Eric Bouler

French Quarter Balconies are in demand! Balconies have not gone out of style in 200 years!

Having a balcony in the French Quarter is a demand feature in the homes and condos. Its your eyes and ears onto the daily activities. Its basically some people's front yard and away to show off their seasonal decorations or green thumb. Its a art form that only exists in New

French Quarter Markert Update! Prices are all over the spectrum! Buyers Market?

October 29th, 2009 Categories: French Quarter, Second Homes

The French Quarter Condo prices are all over the place for a number of reasons that I have been able to put my finger on. Most of the real estate sold in the French Quarter are condos so I will concentrate on that market with this update. It all get back to slack demand for the price that people are asking.

French Quarter Market Update- This will give you what is currently for sale and what has sold in the last 3 months in the French Quarter in condos. Its shows 114 for sale with, 14 currently under contract, 14 sold condos over the last 3 months. Click to get a detailed update form the Market Snap Shot which is available to you by filling in the basic info. I can get it far more refined if you would like me to do it.

Why are the prices all over the place!

Second Homes- Many of the condos in the French Quarter are second homes. Less second homes are being bought in general due to the economy. Many second homers want to sell but do not have to sell. They have the units priced incorrectly. Comparisons are harder in this segment or the sellers are stubborn with pricing.

You have various motivations for owners wanting to sell. Some have to sell and become more reasonable quicker. Many have been of the market for a while and sellers begin to see the real value in their condos. They finally see prices are declining and decide to sell and move on.

Strong rise in prices in 2003 and 2004 You had a real estate bubble with people buying condos with great appreciation during those years. Some buyers got good deals but many buyers did not get so lucky. The early buyers have more equity so can still sell with a profit.

Competing locations in New Orleans You now have more areas that compete with the French Quarter. The Uptown area, the Warehouse District and other areas are getting the attention of buyers who once only looked in the French Quarter. This puts pressure on the average condo. The premium units will always fare better.

Nature of the Condo Associations Many of the condo association have not kept up with the necessary updates and repairs that they should have. This may be because most of the owners do not live in New Orleans. With that said there are a number of very well run associations.

Number of Updated Units A lot of the units are in need of updating. Today's are passing these up for the premium units that have been updated. The units that need updating have not priced that into the asking price. Some of the best buys are those that need cosmetic updates such as bad floors, lighting and colors. Spending 5k to 10k can get you equity if you are willing to take the chance.

Size of many Condos Many of the condos on the market are just too small. They are more like a motel room. These have quickly fallen out of favor.

Financing on New Units The new developments are having a hard time getting conventional financing unit a certain number are sold. To do other wise is to pay cash or a much higher interest rate.

The values are there but you have to cull through many units to find the correct one. Its all in the timing of finding what you are looking for and what currently is available. All these issues however make it great for a Buyers looking to be in the French Quarter.

People are starting to notice as properties that meet their needs are reaching prices that are affordable and much cheaper than a couple of years ago. Get a good Buyer's Agent and do your homework in advance.

French Quarter Window Shopping! Its just not the same old things!

Window shopping in the French Quarter is another one of the free things that you can enjoy in New Orleans. The shops are unique as are the shop keepers. Even if you do not buy you can have a lot of fun in the Crescent City.

If you cannot see them! You may miss them. New Orleans Courtyards

This is your tropical courtyard and pool if you live at the Federal Fibre Mills in the New Orleans Warehouse District. You cannot see many of the courtyards and gardens in New Orleans as they are out of site... This is one of the premier common areas in the New Orleans condo market.

The Pre-Market approach to listing your New Orleans Condo. Make sure its all working! You only get to make a First Impression Once!

Condo Listings

The New Orleans Market is very competitive for a seller in a Buyers Market. There are a couple of thing you can do and should do before putting your condo on the market. Making sure it looks great and putting everything is in order will put your condo in the Driver's seat to getting sold. I have come up with some ideas that are not the norm but will enhance the marketing of your condo. You may have some to add?

Pre- Marketing Inspection Before listing have an inspector review your condo. I have people who will do it for $175 and may save you in the long run. He will check all the basics and give you a report so you can fix the things that need fixing. The buyer will get their own but you know your unit is in good shape.

A/C-Heating Serviced- Most people forget to have their units serviced on a regular basis. If you have not done this recently then do it before marketing. It will give you peace of mind that one of the biggest mechanical expenses is taken care of. Have the receipt handy and change the filters. Buyers like to know that people take care of the place.

FHA Financing Available? Can your condo association be sold as an FHA loan. It opens up the doors to more buyers who only need to put down 3.5% and have a much lower PMI premium. The manager can look over the approval questionnaire to see if all the questions can be answered. The Rules change in November of 2009.

Paint is Cheap is cheap! You want to touch up and dress up. Your condo is going on a date and needs to look her best. Touch up and freshen up is simple but rewarding. Getting a professional job done can be the answer. Nothing looks worst than a job poorly done.

Professionally Cleaned ! Sounds simple but a lot of sellers forget. You should do to do it on a regular basis to get the premium status. The cluttered look may eliminate you from the race early on. People smell as well as look so any smoking or pet odors is a big turnoff.

The Reluctant Tenant! This is a factor that cannot be understated. Let's just be honest! Tenants have little incentive to get the place sold and very few add to the positive impression. Its an agents nightmare to get a messy tenant that cannot show when needed and keeps the place a mess. This is a factor in all price ranges and in all areas. There are few exceptions!

I continue to see sellers not getting the basics done. In the end it will take longer and you will get less. So take the steps to get your condo in premium shape for the big date ahead.

You only get to make that first impression once. Spend some time and money to get as close as you can to a premium unit. In a slow market those condos are still selling.