Points on How to Value a New Orleans Condo
Let's review how to best put a value on a condo that you are buying or selling. It is much more than square footage prices which people like to over use. It just does not work that well in the New Orleans Condo Market. We will review all the variables below.
I have seen more than most agents so I consider each comparable that will most likely equate with the one you are buying or selling. As a buyer you want your offer to be close to the value and not the asking price.
As a seller you want to go a little above the value as people want to get a little off the asking price. This way you should be in the top three units of any buyers search in condos that fit your criteria. This works in a great, medium or poor market.
Many buyers and sellers want to rely way too much on square footage. So many condos have differences that make this hard to do.
Parking is something that does not show up in square footage. A parking spot in the French Quarter can easily be worth 40k, A Warehouse District parking spot is easily worth 30k. Then if there is no parking then having access to parking is of value.
Views, Buyers want great views. Conditions of the unit itself and what kind of upgrades were used are a large factor. Things like high ceilings, wood floors, security, amenities, and condition of the condo complex come into play in a big way. This makes finding the right comps a little tighter when there are few sales in the building as is often the case.