New Orleans Real Estate by Eric

The Warehouse District remains one of the trendiest destinations for condos in the New Orleans metro market. The area if full of things to do for the young professional, second home buyer and someone who likes to walk the area. The prices have remained strong. There are several new projects on the drawing board that will most likely be built including Trump Towers on Poydras Street. Prices start in the 170s and continue from there. The better one bedroom units are going to be priced at around 200k and up. You will begin to see 2 bedrooms between 250k-300k. if you are willing to do a little work there are some nice bargains. 90% of the units have been updated in the last 5 years. This area should continue to do well in the future.

This unit that I have just listed is a good example of the charm of these older buildings that have been transformed into condos. This use to be a Cotton Mill built in the 1890s. It was close to the Mississippi River which was the main transportation hub of the Central United States. Louisiana was the 20th state admitted to the union in 1820. History Note from Eric 

The draft is tommorw and I will be pulling for the hometown hero who gave us some great games. One man does not make a team but he provided some excitement. I will be pulling for him. The guy below kind of said it for me over the past two seasons. The win was over Arizona State after Katrina. 4th and ten from 39 yards out and we scored with time winding down. Jamarcus is from Mobile, Ala. 2.5 hours away. we could have tow others drafted in round one also.

"Ive said it here before but I was watching that game in Houston, sleeping on a strangers floor, homeless, jobless and $150.00 to my name...but that play will always be my favorite. Brought a smile to my face for the first time since the thing. Even though it was temporary, it gave me 10 minutes away from the huge pile of crap that waited for me in nola.

And just for the record...I don't know what you're talking about, I didn't see any bobbles...HAHA"

Do You work on weekends ? I get asked this question almost on a weekly basis. I usually every Saturday and half a day on Sunday. Many people cannot get down to look except when they are off. This may be because I do a lot of condos. Many agents do not work so that leaves more for me.

Do you remeber us, we bought home xyz? Of course I remember almost all of my former clients. I may forget one of the names for a second or two. I can remember the voices from 10 years ago. I remember the price they paid for the home or condo. Is this just me?

Condos, Do we have to get our own insurance?  You would think everyone would know but people need to be educated. I have written a flyer on the subject it has been asked to me so many tiimes. I just had the new clients a folder with the flyers.

Do you do rentals? The answer is no but I have an agent who works with me on rentals and can give you her name. Only in severe cases will I do it aside from listing a former or current clinets home.

Magazine Street in New Orleans is the furtherest thing from a mall. It is different and has many shops that are one of a kind. That is the charm of it. I went in the flag shop the other day and all the guy has is flags and poles. The store has so many flags you could hardly move. talk about a variety. the owner puts these out on the street each day. I bought one for my son for Easter. The owner wrote down the purchase in a notebook and the amount. They took VISA however. Antiques are the mainstay for the street that has become rather competitive with all the box stores and such. Maybe we possessed to stay behind the modern markets but it is sure a lot more fun to explore. No big macs here.

One great thing about selling condos in the New Orleans market is that people stay less time in a condo than in a home. They will relist with the person who sold them the condo. This has happened to me 3-4 times this year already. Most of the units are people who bought them as second homes and young professionals who are ready to move on. After Katrina I helped many of the people to find renters and did not charge them. I asked only when they get ready to sell they should call me. Several have and now I get the chance to resell like the unit I just listed below. Having them advertised on the Internet has been a big help. One of my former purchasers saw a previous active rain post on the Cotton Mill and called me to most likley list when his tentant moves out. Thank You Active Rain for the localism blog.                

New Orleans style above ground burials date back several hundred years. many think because of low water table that people are buried above ground. This makes sense but is not the main reason. This was a custom many brought over from Europe. This was mostly Catholic unlike the rest of the country. The benefits are you do not waste ground as you just stack em in. The family is in one place. This is a fairly old one uptown in the Garden District. Nothing fancy but very interesting none the less. Its free and neat to see the names and how long some of these guys have been here. Afterwards you can cross the street and eat at Commanders Palace.

I am not a green person but love nature as most people of South Louisiana. The fishing, crabing, crawfishing, duck hunting, deer hunting, turkey, make people appreciate nature. This is a group of cypress trees I happened to photo today looking at his condo. The Cypress is a swamp hardwood that will last for years and years. They are still taking them out of the water and milling the wood. There is a grove near here the the Union soldiers cut down the trees during the 1860s and 1870s while the area was occupied. They took the wood back north but left many to sink in the swamp. it is resistent to rot and insects. The cypress grows straight as an arrow and rather quickly in our humid area and rich soil. They are also very instrumental for wildlife and soil erosion so we will not get washed into the Gulf of Mexico. So,we should plant more as we surely have the room and the climate to grow trees fast. Its makes good business sense and much more sense than trading some sort of carbon credits. Know what a Cypress Knee is. Great material for building as it last for hundreds of years. 

In the last month I have closed three condos with clients using Jefferson Parish and Orleans Parish Bond Money. My Jefferson Client was able to buy a 2 bed/2bath with FHA financing at a 5.63% interest rate. She also got 4% of her loan as a bond gift which was $7800. We asked for 2k in sellers closing cost help. This is a great way to get started. She got her deposit back at closing plus what she spent on the appraiser and credit check. She has no PMI, a low note and then a condo fee of $180 per month. This is far better than renting. You are renting from yourself.

You get to deduct your interest on your takes which saves you on your taxes. You get a chance to build equity. You get a chance of appreciation. If you only get 2% appreciation on 150k, that comes to 3K per year or @250 per month. Your appreciation rate is in choosing the best value. Visit New Orleans Condos to get some ideas. This is tough to pass up if you are ready start making your condo a good investment as well as a nice place to live. 

I have been to most of the Title Companies in the New Orleans market over the last 10 years. Many come and go. I generally use my favorite two becasue they do a very good job. Authentic Title and Crescent Title are my current favorites. Its becasue of the back office work that makes the deals go smoothly. They can either e-mail or call you as they need things. They have employees that treat you and your clients like they want your business. The attorneys are always there to help you. I like the national franchises the least because they are always changing people. The two I do use are owned by the local attorneys who own their own business. People here like the money to stay local. They are always willing to sned my clients quotes within an hour after I call them so they can see the charges. I tell my clinets these are the two best right now. Do you guys use one or recomend more than one?