Tuesday, March 11, 2014
Tuesday, January 1, 2013
Saturday, January 2, 2010
Homes in Old Jefferson, New Orleans Real Estate
Old Jefferson Homes, Built in the early 1950’s these cottages are now great buys! Old fashioned neighborhoods!
Old Jefferson is home to small homes and cottages dating from the early 1950’s . These homes feature wood floors, plenty of windows, decent size yards and garages. Many have been updated in the last 10 years. Easy commute to New Orleans CBD and the Uptown area. You can find the homes in the 140k-170k range that have been updated. The neighborhoods are very safe with easy access to all areas of East Jefferson and New Orleans.
Buying a New Orleans Condo ! Tips from a Buyers Agent!
When Buying a condo ! Think about the resale value? When you are Buying!
December 27th, 2009 Categories: Buyers Agent
When you are looking to buy a New Orleans condo in this type of market you as a buyer need to make sure you are thinking about the resale value down the road. In a fast market it was not as important as it is now. I see a lot of condos and show a lot of people. Most people tend to think along the same lines. Here are some of the ideas I have come up with to think about when you are looking.
1. Price- Make sure you do not overpay for what you are getting. Have all the negatives been factored in.
2. Condition of the Unit- People want to buy things in prime condition these days. Buying something needing cosmetic updating is OK if you can stay within a budget.
3. Condo Association - Is condo association in good shape from a financial standpoint. Is there major repairs needed in the future. can it be easily financed.
4. Does the Condo Association present itself well. Do the common areas of the association look like its a place you want to live. Is this the style of the individual condo that will appeal to most buyers in New Orleans.
5. High Condo Fees- Most people want to pay moderate condo fees. As fees go most likely your services do as well. However people do not like high fees.
6. Views and Light - It means a lot and you do not want to underestimate the value of natural light and windows.
7. Parking- Make sure there is available parking. Do not buy the odd ball condo without parking if others have it. Just not worth it.
8. Amneties do matter The common areas do matter. It may be the deciding factor as you narrow the search down.
9. Security and Safety- You need to think like a single 29 year old female. This is very important for many many buyers. Perception can be reality.
10. Location, Location- Is the location going to get better in the future or is it going to get worst. People pay for location. What is happening in the area to make it better. Is it easy to duplicate?
I can write a blog on each of these points. These are some you can think about and add some of your own. None may be perfect but its what you can do with it in the future.
Sunday, November 8, 2009
New Orleans French Quarter Balconies
Ferns and French Quarter Balconies, Semi-Tropical Weather makes it all possible.
The balconies in the New Orleans French Quarter that adorn the historic buildings are also a showcase for those with a green thumb. A balcony is a porch to the world to show their skills. This is made possible by plenty of moisture through our humidity and frequent showers. Freezes are rare occurrences and the sunshine is plentiful. The growing season is long with the best weather being October to May. The Mississippi Delta soil is rich in organic materials. The only rocks that we have are imported from other states and countries.
The balconies in the New Orleans French Quarter that adorn the historic buildings are also a showcase for those with a green thumb. A balcony is a porch to the world to show their skills. This is made possible by plenty of moisture through our humidity and frequent showers. Freezes are rare occurrences and the sunshine is plentiful. The growing season is long with the best weather being October to May. The Mississippi Delta soil is rich in organic materials. The only rocks that we have are imported from other states and countries.
Saturday, September 5, 2009
Paragon Condos, New Orleans Warehouse District
Putting a Value on your New Orleans Condo Views ! Views and Windows do Matter!
August 31st, 2009 Categories: Condo Knowledge
August 31st, 2009 Categories: Condo Knowledge
One of the primary factors in the resale of your condo is the views. You may not have paid extra for the views in the beginning if you were the original purchaser. You just got first choice and you chose the one that you liked. This is most likely the one that most people would have liked. However all people do not think of resale. The smart ones do.
The views do not show up in the square footage prices so how do you quantify the views. It only shows up in like type of units. It is very hard to put a dollar figure on this factor but it does exist. Since New Orleans has few high rise condos its not how high you are. Most buildings here are not tall but conversions of older buildings and homes.
Light also figures into views as people like large windows that lets in natural light. No one wants the afternoon sun heating up your condo but they want the reflective light. Oddly enough most condos are exposed to the blistering heat of the New Orleans afternoon sun.
What you actually see is equally as important. Looking at a trash can is not going to add values but getting a nice city view does matter. Getting a nice city street view can be a great view. It all depends on what people generally like. People always ask about River Views but there are few high rises that have them in the under 600k range.
