Uptown New Orleans
Your second Home can be a Condo !
Your "Pied-a-therre" or temporay or second place of lodging may be in Uptown New Orleans. New Orleans is a very compact city and you can be 10-15 minutes from downtown with ample public transportation via the St. Charles Ave. street car. You will find a variety oof condos along St. Charles Ave, Magazine Street and Pytania as well as in various neighborhoods. Its quiet and quaint but near the action when you need it. Most of the units are smaller complexes or conveeerted 4-6 plexes. See the page on Uptown Smaller Complexes for some ideas. The most favored units are those of historic nature with great locations. You will find the condos priced below those in the Warehouse or French Quarter. There will always be many on the market but few really nice ones.
Some of the unique things about uptown is the amount of Historic Homes that have been restored and are now viable neighborhoods. Disney would have a hard time duplicating the large and small homes.
Magazine Street Shopping area, a throw back in time
Not yet completed- Under Construction
What would you like to see!!
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 advatage 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.
Sacred Heart Academy on St. Charles Ave.
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 with out having to make
reservationsor 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 rightyour 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. In the Uptown area of the city there will always be many students of Tulane and Loyola who may need a unit for a couple of months.
Cannon's on St. Charles Ave, one of many places to eat and enjoy New Orleans.
Do you have a student at a local college or med school?
Many people can have that second home and a place for thier students to live while they go to school. This has worked great for some of my clients in that get the tax deductions, gain in value and do not have to throw away all that rent for three, four or five years. Its a huge savings as you will never see any of that money ever again.
State of the Uptown Condo Market August 2007
You have a lot of units for sale in the Uptown market. Its an oversupply when you look at the numbers at first glance. Digging deeper you will find it hard to find units with parking that have been updated and are move in ready. The units that have not been updated are not selling as well. The units with parking are still selling well. The area has got to be really great to find a great buy where no parking is an issue. Its still location, location and character of the unit. The 1970s conversions are very slow as many have not been updated. Those that do some updating on the individual unit can get some good buys. If the complex needs work you need to move on as there are plenty of new things availiable. You can still find some nice things in the area for under 200k. Most of the prices should be level for the last couple of years. Condos are still a popular alternative due to the cost of homeowners insurace. All the insurance for the building and flood are included in the condo fees. Being selective is this market is a key. You can always ask for buyers incentives and cash is king even to a great er degree. i would think its worth 4-5k on a 200k deal.
Return to New Orleans Condos
Any other questions you may have about a second home in this area or others do not hesitate to send me an e-mail or just pick up the phone and call me.
Eric Bouler E-mail, 504-212-0072.
I can easuily send you a list with photos and stats on the present availiability of the better units or all if you wish. Just give me some ideas of what you are looking for.