New Orleans Real Estate by Eric

    I was wondering how many internet leads you get to your real estate site before you close a deal.  A lead is where you get a name, e-mail address and maybe a phone number. You have to remember many will never    e-mail you back for what ever reasons. Some may never move to your area? Some are just wondering what is out there for sale? A few cannot afford to buy, but have found this category to be very small however. I do get a couple of calls per week where people pick up the phone and call. These are great leads and have a better chance at panning out. Some are looking a year ahead which is very tough to keep up with.

    Had one for a over year as he was in Tawain, ended up buying and got a 17k commission but this is rare. Just wanted to throw this out to my fellow Active Rainers who get leads from your website. New Orleans Condos is my best site for leads.

Louisiana State bond money for Louisiana Teachers is hard to beat. You get a set rate of 6.25% plus the bond authority is going to give you a credit for your loan amount. If You borrow 150k then you will get a credit for $6000 which will more than cover your closing cost on a condo. Its availiable on a first come basis with an accepted contract. It sure beats renting when you can deduct you interest and property taxes on your federal income taxes. Check out Bond Money Updates. It can be used in all Louisiana Parishes. Its worth checking out.

BAUDIER, GRACE AND KINLER

 MORTGAGE A DIVISION OF

IS THE CURRENT SERVICER OF ALL STATE BOND LOANS!!! 

10/31/07

STATE BOND MONEY

NOW OFFERING: 

HOME PROGRAM*           4.85%

ASSISTED*                  6.50%

TEACHER ASSISTED*      6.25%

        Unassisted                    5.95% 

0% ORIGINATION

0% DISCOUNT POINTS 

*BORROWER WILL RECEIVE 4% OF LOAN AMOUNT AS GIFT FROM

STATE BOND AUTHORITY TO BE APPLIED TO DOWNPAYMENT,

CLOSING COSTS, AND PRE-Paids 

    I sell a lot of Condos in the New Orleans Market but the Cotton Mill Condos has been the the place I have sold the most. A couple of reasons is that they are moderately priced and have amenties that many smaller complexs cannot afford to have. You can still get a nice updated unit for under 200k in the Heart of the         New Orleans Warehouse District. Its becoming a more popular place for a second home as its an easy walk to the French Quarter, Riverwalk, Convention Center, the Superdome, Harrahs Casino and the various attractions that downtown New Orleans has to offer.

    This is a photo of one that I sold this month. The higher 15' ceiling, exposed beams, large windows, exposed brick, concrete floors has the Warehouse appeal which is still in demand. The prices have been steady and some good deals are there to be had. This particlular seller left all his furniture for my buyers. I was extremely lucky to sell 3 units there this December a time when the market was suppose to be slow. Knowing the inventory, the trends and prices in an area such as the Warehouse District can enhance the value of a buyers agent that specializes in such a market segment. Another good thing just happened in that the tax rates for the City of New Orleans have just dropped 30%. Tax Rates Lowered is a big plus for the area.

                     

                    

In the center of the New Orleans Warehouse District is the 700 S. Peters Condos. The units cover the entire block of 700 South Peters and are a couple of blocsk away from Convention Center Blvd Harrahs Casino. There is garage parking on the first floor. The security in the  building is second to none in the area. The condo features a roof top pool above the second floor with grills, plants, and a nice pool. The views of the city of New Orleans are top notch from this point. All the units have exterior views. The units are one bedrooms and two bedroom units with a very common floor plan. All the units open onto an atrium so you will never get rained on. Pets are allowed. There is on site management and live security at all times. Many of the units have been upgraded and about 25% of the units are second homes. The best featue is its location. The one bedrooms start at around 300k with the two bedrooms at about 400k. Of course this depends upon the updates and the views as you move higher. The 700 South Peters Condos is a great choice for a second home and for those that value security and privacy.  

Even though it was 80 degrees today the fans are ready for the holdiays. The Tiger Fans are always talking about next year but LSU has one more game left against the Buckeyes for the Championship game in New Orleans in a couple of weeks. The Sugar Bowl is played the week before and the town will be full of Georgia fans and a couple from Hawaii. Not much real estate will be done that weekend.

Putting things in perspective is hard for Politicians to do? The unfunded liability of Social Security and Medicare is currently at 45 trillion and has just increased by a trillion this past year. $45,000,000,000,000. Our government spends every dime we send in on the present social security outflows and spends the rest. Our budget deficits would have been 69% greater if not for this "gimmick" The same people trying to fix the sub-prime cannot even think of fixing the looming problem that is fast approaching the United States as 10,000 people per day of the baby boomers retire. What a mess?

This is kind of like a national mortgage. That is why I am bringing it up. Most people never realise many peoples retirement is not going to be there so it was time to start talking about it 10 years ago. Like the subprime we will wait till the general fund has to begin paying. Too much to figure out so lets spend some more while its here.  

December of 2007 can be one of my better months in real estate. I thought having LSU in the title gain was enough good luck for me. However I have 3 accepted offers this week and wrote another offer today. That will be 4 in less than 7 days. 3 will close by the end of the year. The phone has been ringing too. The lower interest rates, decrease of insurance costs, and lack of sub-prime issues have given me a positive outlook for 2008 in the New Orleans market. Have several appointments set up for second home buyers which has been a dormat market since Hurricane Katrina. Having lived thru the Katrina chapter in our cities history the sub-prime issue should be a piece of cake. its all in your outlook. New Orleans after having lost 50% of its residents is growing again. I guess we are half full and we will forget the water.

The city of New Orleans cut its property tax rates 30% last week to $1288 per 100k and you still get a 75k homestead exemption. That will make the new buyers feel so much better.

My Hibiscus's are blooming again with the cool weather as the leaves are starting to fall.

How many other cities in America can say they decreased property tax rates for 2008. A 27% reduction is great for people who own a home or condo in New Orleans. If you paid $1800 last , in 2008 you will pay $1284.44. The value of your home may have changed but people buying recently are getting a big break. You also have to remember if you live in the property you get a 75k exemption in addition. This is another reason to buy in addition to great interest rates that are below 6% as of yesterday. Check this out in more detail New Orleans Condos and find out about the additional tax bennefits of owning. 

                                                          New Orleans Lowers Tax Rates

"Making good on a unanimous pledge, the New Orleans City Council slashed the city's tax rate by 27 percent to 128.44 mills, a rate that makes owning property in the city competitive with neighboring Jefferson Parish for the first time in years." Times Picayune 12-01-2007