary of the legislation being circulated among lawmakers.
Senators were still negotiating the expansion of a separate tax credit that lets money-losing businesses get refunds for taxes paid in previous years, providing them with an immediate source of cash
The French Quarter Condo prices are all over the place for a number of reasons that I have been able to put my finger on. Most of the real estate sold in the French Quarter are condos so I will concentrate on that market with this update. It all get back to slack demand for the price that people are asking.
French Quarter Market Update- This will give you what is currently for sale and what has sold in the last 3 months in the French Quarter in condos. Its shows 114 for sale with, 14 currently under contract, 14 sold condos over the last 3 months. Click to get a detailed update form the Market Snap Shot which is available to you by filling in the basic info. I can get it far more refined if you would like me to do it.
Why are the prices all over the place!
Second Homes- Many of the condos in the French Quarter are second homes. Less second homes are being bought in general due to the economy. Many second homers want to sell but do not have to sell. They have the units priced incorrectly. Comparisons are harder in this segment or the sellers are stubborn with pricing.
You have various motivations for owners wanting to sell. Some have to sell and become more reasonable quicker. Many have been of the market for a while and sellers begin to see the real value in their condos. They finally see prices are declining and decide to sell and move on.
Strong rise in prices in 2003 and 2004 You had a real estate bubble with people buying condos with great appreciation during those years. Some buyers got good deals but many buyers did not get so lucky. The early buyers have more equity so can still sell with a profit.
Competing locations in New Orleans You now have more areas that compete with the French Quarter. The Uptown area, the Warehouse District and other areas are getting the attention of buyers who once only looked in the French Quarter. This puts pressure on the average condo. The premium units will always fare better.
Nature of the Condo Associations Many of the condo association have not kept up with the necessary updates and repairs that they should have. This may be because most of the owners do not live in New Orleans. With that said there are a number of very well run associations.
Number of Updated Units A lot of the units are in need of updating. Today’s are passing these up for the premium units that have been updated. The units that need updating have not priced that into the asking price. Some of the best buys are those that need cosmetic updates such as bad floors, lighting and colors. Spending 5k to 10k can get you equity if you are willing to take the chance.
Size of many Condos Many of the condos on the market are just too small. They are more like a motel room. These have quickly fallen out of favor.
Financing on New UnitsThe new developments are having a hard time getting conventional financing unit a certain number are sold. To do other wise is to pay cash or a much higher interest rate.
The values are there but you have to cull through many units to find the correct one. Its all in the timing of finding what you are looking for and what currently is available. All these issues however make it great for a Buyers looking to be in the French Quarter.
People are starting to notice as properties that meet their needs are reaching prices that are affordable and much cheaper than a couple of years ago. Get a good Buyer’s Agent and do your homework in advance.
The New Orleans Market is very competitive for a seller in a Buyers Market. There are a couple of thing you can do and should do before putting your condo on the market. Making sure it looks great and putting everything is in order will put your condo in the Driver’s seat to getting sold. I have come up with some ideas that are not the norm but will enhance the marketing of your condo. You may have some to add?
Pre- Marketing Inspection Before listing have an inspector review your condo. I have people who will do it for $175 and may save you in the long run. He will check all the basics and give you a report so you can fix the things that need fixing. The buyer will get their own but you know your unit is in good shape.
A/C-Heating Serviced- Most people forget to have their units serviced on a regular basis. If you have not done this recently then do it before marketing. It will give you peace of mind that one of the biggest mechanical expenses is taken care of. Have the receipt handy and change the filters. Buyers like to know that people take care of the place.
FHA Financing Available? Can your condo association be sold as an FHA loan. It opens up the doors to more buyers who only need to put down 3.5% and have a much lower PMI premium. The manager can look over the approval questionnaire to see if all the questions can be answered. The Rules change in November of 2009.
Paint is Cheap is cheap! You want to touch up and dress up. Your condo is going on a date and needs to look her best. Touch up and freshen up is simple but rewarding. Getting a professional job done can be the answer. Nothing looks worst than a job poorly done.
