The New Orleans Condo Market is very strong and would be even stronger if there were a larger supply of condos to sell. I see this in all areas of New Orleans where people are looking for condos. The homes are selling quickly and are rising in price, and condos are following in their footsteps. This is not the case in the Jefferson Parish Market where sales are still slow and prices are not rising.
One of the big reasons for this is the demand for second homes in the City Of New Orleans. The “Baby Boomers” want to enjoy what New Orleans has to offer. There is always something going on. It’s a compact city where you do not need a car, and walking can be fun. Many of these buyers are cash buyers, or they put large sums as a down payment.
Another interesting note is that many live in nearby cities and towns such as Baton Rouge, Lafayette, Houma, Mandeville, Slidell, Kenner and even Metairie. I still see clients from Houston and points farther away, but the vast majority are close by. Many of the out-of-town buyers are helping their kids who live here. Their kids may be students or young adults getting started in their first jobs. The plan is for their condo purchase to become a second home once the kids finish school or move on.
I am seeing clients who plan to use the home more than just for a vacation home. They plan to live here part-time for months at a time. This is a new trend that has just surfaced in the last two years. They are also becoming more flexible in where they want to buy the condo as well. Most of the buyers have some connection with New Orleans but are not familiar with all the neighborhoods and choices that are available to them.
That is where “Eric’s Real Estate Tour” comes in! We can tour all of the areas. Many times this opens the buyer’s eyes as to what the different areas do have to offer. By selling all over the city I can generally answer most of their questions about the choices before them…
French Quarter Condos
Many clients only know about the French Quarter and will start their search there. They will sometimes opt for other areas where prices are cheaper and you just get more for your money. Many are looking for two bedrooms so that they can have friends visit. The French Quarter may be just too expensive. Some will stick with it until they find the right one.
Warehouse District Condos
The demand has been strong in the Warehouse District for almost a year. There is little supply, and the buyer has to be motivated to buy when something becomes available. The buyers love coming to the Saints’ games and Mardi Gras, so this is a perfect place for many. Parking generally is not an issue in this neighborhood. The area has gotten more expensive so I suggest looking in the adjacent areas of the Lower Garden District, Garden District and Uptown.
Lower Garden District & Garden District
The area between Magazine Street and St. Charles Ave has a lot to offer. Once clients see this, they become open to the area as an alternative choice. Many will start out in that area if they come to New Orleans more often. They know all the wonderful things living just off of St. Charles has to offer. Many of the condos off of St. Charles tend to be smaller complexes while St. Charles Ave has larger complexes that were apartment buildings at one time.
Uptown New Orleans
Eric Bouler is a real estate broker specializing in condo sales and the author of NewOrleansCondoTrends.com.