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    I am seeing this more and more as less condos are put one the market and the better condos have been selling.  The inventory is not as deep as a buyers market would suggest in the sweet parts of the market.  I told her she would want parking, decent views and light, high ceilings, updated kitchen and baths, and in complexes that have the better locations.  I added people do not like first floor units in the Warehouse District. 

     Once you take the overpriced units out you were down to the two best units fairly quickly.   This is quite a change in the market over the last 3 months.  I did the same search type of search in the 150-170k in Metairie and came out with about the same results.  There are many more condos for sale in Metairie but getting down to the 5-6 better condos was not that hard.  

     I do have the advantage of seeing a lot and knowing the pitfalls of many of the condo associations.  The negatives may be high condo fees, hard to finance associations, and units that will have poor resale values.  The resale value is one of the most important factors buyers should be looking for when they buy.

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     Its a carnival of incentives.  Much like Mardi Gras- Throw me something so long as it cost me nothing.  So if you can get it you have to take it.  The interest rates remain low since the Feds are buying the mortgages.  Its wild !

Senators agree to extend homebuyer tax credit By STEPHEN OHLEMACHER Associated Press Writer © 2009 The Associated Press

Oct. 28, 2009, 7:00PM

WASHINGTON— Senators agreed Wednesday to extend a popular tax credit for first-time home buyers and to offer a reduced credit to some repeat buyers.

The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November. The Commerce Department said Wednesday that new home sales fell 3.6 percent in September, and some industry representatives blamed uncertainty about the tax credit.

Senators agreed to extend the existing tax credit for first-time home buyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.

The tax credits would be available to home buyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, according to a summary of the legislation being circulated among lawmakers.

Senators were still negotiating the expansion of a separate tax credit that lets money-losing businesses get refunds for taxes paid in previous years, providing them with an immediate source of cash

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 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.

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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.

Get an Appraisal   If you do not have faith in the numbers that your agent is giving you then you should get an appraisal.  The agent and the appraiser will be using the same properties.  You can often get a break in the cost as this will not be official.  The lender for the purchaser will have to get another no matter what.  

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.

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      Some of the changes I am seeing over years past is that people are looking in several areas.  The French Quarter was once the most popular spot for second homes.  Now other areas are doing well.

      Warehouse District - Its across Canal Street and a short walk to the French Quarter.  The condos are generally cheaper, newer, larger and the projects are larger.  Many have amenities such as gyms, pools, security and large courtyards.  You can find this for under 200k.

     French Quarter- Prices are falling and pricing is rather erratic.  There are some good buys to be had especially in the under 250k range.  Still very hard to get parking included.  Willing to do a little updating and you can do even better.

     Garden District- Becoming popular  as historic homes and buildings have been converted into condos.  The most popular for future value is the historic conversions where you still have a feel of the old home with wood floors, high ceilings and large windows.

    Uptown Area Condos- A wide variety of condos exist with prices ranging from 150k and up.  Being between St. Charles and Magazine is the hot spot in an historic condo conversion.

    University Area Condos  A built in demand for Tulane and Loyola students where the parents can enjoy the condo as a second home.  The historic condos are selling very well in this area as long as they are updated.

     Lakeview by the Lake   Beginning to see more action in this area as well. Its very close to downtown and if you like the water and outdoors you are in luck.  Prices are down but not a lot of supply.  Your small community that has everything.  Happy Sailing !

      Financing a second home is still easy and the rates are around 5%.  The demand was down and now see more and more people starting to look.  Some want to winter here and leave the snow behind.  Not everyone has to go to Florida.  Shop and Sleep, then enjoy eating and drinking. 

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By Patricia Reaney 

NEW YORK (Reuters Life!) - Looking for romance? Head to Honolulu. But if you are single, like live music, boutique hotels and want a wild weekend, New Orleans is the city to visit. 

In its latest survey of America’s favorite cities Travel and Leisure magazine asked readers to pick the best places for everything from the most attractive, intelligent, stylish and the friendliest people to where to find the best museums, restaurants, bars, museums and affordable hotels. 

“The big news this year is that New Orleans received the most number one rankings over New York,” said Travel and Leisure Assistant Editor Stirling Kelso. 

“It is a popular weekend destination. You can go to New Orleans and feel like you have left the country,” she added. 

The city known as the “Big Easy” also came out tops for people watching, singles scene and the metropolis with the best bars and concerts and bands. 

“In the nightlife category, New Orleans beat Las Vegas. Last year New Orleans swept all of the night-life categories and New Orleans did this year,” Kelso added. 

Miami topped the charts for the most attractive people, followed by San Diego and Charleston but southern charm seemed to come into play with Nashville, New Orleans and Charleston having the friendliest folks. 

