New Orleans Real Estate by Eric

Window Shopping in the New Orleans French Quarter! Just imagine what you could buy? Looking is Free.

March 28th, 2009 Categories: French Quarter

     The New Orleans French Quarter is what the early malls in cities must have looked like.  In New Orleans many things never change and they become popular again because no one else has them any longer.  Disney World kinda of copied this format, but here its for real with all its faults and positives.

     The majority of shops and window shopping are on Royal Street but others are popping up elsewhere as well.   Its easy to spend a morning just looking in the windows and the other half of the day looking at people who are looking themselves.  The cool thing is that many of the shops are unique to only New Orleans and are far from the cookie cutter malls of today.

    Just a glimpse of the day from the Quarter windows.  This is just one of the many things people can do in a small geographic area called the French Quarter of New Orleans.

    I am good with photos and getting properties noticed on the Internet.  In this case my seller has really helped me. She had had some great photos that gives the unit a look of what it could look like.  The condo currently has a tenant with little furniture or art. The condo is clean but looks empty. Sarah came to the rescue and sent me enough photos to give a great presentation.

    She also wrote the great little description that you see below.  I am not the greatest writer but Sarah is very good.  Many agents may not want the help but it is much better to approach the marketing as a team effort. 

    As an agent with experience and a desire to get things done coupled with an owner who wants the same thing it makes it a lot easier. I will do what I can and she will be the seller that gets my full attention.

.... #279 of the Cotton Mill Condos has everything people look for in a New Orleans Warehouse Conversion-- high ceiling, exposed brick and beams, large historic windows, original hardwood floors, and custom bathroom and kitchen renovations. No standard developer upgrades here, the owners of this unit renovated the bath and kitchen with distinctive, modern fixtures and features.

..... The updated kitchen features all new solid wood cabinets, stainless steel appliances, plumbing, granite counter tops, and light fixtures. The bathroom has been redone with form and function in mind and the additional storage is a huge plus. A custom Elfa system in the master closet offers smart, stylish organization. The washer dryer in the hallway stays with the unit.

...... The original wooden floors are a plus in these older units. This second floor unit gets loads of natural light and has views of a quiet tree shaded street. You can park on the street or rent a spot across the street from the lobby. Onsite security is ample at the Cotton Mill with 24 hour guards, parking lot coverage, and closed circuit cameras.

...... The unit is 699 sq. ft but feels and lives much larger due to the abundant natural light, high ceilings, smart layout, and ample in-unit storage. The condo fees are $279 and include water, insurance, swimming pool, fitness center, use and upkeep of beautiful common areas, basic cable, security, and on-site management and maintenance. You pay for the power and the taxes. See additional photos of the area at www.neworleanscondos.net

Great New Orleans Streetcar Art Promotion! The streetcars are Indeed part of the New Oleans persona!

     The New Orleans streetcars are part of all of us that have grown up in New Orleans area as well as a favorite to tourist and newcomers.  Its a continuity of ages and they still work well as transportation.  They were one of the things everyone has looked forward to getting up and running since Katrina knocked them out for over a year.  The red streetcars had to be rebuilt as they all flooded during Katrina.  Its a great buy to ride down Canal Street and St. Charles Ave. 

     The promotion of the Young leadership council has had local companies and organizations placing this street car art all over town.  See Earlier blog on Street Car Art. 

       Having a chance to drive and show condos and homes all over the City of New Orleans I get a chance to see a lot of these pieces.  Always enjoy discovering a new one.  Wanted to share a few of the ones I have seen in the last couple of weeks.  Once again the guys that thought this up had a great idea.  They will sell them at the end of the promo.

     One of the things I have noticed as the cars tell a story of what people in New Orleans like and want to preserve.   People like the local sports teams and almost all are die hard fans.  Lots of food and music which is easily understandable.  We appreciate a good meal and work it into the artwork.

    There is also lots of wildlife worked into the windows.  You see everything from gators, to crawfish, to pelicans, to dogs and Hornets.  The local hero's and celebrities get worked in like Drew Brees and local musicians.

    Mardi Gras and even religion make it into many of the scenes.  They are all local so its quite a history of New Orleans.  What I have never see is the politicians or political views.  But then we want the positive aspects of the city to show.  Sorry Mayor Nagin !  The streetcars work, run on time, make money and are something to enjoy for all.

   Each company that sponsors one works some of their icons and symbols into their cars. 

New Orleans, A buyers Market? People like to Buy High and not Buy Low? Following the herd! Psychology does matter!