Professionally Cleaned ! Sounds simple but a lot of sellers forget. You should do to do it on a regular basis to get the premium status. The cluttered look may eliminate you from the race early on. People smell as well as look so any smoking or pet odors is a big turnoff.
The Reluctant Tenant! This is a factor that cannot be understated. Let’s just be honest! Tenants have little incentive to get the place sold and very few add to the positive impression. Its an agents nightmare to get a messy tenant that cannot show when needed and keeps the place a mess. This is a factor in all price ranges and in all areas. There are few exceptions!
I continue to see sellers not getting the basics done. In the end it will take longer and you will get less. So take the steps to get your condo in premium shape for the big date ahead.
You only get to make that first impression once. Spend some time and money to get as close as you can to a premium unit. In a slow market those condos are still selling.
The purchase of a condo is the best way to go for a person wanting a second home. It is a place where you can shut the door and leave. The insurance is much lower and is in the condo fees. For larger condo associations the daily, weekly and monthly maintenance issues are taken care of for you.
Some of the changes I am seeing over years past is that people are looking in several areas. The French Quarter was once the most popular spot for second homes. Now other areas are doing well.
Warehouse District - Its across Canal Street and a short walk to the French Quarter. The condos are generally cheaper, newer, larger and the projects are larger. Many have amenities such as gyms, pools, security and large courtyards. You can find this for under 200k.
French Quarter- Prices are falling and pricing is rather erratic. There are some good buys to be had especially in the under 250k range. Still very hard to get parking included. Willing to do a little updating and you can do even better.
Garden District- Becoming popular as historic homes and buildings have been converted into condos. The most popular for future value is the historic conversions where you still have a feel of the old home with wood floors, high ceilings and large windows.
Uptown Area Condos- A wide variety of condos exist with prices ranging from 150k and up. Being between St. Charles and Magazine is the hot spot in an historic condo conversion.
University Area Condos A built in demand for Tulane and Loyola students where the parents can enjoy the condo as a second home. The historic condos are selling very well in this area as long as they are updated.
Lakeview by the Lake Beginning to see more action in this area as well. Its very close to downtown and if you like the water and outdoors you are in luck. Prices are down but not a lot of supply. Your small community that has everything. Happy Sailing !
Financing a second home is still easy and the rates are around 5%. The demand was down and now see more and more people starting to look. Some want to winter here and leave the snow behind. Not everyone has to go to Florida. Shop and Sleep, then enjoy eating and drinking.
This is a copy of a recent article that puts New Orleans area in a positive light. I think America is actually discovering us and figuring out we can have a good time by spending little money.
NEW YORK (Reuters Life!) - Looking for romance? Head to Honolulu. But if you are single, like live music, boutique hotels and want a wild weekend, New Orleans is the city to visit.
In its latest survey of America’s favorite cities Travel and Leisure magazine asked readers to pick the best places for everything from the most attractive, intelligent, stylish and the friendliest people to where to find the best museums, restaurants, bars, museums and affordable hotels.
“The big news this year is that New Orleans received the most number one rankings over New York,” said Travel and Leisure Assistant Editor Stirling Kelso.
“It is a popular weekend destination. You can go to New Orleans and feel like you have left the country,” she added.
The city known as the “Big Easy” also came out tops for people watching, singles scene and the metropolis with the best bars and concerts and bands.
“In the nightlife category, New Orleans beat Las Vegas. Last year New Orleans swept all of the night-life categories and New Orleans did this year,” Kelso added.
Miami topped the charts for the most attractive people, followed by San Diego and Charleston but southern charm seemed to come into play with Nashville, New Orleans and Charleston having the friendliest folks.
New York was the U.S. city with the most stylish residents with Miami and San Francisco and Los Angeles also coming up with high marks.
But when it comes to most intelligent Minneapolis/St. Paul took the crown, followed by Austin and Boston. The twin cities also scored top marks as the cleanest city.
