New Orleans Real Estate by Eric

New Orleans Condos-The Studio condos, are they good buys?

      Studio condos are generally condos that are small and have no separate bedroom.  They are too small in most cases to have room for a bedroom.  In the current market most studios are not good buys.  They sit on the market for long periods of time which tells me they are less desirable.  Its not until the prices becomes very very good that they will sell.  There are always one bedroom units in the same price range so the studios tend to sit and sit. 

     There are exceptions to my thoughts but those units better have some great features to make it a salable product.  The French Quarter has the most studios followed by the Warehouse District and Uptown.  We as as agents get to see them a lot as they are slow to sell.  Many agents will not really say they are studios so as to get viewers.  Price seems to be the thing that works best.

      There are however expections to the rule where the price, locations, historical nature of the condo, views, and upgrades make it a good value.  For someone starting out it sure beats paying rent.  For someone who wants a small space for the weekend it makes a lot of sense.

      I saw a couple of exceptions this week and will use the couple for sale at the Commodore Condos located at 3300 St. Charles Ave as an example.  Its right next door to the new Barnes and Noble Bookstore.  It happens to be in a great are to walk down St. Charles Ave and to the New Orleans Garden District. 

       The units have parking in the rear of the complex.  The units have been updated, the complex is well maintained, and they are very nice for a studio.  One of the units has a St. Charles Ave. View with plenty of windows which makes it look and feel much larger than it actually is.  They are both priced below 15ok.

     If you do find a studio it had better have a great location, a nice view and all the other things that would make it an attractive purchase.  Studios could make a great second home if you do not need the room and a bedroom.  Unlike postage stamps they do not increase in price evey 5-6 months so you have to be very careful in the purchase of a studio condo.

Whitney and Sloo Condos located at 404 Notre Dame, Another New Orleans Warehouse District Choice !

 New Orleans Condo Reviews

    The 27 unit condo complex often known as just 404 Notre Dame is located on the corner of Tchoupitoulous and Notre Dame in the heart of the New Orleans Warehouse District.  The Whitney and Sloo building was once a leather factory for the horse and buggy era.

    Generally I can find out a lot about these old building but this one had very little about it on the internet other that the origional owners. Have no idea of what it became after the horse and buggy era.

   The complex was one of the earlier condo conversions in the downtown area.  The units are very large by today's  condo  standards.  They were built as condos.  The one bedroom units are over a 1000 sq. ft.  The two bedrooms are also larger than more recent conversions.

       The four story brick building is set up so all the parking is on the first floor plus a small lobby.  There are several penthouses on the top floor along with a very large deck which is a common area overlooking the center of the New Orleans Warehouse District.   The area has become the center of the Warehouse District one block from Julia Street, various hotels, art gallaries and the World War II Museum.

     The condos give you a feel for the true New Orleans Warehouse units with high ceilings, exposed beams,  exposed bricks,  large windows  and street views.  The differences are the larger kitchens, larger baths and storage areas.  You can view one of the units that I have listed to get some ideas, its loft number 9 on the third floor.  The area has really grown since the condos opened over 10 years ago.

     The common area is very large for only 27 condo units but provides some great views of the downtown area of New Orleans.  There are stairs on either end of the complex plus an elevator off the lobby.  The parking is off Tchoupitoulous Street while the entrance to the lobby and elevator is on Notre Dame Street. 

      You can walk to almost all areas of downtown New Orleans from this location.  You should check out this past article on the New Orleans Walking Scores  from a previous post.

Whitney and Sloo Condos at 404 Notre Dame Loft #9, A Large one Bedroom condo with garage parking.

Condo Listings

       I just listed this very spacious executive condo in the center of the New Orleans Warehouse District.  It comes completely furnished.  It has had one owner since the conversion 9 years ago and is in tip top shape.  Its unusual since most one bedrooms are much smaller than this unit.  The condo is 1033 sq.ft. of living area.   All the rooms including the bathroom are larger than the normal downtown condo.  

      Its got a killer location on the corner of  Tchoupitoulas and Notre Dame.  The third floor condo as 5 large windows which spreads natural light throughout the condo.   You can walk from this location to the Convention Center,  the French Quarter, Riverwalk, Super Dome, New Orleans Arena and St. Charles Avenue.  The Whitney and Sloo is 27 units over the 3 upper floors plus several penthouses on the rooftop area. 