New York was the U.S. city with the most stylish residents with Miami and San Francisco and Los Angeles also coming up with high marks. 

But when it comes to most intelligent Minneapolis/St. Paul took the crown, followed by Austin and Boston. The twin cities also scored top marks as the cleanest city. 

The results were based on an online survey of more than 60,000 people who rated 30 U.S. cities in various categories. Five new cities, Providence, Kansas City, Cleveland, Houston and St Louis, were added to the survey this year. 

Washington D.C. was the top choice for best museums, galleries and historical sites, with New York, Chicago, Philadelphia and Boston also in the top five. 

“In regards to culture, Washington D.C. and New York really tied in that category. New York got the No. 1 ranking for classical music and theatres, and Washington D.C. did for historical sites and monuments and museums and galleries. It was a nice East Coast tie,” Kelso said. 

For more sedate family fun, Orlando, Florida was the top choice with Washington D.C. coming in second, and San Diego third. If money is a consideration, Cleveland scaled the chart for best affordable getaway. 

New York may have bowed to New Orleans in the nightlife ranking but it was still scored top marks in a category considered important by many — shopping.

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Seasonal Discount- You can always buy cheaper this time of year as less people are looking.  it happens in the good and bad years.

Sellers getting Weary- Sellers who were asking to much have now begun to finally know they were too expensive.  Buyers passed them by as well as agents.  The listing is now stale.  Much better buy now !

Very Low Interest Rates-  4.875% is a great rate.  The U.S. is forcing rates low in hopes of getting the hosing markets and banks moving.  The rates otherwise only make sense to the buyers. $538 per 100k borrowed

Condos Below building Cost!  Some developers are dumping their unit to raise cash.  They are out there.  Its mostly at the lower end of the market.  Great buys for a second home.

Sellers need Cash  Owners of second homes may just need to sell. We have been seeing this mainly in the French Quarter as some sellers just want out.  Be on the lookout for better deals.

FHA Loans are still Here!  Owner occupied condos only. 3.5% down for accepted condo associations.   Much lower mortgage insurance rates and seller can pay most of your closing costs.

$8000 tax Credit almost gone-  Its good till November 30, 2009.  That’s a gift of $8000 for the taxpayers.

Seller Concessions-  Just need to ask for reasonable things and it can be worked out.  Paying closing cost, leaving furniture, ect.

Lenders are not Busy-  Stay local and be the center of attention!  All the new rules will add time to the deal.  Start early and get the process started.

Condo Fees are Level - The Katrina Insurance costs are working their way out of the system.  The high rates are fading.

Property taxes are down 29% over 2008 in New Orleans- This favors the new buyers. Taxes are deductible on your State and Federal taxes.

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     In New Orleans downtown where there is seldom new construction so the penthouses are built on top of existing buildings.  This is the case with this unit #507 but it has a little twist.  The condo has the 5th floor in the original pre-1900 building and then the build out on the roof done for the New Orleans 1984 Worlds Fair.  You get a touch of the true Warehouse District feel along with an open living area.  You get the best of both worlds, new and old, you can say.

      This is a condo that I listed this week at the Federal Fibre Mills that is a penthouse Condo.  The Views are some of the Best in the New Orleans Warehouse District but the pluses do not stop there for unit #507  located at 1107 S. Peters.  It is unusual in a number of ways.  It is a townhouse style unit on two levels.  The living area and kitchen are on the terrace level while the bedrooms are down.

     The upstairs is on the penthouse level or roof top level with a very open floor plan.  This large room opens to your  terrace with great city views day and night.  This is an entertainers delight with all the designers touches.  The kitchen has been totally renovated, New appliances, new light fixtures, new floors, 2 new french doors to the terrace.

     The downstairs features the old “New Orleans Warehouse look” with high ceilings, wood floors, large windows, exposed brick, exposed beams, and a master suite.  Everything on this level has been upgraded including the bathrooms, tub, floors, vanities, fixtures and much more.

     Best to just watch the slide show and take a look for your self.  Need more information just ask or comment. I have more photos and information on my New Orleans Condos Website.  Its under featured properties.  The photos are good but seeing this unit is the better way to go to get the big feel with the natural light.

These are some previous articles on the Federal Fibre Mills-

Federal Fibre Mill Condos, Common Areas grade an A Plus! Common Areas are part of your values!

Warehouse District Condos, The Federal Fibre Mills Condos and Lofts remains popular !

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     Much of the time the condos will need work as they may not have been taken care of.  Many times the Banks will sell it like it is at a reduced rate or update it to get sold.  It all depends which way you want to go.  Most people do not want to do work so if you are able the price becomes much better.  This is where you can build sweat equity either by doing it yourself or having someone do it for you.  This is a risk feature  that can work in your favor.

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