The results were based on an online survey of more than 60,000 people who rated 30 U.S. cities in various categories. Five new cities, Providence, Kansas City, Cleveland, Houston and St Louis, were added to the survey this year.
Washington D.C. was the top choice for best museums, galleries and historical sites, with New York, Chicago, Philadelphia and Boston also in the top five.
“In regards to culture, Washington D.C. and New York really tied in that category. New York got the No. 1 ranking for classical music and theatres, and Washington D.C. did for historical sites and monuments and museums and galleries. It was a nice East Coast tie,” Kelso said.
For more sedate family fun, Orlando, Florida was the top choice with Washington D.C. coming in second, and San Diego third. If money is a consideration, Cleveland scaled the chart for best affordable getaway.
New York may have bowed to New Orleans in the nightlife ranking but it was still scored top marks in a category considered important by many — shopping.
When I say it is a buyers market it means almost everything favors the purchaser in this market at this time. All the factors are lining up to be in your favor. You can enjoy the negative sentiment and buy condos much cheaper than anytime in the last 5 years. Still have to be selective !
Seasonal Discount- You can always buy cheaper this time of year as less people are looking. it happens in the good and bad years.
Sellers getting Weary- Sellers who were asking to much have now begun to finally know they were too expensive. Buyers passed them by as well as agents. The listing is now stale. Much better buy now !
Very Low Interest Rates- 4.875% is a great rate. The U.S. is forcing rates low in hopes of getting the hosing markets and banks moving. The rates otherwise only make sense to the buyers. $538 per 100k borrowed
Condos Below building Cost! Some developers are dumping their unit to raise cash. They are out there. Its mostly at the lower end of the market. Great buys for a second home.
Sellers need Cash Owners of second homes may just need to sell. We have been seeing this mainly in the French Quarter as some sellers just want out. Be on the lookout for better deals.
FHA Loans are still Here! Owner occupied condos only. 3.5% down for accepted condo associations. Much lower mortgage insurance rates and seller can pay most of your closing costs.
$8000 tax Credit almost gone- Its good till November 30, 2009. That’s a gift of $8000 for the taxpayers.
Seller Concessions- Just need to ask for reasonable things and it can be worked out. Paying closing cost, leaving furniture, ect.
Lenders are not Busy- Stay local and be the center of attention! All the new rules will add time to the deal. Start early and get the process started.
Condo Fees are Level - The Katrina Insurance costs are working their way out of the system. The high rates are fading.
Property taxes are down 29% over 2008 in New Orleans- This favors the new buyers. Taxes are deductible on your State and Federal taxes.
In the New Orleans Warehouse District there are a small number of penthouse condos. Not all of them are great units or have great views. This new listing does have great views, great common areas and is move in designer quality. It was actually a “Design Winner”. Many times they are very expensive. This penthouse condo is only $399,507. My definition of a penthouse is a top floor unit. There are exceptions but this is a general rule in the New Orleans Warehouse District.
In New Orleans downtown where there is seldom new construction so the penthouses are built on top of existing buildings. This is the case with this unit #507 but it has a little twist. The condo has the 5th floor in the original pre-1900 building and then the build out on the roof done for the New Orleans 1984 Worlds Fair. You get a touch of the true Warehouse District feel along with an open living area. You get the best of both worlds, new and old, you can say.
This is a condo that I listed this week at the Federal Fibre Mills that is a penthouse Condo. The Views are some of the Best in the New Orleans Warehouse District but the pluses do not stop there for unit #507 located at 1107 S. Peters. It is unusual in a number of ways. It is a townhouse style unit on two levels. The living area and kitchen are on the terrace level while the bedrooms are down.
The upstairs is on the penthouse level or roof top level with a very open floor plan. This large room opens to your terrace with great city views day and night. This is an entertainers delight with all the designers touches. The kitchen has been totally renovated, New appliances, new light fixtures, new floors, 2 new french doors to the terrace.
The downstairs features the old “New Orleans Warehouse look” with high ceilings, wood floors, large windows, exposed brick, exposed beams, and a master suite. Everything on this level has been upgraded including the bathrooms, tub, floors, vanities, fixtures and much more.
