New Orleans Real Estate by Eric

French Quarter Window Shopping! Its just not the same old things!

      Window shopping in the French Quarter is another one of the free things that you can enjoy in New Orleans.  The shops are unique as are the shop keepers.   Even if you do not buy you can have a lot of fun in the Crescent City.

     Did you know you can link your blog to FaceBook to come up automatically when you post a new blog.  This is another great way to touch your base.  If you want to build a base and stay in touch this is another way that pays dividends.  I found many of my clients on Facebook can easily see your blogs and take a quick notice.  Much , Much more effective than paid newspaper ads.

If you cannot see them! You may miss them. New Orleans Courtyards        This is your tropical courtyard and pool if you live at the Federal Fibre Mills in the New Orleans Warehouse District.  You cannot see many of the courtyards and gardens in New Orleans as they are out of site... This is one of the premier common areas in the New Orleans condo market. link:Full Article...  

Bud's Broiler in Mid City, Near City Park! Wins my Burger Award!       Bud's Broiler has been the standard for the everyday Hamburger for the past 50 years.  Its my favorite and its char-broiled for that New Orleans Favor.  Its a #5 or #6 for me.  I have been there at least 500 times. link:Full Article...

If you cannot see them! You may miss them. New Orleans Courtyards

       This is your tropical courtyard and pool if you live at the Federal Fibre Mills in the New Orleans Warehouse District.  You cannot see many of the courtyards and gardens in New Orleans as they are out of site... This is one of the premier common areas in the New Orleans condo market.

The Pre-Market approach to listing your New Orleans Condo. Make sure its all working! You only get to make a First Impression Once!

 Condo Listings

      The New Orleans Market is very competitive for a seller in a Buyers Market.   There are a couple of thing you can do and should do before putting your condo on the market.  Making sure it looks great and putting everything is in order will put your condo in the Driver's seat to getting sold.  I have come up with some ideas that are not the norm but will enhance the marketing of your condo.  You may have some to add?

Pre- Marketing Inspection  Before listing have an inspector review your condo. I have people who will do it for $175 and may save you in the long run.  He will check all the basics and give you a report so you can fix the things that need fixing.  The buyer will get their own but you know your unit is in good shape.

A/C-Heating Serviced-   Most people forget to have their units serviced on a regular basis.  If you have not done this recently then do it before marketing.  It will give you peace of mind that one of the biggest mechanical expenses is taken care of.  Have the receipt handy and change the filters.  Buyers like to know that people take care of the place.

FHA Financing Available?  Can your condo association be sold as an FHA loan.  It opens up the doors to more buyers who only need to put down 3.5% and have a much lower PMI premium.  The manager can look over the approval questionnaire to see if all the questions can be answered.  The Rules change in November of 2009.

Paint is Cheap is cheap!   You want to touch up and dress up.  Your condo is going on a date and needs to look her best.  Touch up and freshen up is simple but rewarding.  Getting a professional job done can be the answer.  Nothing looks worst than a job poorly done.

Professionally Cleaned !    Sounds simple but a lot of sellers forget.  You should do to do it on a regular basis to get the premium status.  The cluttered look may eliminate you from the race early on.  People smell as well as look so any smoking or pet odors is a big turnoff.

The Reluctant Tenant!  This is a factor that cannot be understated.  Let's just be honest!   Tenants have little incentive to get the place sold and very few add to the positive impression.  Its an agents nightmare to get a messy tenant that cannot show when needed and keeps the place a mess.  This is a factor in all price ranges and in all areas.  There are few exceptions!

      I continue to see sellers not getting  the basics done.  In the end it will take longer and you will get less.  So take the steps to get your condo in premium shape for the big date ahead. 

      You only get to make that first impression once.   Spend some time and money to get as close as you can to a premium unit.  In a slow market those condos are still selling.

Still a Buyers Market in New Orleans Condos!

October 13th, 2009 Categories: Buyers Agent, Condo Knowledge

   When I say it is a buyers market  it means almost everything favors the purchaser in this market at this time.  All the factors are lining up to be in your favor.  You can enjoy the negative sentiment and buy condos much cheaper than anytime in the last 5 years.  Still have to be selective !

Seasonal Discount- You can always buy cheaper this time of year as less people are looking.  it happens in the good and bad years.

Sellers getting Weary- Sellers who were asking to much have now begun to finally know they were too expensive.  Buyers passed them by as well as agents.  The listing is now stale.  Much better buy now !

Very Low Interest Rates-  4.875% is a great rate.  The U.S. is forcing rates low in hopes of getting the hosing markets and banks moving.  The rates otherwise only make sense to the buyers. $538 per 100k borrowed

Condos Below building Cost!  Some developers are dumping their unit to raise cash.  They are out there.  Its mostly at the lower end of the market.  Great buys for a second home.

