New Orleans Warehouse District Updates-New Orleans Condos and lofts

Warehouse District Condos Update- Summer of 2008

Business has really taken off in the last month. There is a natural turnover of unit this time of year. Its a favorite place for young professionals starting new careers and well as medical students, residents, and other college students looking for places. The rental market has become rather tight making it harder to find reasonable rentals. The second home buyer has also come back into the market especially for second home buyers in the last 8 weeks.

The second home buyers this year are opting for the two bedroom in the 300k range. The second home condo buyers are looking for units that have been updated, have amenities and have parking or parking easily accessible. We are seeing a few more families wanting these units so they need larger units.

Pricing has been rather stable over the last couple of years so the units are easy to price and see which ones are asking too much for there units. The units that are not updated still are having a harder time selling. If you can do some work on the units themselves then there may be some sweat equity if this is what you are after.

People are mentioning parking much more often this year over previous years. Warehouse Condos and the closeness of town and shopping are making the units a very energy efficient purchase as you really do not need a car for many things in this area of town. The units tend to be small and well insulated old buildings just do not use the power of homes. This factor may be playing a larger and larger role in the thoughts of people purchasing.

People always ask about foreclosures in this area of town. There are none that I know of since its not overbuilt and demand remains high for the right thing. Everyone has to have resale in mind when purchasing and that is when a condo specialist is worth buying through. View my recent blog New Orleans Condo Trends on second homes.

You can also check out other ideas at New Orleans Real Estate and New Orleans Condos and Lofts