Money Makers

Andrew Valenti, Reporter//July 26, 2018//
Top-to-bottom renovation of ‘half circle’ house in Garden District tops weekly sales

Andrew Valenti, Reporter//July 26, 2018//
The highest and lowest priced homes sold in the New Orleans area for July 13-19
HIGHEST
Address: 2308 Prytania St., New Orleans
Sales price: $1.752 million
Asking price: $1.85 million
Listing agent: Elizabeth McNulty
Selling agent: Kelli Wright
A distinct half-circle façade facing the front yard of 2308 Prytania St. helps it stand out among its peers in the Garden District.
Once on the property, the four-bedroom and three-and-a-half bath home, which sits on a double lot and was built in the 1890s, treats its owners and their guests to a saltwater pool, outdoor kitchen and a fire pit.
“It’s a special and iconic Garden District home,” said Elizabeth McNulty of Gardner Realtors, the listing agent for the 3,939-square-foot house.
McNulty said the sellers spent three and a half years performing a top-to-bottom renovation of the Victorian home. There are four fireplaces, new electrical wiring and plumbing, walnut floors, a wine cellar and a commercial-grade kitchen.
McNulty said the property was on the market for a little less than three weeks before going under contract. She said there was one offer for the house, but it received “a great deal” of interest.
Kelli Wright of Latter & Blum, who represented the buyers, said she looked with her clients in Old Metairie as well, but they wanted to live in this area of New Orleans. She said the renovations were a huge selling point.
Wright said she looked at approximately 12 properties with her clients for a few months before they put an offer in for the house.
“It checked all the boxes for them,” Wright said.
Closing thought: McNulty said homes that are turn-key ready and renovated usually sell very quickly.
“The proof is in the pudding with that,” she said.
LOWEST

Address: 2621 Foliage Drive, Marrero
Sales price: $40,000
Asking price: $55,900
Listing agent: Harriet Reynolds
Selling agent: Harriet Reynolds
The foreclosed property at 2621 Foliage Drive in Marrero will require a laundry list of renovations to bring it back to a livable condition, according to Harriet Reynolds of Gardner Realtors, the listing and selling agent for the 1,697 square-foot home.
“It needs to be gutted to the studs,” she said.
Reynolds said the three-bedroom and two-bathroom house suffered from fire damage and mold and water damage from a leaking roof. She estimated renovations would cost $70,000.
Reynolds said the property went under contract the day it was listed on the market, with the bank accepting the first offer. She said the bank did not want to field multiple offers for the house.
“I must’ve had a hundred phone calls on it,” she said. “If it would’ve been a multiple offer situation, I’d imagine I would’ve had 20 to 25 bids on that house.”
She said the property was such a hot commodity since it could offer a significant return on investment, and the new owner intends to flip it. She said she sold a home with a similar floor plan in the area for $165,000.
Closing thought: Reynolds said 2621 Foliage Drive is comparatively small for the neighborhood, with other homes selling in excess of $200,000.
“DSLD Homes has gone in there and built new homes,” she said. “At least half the homes are new construction.”
Other high priced home sales in the past week:
411 Audubon St.
New Orleans
Sales price: $1.5 million
Asking price: $1.55 million
Listing agent: Eleanor Farnsworth
Selling agent: Britt Galloway
1105 State St.
New Orleans
Sales price: $1.08 million
Asking price: $1.15 million
Listing agent: Letty Rosenfeld
Selling agent: Christie Kennedy
6841 Colbert St.
New Orleans
Sales price: $875,000
Asking price: $899,000
Listing agent: David Claus
Selling agent: David Claus
58 Hummingbird Road
Covington
Sales price: $799,000
Asking price: $799,000
Listing agent: Suzy Neal
Selling agent: Non-MLS member
328 Elmeer Ave.
Metairie
Sales price: $775,000
Asking price: $799,000
Listing agent: Margaret Henican
Selling agent: Sandra Green
• Information provided by Georgia Saucier, Manager/Realtor, Dorian Bennett Sotheby’s International Realty
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