New Orleans Real Estate by Eric

     The Cotton Mill Condos in the New Orleans Warehouse District continues to be one of the better buys when looking in the under 200k market.  Transformed from apartments in 2004 into condos have been a great buy for the first buyers.  Many of the units now have their own personnel touches and updates done by the first buyers. It sells due to Warehouse and Historic feel along with the many amenties that are availiable. There are always some good buys so it pays to pay attention.  

Update 2009,  The Cotton Mill Condos continue to be a favorite in today's market.  Its one of the condo complexes in the Warehouse District where you can get some unit below 200k and right above for some nice units that will feel much larger than they area.  Many of units have been updated and changed by the owners since the conversion.  Its truly amazing what some have done to add value to the units.  This is a good thing when this happens in a condo association.

      The amenities are still a positive factor in many decisions that buyers make.   Most of the changes have been positive. Values have continued to be good.  You will still find people asking too much but an experienced agent can help you out with the proper values.  Always do your homework and ask plenty of questions until you get the answers.

 

  "Condominium Living with a Townhome Style"

  I recently listed this condo in River Ridge and wanted to call it a town-home.  It is a condo since it shares the common areas and was legally built as such. It is also a townhouse from an architectural stand point. So something could be both in terms of style and then its legal classification which center around the common areas and the common laws of condos.

Eric, why not call it "Condominium Living with a Townhome Style" and market it that way?  Seems to me that would be good, no?  Good luck and thanks again.  kevincavanaughonline.com. The neat thing about Active Rain is that other agents will share their ideas with you as Kevin has, Thanks Kevin!

    The other odd thing about the property is the amount of common area that was lelf by the developer.  It may have been that the developer lived here for a long time after construction.  The units have been here for over 25 years and land was mmore availiable in those days.  The last sale in the units was 8 years ago and all the units are owned by men who have lived here for years. Just something to throw out!

About the Area- The Steamship Circlearea is one of the few areas where there are condos in River Ridge and Harahan.  Its got a great location being less than a mile from the entrance of Earhart Extension which leads to downtown New Orleans in 20 minutes or about 12 miles. 

    The area has been developed for quite some time and is hidden in a treed area near some of the more expensive areas of River Ridge.  The area still remains a quite and almost hidden area of small condo associations.  The turnover is never too much as residents tend two stay long periods of time.

    You can enjoy the tranquil setting of River Ridge next to all the conveniences that you will find in Elmwood Business Park and shopping area off Clearview Parkway as it leads to the Mississippi River Bridge.

 

2856 Steamship Circle Condo Unit D River Ridge Condo, 70123 $208,856

       The condo at 2856 Steamship lives more like a home than your normal condo.  The condo is larger than most condos with 1850 square feet of living area.  You add on the garage and the balcony and you have a total of almost 2200 square feet.  Add this to the open floor plan and the great placement of windows in a tree lined lot and you get the feel of a home.

     The condo is a townhouse style with the garage and office-wet bar-third bedroom that opens onto a large patio that opens into a large very quiet common area.  There is a balcony off the kitchen and a stairway leading to the patio which is a great feature for cook outs and those with a green thumb. 

     Many of the updates were done in 2004.  Kitchen was updated at that time with new counter tops, stove, dishwasher, vent-hood, light fixtures except for the cabinets.  Condo was painted and got new carpeting at that time.

      Bathroom was redone on first floor in 2008.  Condo has been very well maintained by the current owners.  The sellers are having an Inspection done this week to make sure everything is in tip top shape.  A home warranty will also be offered for the first year for your protection. 

 

Selling your Condo! What are the Upgrades you have done! How do they compare to the competition?

      When pricing a condo knowing your upgrades is more important than ever.  This is becoming a bigger and bigger factor for the buyer and the seller.  Many buyers are asking the sales price as to when you purchased the unit as they should do.  It is therefore best to be able to detail the positive changes that you have made while you have owned the unit.  Remember you are competing for the sale. 

     You should be able to detail the items costing more than $500 and the various cost associated with the upgrades.  Buyers and many agents do not know the cost of the things they are looking at.  Think about appliances, a-c system, cabinets, light fixtures, flooring. recent painting, and so on.

      The best thing to do is make a list of the upgrades with some cost attached.  I will make a flyer on the upgrades.  Know what you are leaving behind.  If you need to take something then get it replaced before putting the condo on the market.  The buyers need to get an idea of cost as your competitor may not have the upgrades.

     You also want to think about the upgrades of the Condo association as you paid for them through an assessment or from the general fund.  Did you get a new roof lately?  Has the complex just been recently painted?  

     There may be some upgrades that should be done before putting the unit on the market.  We need to review the price and competition to see what things people expect to be done.  Many, Many buyers in segment just want to move in and not have anything to do.  I will or have had several blog on upgrades that should be done! 

     If you are a buyer you will need to ask all these questions if the listing agent has not had the fore site to figure this concept out.

      Recent Articles- Knowing what the Seller paid?

Selling and Showing your New Orleans Condo? What works and what does not? Taking good photos is key !

January 21st, 2009 Categories: Selling your Condo

      When selling your condo in today's tough New Orleans market you need to have as much going for you as possible.  Taking good photos and conveying them to the buying public is a key ingredient to getting your adverstised and condo sold.  This is because most people start their search on the Internet looking at different sites on company sites or feeds that the agents send them.  Seeing the condo is what people want and they have many to search through.  

