The New Orleans French Quarter is a very hard area to price because all the units are so different, parking is rare, many of the units have not been updated to today's standards, balconies are important, views are of course important. This is not subdivision pricing. High ceilings, large windows, second story views and the updates are important. Where you are in the quarter is also important. With that said the prices vary from 300sq. ft to 450sq ft for some of the smaller units. The high end prices may have parking which is easily valued at 30-40k for garage parking. The French Quarter was developed almost 200 years before the auto became a staple.
With that said, had a client today who is a serious buyer and we found a condo that he liked. It was priced at 339k which was a little over his budget but had all the things he wanted in a unit. I tell the clients to offer what its worth and not a figure off the asking price. I went to my computer and figured the units was 265k tops for sale for 2007. The area is rather depressed at that. That is a big difference! You always wonder how people come up with the prices. The unit had no sales history. Time is on our side and my seller has 200k cash and a small loan, just wondering how many sellers let great deals pass them by because of greed or lack of proper advice. I tend to show all and do the value from a cost approach and it has treat myself and my clients well over the years. What are your thoughts?
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