Rod's Notes

Rod's Notes For Wednesday 06/15/11


To participate in the show live call 318-442-8255 (talk)

Between 8:05 and 8:55 on Wednesday morning, do not attempt to call in on Saturday as this is our encore performance (fancy way to say taped). So remember questions, comments, corrections, or if I have not returned your call you can reach me live on Wednesday mornings at 318-442-8255.

 

My wife and I am baby sitting our 14 month old grandson for 10 days and I am short on research and long on request for our listeners to call in. Whoever said, “sleep is over rated” is an out right liar.

 

In Shreveport Thursday and Friday of last week teaching CCIM intro course, my single discovery during one instructor intense two days is Shreveport / Bossier office building occupancy has greatly improved with oil and gas activity.

 

Every Deal has a tale / tail.

 

The “Manor” 57,000 sf Los Angeles home was listed at $150 million sold this week. Thought to be America’s most expensive re-sale sold to 22 year old heiress to Formula One racing fortune. Built in 1991 by producer Aaron Spelling, the home sits on 5 acres has enough parking for 100 cars, has a flower cutting room, a china room a “Prince Charles suite” named after its one-time royal guest, a bowling alley, beauty salon, and several gift wrapping rooms. With today’s low interest rates is you put 20% down ($30,000,000) financed the balance at 4.5% for 30 years your payments would only be $608,022.37 per month. Deal is not closed and if you want to put in a back up offer call me any time day or night.

 

Paradise Catfish sold for $540,000 if anyone knows who the new buyer is please give us a call

 

Bordelon and Maxwell Development Co., LLC (306 Northcreek Blvd., Suite 100, Goodlettsville, TN 37072 Welwyn Way, Alex., LA 71303) to Quality Builders, Inc. (306 Northcreek Blvd., Suite 100, Goodlettsville, TN 37072 Welwyn Way, Alex., LA 71303) - Tract know

 

Kimble Development North, LLC, or Joshua B. Zelden and Michael D. Kimble et al to Bank of Montgomery (814 Washington St., Natchitoches, LA 71457) - Lot 6, Petron Commercial Park Kingsville, et al, $6,500,000.00. This has to be a retail or hotel property will report more next week.

 

Carlo J &Spera Building Alexandria, LLC (5412 Maple Place, Broken Arrow, LA 74011) to Hancock Bank of LA (P O Box 591, Baton Rouge, LA 70821) - Lot 1, Sq 9, Bacon Place Addn., et al (3001 Masonic Dr., Alex., LA 71301), $450,000.00. Kidney Dialysis center on Masonic Drive. Masonic Drive has lots of development activity.

 

Pavillion Plaza, LLC (4000 Huntwick Blvd., Alex., LA 71303) to Tasty Concepts, LLC d/b/a Bon Swirl (88 Hwy. 8, Lena, LA 71447) - 2300 sq. ft. located at 4730 Jackson St., Alex., LA 71301

 

Academy Sports has 131 locations in 11 states has recently been sold to a global investment group. My editorial should not affect this store which is one of their larger stores.

 

Ever’s Baja Burrito now open (former Eddie’s Barbecue on Lee Street) 

 

Fontenot’s Sausage Kitchen 2500 Lee Street corner of Masonic and Lee across from Silver Dollar pawn. Ask drive by reporters what was formerly in this location?

 

People not properties:

Denise Woods local chef will be on the show to discuss book “Blood, bones and butter” by Gabriel Hamilton. Gabriel is also the owner of New York restaurant Prunes located just North of Houston Street.

 

Mike Madison and CLECO kudos on Edison award.

 

Jeff Matthews with Town Talk did a good  job with the coverage of Century Tel sale.

 

MLS rankings year to date through May 31st.

 

Number One              $17,713,852              Noles-Frye Realty

Number Two                $8,677,473              Keller Williams

Number Three             $5,133,068              Key Realty

Number Four               $3,838,400              The Realty Company of La.

Number Five                $3,560,375              Buelow-Miller Real Estate.

 

Attachments & Announcements:

 

HB 135 Update: Final Passage!

Late Monday afternoon, the Louisiana State Senate gave final approval to House Bill 135, our transfer tax constitutional amendment. The vote for passage was 34-0. As you will recall regarding constitutional amendments, we needed a two-thirds majority (26 votes). With this action, the constitutional amendment heads to the November 19 statewide ballot.

Father’s dad is the busiest day for collect calls. I didn’t know you could still make a collect call.

 

Mykoff absorption report comparing existing inventory to properties sold

 

Price Point in the market      Total on Market     units sold            Months            Came on the market

 

Entire MLS                             785                          99                      7.93                            132

$400,000 up                             48                            1                      48                                5

$250,000 to $400,000            98                          11                      8.91                           13

$150,001 to $250,000          225                           26                     8.65                           44

Under $150,000                     414                           61                     6.79                           70

 

Investor sales:

 

Bayou Properties of Cenla, LLC or Laralea Scott (6013 Coty Dr., Alex., LA 71303) to Toby C & Amy B McClure (524 Nation Road, Deville, LA 71328) - Lot 2, Annie M (Crooks) Roberson Subd., $179,900.00

 

Gerald P & Wanda G Campo (12 David Burns Road, Boyce, LA 71409) to DM Properties of Alexandria, LLC or Deepak Sharma (6205 Tennyson Oaks Lane, Alex., LA 71301) - Lot 46, Phase XI, Willow Wood Condominiums (363 Windermere Blvd., Unit 315, Alex., LA 71303), $169,400.00

 

Townley Investment Co., LLC (5347 E Royal Palm Road, Paradise Valley, AZ 85253) to Trustland, LLC, et al (5615 Jackson St., Bldg. L, Ste. D, Alex., LA 71303) - 36.79 acres in Sec 9, T3NR4W, $114,968.75

 

Gregory P & Janet G Guillot (87 Libuse Cutoff Road, Pineville, LA 71360) to Theresa D Cull, et al (377 Glebe Road, Daleville, VA 24083) - Lot 6, Blk 2, North Village Subd. (5401 A&B Lacassine Dr., Alex., LA 71301), $66,100.00

 

(4.5) Rod’s economic indicatorperfect score is 5. When top rating of 5 appears week after week I will share with our audience, that “Green Shots” is here and recovery is in full swing.

