The second home market for a New Orleans Condo has dramatically changed in the last six months. Its been up , up and selling. All the nice things are selling in most of the areas where second home people do buy. Now many second home buyers are staying in the condo longer and coming more often. The areas where buyers look has expanded to almost all the areas in New Orleans where there are condos.
Several years ago the French Quarter was the place to be. It still is in demand for the nicer and more expensive units. The slowest segment of this market is the ultra small units while the nicer more expensive condos are selling briskly.
More and more buyers are willing to look in other areas as well. The Warehouse District has been doing well for the past 4-5 years for second home buyers. Now we are seeing people venture to all areas of the city. Most want a place where they can walk to restaurants, shops and be near the St. Charles Ave. Street Car line. The areas in the Lower Garden District, Garden District, Uptown are all getting attention this year.
The area between Magazine and St. Charles has been one of the better areas for all these reasons. Its just easy to walk to places and find things that have that New Orleans feel. You can walk to a variety of stores and restaurants that you will not find elsewhere in the United States. You can mingle with people from all walks of life. Talk about the Saints and Politics and you will get a lively discussion from most locals.
The interest rates for second homes remain low at about 4% if this is going to be a second home. Always best to use a local lender who understands the New Orleans Market. Stay local and be happy and satisfied. I can always recommend the best as my job depends upon it.
One question I am always asked is about renting the condo when the owners are not here. All the condo docs are going to say not leases for anything less than 60 days and more. This is a city law so all condo documents are going to state this. Many are longer terms for leases.
I am always asked about flooding as well. Very few of these areas flooded during Katrina or during the recorded history dating back to the 1750’s. This was and is still high ground.
The good to great rental business is for people wanting corporate places for several months at a time. These could be people on a short assignment for a variety of jobs. The movie business has been booming and it takes several months to shoot a movie. There is a lot of construction going on and people need places to stay. Companies are not moving people as much but pay a per Diem to someone on a temproary job that could last months.
These people do not want to stay in a hotel. I have a good friend and past client Ann Beck who specializes in this segment and she says her business is booming. She can get you set up once you purchase according to the rules and regulations. Let her screen the clients for you.
The street car is only $1.25 for a one way ride and runs from 6 am to midnight. An all day pass is only a couple of bucks more. Not bad for the oldest running streetcar line in the United States. Plenty to see along the way….