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Started By
Message
Thinking about purchasing a condo in the French Quarter
Posted on 7/23/12 at 2:49 pm
Posted on 7/23/12 at 2:49 pm
Any advice on getting funding for the purchase along with the cost of insurance and taxes associated with buying and maintaining a condo in the French Quarter?
I'm looking for something under 110K to purchase.
I'm looking for something under 110K to purchase.
12
Posted on 7/23/12 at 3:13 pm to Tigers134
I'd be interested in your findings.
Posted on 7/23/12 at 4:30 pm to Tigers134
quote:That will be tough I would imagine.
I'm looking for something under 110K to purchase.
Posted on 7/23/12 at 4:37 pm to Tigers134
Any decent condo around there will be about $300 sq.ft. Don't think you'll get in for less than 110k
Posted on 7/23/12 at 4:53 pm to Tigers134
quote:
I'm looking for something under 110K to purchase.
good luck with your crack den.
Posted on 7/23/12 at 7:01 pm to theOG
Posted on 7/23/12 at 7:30 pm to Tigers134
quote:
I'm looking for something under 110K to purchase.
Serious Question: have you lost your mind?
Posted on 7/23/12 at 7:37 pm to Tigers134
Posted on 7/23/12 at 7:55 pm to Tigers134
There are many pied-à-terres in the French Quarter for under 200k. While you can still find something very nice for that price range, you're talking just a few hundred sq. ft.
Posted on 7/23/12 at 8:42 pm to Tigers134
I've been looking into the same thing but I couldn't imagine getting much for 110k
Posted on 7/23/12 at 9:43 pm to PenguinNinja
Check the listings. You can find things under 110K. Haven't lost my mind. Just aware of what's available.
Even with the headache foreclosures are, I'm considering one since I have the time to spend waiting on the bank to make a decision. I'm just wondering if there are any grants for first-time home buyers or people working on historic residential sites.
Even with the headache foreclosures are, I'm considering one since I have the time to spend waiting on the bank to make a decision. I'm just wondering if there are any grants for first-time home buyers or people working on historic residential sites.
Posted on 7/23/12 at 9:45 pm to PenguinNinja
Posted on 7/23/12 at 10:00 pm to Tigers134
This one is not in your price range, but I like it...
Posted on 7/23/12 at 10:14 pm to wickowick
Craigslist>New Orleans>Real Estate for sale>
Search "French Quarter"
I've seen 10 listings already <$100,000
Search "French Quarter"
I've seen 10 listings already <$100,000
Posted on 7/24/12 at 7:48 am to Tigers134
Would love to be able to afford to own one down there one day. I had a friend who would let us used his one bedroom sometimes.
The complex was small and had a great little courtyard. Made for some really nice evenings and early mornings sitting outside drinking cocktails or coffee.
The complex was small and had a great little courtyard. Made for some really nice evenings and early mornings sitting outside drinking cocktails or coffee.
Posted on 7/24/12 at 8:41 am to kevv824
quote:And that is "decent". Good location plus nice amenities, $400-$550 sf.
Any decent condo around there will be about $300 sq.ft.
Posted on 7/24/12 at 9:23 am to Tigers134
I think this is an awesome idea, just have to find the right place. All i would need is 1 bedroom and 1 bath. Anything else would be over kill for a weekend spot for me.
Posted on 7/24/12 at 2:53 pm to burgeman
I own a 1 bedroom, 1 bath, 600 sq feet on St Peter--bought it in 2008 with little to no trouble financing as a 2nd home. Now, i can't REFINANCE it because of changes in underwriting for condos.
Basically, these things prevent me from refinancing (and I presume, financing on a 2nd home):
--More than 4 units in the building
--One owner owns more than 25% of the HOA
If you own a condo and the HOA has wind and hail insurance, you will still need to have an "HO6" policy if you have a mortgage, which covers the interior infrastructure, etc. It is not cheap...mine has gone from ~700 in 2008 to now over $1300.
My property taxes are $2700/year. Can't really claim a homestead exemption because I don't get my mail there.
I love owning it, and am currently trying to rent it.
So with mortgage payment, taxes, HO6, HOA, and utilities, it can add up! Just remember to consider all these expenses.
Also, most places in the FQR will be for sale as furnished units, so you can save money on furniture, or have to get rid of all their shite if it's not what you want.
Good luck!!
Basically, these things prevent me from refinancing (and I presume, financing on a 2nd home):
--More than 4 units in the building
--One owner owns more than 25% of the HOA
If you own a condo and the HOA has wind and hail insurance, you will still need to have an "HO6" policy if you have a mortgage, which covers the interior infrastructure, etc. It is not cheap...mine has gone from ~700 in 2008 to now over $1300.
My property taxes are $2700/year. Can't really claim a homestead exemption because I don't get my mail there.
I love owning it, and am currently trying to rent it.
So with mortgage payment, taxes, HO6, HOA, and utilities, it can add up! Just remember to consider all these expenses.
Also, most places in the FQR will be for sale as furnished units, so you can save money on furniture, or have to get rid of all their shite if it's not what you want.
Good luck!!
Posted on 7/25/12 at 10:24 pm to SanFranTiger
bump..
Posted on 7/26/12 at 10:03 am to wickowick
Wickowick......Link to that listing please.
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