Property Review: Cotton Mill Condos

In addition to offering furnished apartments in New Orleans, I help you find the most suitable rental that matches your particular needs. I've decided to write a series of property reviews about larger properties that feature furnished rentals. These are typically condos that the owner leases out directly or commissions an agent to manage. Here is what I discovered after an in-depth look at the Cotton Mill.

The building is located in the red-hot warehouse district and was converted to condos in 2007. This area experienced dramatic dramatic growth and development over the last two decades and has thriving commerce with numerous cafes, restaurants, art galleries and anchored by both the convention center and WWII Museum. The district is bordered by the Mississippi on the East, the Expressway on the South, Loyola Ave. on the west and Poydras to the North. The central location offers easy access to downtown, the interstate and uptown corridors along Magazine and Tchoupitoulas St.

The building itself is a relic of trade along the Mississippi River, becoming one of the largest mills in the gulf south and producing over twenty million yards of cotton made goods each year. The developers created 269 units full of character and light by keeping exposed brick and beams, ductwork and fourteen foot windows.

Besides the attractive units, the building has gated entry and 24/7 security. There is a large courtyard, pool and gym on site. Buyers are paying an average of $362/ft2 on recent sales while renters pay an average of $2,114 per month for a one bedroom unit.

On the downside, the property likely falls victim to its success from increased demand and high turnover. Owners/Investors lease units for income and the urban appeal draws young professionals and short term tourists. The overall activity creates more noise, wear/tear and a hotel-like atmosphere. There are numerous online complaints about pets and cleanliness as well.

At the end of the day, a younger more energetic crowd overlook the downsides in favor of the close proximity to everything a tourist city like New Orleans has to offer. Do you have any former experience with The Cotton Mill Condos? Leave your comments below.