The #219 Sugar Plantation condo has Tchoupitoulas Street views from the second floor.  It has designated parking in the garage below.  It has a large storage area downstairs.  The condo itself is very fresh with few scratches or even a lived in look after several years.  The positives are high ceilings, exposed beams, stained concrete floors in living areas, large windows, exposed brick, and the true Luxury Warehouse feel.  This unit is priced at $299,219  is considered a premium unit in the Sugar Plantation Condos. It still has the new unit feel.

    The condo is about 1000 sq. ft. with one bedroom with plenty of storage.  There is another room that could be used as a guest room or an office.  It does not have a closet so I would not call it a two bedroom.  The floor plan is open.  The bath and kitchen are almost new with that upgraded feel and look.  Washer and dryer in the laundry room off the kitchen.  The rooms are large as well.  plenty of storage for a condo.

    This is more than likely the cheapest condo in the building which puts you in a great neighborhood of condos up to the 600k range.

     The condo association is professionally managed and has secure entrances for parking and from the Street.  The condo was completed in 2005.  The condo features garage parking for all.  The courtyard and pool are available for the residents.  There is a party room and exercise room to enjoy as well.  The condo fees are right at $300 per month which covers water, upkeep, cleaning of common areas, management, elevators, parking areas, and security.

     I have include some various photos of the New Orleans Warehouse District so you can get a feel for the area as well as well as the condo.  The area is the location and in real estate the location is a key factor of your decision.

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     The areas are natural geographic areas and well as areas that have similar type of homes and neighborhoods.  People tend to look in areas as they have similar values and life style.  The values are determined by past sales and the desire to be in those areas.  The local MLS and agents think about areas when beginning a search.  Location! Location! 

     When I set a client up for a search the first thing I need to know is the area.  Next is the price range in which you will be shopping.  The other important factors are the condition, size, age, parking, yard, and type of property.  Having these factors identified a good agent can really narrow the search down.  This is a beginning any any search. 

        The various parishes will also have maps that divide neighborhoods and values.  This is a much more refined way to search than by zip code.  If inside the areas it really varies down to the street level.  This however is where begin a search or the hunt.  Happy Hunting !  Area What?

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      You still may be eligible for the $8000 tax credit that ends this November so check this out as well.  Real Estate season started late this year but is now in full swing. 

• The downpayment is 3.5% for an FHA loan where as Conventional financing is at least 10% and more.  This has to be your primary home.
• The credit scores are relaxed and you do not pay extra for a loan if you have average credit as you may have to do with a conventional loan.
• The  Mortgage Insurance is almost half of what a conventional mortgage is at this time. This is an insurance premium you will pay if you put less than 50% down.  On a $200,000 loan the FHA fee is about $110 per month with the 3.5% down.
• The seller can give you up to 6% of the loan amount in concessions. For a condo this is going to be much less since insurances are in the condo fees.  This will also help you pay for the FHA upfront insurance fee along with your other closing cost.  This means you can get in for 3.5%  if we figure the numbers correctly.  This means if you borrow 200k, they you need $7500 of your own money.

      The one big issue is weather the condo association can be financed by being on the FHA condo list or by doing a spot approval.  Please chose a local lender as they will be far more knowledgeable  than an out of town person.  An agent can help you with the questionnaire to see if the condo may pass the requirements before starting. 

     Its always better to know that you will have a high probability of success.  This is where a knowledgeable condo agent and lender are very valuable.  Here is the questions that are asked to condo association to determine if you can do a spot approval.  Spot Approval Process.

     There are  some very good lenders but there is a special one in   Jeff Bollinger  ” The FHA Expert ” is one who is an FHA expert in my eyes.  He has a weekly blog that can answer many of your questions just by reading his thoughts and many comparisons he makes.  A true expert indeed.  This is where I go to look for answers when I need to have a question answered.  He is not local but has the answers for everyone to read and think about.

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       Parking in the New Orleans Warehouse District is not easy if you do not have a space with your unit.  As the prices near $250,000 most units will have parking.  Initially parking was either sold with the unit or sold separately.  The prices range from 20k to 30k and are hard to come by if you did not get one in the beginning.  Garage parking is even better for your car and your convenience.  Not all spaces are equal, the first pickers of spaces tended to get the better ones.

    The common area amenities are not free and they also have a value to the purchaser and an expense as well.  The enjoyment of  the common area generally out weigh the additional expense.   Many times people  choose the common areas as one of the main reason for their final choose.  Location, Location is always the first choice but amenities  ranks up at the top.

        The enjoyment of the amenities makes the expense worth while to manypeople depending on the desired lifestyle.  Having a gym and pool are a plus to most people.  No need to join a health club.  Good way to meet your neighbors and get outside of your condo w ith no hassle.

     It gets hard to put a number on the value of the common area but most people do value these and the units tend to sell better when the common areas are well done.  Its still about people wanting to enjoy the lifestyle at whatever price they are looking for in a New Orleans Condo.  If you ever plan to rent your condo then this is a major factor in a future tenant wanting to rent your condo.

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     W hen its 90 degrees and 100% humidity,  the ice cream just tastes better.

    There are an assortment of flavors from which to chose.  You need to be brave and pick something that you have never tried.  I like the waffle cones but then that is my taste.  The open at noon daily.  Once a bakery now an ice cream shop.  New Orleans is great at recycling icons from the past.

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    The surprise came when I went to list the unit again as the client is being transferred.  It had been turned into a real show place or what I call a premium unit in the business.  It has been transformed into a designer like unit.  The professional paint job that they bought cost several thousand dollars makes the most difference.  The two tones along with the beams and ceiling being painted really bring out the original hardwood floors.

