Kenner Condos, A Market Update! Stay with the Best for future value!
The Kenner Condo market attractive to condo buyers as the prices are very reasonable and the commute times to Metairie and New Orleans are not bad. There are however two distinct markets with one much much preferred over the other for appreciation and quality of life. The complexes built as condos are the best way to go. The conversions are much more problematic and their future value unknown. The current trend is down!
The Avante Garde Condos, Rue Chardonnay, Cobblestone Village and Bordeaux Village are my favorites over the many recent condo conversions from apartments. This group were built as condos as thus have common areas, gated entry and mature condo associations that add value.
The value trends favors these associations as they are better managed and end up being better maintained with common areas that add value. It is much harder to get financing on many of the conversions. The trend favors the nicer places to live that look like neighborhoods. The group can be financed FHA which gives you a better chance for resale value in the future.
As long as the complexes are well managed and kept up to a top level, the trend will continue. There are several groups of condos on Chateau Blvd. that were built as condos that also seem to do well and the turnover of these town-home style do have have much turnover.
Most of the units are two bedroom units which are preferred along with many 3 bedroom units in Rue Chardonnay. The Kenner Condos are larger than other segments of the New Orleans market as they were built as condos twenty plus years ago. That was when the land was much cheaper and there was plenty available.
Avante Garde Condos, Kenner
Currently there are only 4 units for sale at Avante Garde at prices varying from 118 to 159k. You should be able to get the better floor plans for around 150k that has some updates. This is not that many for a complex of over 200 units. These FHA approved meaning 3% down is possible. Good value for the 140's. Do not expect something fully updated for less than 150k.
Rue Chardonnay Condos, 1500 West Esplanade, Kenner
There are 17 units for sale at Rue Chardonnay ranging in price from 150s for the two bedroom units to the upper 160s for a three bedroom unit. The three bedroom units give you the most space and value of any in Kenner. The condos are among the largest with each being 1725 sq. ft of living with one bedroom down and tow upstairs. All are townhouse style units. Many have been updated since they received water during Hurricane Katrina from a Canal that over flowed.
Bordeaux Village Town-homes
There are two units for sale here and they are both in the 150's range. These tend to have very little turnover as many people have been here for a while. They are actually fee simple town-homes but we tend to think of them as condos just the same.
Interest rates are lower than I can ever remember this week. They hit 4.5% yesterday so if you are the fense about buying now is a good time to stop paying rent.
