New Orleans Real Estate by Eric

Getting a bout 100 views per day on my own blog. I get much much fewer comments. I get people e-mailing me comments sometimes. I ma just wondering if the general public just does not like to comment but will read the blogs on a regular basis.

Several have told me so. it was funny as I told one of my clients to give me some comments on the blog. I got an e-mail with her comments, she said she did not know how to comment. Is this the norm. Would appreciate the comments? There are of course no points.  

Julia Place Condos-New Orleans Warehouse District- Good choice for a second home!

    Looking for a New Orleans Warehouse District condo that would be suitiable for a second home, then the Julia Place Condos at 333 Julia may fit the bill for you.  We are seeing an ever increasing number of second home buyers looking in the Warehouse District area for plaes to use as a retreat.  Many buyers like the condos in Julia Place because of the central location in the downtown area.  They are an easy walk to River Walk about three blocks away.  They are 6-7 blocks to the French Quarter or 4 blocks to the Mississippi river.  The Louisiana Super Dome and the New Orleans arena are an easy walk as well.

    The complex is large enough to be professionally managed.  An on-site manager is on site during the week and the condo always seems to be clean and well taken care of.  The condo fees are reasonable for a Warehouse District condo.  There are a high per cent-age of second home owners so the condo complex is rarely crowded. 

    The condo fees are again reasonable and include insurance, common area upkeep, management, pool up keep, water and sewerage, termite contract, and exterior upkeep.  Most of the units are updated since the complex went condo in 2005.  The vast majority of the units are on one level.

    The kids can also enjoy the area  and do things while on the condo common areas.  There is a nice gym and exercise area that faces large windows on Julia Street.  The units are spread out in the building with all units opening onto spaces  with only a few condos.  The roof top area is one of the top attractions with city wide views from the pool area.  There are Bar-b-Que grills in the common areas along with a large party room that can be rented out for small parties. 

    This is a great location if you need some extra income in terms of renting your condo as a corporate rental from time to time.  Just lock your door and walk the kids til they are ready to afternoon nap or that trip to the pool upstairs.

    The better units are those with exterior views and the large windows.  The building is mostly of concrete construction so it is very energy efficient.  The overall complex has been greatly improved since the early days of 2006 and would get a much better grade in today's grading system.  This is a New Orleans Condo Complex that is continuing to improve and get better.  This could mean future appreciation.

There are currently 4 units for sale in the building.  There is one two bedroom with parking for 329k and 3 one bedrooms.  There is a one bedroom interior unit for sale for 187,500 which is about as cheap as they get.  The other two units are exterior view units which are larger one bedrooms for 219k each.  Its worth looking at as a buyer as most buyers will really like Julia Place or they will not.

These are the last 10 topics of my blog. Just wondering how you guys spread them out among the various topics. This is from my own blog which is very local.  I tend to get on a roll and cover an area since that is where I was doing most of my work that week. I am also updating the weak parts of my website and use the smae info to write a blog on that subject. Since I write one about every three days seems like I should be getting coverage. What do you guys think?

Just put in a new blog log and connected the blog to Face Book for a little more exposure.

French Quarter Condos-837 Royal Street-The Lush Tropical Courtyard gets an A+.

     The Delacroux condos at 837 Royal Street in the heart of the New Orleans French Quarter is a 12 unit historic condo complex.  Its a 3 story brick building that surrounds a lush tropical interior courtyard that gives the units views of the pool and courtyard.  You are in the middle of French Quarter but once inside you could be anywhere in the tropical world.  The New Orleans weather is great for growing and the culture is one that enjoys courtyards and fountains.

     The La Croux Building dates to 1833 and was turned into condos in the 1990's.  The condos managed to maintain the historic features along with the lush courtyard and fountains.  The condos have one and two bedroom units with balconies facing the courtyard.  There is an elevator to the upper floors.  

     The first floor front of the historic building is still commercial as most of the condo complexes in the New Orleans French Quarter.  Many of the units open onto the interior balconies with the great views.  Check out the shutters and French doors.  The units have high ceilings, wood floors, and lots of natural light.