 Eric's Editorial Comments:

     New Orleans Real Estate is  in a buyers market phase when it comes to homes and condos.  The prices are lower since there are fewer buyers.  There are eager sellers that want to make a deal.  Many sellers and developers need to sell and move on.  The Interest rates are really good, anyone who thinks they will not go up next year is crazy.  Many buyers are not in the market due to credit restrictions.  The prices have been rather stable until this past November when real weakness started showing up. Supply and demand with incentives does work !

    Most buyers have opted out of the market because of the psychology of going against the herd is very hard to do.  This makes it a great time for people to buy things cheaper with a lot lower carrying cost.  There are incentives from the sellers, there is an $8,000 Federal tax credit for buying if you have not owned something in three years.  The interest rate deductions are still there which  means much more than people think. Its a government subsidy to become an owner if you pay taxes. 

     The real estate bubble had a lot to do with this feeling of doom.  New Orleans missed the bubble.  Maybe we were smart enough to see through the schemes and irrational behavior by many lenders.  More than likely it was a combination of our conservative nature and the fact that many could not be fleeced because they had little to lose.  In plain English the lenders saw little profit here like the Wild West of California, Arizona, and Nevada.

     Also towards the later stages of the bubble we were facing the aftermath of  Hurricane Katrina.  We did not need foreclosure to move people out of their homes 4-5 and even 10 of water for several week took care of that.   There is also few new homes built in the area that were prime targets of the unsuspecting and or greedy speculators.  There is not a lot of foreclosures like the rest of the country is seeing.  There are very few in areas that I work.

    Could the prices go lower, surely.  Could they stay stable and go up in a coouple of years, sure.   If you are looking at it as a second home, things are easier to rent as more are not buying.  Looking for a primary residence then you can sell for what you paid and still come out ahead in a couple of years.

   This is something to think about as you ponder what to do.  Not many people wanted to buy Wal Mart stock early on but many did later on.  Everyone needs a place to live and they are not making any more.  At least not in the near future.  So now is a good time to begin keeping up with the market to see what deals would come your way.

   Many people who live here miss a lot because they stay at home.  New Orleans is a very interesting city and its great if you have a camera.  Walked aound before the Hornets game on Saturday. These were two of my favorite New Orleans shots along the Mississippi River. We got a great tour just walking around before the game. Get out and walk you town.

New Orleans Garden District, Unique and certainly Historic !

     Little did we know looking at New Orleans today that a mere 180 years ago New Orleans was very famous city.  It was a  much richer city on the banks of the Mississippi River than it is today.  The odd thing is that New Orleans had the largest population of Free blacks in the the nation before becoming a state in 1820.  Many of the homes in the Garden District were built in this pre-civil war period.

     New Orleans was captured early on in the Civil War and was not burned down like some other Southern Cities.  Maybe because General Sherman was the first President of LSU.  He was not involved  in the capture of New Orleans at that time.

  " The population of the city doubled in the 1830s, and by 1840 New Orleans had become the wealthiest and third-most populous city in the nation. It had the largest slave market. Two-thirds of the more than one million slaves brought to the Deep South arrived via the forced migration of the internal slave trade. The money generated by sales of slaves in the Upper South has been estimated at fifteen percent of the value of the staple crop economy."

      " The slaves represented half a billion dollars in property, and an ancillary economy grew up around the trade in slaves - for transportation, housing and clothing, fees, etc., estimated at 13.5 percent of the price per person. All this amounted to tens of billions of dollars during the antebellum period, with New Orleans as a prime beneficiary."  From New Orleans Wikipedia ,  read the rest of the story.

     The great thing about the area is you can spend 1/2 day walking in the area viewing the historic homes and its free.  Just do a little homework so you will wander by the correct  homes.  You can take a streetcar to make the trip even more enjoyable.  Guided tours are available for those who do like homework.  The Garden District will give you camera a workout.  These were just random shots that I took on a Spring like day in Jan. 2009

      The area is like a Garden so its good to get the home photos  before everything starts growing again. 

      Garden District Condos- Homes can be expensive in the area- You can however get some great condos in the area where you can get the feel of the area at a much lower cost.  The historic condos have been one of the strong points in the New Orleans market.  They are hard to duplicate and the nice buys are still rather hard to find.  Its an area that is worth checking out if you like the feel. 

 New Orleans Garden District Condos-Historic condos and homes are all here! 2512 Magazine Street- the Livaudais House

New Orleans Luxury Condos-St. Elizabeths Condos-1314 Napoleon Ave-Plenty of history here.