New Orleans Condos
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The New Orleans Second Home Market
The New Orleans French Quarter has been the primary area where second homes have been the most popular. Its an historic area with all kinds of activities, shops, restaurants, antique shops, historic buildings, bars, music, and much more. The parking is limited and many of the units are very small and have not been updated in a while. With that said there are some beautiful units but the costs have risen to become expensive to buy and remodel. This has made other areas such as the New Orleans Warehouse an up and coming area for second homes.You can walk to the French Quarter as the Warehouse District is just across Canal Street. Its a place the locals are moving.
The New Orleans Warehouse District, and Uptown New Orleans are also attracting second home buyers. Condos provide an ideal vehicle for this purpose as the condo association maintains the common areas while you are gone. New Orleans is rather compact as cities so you may not even need a car for that long weekend as you can walk or use the historic street car lines. Check out these different areas on the website and photos can say it better than I could write.
The emerging second home market in the Warehouse District is unique as you will be surrounded by locals that live in these areas. There are no time shares and weekly rentals are not allowed in most condos. Longer term rentals are allowed as another way you can help pay the bills. Parking is much easier and you will get an updated unit, easier parking and amenities that you will enjoy on your visits. Your kids and visitors can all enjoy the area.
Last Bridge on the Mississippi River in New Orleans
Warehouse District Condos
Where are these units popping up?
Most second home buyers are looking for a place to enjoy for themselves, their family and their kids. Buyers want nice areas that will have a chance to appreciate, clean and are safe. In New Orleans that means location and the historic nature of the many condos that exist in this market. The New Orleans Warehouse District is one of those areas that is beginning to attract those buyers. The parking is much easier. The prices tend to be lower. You can walk to the French Quarter which is across Canal Street.
What type of condos are people looking for?
People are looking for condos with character, they do not want something that looks like a motel room but something that captures the feel of New Orleans. The character things include large windows, city views, plenty of light, balconies, courtyards, exposed beams, wood floors, nice kitchens, exposed masonry, greenery, rooftop areas, well maintained common areas, high ceilings and the experience of having something special and it does not have to be large. Who wants to be cleaning and cooking. Places are popular where you do not have to have a car to enjoy a long weekend. Not all the areas are full of tourist and this is an advantage over many vacation spots full of RVs and tour buses. Here you can mingle and do your own thing.
Most people want units that have been updated so they do not have to do anything to the units. Some locations are such that you can redo a unit but the selection is not great as the units are mostly updated within the last 5 years.
Getting a loan on a Second Home
Getting a loan for a second home is not that much different that getting a loan on your home. You still have to have good credit. You do not have to spend much on exterior upkeep and insurance as that is covered in your condo fees. You can deduct your interest and depreciate your unit if you go the route of renting. Nice units will rent and help pay some of your note but most of your gain is going to come with appreciation and the enjoyment of your visits. Priceless?
"Having a 2nd home has lots of advantages.A 2nd home is like going on a vacation without having to make
reservations or pay for a hotel.If you own a 2nd home you may have an interest write off on your tax returns. If your timing is right your vacation home will gain equity over time. Sounds like a good investment!! " Julie Baudier,
Lender who can answer most of your questions in getting a second home loan. 504-583-1793 Cell.
Renting Your Units in New Orleans
One of the factors that many second home buyers may be looking for is a chance to rent out there units from time to time. Most of the condo associations will not allow rentals of less than 90 days as per city ordinances and well as the condo docs. If this is part of your decision you will need to focus on where people renting would like to be. Most rent like the larger complexes that amenities amenties that they can enjoy while in New Orleans.
Near Harrah's new Hotel