Sellers need Cash  Owners of second homes may just need to sell. We have been seeing this mainly in the French Quarter as some sellers just want out.  Be on the lookout for better deals.

FHA Loans are still Here!  Owner occupied condos only. 3.5% down for accepted condo associations.   Much lower mortgage insurance rates and seller can pay most of your closing costs.

$8000 tax Credit almost gone-  Its good till November 30, 2009.  That's a gift of $8000 for the taxpayers.

Seller Concessions-  Just need to ask for reasonable things and it can be worked out.  Paying closing cost, leaving furniture, ect.

Lenders are not Busy-  Stay local and be the center of attention!  All the new rules will add time to the deal.  Start early and get the process started.

Condo Fees are Level - The Katrina Insurance costs are working their way out of the system.  The high rates are fading.

Property taxes are down 29% over 2008 in New Orleans- This favors the new buyers. Taxes are deductible on your State and Federal taxes.

New Orleans Condos-Penthouse Condos- Federal Fibre Mills Designer Condo goes to the head of the class. 1107 S. Peters #507

October 8th, 2009 Categories: Condo Listings, Warehouse District

     In the New Orleans Warehouse District there are a small number of penthouse condos.  Not all of them are great units or have great views.   This new listing does have great views, great common areas and is move in designer quality.  It was actually a "Design Winner".  Many times they are very expensive.  This penthouse condo is only $399,507.  My definition of a penthouse is a top floor unit.  There are exceptions but this is a general rule in the New Orleans Warehouse District. 

     In New Orleans downtown where there is seldom new construction so the penthouses are built on top of existing buildings.  This is the case with this unit #507 but it has a little twist.  The condo has the 5th floor in the original pre-1900 building and then the build out on the roof done for the New Orleans 1984 Worlds Fair.  You get a touch of the true Warehouse District feel along with an open living area.  You get the best of both worlds, new and old, you can say.

      This is a condo that I listed this week at the Federal Fibre Mills that is a penthouse Condo.  The Views are some of the Best in the New Orleans Warehouse District but the pluses do not stop there for unit #507  located at 1107 S. Peters.  It is unusual in a number of ways.  It is a townhouse style unit on two levels.  The living area and kitchen are on the terrace level while the bedrooms are down.

     The upstairs is on the penthouse level or roof top level with a very open floor plan.  This large room opens to your  terrace with great city views day and night.  This is an entertainers delight with all the designers touches.  The kitchen has been totally renovated, New appliances, new light fixtures, new floors, 2 new french doors to the terrace.

     The downstairs features the old "New Orleans Warehouse look" with high ceilings, wood floors, large windows, exposed brick, exposed beams, and a master suite.  Everything on this level has been upgraded including the bathrooms, tub, floors, vanities, fixtures and much more.

     Best to just watch the slide show and take a look for your self.  Need more information just ask or comment. I have more photos and information on my New Orleans Condos Website.  Its under featured properties.  The photos are good but seeing this unit is the better way to go to get the big feel with the natural light.

"Federal Fiber Mills Condos in New Orleans"

These are some previous articles on the Federal Fibre Mills-

Federal Fibre Mill Condos, Common Areas grade an A Plus! Common Areas are part of your values!

Warehouse District Condos, The Federal Fibre Mills Condos and Lofts remains popular !

Listing Your New Orleans New Orleans Condo, The seller needs to know what the competition is? Think like the Buyers!

 Selling your Condo

      You will get a good idea of the properties values from condos that have sold in your area by looking at the past history of sales.  This is important in setting a price.  This is what we know as comparables in the business.  It is what appraisers use to set values.  It should not end here when you are the sellers or the listing agent.

     Knowing which properties are currently for sale are equally as important.  How does your condo stack up against this group.  You also need to be competitive with current properties for sale in your price range.  Buyers will comparison shop and start of with 6-10 properties in mind.  The buyers shop in price categories within their own criteria. 

     Knowing what you are competing against is important.  Most  buyers buy the best deal if it meets their criteria.  If your condo does not compete well, yours will not sell.  Your agent should know how you are going to slot in the available properties.  You as a seller should know what you are up against.   Oddly enough there are generally less numbers than you may think.   A lot of times you are only competing against 5-6 properties.

    I set my sellers up to receive updates on the competition as if they were buyers so they can see what the market trends are.  There are always reasons why your condo is not picked.  It is not always price alone that buyers make their decisions on, but it is high on the list with condition.

       Many agents are not really aware of competing properties especially if they do not put in the study time or really know the areas involved.  A lot of listing agents only list and thus never really see the competing properties.  If you are selling you need to ask the questions and take an active part in the process.  Buyers rank their choices and you want your property ranked high enough to make the final selection list.