New Orleans Real Estate: Hot Condos For All

By Author: Julian Bryce
Total Articles: 3764
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The Warehouse District of New Orleans is a hot real estate area. There are several reasons for this, including the fact that it is just a short walk from the French Quarter and everywhere else in New Orleans is just a streetcar ride away. If you purchase a home here you can put your car away because the public transport systems can take you anywhere you want to go.

You will find it hard to believe the way that the old warehouses and waterside buildings have been transformed into condos of every size and shape, suitable both for single people and families with children. Elsewhere they might be called lofts, but in New Orleans they all come under the one name of condominiums. They are available all over New Orleans, but the warehouse district has been particularly developed, both before and after Katrina.

Incentives were offered to developers who maintained the original nature of the buildings. Most of the warehouse area developers have kept the exteriors with ultra-modern interiors and fittings, such as the Sugarmill Plantation, where internally the whole development has been constructed from the ground up. As ...
... time goes on, the developments are becoming more and more highly appointed, and prices are going up accordingly. A two bedroom condo in the warehouse district will leave you no change from $300,000, and prices are increasing.

This district is a favorite for young professionals and students, and many condos are purchased to rent. Now is still a good time to buy for investment, since although the prices have been reasonably stable over the past year, many units still need upgrading and a little bit of work could bring a good return. What they call sweat equity is a good way of making money on property when prices are stable. However, it is believed that these will now rise rapidly, and prices in some eastern seaboard cities of the USA are increasing by over 12% a year.

One good selling point is that you don't need a car much in New Orleans, as already mentioned, and parking is not so much of an issue. For that reason you will likely have to find some form of parking with your warehouse district home since you will be leaving it behind so much. With rising gas prices this isn't a bad thing!

The condos here are not large, and if it is living space you want then perhaps you should have a look at what else New Orleans has to offer. In the center of the city you will be looking at around 300K minimum for a condo, but if you go 15 minutes away to uptown New Orleans, condos can be had for 90K upwards. You don't get much for 90K, but if you are single and out most of the time then it's a good buy. The average two bedroom uptown condo will cost around $200+.

Many are buying up condos to rent and also as second homes, especially close to the French Quarter. The Quarter itself is expensive but as said already, the streetcars and buses are excellent in New Orleans, and you can get to any area pretty quickly by public transport.

As with any other form of habitation you get what you pay for, and New Orleans condos are no different to any other with respect to the facilities they offer. Pay the basic price and you get the basic condo, but that is what many people want. In a district where a reasonable condo is priced at $200,000+, many students, for example, or young people in their first job, would love the opportunity of a $100,000 condo, no matter how basic. For obvious reasons, however, these are not easy to find.

No matter where you want to buy your condo, or your reason for buying it, you need a professional realtor to help you through the maze. There so many laws, such as tax free gains when you sell a home that has been your residence for at least two years. There are other laws regarding gains on home sales that a good agent will be able to help you with - not when you sell, but when you buy with a view to selling later. That is when you need the advice.

The area of New Orleans you choose might be important to you. If you have children, you will want to move to an area where there are other children, not to one where seniors tend to congregate, or areas taken predominantly by students. You need local knowledge to make these decisions.

A condo might be ideal, or perhaps you prefer a home with a garden or backyard. You might need parking or a garage, or you might want to live near your place of work in the commercial areas. All of these needs can be met by use of a professional realtor or agent. At the end of the day you want the home of your dreams, and New Orleans real estate is so wide and varied in style, size and price that you should be able to find what you want, given the right help and direction.