November 13th, 2011 Categories: Buyers Agent, Condo Knowledge, Warehouse District
The Cotton Mill Condos located at 920 Poeyfarre has been the choice of many of my clients looking for the condo under 200k that has a lot of amenities. Its a large complex of 288 units spread over an entire city block. It is easily one of the places to look at and purchase for under $200,000. Take a further look on my New Orleans Condos-Cotton Mill Condos for plenty of additional photos.
I will list the reasons that over 30 of my clients have bought at the Cotton Mills. I think the values have been very consistent over the past two years. Its now actually hard to see more than one or two choices that are worth purchasing.
Lots of Amenities- You have a very nice gym with all the modern equipment and free weights. You have a full size swimming pool surrounded by tropical plants. Huge 25,000 square footage of courtyard. You have a large secure lobby.
The Warehouse Feel- You have exposed brick in every unit. Tall ceiling of at least 18 feet in most of the units. The exposed beams and wood floors add to the New Orleans Warehouse District Feel. They always feel larger than the square footage says. Most of the condos have some sort of decent view with lots of natural light.
Security- You have a secure that is manned at all times. The desk person lets in only those that should be there. Packages are delivered at the front desk for pickup. During the day you have more staff available.
Location gets better - Over the last couple of years the Warehouse District has spread out. Being a block from the World War II Museum is now a big plus. You can walk to the St. Charles Streetcar line. The Museum is a great plus for this area of the Warehouse District.
Low Condo Fees- Very moderate fees of around $240-$275 for a one bedroom. That includes insurance for the unit. That includes hot water and cable as well.
Well Managed- On site management with a manager on staff daily. The present management team is one of the best. They are very helpful.
FHA Finacing is Available- The only FHA approved Condo Association in the Warehouse District. This allows for 3.5% downpayments . This means you have to come up with $7000 and ask for sellers concessions. This is an important deal for resale value.
Easy to rent- If for what reason you need to rent your unit, it is very easy to rent. People easily pay 1300-1400 for a one bedroom condo. I see this trend will continue.
Parking is available in nearby lots for monthly parking for 100-125 per month. You can park on the street as well.
