New Orleans French Quarter Condos
Most of the Units are Second Homes
The vast majority of condos of owners in the French Quarter buy their units as second homes. The condos tend to be smaller and 90% do not have parking. They are second homes for individuals, couples and families. The owners share with family members, kids and friends.
The rate of turnover is not as great as second homers hang on to their condos for a longer period of time. They have no need to move. Over the years we see people spending more time at their place when they retire. They may live in several places.
The other trend that I have seen is that many buyers do not live that far away. Baton Rouge, Lafayette, Northshore, Mobile, Houston, Dallas, and even metro New Orleans. This trend is alive and well. The French Quarter makes a great weekend getaway for many locals.