Check out this unit at New Orleans Condos Website.
Sunday, December 7, 2008
Lets get a feel of the Warehouse District Condo market before getting into the numbers. It is definitely a Buyers Market but the supply is not overwhelming. Many sellers are still asking too much for what they are selling their condos for. The prices are too high in many cases and the units are not appealing. The upper end of the market is the slowest and oddly enough the mid range market seems to be doing OK. This generally happens this time of year but do not get the feel that many buyers are looking in this range.
The interest rates are extremely good so expect some pickup starting at the bottom end of the market and working its way up as we go through the holidays. The MLS shows that there are 161 units listed for sale as of today. You however are looking at 11 pre-sale units at the Tracage, 11 units at 835 Julia Street, 20 units at the Rotunda, and 11 units at 1201 Canal Street Condos. Over a third of the market is these new complexes.
There are 30 units over 500k which is always slow this time of year. There are 35 units under 200k. This segment of the Warehouse District Market is one that is always fairly active. The problem is that many of the units are unappealing for the prices being offered.
I will review the more popular Warehouse Condos associations that are normally attracting attention this time of year. They also comprise a major share of the listings below 350k.
The Cotton Mills Condos which is always a good choice for a condo has 17 units for sale. Out of the 17 units there are two nice buys at the prices being offered. Many of the rest are just overpriced and have too many negatives. The Cotton Mills remains popular since it offers plenty of amenities that people want with low condo fees. Last year at this time there were 5-6 very good buys.
Julia Place Condos located at 333 Julia Street has 5 units for sale. I currently have 2 units under contract to close before the end of the year. People have been choosing this mainly due to the Julia Street location, common areas and very reasonable condo fees. Most of the units that have exterior views tend to sell here if priced correctly.
The Federal Fibre Mills at 1107 S. Peters Street has 6 units for sale. Three of the units are priced to sell. One needs work but could be a good buy for someone willing to do some updating. The common areas are a big selling point and each unit has parking. One is a 2/2 corner with terrace and great views.
Tuesday, October 28, 2008
New Orleans Condo foreclosures? Just not very many condo foreclosures!
October 25th, 2008 Categories: Market Trends
I get asked if there is a lot of foreclosures in the New Orleans Real Estate market for condos. There are very few that I see and do not know of any in the areas where I am currently working. There are several reasons for this. There was very little speculation in this market. Most people buying were well funded and did not get involved with sub-prime or adjustable rates. It had more to do with the culture and not willing to gamble on the future increases in rates. Many condo buyers that I have had paid cash, up to 25% and a large number put a lot of cash down.
New Orleans was also a small market and missed a lot of the present issues with mortgages as lenders could not make the amount of money here as elase where. The new construction of condos just was not great as the market was viewed as much slower than the now bubble markets. Few Condos were built for low income people since the prices were well above what they could afford in the New Orleans Condo real estate market.
Most of the condos in the Warehouse District, Garden District, and French Quarter were not FHA approved for small down-payments and were over the FHA loan limits so you saw very little FHA loans in this segment. The condos that are having the most trouble selling is units that were conversions in Metairie and Kenner that are marketed for first home buyers. This segment does not have many buyers since the credit crunch. Many have become rentals and thus avoid the foreclosure market.
I also have not had any problem finding loans for people who qualify for loans. There are a lot of local lenders who are still looking for buyers and were very conservative during the past 4-5 years and stuck to old time lending standards.
We do see people wanting to sell for a variety of reasons that more more to do with their individual situations and the overall gloomy forecasts of the economy. These is especially true of people not living in the units, changes in job status and ones that have two notes. The current climate should make sellers ready to make a deal rather than waiting for an offer that may not come. Always good to know the “true motivation” of the seller.
Related Articles - Warehouse District Trends, New Orleans Uptown Condos
October 25th, 2008 Categories: Market Trends
I get asked if there is a lot of foreclosures in the New Orleans Real Estate market for condos. There are very few that I see and do not know of any in the areas where I am currently working. There are several reasons for this. There was very little speculation in this market. Most people buying were well funded and did not get involved with sub-prime or adjustable rates. It had more to do with the culture and not willing to gamble on the future increases in rates. Many condo buyers that I have had paid cash, up to 25% and a large number put a lot of cash down.
New Orleans was also a small market and missed a lot of the present issues with mortgages as lenders could not make the amount of money here as elase where. The new construction of condos just was not great as the market was viewed as much slower than the now bubble markets. Few Condos were built for low income people since the prices were well above what they could afford in the New Orleans Condo real estate market.
