Knowing the Condo Associations
New Orleans Metro Condos
Common Areas and Assessments
Know the Trends of the Condo Association
What is a Plus?
Knowing all the Common Areas of an association is very important. Buyers like to know the Common Areas. Things like Swimming Pools, Gyms, Courtyards, Rooftop Areas with Views, Parking Lots and Garages. Security of the Association and the Management Company does also make a difference. The Areas of the Association within the Neighborhood also makes a difference. Knowing where you can walk and take a streetcar is a plus.
Knowing what the condo fees cover is also a great thing to know. I always get a copy of the budget so the buyers can see all that is taken care of. Many agents just think it is insurance and water. There are so many more things that are paid for by the Associations. The amount of reserves that the condo association to take care of future redos and repairs are also important. Lenders require the association to have reserves of at least 10% of the annual budget. The Federal Fibre Mills put in a new A/C system that cost almost around $500 k and it came out of the reserves. The Association had a lot. Each month a % of fees go into the Reserves.
Assessments of the present, past and future are great to know. Assessments are for upgrades and repairs. 1205 St. Charles Condos had assessments for 2017 and 2018. They used the money to replace all the windows on 14 floors with double insulated windows. They also changed all the circuit breakers in all unit. The money left over was put into the reserves which was needed. It is good to know things like this. A lot of assessment upgrade the associations for the new buyers.
The Condo Associations are a big plus when all the units have parking spots. Several Associations have parking for most of the units but some have to rent spots in nearby lots. The Cotton Mill Condos at 920 Poeyfarre does not have owner parking but there is some public parking on the street and several rental lots close by. This is not normal.
Always great as an agent to let buyers know all these things and find out details from the managers. The flyers below help sell the units as buyers are look them over.
New Orleans Condo Flyers