       This is much more important in condos as few people will call you off the sign.  Condo buyers are more likely Internet shoppers  due to the demographic and the fact many view from out of town.  The New Orleans MLS has just increased the number of photos from eight to twelve.  Allows you to see more.

      An agent needs to have a feel of what people want to see.  Many of the condos I sell are small lofts in complexes.  You need a very good camera with a wide angle lends to capture the feel.  People want to know about the views so its important to have a shot of the view if its positive.  If your views are not positive then go to the next feature, Its photo the positive aspects.

     

Buyers want to know about the complex and the amenities that it offers.  If you have a pool, exercise room, courtyard, lobby, parking, and anything special you need to show these.  I always like to get some photos with furniture as some places do really show better with the proper decorating.  If you have features like great windows, wood floors, brick interior walls, exposed beams you want to feature these aspects in the photos.  Seeing is believing so why not give them the features they are looking for.

      Agents with websites and blogs can always give the buyer even more.  Its always a plus to have your condo advertised on a site that people can find.  Great photos makes it easier to get good fliers as well. I will cover that another blog.  Remember seeing something nice will give you more showings.  Small things do matter!   Thats why the newspaper no longer works and has been deleted in my marketing plans.  There are better ways to market your condo and good photos are a start.  See what your agent does ?  Check out New Orleans Condos Featured Properties 

     These Japanese Magnolias started blooming in my yard last week. It not every location that is this lucky where you can play tennis outside at nite, see your flowers bloom and not have to worry about heating bills. Heating oil is unheard of here. I have a heat pump and the heater rarely comes on. We have our cool spells and sometime freezes but not this week in my yard.

     You can probably tell I do not like cold weather. I love rain and we get plenty of that in large drops enoughto add up to 60 inches ore more in a year. No drought here.  Great place to have a second home for the weather and the culture. Mardi Gras is around the corner!!! Strawberries and Crayfish boils are getting nearer.

Slide shows add something extra to a New Orleans neighborhoods where you work and sell. Great way to show someone moving here what the area looks like. This is some of the photos I have taken in an area where I do a lot of work. You can reaarrange the photos to give you some sort of order which I will do in the future and add music as well. Get a feel by watching!!! There is so many things to photograph here so its easy to get interesting items for the area or event that you want to tell a story about.

Where and When do I start on my New Orleans Condo search? When, in 2009 of course!

      I often get asked how do I start my search for a New Orleans condo?  Contacting an experienced real estate agent who deals with condos is a common way to start.  I will then ask you several questions so I can determine what you are looking for.  I need to know if you know the price range that you want to be in?  Have you talked to a lender to get some ideas as to the numbers?  Where would you like to be?  Once I know this I can give you some of the better ideas and guide you through finding the best possible choice.

    As a real estate agent I get paid by the seller a commission for selling you the property.  Our function is to take your ideas and needs and then to come up with a plan to find you that unit.  I will then give you the pluses and minuses of each of the units that we see.  My take is always on the value and ease of reselling the unit that you buy. 

     The smart starting plan is to get qualified for a loan or at least know the numbers as to your note, taxes and condo fees.  This is the best way as then you know what your options are.  This is a great first step.

     The next step is to get a feel for the area or areas that your interest lies.  I have seen thecomplexes and hundreds of condos before so I can guide you once I know the type of unit that you would like.  I can e-mail you the selections so you can get some ideas.  We should then talk about the units and sit down and go over the process.  Its your time to ask questions and my time to listen to your needs.  The next step is to begin viewing your favorites and the ones that I think are good buys that meet your criteria.   

     I can then set you up to see all the new listings that are going to be coming on the market.  This is a good time to get an idea of the past sales so to give you an idea of pricing and what the history is in the area.  You of course are going to rule some out for various reasons.  Best to rank the units as you look at them and take some notes.  Each unit will have its positives and negatives.  This is the search that leads to writting an offer.  Recent articles that tie into this post: Interest Rates Drop, New Orleans- A Buyers Market, To Buy or Rent is a great question?

New Orleans Property Tax Bills! Are they due? Mortgage Escrow Accounts!

    Property taxes are now due in all Parishes, its 2009.  In Orleans Parish you are paying ahead for the entire year of 2009.  The rest of the Parishes collect in arrears or for 2008.  Its your responsibility to make sure the bill gets paid once.  If you have a mortgage the escrow account is more than likely pay the bill out of the funds it has collected from you on a monthly basis.  The mortgage company just has to get the bill.  Always a good thing to check it out and make sure its done especially if its your first year of ownership.

    Do not pay yourself and have your escrow account pay as well.  In Orleans its a total nightmare and a six to nine wait to get it corrected while they spend your money.  Great customer service it is not but then you are only a tax payer.  You pay the bills for others to spend.

     Make sure you are getting the Homestead Exemption that you are entitled to, check your assessment as each person living in your condo or home gets a $75,000 exemption.  This amount has not risen since I have been an adult, so much for inflation adjusted adjustments.  Then it is only your money others are spending for your bennefit.

     The escrow account will then start collecting for the next year.  If the account is short they will raise the escrow amount.  By the same token if they have taken too much after seeing the tax bill you will get money back. If you put enough down some lenders will let you go without an escrow account. In condos the taxes should be the only thing in the account.  Always check out the process on year one.