Best to just watch the slide show and take a look for your self. Need more information just ask or comment. I have more photos and information on my New Orleans Condos Website. Its under featured properties. The photos are good but seeing this unit is the better way to go to get the big feel with the natural light.
There are not a lot of New Orleans condo foreclosures in this market at this time but they are beginning to show up. There are only a handful of places worth considering at the present time. One thing you will need is patience and the time for the bank to get things in order. The banks act like they could care less about customer service or doing things in a timely manner. It becomes a nightmare unless you can wait them out.
Much of the time the condos will need work as they may not have been taken care of. Many times the Banks will sell it like it is at a reduced rate or update it to get sold. It all depends which way you want to go. Most people do not want to do work so if you are able the price becomes much better. This is where you can build sweat equity either by doing it yourself or having someone do it for you. This is a risk feature that can work in your favor.
In the world of marketing condos the real estate sign is not going to help you sell the condo in most cases as signs are not allowed or cannot be seen. One of the Old school ideas that gets notice is a simple fl-yer that catches a person eye. You can give them out to whoever. You can e-mail them to past and present clients. One of the best uses to to give notice to the current condo residents and their visitors that the condo is for sale.
Many condos have have a desk person or central desk for messages or security. Put them there. Bulletin Boards are common. There is usually a bulletin board near the mail boxes. Its getting them out so people will see and pick them up.
I am going to staple a candy bar to each fl-yer to make it more desirable for residents to pick them up. Its just another marketing idea. You can get a bag of miniatures for “cheap” from Wal Mart in the Halloween Season. You can do it again of the Christmas holidays.
You can e-mail the fl-yer to agents and past clients. Its another way to get the photos of your listing in front of people. Putting info about the condo association on the reverse is another way to get more info in front of the public. You can put past sales on the back as everyowner wants to see the values and compare to their unit.
Many agents do not like to make flyer’s because they do not believe it works or its not easy for many agents to do something that stands out. Its one of the little things that you can do get your listing notice. You may be alone which makes it all that better. Always good to have in the unit so people can take them with them.
Making the Best Points and photos that show them off are the best way to go. Too much detail and you lose them. Let the Photos work for you. Drive tehm to your site for more info and an indepth view.
You will get a good idea of the properties values from condos that have sold in your area by looking at the past history of sales. This is important in setting a price. This is what we know as comparables in the business. It is what appraisers use to set values. It should not end here when you are the sellers or the listing agent.
Knowing which properties are currently for sale are equally as important. How does your condo stack up against this group. You also need to be competitive with current properties for sale in your price range. Buyers will comparison shop and start of with 6-10 properties in mind. The buyers shop in price categories within their own criteria.
Knowing what you are competing against is important. Most buyers buy the best deal if it meets their criteria. If your condo does not compete well, yours will not sell. Your agent should know how you are going to slot in the available properties. You as a seller should know what you are up against. Oddly enough there are generally less numbers than you may think. A lot of times you are only competing against 5-6 properties.
I set my sellers up to receive updates on the competition as if they were buyers so they can see what the market trends are. There are always reasons why your condo is not picked. It is not always price alone that buyers make their decisions on, but it is high on the list with condition.
Many agents are not really aware of competing properties especially if they do not put in the study time or really know the areas involved. A lot of listing agents only list and thus never really see the competing properties. If you are selling you need to ask the questions and take an active part in the process. Buyers rank their choices and you want your property ranked high enough to make the final selection list.
I stopped doing newspaper ads 6 years ago when I noticed no one would call on them. The ads in the newspaper and in the real estate magazines are expensive and give you little or no return on your investment. The small chance to sell via print ads is getting smaller by the year. Wonder why newspapers and the post office are in trouble. The Internet has taken over as the place to start your New Orleans condo search.
Six years ago is about the same time I got interested in websites and how they can promote your properties. What can a person really learn about a property, only that it is precious and the very basics from print. People want to see photos first. You get showings if you can show off your property in the best possible light.
