There are many reasons in the New Orleans Market to think about buying a condo in 2007. One of the big reasons is the cost of residential homeowners insurance that has gone through the roof or is just unavailiable for certain homes. Adding $300-$400 per month for a moderately priced home of 250k is a killer of many deals. This is because insurance companies who had record profits have red-linedthe New Orleans market. Even if your area had little damage, they pulled out of the market. Mrs. Blanco our Govenor is worried about the merits of cock fighting and getting re-elected rather than the problem of housing that plagues our market. Getting off on a tangent. Back to Condos, Your condo fees cover insurance, mintaince, upkeep of common areas, spaa, pools, excerise rooms, security, and much more for less than the cost of insurance of homeowners insurance. Why is this so? Insurers of condos actually look at the complex and give it a price to insure based on its merits. The rates have gone up but nothing like the residential market since Katrina. This fact has made people look at condos as an alternative to housing. Very fwe of the condos I sell had major damage or flooding. Its worth taking a look at New Orleans Condos for the insurance reason alone.
