Selling Your New Orleans Condo
Pricing it Right is Key !
The First Impression Does Matter
There are many factors that go into pricing a condo in the Warehouse District. It is never all about just the square footage. You have to consider parking which is easily worth 30k these days. The condition of the condo is a big deal and the recent updates. Important features are the floor plan, Views, Common Areas and Amenities that the Association has to offer.
You start off by finding comparable units in the same complex as the associations are very different. How much has the unit we are pricing has been updated. Is the floor plan desirable, Views are important, Wood Floors are desirable, Updated Kitchens and Baths mean a lot. Buyers like natural light, exposed brick and beams to go with the high ceilings.
Always desirable to make a list or recent updates and repairs. We can then put a price on these so buyers will know the cost of the upgrades. Has the a/c systems been checked and serviced in the last year. This is a must in New Orleans Humid and Hot Weather.
You can go back in time and see what comparable units have sold for. It is best to go back as much as two years to get the best. A sale two years ago may have sold for and the prices have gone up 10% in those two years. So we compare at. Going back much further is not useful.
Another value point is what comes with the condo. What goes and what stays has value. Most of the time window treatments, blinds and appliances stay with the condo.
Once we get to a point where we decide on a value then we can price the unit. If we decide the unit is worth 300k then asking 310k to 319k is not out of the ballpark. People always want to bargain on their asking price. A lot of how much to ask is the current market trends and the competition currently on the market.
Being in the top three available condos in the price range is the best way to go. Pricing it right means less time on the market and less needs for future reductions.
The financial stability of the condo association does mater. What you get for your condo fees also matters when comparing associations. The amenities of the association come inot paly when buyers are looking for places.
1. Compare with Recent Sales, OK to go back a year.
2. Compare the trends if you are a recent buyer in the last 2-3 years.
3. Look at the Competition. Be at the Top !