    The shades on the windows, the built- ins in the bedroom, the loft bed, and decor add to the designer look.  The addition of California closets,  loft  bed , and the new wall dresser gives you more than enough room for storage and your clothes.  This gives you the Wow!

         The updates and features  make the unit a move in type of unit.  The large windows means lots of natural light with little direct sunlight.  The unit is now a much condo better in quality several years later.  The condo is 747 square feet of living with a lot of storage areas for a condo of this size.

     The updated kitchen features ample custom cabinets, granite counter-tops, double sink, and stainless steel appliances.  The washer and dryer arein the hallway and stays in the unit with all the appliances.  Its open to the living area and very accessible. 

           The main point of the article is to point out how improvements can be made in your condo.  In the end things that are tastefully done will add value.  This is the type of  units that people are looking for in this market.  To see more photos of the unit click here to see the website page for this Cotton Mill condos located at 920 Poeyfarre  in the New Orleans Warehouse District.

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     They taste great and are good for you as well.  You can pick a gallon or two in about 1.5 hours.  It always helps to be tall.  They are free to eat as you pick.  Great chance to have a family affair of picking late in the day so as to avaoid the heat of early summer.  The best time to go is after a rain so all the berries are hydrated and are fat and juicy. 

       Its easy to pick for all ages as there are thousands and thousands of berries within reach of all who come to pick.  The best thing about freezing them is that they are so easy.  They are like marbles, they do not stick together and are easily thawed out and do not seem to lose their flavor between seasons.

      If you cannot make it to a u-pick ‘em then you can visit the Farmers Market each Saturday in the New Orleans Warehouse District.  Its open every Saturday morning in the 700 Magazine Street.  The blueberries are extremely fresh and can be bought in flats, half-flats, and containers.  You can eat them,  freeze them or bake them in a cobbler.  Buying from the local farmers means they will produce more for the locals.

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     There are exceptions to my thoughts but those units better have some great features to make it a salable product.  The French Quarter has the most studios followed by the Warehouse District and Uptown.  We as as agents get to see them a lot as they are slow to sell.  Many agents will not really say they are studios so as to get viewers.  Price seems to be the thing that works best.

      There are however expections to the rule where the price, locations, historical nature of the condo, views, and upgrades make it a good value.  For someone starting out it sure beats paying rent.  For someone who wants a small space for the weekend it makes a lot of sense.

      I saw a couple of exceptions this week and will use the couple for sale at the Commodore Condos located at 3300 St. Charles Ave as an example.  Its right next door to the new Barnes and Noble Bookstore.  It happens to be in a great are to walk down St. Charles Ave and to the New Orleans Garden District. 

       The units have parking in the rear of the complex.  The units have been updated, the complex is well maintained, and they are very nice for a studio.  One of the units has a St. Charles Ave. View with plenty of windows which makes it look and feel much larger than it actually is.  They are both priced below 15ok.

     If you do find a studio it had better have a great location, a nice view and all the other things that would make it an attractive purchase.  Studios could make a great second home if you do not need the room and a bedroom.  Unlike postage stamps they do not increase in price evey 5-6 months so you have to be very careful in the purchase of a studio condo.

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     The units would make excellent homes for students, second homes and people just beginning and need a starter place.  It beats paying rent and at these low interest rates its a great advantage to buy and build up some equity.   There is even one in the building pictured above but its a rear unit.

     I was impressed with several of the condos that I saw.  I ran a market Snap Shot so you can get an idea of what is out there.  This is a great tool that you can use in a search as it gives you the sold data for the past three months plus the actives.  I am able to do an advanced search which really narrows it down but in the beginning the broad overview is a great way to start.

 Market Snapshot of Uptown Condos 130-160

Hello Market Snapshot User,

View the Market Snapshot here. Your report is personalized: it charts market activity– current up-to-the-minute –with homes in your area, including such data as sold homes, properties for sale, inventory counts and even days-on-market.

There are many ‘intangibles’ behind this data, such as whether homes were fixed up or not, special amenities and the like. I have the local market expertise to help you interpret this information fully.

Please contact me with your questions and comments.

Eric Bouler
Prudential Gardner
Office: 504-212-0072
ericbouler@prodigy.net

    I have not seen the number of condos in this price range in the last couple of years but was pleasantly awakened that there are some very nice places in small packages.  The nice ones will all sell in the near future.

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   The complex was one of the earlier condo conversions in the downtown area.  The units are very large by today’s  condo  standards.  They were built as condos.  The one bedroom units are over a 1000 sq. ft.  The two bedrooms are also larger than more recent conversions.

       The four story brick building is set up so all the parking is on the first floor plus a small lobby.  There are several penthouses on the top floor along with a very large deck which is a common area overlooking the center of the New Orleans Warehouse District.   The area has become the center of the Warehouse District one block from Julia Street, various hotels, art gallaries and the World War II Museum.

     The condos give you a feel for the true New Orleans Warehouse units with high ceilings, exposed beams,  exposed bricks,  large windows  and street views.  The differences are the larger kitchens, larger baths and storage areas.  You can view one of the units that I have listed to get some ideas, its loft number 9 on the third floor.  The area has really grown since the condos opened over 10 years ago.

     The common area is very large for only 27 condo units but provides some great views of the downtown area of New Orleans.  There are stairs on either end of the complex plus an elevator off the lobby.  The parking is off Tchoupitoulous Street while the entrance to the lobby and elevator is on Notre Dame Street. 

      You can walk to almost all areas of downtown New Orleans from this location.  You should check out this past article on the New Orleans Walking Scores  from a previous post.

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