The French Quarter Condo market has shown some brisk sales through June. Now we are seeing a drop in sales that has a lot to do with the weather and people coming to town. Its just flat out hot. The well priced units that are nice are selling rather briskly however.
There are currently 58 active listings with 14 units under contract. There are 8 units below 200k and 14 above the 500k level. The 58 may seem like a lot but once you take out the units that are overpriced and not in demand the levels do fall to a hand full in each criteria. We are seeing reductions as we move into the August months where sales tend to slow every year.
We need to remember than most of the condos are second homes so those shoppers are fewer this time of year. The interest rates are still good and a lot of local lenders are ready to loan. The prices are up over last year as is the demand for the right thing.
Most second home shoppers do not want to do a lot of updating when they purchase. They are not here to oversee the work. The harder units to see are the 3rd floor walk ups and units that are ultra small. These just hang around longer.
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