The wide angle digital camera has become a “must have tool” in the current real estate business. This leads into some the most important way in which you need to promote you properties in the Internet age. Make sure you take great photos that can high light the best features of your New Orleans condo. The photos should promote what you are selling. Its a lifestyle presentation in many cases. You should capture the common areas of the condo association as well the interior features.
In this photo I wanted to show the high ceilings, open floor plan, wood floors and the natural light from the large windows. I figured it was also helpful to write on the photos to point out a feature at a time. More than one feature tended to clutter the photo.
Trying shots from different angles gives you a different look and gives you a different feel for the size of the rooms and other features. You can always take a lot of photos and come back to clean up your mistakes. I am always amazed that I never take enough. Next time I will have to clean up the sink as the photo tends to capture it all. As a seller you should make every effort to have the property in tip top shape as this is the start of the selling process. Start well and the chances go up in finishing well.
Getting the photos of the better features of the common areas are important as well. In this photo I wanted to show the historic nature of the complex as well as the pool and courtyard. I took this from a second story window as I had never seen this angle before. Each time I try to get some of the features I may have missed on previous shots.
You can put up to 12 photos in the New Orleans MLS so an agent should use them wisely. Using both the best features of the interior and common areas should give the viewer a feel for what they are getting or would like to look at. A “picture is worth a thousand words” is never more true in real estate as in today’s Internet marketing.
I cannot only use the photos for the New Orleans MLS but can post them on Craig’s list, local Blogs, websites, flyers, slideshows and even Face Book. Is your agent doing this for you?
One thing about Living in the Warehouse is there is always something going on. Now we are looking at the Saints games on Sundays. The New Orleans Hornets season is getting close. Now you can add in the Concert series at Lafayette Square each week. Its Thursday which is a change from the Summer series.
Second Harvest Food Bankbrings back the Harvest the Music Fall Concert Series starting Thursday September 17th for seven weeks! In its second year, Harvest the Music will feature celebrated regional and national artists including: Irma Thomas, Anders Osborne, The Radiators, Rebirth Brass Band, Kermit Ruffins and Blues Traveler (see complete schedule here). In addition to a free, weekly concert, concert-goers will enjoy food and drinks from local favorites. An artists’ village will feature artwork and crafts from regional artists as well as the Lafayette Square Conservancy’s t-shirts.
Come out and support Second Harvest Food Bank in its fight against hunger in south Louisiana.
Upcoming Concerts in the Square! Voted by Gambit readers as the best place to hear free live music, the fall is full of fun and free events:
September 24: Harvest the Music 5:00 to 7:30 featuring Irma Thomas, Shamarr Allen and the Underdawgs
October 1: Harvest the Music 5:00 to 7:30 featuring Anders Osborneand Big Chief Monk Boudreaux
October 15: Harvest the Music 5:00 to 7:30 featuring The Rebirth Brass Band
October 17 & 18: Crescent City Blues and BBQ Festival 10:30 am to 7:30 pm featuring many artists including Buddy Guy, Richie Havens, Booby Rush, Irma Thomas and more
October 22: Harvest the Music5:00 to 7:30 featuring Kermit Ruffins and the Barbecue Swingers
October 29: Harvest the Music 5:00 to 7:30 featuring Blues Traveler plus Shannon McNally
The condo I just listed for $599,448 is a luxury in downtown New Orleans. The condo is located at 448 Julia Street in the center of the New Orleans Warehouse District. What makes this a luxury condo in the New Orleans market and a unique buy in this price range.
There is not a lot of Luxury Warehouse Style condos in the New Orleans Market. When you pay over 500k in this market for a condo the buyer expects to get something with Wow factor. Some of the factors that make this condo a Luxury Buy are:
Attention to detail and the quality of workmanship is there.
A spacious floor plan with extra built ins
Great city views and lots of large windows 3×8 , morning sun
A corner unit on the fourth and top floor.