       The spacious 404 Notre Dame condo has an open floor plan with large rooms and city views.  The seller is including almost all furniture and appliances with the sale.  Its priced at $280 per sq. ft. or $289,240.  It comes with a secure garage parking spot which can easily be worth 20-25k in the New Orleans Warehouse District.

     The condo has all the things that make a New Orleans Warehouse Condo appealing.  The high ceilings, the wood floors, the exposed beams, the exposed bricks, windows with street and city views.  This would make a perfect second home in that you can just move in and start enjoying the area.

    This is a perfect second home.  It's furnished!  It's entertainment friendly!  Low condo fees of $251 per month !  Garage parking !  Easy access to the interstate.   The roof top is common area is another place to entertain and grill you own steaks and burgers.   

     I have addition photos and details on my website New Orleans Condos for further viewing.  Its under featured condos.  Below are views from the common roof top area that can be used by all.

    I have started labeling the photos I enter inot the MLS in an effort to add more info about the properties that I list.  Its short and to the point.  Much like the postcards we use to send home before e-mail and digital photos. In this photo I am featuring the street below givng the buyers an idea of the neighborhood.  Maybe it will make a difference. Its quick and easy to read. 

    Each photo may have one thing that stands out.  Just beginning to try this with the help of picnik which I learned about on Active Rain. I tried to put too much in the beginning.  Soemthing simple seems to make the point better and quicker.  

Selling your New Orleans Condo? Know the competition! Get you condo sold quicker?

 Selling your Condo

      It's not what you paid for it.  It's not what you owe.   It's not what you what it to be.   It's not what you put it to it.  It's what the condo is worth that counts.  The price or value is what people will pay for your condo.  Buyers have many choices to choose from in all categories.  The other condos in your price rang and area are your direct competitor. 

     Knowing them is the key to getting your condo sold at the best price .  A good agent can give you this info and show you where you will fall in the order of units for sale.  Know how you compare?

     You want to slot your condo into the correct group by pricing or updating to get slotted higher.  It  really does get back to pricing once your presentation is  very acceptable.  People will look at 6-7 of the better units in that range.  You need to be near the top in your group.   Agents will by pass on those that are unrealistic.  Agents may show it to make the other ones look better.

       You want to be the best available with what you have to offer.  Location, Condition, Parking, Updates, Views, Historic features, Great complex, Security, flooring, paint, are all things buyers are going to be looking at. 

      Many sellers wait till the buyers are gone before figuring out how to figure this one out.  Come out of the gate ready to fly.  Its much like a beauty contest with each condo having its pros and cons.  The biggest con is pricing the unit wrong. 

        Just like my grandson is watching the ducks, you want to be watching what the buyers are doing and why.  As agents we know most of the answers but are open to learning everyday.  This is what I learned from my clients.

French Quarter Condo Trends for May, 2009! What are the numbers saying?

 French Quarter New Orleans

      Most of the real estate sold in the New Orleans French Quarter are condos.  At the present time there are 156 units for sale with only 9 under contract.  These are not good numbers if you are a seller.  There have been 28 sales during the last six months or about 5 units being sold per month.  This is coming out of a very slow period.  Real Estate is seasonal and many of the condos sold are to second home people from nearby states. 

     The square foot prices in the French Quarter are all over the place as to the quality and location of the units vary a lot.  The French Quarter has always been more expensive than the Uptown and Warehouse District.   The Uptown and Warehouse District locations were not competition for French Quarter condos as much in the past but they are now.

    You wonder why the trend to fewer sales.  One of the reason is that people have other areas to chose from that are competitive for what you get.  There are fewer and fewer locals looking to buy as they tend to look in other locations.  The prices for property went up way too fast from 2000-2005.  Now you have the nicer properties in other areas at cheaper prices.  Many people are still looking in the French Quarter but are buying in as great numbers.

      I find the weakest segment of the market are the very small units that are under 500 sq. ft. that are not in great shape.   The best segment is the two bedroom and two bath units with good locations.

     This means if you are a buyer you will begin to see the prices trend downward on the not so premium properties.  Those that are very small, those that need updating and those in the poorer locations.  There will be sellers that just want to sell and get their profit out of the second home and invest in something else.  Some motivated sellers will have very fair prices and they will price their French Quarter condos accordingly. 

    This means its still a buyers market with great interest rates and motivated sellers.   Many people just want the French Quarter so now that its a buyers market its time to starting looking.  That good deal may be around the corner.  This is what I a thinking.  You may have some other comments and that would be great!