 

Legal recorder data for five business day June 6, 2011 though June 10, 2011

 

(1)Total of 40 closed deals for the week has positive score

(2) At least one new home sale for the week has positive score

(3) At least one subdivision lot sale for the week garners positive score

(4) Number of lender sales in market place is less than 5% of the total market sales for the week.

(5) Two random residential sales compared to average prices for 2008, 2009 and 2010 that demonstrate increase prices.

 

(+1) Total saleslooking for 40 closed deals from previous week the market gave us a group of healthy sales totaling 43 transactions, with total volume of $4,882,283. No single sale was above $350,000, very good week. 

 

(.50)Random sales comparison: We track average sales price in certain subdivision for 2008 through 2010 and compare it to a sale this.

 

Lester R Schmidt, Sr. & Deanna A Schmidt (1815 White St., Alex., LA 71301) to Robert G & Elizabeth A Levy (1815 White St., Alex., LA 71301) - Lot 13, Sq 44, White Addn. (1815 White St., Alex., LA 71301), $200,000.00. Eight sales since 1-1-2008 with average price of $172,886 the sale we are tracking this week is $200,000 which rates a positive score. The sales range from low of $28,000 to high of $408,000 and standard deviation of $123,080. Not sure what average price really means?

 

Gerald P & Wanda G Campo (12 David Burns Road, Boyce, LA 71409) to DM Properties of Alexandria, LLC (6205 Tennyson Oaks Lane, Alex., LA 71301) - Lot 46, Phase XI, Willow Wood Condominiums (363 Windermere Blvd., Unit 315, Alex., LA 71303), $169,400.00. There have only been three sales since January 1, 2008 with average price of $179,800. The sale we are tracking this week was lower than the average so we score negative on Willow Wood Condos.

 

National story concerning decrease in home equity failed to mention that 40% of those who took out second mortgage are upside down with their total mortgages being more than the value of their homes. Share with listeners “big stick bundle of little twigs” theory.

 

 

Standard Poor ‘s Case-Shiller 20 city index is now at 2002 levels for 12 of those markets. The index records eight straight months of price decline. I have not observed this price decline in our market. It is a buyer’s market and seller’s must price their house correctly and be willing to negotiate. However, prices have not been forced down by over supply of spec inventory or distressed lender sales. Confidence and under writing for financing have largest affect on home sales per dialogue at Tuesday’s sales meeting.

 

(+1) Lot SalesOnly need one sale for positive score and this week the market gave one sale.

 

D & J Development of Louisiana and Arkansas, LLC (P O Box 1719, Tioga, LA 71477) to Michael A & Charlene F Richardson (1006 Pine Lake Dr., Pineville, LA 71360) - Lot 7, Hollow Creek Estates, Phase I (149 Hooper Road, Pineville, LA 71360), $20,500.00

 

(+1) New Home sales positive score requires only one sale for the week: After three weeks of zero new homes sold we had two for the week.

 

V & V Builders, LLC (1223 MacArthur Dr., Alex., LA 71303) to Charels S & Brandy L Caldwell (5914 West Austin Dr., Alex., LA 71303) - Lot 221, Bocage Subd., Phase V (5914 West Austin Dr., Alex., LA 71303), $207,000.00

 

Fernwood Homes, Inc. (P O Box 1236, Glenmora, LA 71433) to Ikeisha R Jones (316 Nickel Loop, Pineville, LA 71360) - Lot 14, Williams Lake North Subd., Phase II (316 Nickel Loop, Pineville, LA 71360), $134,000.00

 

(+1) Lender total Sales week rates positive score if lender sales are below 5% of total lender sales for the week was only one less than 1% of total volume.

 

Bank of New York, et al to Good Family Properties, LLC (172 Adams Path, Pineville, LA 71360) - Lot 73, Holiday Park Subd. (513 Holiday Circle, Pineville, LA 71360), $85,000.00

 

Interest Rates: 30 year fixed is 4.47% was 4.49% the 15 year rate is 3.65% was 3.71% this is down from last week and is the 8th week that rates have declined. We are at a near 50 year low last time rates were 4.53% I was 11 years old. ARM is near 3% at 3.04%

 

$150,000 mortgage for 30 years at 4.47% makes your monthly payment $757.36 per month. Assume 80% loan to value (LTV) total purchase price is $187,500 ($150,000 / .80 = $187,500). Now if rates go to 6% (or when they go to 6%) same payment of $757.36 will amortize a $126,320 loan / .80 = $157,900 home or 15.79% less. Said another was 1.5% increase with interest rate will decrease consumer’s price point by 15% with this example (note it is different with each price range and LTV). My concern years from now who will want to leave a 4.5% mortgage for new house with 6% to 8% loan.

 

5,317 The number of free throws that Shaquille O’Neal missed in his 19 year NBA career.

 

 

God Bless America!

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