Most of the condos in the Warehouse District, Garden District, and French Quarter were not FHA approved for small down-payments and were over the FHA loan limits so you saw very little FHA loans in this segment. The condos that are having the most trouble selling is units that were conversions in Metairie and Kenner that are marketed for first home buyers. This segment does not have many buyers since the credit crunch. Many have become rentals and thus avoid the foreclosure market.
I also have not had any problem finding loans for people who qualify for loans. There are a lot of local lenders who are still looking for buyers and were very conservative during the past 4-5 years and stuck to old time lending standards.
We do see people wanting to sell for a variety of reasons that more more to do with their individual situations and the overall gloomy forecasts of the economy. These is especially true of people not living in the units, changes in job status and ones that have two notes. The current climate should make sellers ready to make a deal rather than waiting for an offer that may not come. Always good to know the “true motivation” of the seller.
Related Articles - Warehouse District Trends, New Orleans Uptown Condos
Saturday, October 4, 2008
New Orleans Corporate Rentals
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 expectingmuch 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 havehis/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:
We began with the kitchen and bath upgrades, following Eric’s advice about stepping up to granite counter tops, stainless steel appliances, etc. When the renovation of the condo was complete, I decided to use the downstairs unit myself for a few months, just to enjoy the city again after many years away.
As I furnished and outfitted the condo, I have to admit that I was treating it as if I were going to live there full time. I shopped the French Quarter for unique pieces of art, bought my favorite sheets for the beds and guest beds, bought pots and pans and kitchen utensils that were both functional and decorative, and generally went “all out” in completing the perfect little getaway for myself, my daughter and our guests. It was elegant, but cozy, just like a home. Here are some photos of the finished condo:
By the end of six months it was time to get down to business and rent it out. I put pictures of the condo on my website, began to advertise it, and was pleasantly surprised when I got immediate responses and signed a year lease with the third caller. The unit had sold itself, the pictures said it all. The second unit rented out much the same way and is now leased for a year.
After enjoying such ease and profitability on my units, I was surprised to find out later that other owners in my building were struggling to rent out their units and receiving half the rent that I was asking for mine. Why the difference?
The difference was all in the presentation… I had decorated and outfitted my units as if I were going to be living in them. The vivid colors, designer furniture and local artwork came across in my ads in a way that appealed to the corporate market… each of them were rented sight-unseen, based on their pictures on the website, as most corporate rentals are. The way the units photograph, the details, the high qualityinteriors… all this made my units unique, and I am now helping other friends and neighbors in the downtown area rent their units.
With a bit of investment, some attention to detail and using the experience we’ve gained working with other condos over the last year, a second home or investment property can pay for itself, plus a nice profit.
Anne Piersonwww.rent-condo-new-orleans.com318-789-8447
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 expectingmuch 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 havehis/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:
We began with the kitchen and bath upgrades, following Eric’s advice about stepping up to granite counter tops, stainless steel appliances, etc. When the renovation of the condo was complete, I decided to use the downstairs unit myself for a few months, just to enjoy the city again after many years away.
As I furnished and outfitted the condo, I have to admit that I was treating it as if I were going to live there full time. I shopped the French Quarter for unique pieces of art, bought my favorite sheets for the beds and guest beds, bought pots and pans and kitchen utensils that were both functional and decorative, and generally went “all out” in completing the perfect little getaway for myself, my daughter and our guests. It was elegant, but cozy, just like a home. Here are some photos of the finished condo:
By the end of six months it was time to get down to business and rent it out. I put pictures of the condo on my website, began to advertise it, and was pleasantly surprised when I got immediate responses and signed a year lease with the third caller. The unit had sold itself, the pictures said it all. The second unit rented out much the same way and is now leased for a year.
After enjoying such ease and profitability on my units, I was surprised to find out later that other owners in my building were struggling to rent out their units and receiving half the rent that I was asking for mine. Why the difference?
The difference was all in the presentation… I had decorated and outfitted my units as if I were going to be living in them. The vivid colors, designer furniture and local artwork came across in my ads in a way that appealed to the corporate market… each of them were rented sight-unseen, based on their pictures on the website, as most corporate rentals are. The way the units photograph, the details, the high qualityinteriors… all this made my units unique, and I am now helping other friends and neighbors in the downtown area rent their units.
With a bit of investment, some attention to detail and using the experience we’ve gained working with other condos over the last year, a second home or investment property can pay for itself, plus a nice profit.
Anne Piersonwww.rent-condo-new-orleans.com318-789-8447
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