     One of the great things about the condos in the French Quarter is you never know what the interior common areas look like.  Most of these units tend to be second homes and are very hard to duplicate in such an historic area.  Many of the second home buyers live near and far.  You can walk to Rouse's Supermarket within the block and tip toe to Pat O'Briens.  No need to have a car while you are in New Orleans, turn off the cell phone too.

Can you even think in such big numbers. This is how much the Federal Government is going to borrow next year if the trend continues. This year it looks like 450 billion and counting. Is there even a chance this can get paid back. Parker Brothers could not have dreamed this when printing there Monoply Money.

With these events you never know what is going to be happening with the housing market. In Monoply no owned but everyone must have rented except the investors. Like one of the parties say its "only 18 billion in earmarks" The issue that no one mentions is that all the social security money being spent is not even in these figures. In the no so distant future that cannot be spent as revenues will be less than putlays. Parker Borthers where are you? National Bailout Game with printing press. Not good for the housing market! Do the numbers look correct?

Warehouse District Condos-priced around 200k-A popular price range! An Update

    The Warehouse District Condo market under and around 200k is the most common price range that people are looking for  in the New Orleans Warehouse District.  The second most common is the 2 bedroom and 2 bath places for around 300-350k range.  Lets see and review what is happening in the 200k range as we sit in the middle of October, 2008 .  Things are selling but not that fast and there is a valid reason for that.  There are not just a lot of nice units for sale in this price range that I would recommend to clients.  There are a couple that I like from a value standpoint. The value units do sell.  There were two such units in the Cotton Mill and both sold in the last 2-3 weeks.  They were just good buys.

    The foreclosures are non existent in this segment of the New Orleans market and demand remains strong for updated units. The condos that have the need for updating priced into the asking price are going to sell.  The individual sellers motivation is a key to getting a fair deal even in a buyers market.  Right now many of the sellers do not have the updating priced into the numbers. 

      The rental market remains strong and while sellers are renting at top dollar many feel they can wait.  I know its the pricing and condition that will not sell the unit at the asking price.  The stock market correction is going to have some effect on the sellers response to any offers.  Sellers are used to taking loses in many cases now.  You also have to remember most units in the Warehouse District were bought to live in and not for speculation.  The prices have been steady and that is why its been so easy to handicap the asking prices.

    There are a couple of nice units that are small in the Bakery Condos priced around 160k.  The condos seem fine until you notice that the units have no parking.  Be very careful about buying when the particular unit does not have parking when almost all the rest of the units do have parking.  People will easily pay 15k here for a space.  It makes resale hard.  If none of the units have parking then the issue is not as great.

I keep up with a decent amount of real estate and SEO blogs. In the past 2-3 weeks things have become very quiet. I know agents are not that busy. Is Wall Street or the elections keeping people away from blogging. Has anyone noticed this?

I too have blogged less for whatever reason but am starting to pick back up as I have had more time to enjoy my camera and have plenty of ideas in the file.

French Quarter Real Estate, What no front yards?

     The New Orleans French Quarter is the oldest residential neighborhood in the City of New Orleans. There are very few front yards. Either no one wanted to cut grass or even thought of having yards at that time. Parking was not an issue as the automobile would not be invented for another 200 years. The stables were in another neighborhood and horses were brought over when needed. Instead of front yards, courtyards, many graced with fountains and greenery, provided outside living space. Privacy was another reason.

Many of the early residents lived in New Orleans during the winters and ran plantations during the spring and summer. The plantations line the Mississippi River in the pre-1850's. The housing styles came from Europe and of those in other French and Spanish colonies that had similar weather. The idea was mainly to keep cool and an air flow thru the houses. Many of these old homes have been converted into condos and no one wants to cut the grass anyway these days.

Your Condo May Rent for More Than You Think...

           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 expecting
much 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 quality
interiors... 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 Pierson
www.rent-condo-new-orleans.com
318-789-8447