Exposed Brick, wall sand blasted for that Warehouse District feel
Exposed beams and columns sanded and varnished for that rich look
Cypress Shutters custom made for all windows
High Ceilings, wood floors, carpet in bedrooms
Over 1900 square foot of living, 3.5 baths
2 loft bedrooms with each having a bathroom, office could be a third
The office that can be either a guest bedroom or remain an office
Two Garage parking spots, one spot can park two cars tandem style
Full wet bar is off the living or entertainment room
Complete Renovation not just a touch up
2 circular staircases lead to loft bedrooms
The condo has been kept in great shape which adds to the value.
I will cover the Gallery Row condos and the location in the next blog. When you are looking in this price range there are currently only 5 other condos in this price range. This condo is the best example of a true New Orleans Warehouse District Luxury Condo. The other factor that makes this one different is that most of the work was custom to this condo alone. The buyer never intended to get transferred so he overspent on a lot of details.
You can view the Snapshot here. This will give you a view of all the listings in the New Orleans Warehouse District between 500-650k.
Great new lisitng in the Elmwood Oaks Condos. My previouse blog was about the complex and this one is about the unit #336. Where do I come up with these prices? It just gives it attention with the odd numbers. A similiar unit just sold in the building for 153k. It had an updated kitchen but this condo is a corner unit with nicer views and just a better location within the complex.
The 2 bedroom and 1.5 bath condo measures 1013 sq. ft of living which does not include the balcony and outside storage area. The living area is large with vaulted ceilings at one end, balcony and fireplace.
The condo fees of $168 per month are very moderate and cover the common area maintenance, insurances, repairs to exterior, water, pool, elevators, and cleaning of the outdoor areas.
Recent updates are all new flooring in all areas except the kitchen and bath areas. New counter tops in kitchen. Cabinets have been tastefully painted. The entire unit has been recently painted. Crown molding has been added in the rooms as well. There is a full size washer and dryer in the laundry room. All appliances stay with the unit.
Be one of 101 happy owners with interest rates as low as 5%. You can go with an FHA loan at Elmwood Oaks with 3.5% down and a note of $807 per month at 150k. You may also be able to get the $8000 tax credit as well.
The Elmwood Oaks Condos located in the Elmwood Business Park are in a class by themselves in the Harahan area. They remain one of the better buys for a two bedroom condo in all of East Jefferson. The common areas are what stands out to most people. The landscaped grounds, large pool, tennis courts, ample parking, secure entrance, low condo fees, balconies or patios, storage areas and much more make Elmwood Oaks a winner.
The condos are tucked into a corner of the Elmwood area and are close to the many businesses and warehouses that call Elmwood home. The area is an easy commute to town of less the 25 minutes and you have several routes if traffic does back up. You are 2-3 miles from Ochsner Hospital and less than a mile to the Mississippi River.
There are never many unit available as people tend to stay longer and make it their home. The values have remained steady. The condos are now older so you see a number of the units have been redone or improvedupon. The Elmwood Oaks Condos were built as condo so you have a decent amount of storage area and a community type of layout. The parking is easy with plenty of space. Secure entrance to all hall ways and elevators to all floors.
The large pool and picnic area are a focal point of the community. There are enough things to say about the complex that I will present my new listing on a separate blog. There are currently 3 units including the 2 bedroom condo I just listed. There is a 3 bedroom unit and a condo foreclosure that needs some updates for 120k.
New Orleans always has a lot of homes, streets, parks, shops, plantlife, lifestyles and the people to take photos of. Take a look and get a feel for New Orleans and what it has to offer. These are just some of my favorites for this year.
This is also a great format to show off listings and the neighborhoods of New Orleans that have a variety of lifestyles. You can also feature all the little features of a listing. Always on the lookout for new ideas to show off what people want to see. Photos of real estate.
Few real estate tidbits this week. Interest rates are at 5% which are as low as they have been since Spring of 2009. The Louisiana State Bond money is out and could work for many new buyers. We are beginning to see some nice prices as sellers are not fooling around this time of year. The $8000 tax credit is good till November 30,2009.
