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.
Disclosure the smaller fontz in my notes is cut and paste from “The legal recorder” with permission.
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. Update on last week’s story we deliver Noles to his parents Monday evening in New Orleans did not wait for them at the air port for their mid night arrival. Good time for me to put in good word for walk in clinic located on Windermere in doctors Pope and Garrison building. They took great care of Noles grandfather on Monday afternoon. This 26 pounds of love, energy, and constant demands ran 61 year old grandfather in the ground during short enjoyable 10 day period.
Tell me about the rain I missed it for this part of the state was on the road Monday and Tuesday.
Don’t believe everything you read on line for example: Report: Pineville priciest housing in La.
The most expensive housing market in Louisiana is Pineville while the least expensive is Bastrop, according to a home listing report by Coldwell Banker Real Estate LLC. The average listing price for a four-bedroom, two-bath home in Pineville is $376,242, while the same home lists for $132,636 in Bastrop, according to Coldwell Banker Nationally not Prissy Reap.
Governor Jindal appointed our very own Rod Noles to the La. Real Estate commission and I was in Baton Rouge for briefing yesterday with executive director. I Jimmy Gosslee from Shreveport, Paul Burn from Baton Rouge, Pat Caffery from New Iberia and Tim Flavin from Lake Charles. Look forward to serving both for central La., the 14,000 license members, and consumers of our fine state. Meet once a month and will have occasion to report changes and personal discoveries to our listeners. For example learned yesterday that 70% of total licensees belong to the professional trade organizations of NAR and LRA.
Every Deal has a tale / tail.
Biggest news of the year is levee story and Corp of Engineers
Drive by reporters and listeners we are trying something different this morning. Asking for feed back on 4 locations for new retail users, cannot disclose client but let’s compare them to a slightly smaller J.C Penny store. Here are four locations and I am looking for six to ten calls telling me where you would locate if it was your store. (1) in front of former K-Mart on Mac Arthur drive adjacent to Logan Road house (2) next to Home Depot on South Circle (3) next to Target (4) North Mall Drive adjacent to new Sonic and Wal-Mart (5) Former Circuit City location at Alex Mall.
Paradise Catfish sold for $540,000 if anyone knows who the new buyer is please give us a call.
Kevin R Williams is d/b/a Paradise Catfish Kitchen (4820 Monroe Hwy., Pineville, LA 71360)
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.
Bayou Rapides Development, LLC (1001 Bolton Pl, Alex., LA 71303) to First Federal Bank of LA (P O Box 1667, Lake Charles, LA 70602) - 71.2924 acres in Sec 21, T4NR1W (Browns bend road at the intersection of MacArthur Dr.), $1,264,283.88
Gary V Dewitt (1610 S City Pk. Blvd., Alexandria, LA 71301) to Red River Bank (1412 Centre Ct. Dr., Ste. 103, Alexandria, LA 71301) - Lot 1 & a portion of Lot 2, Blk. 3, Park Place Subd. (1610 S City Pk. Blvd., Alexandria, LA 71301), $50,000,000.00
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? Reported wrong address last week, I drove by this location and so did Felix Matthews.
People not properties:
Denise Woods local chef thanks for appearance as guest last week, heard several comments.
MLS rankings year to date through May 31st. Third week in my notes but have yet to mention on the show..
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:
Clermont three year sales study
Lebanonthree year sales study.
Investor sales: first four are from previous week
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
April E Beasley, et al (222 Westpointe Circle, Apt. 202, Lafayette, LA 70506) to 3H Investments, LLC (2121 North MacArthur Dr., Alex., LA 71301) - Lots 8 & 9, Ortego Subd. (5115 Oran St., Alex., LA 71301), $64,000.00
Chantrell K Jenkins (7909 Cameron St., Duson, LA 70529) to Rantan Properties, LLC (411 Vickie Lane, Alex., LA 71303) - Lot 19, Broadmoor Gardens (5136 Broadmoor Court, Alex., LA 71302), $23,100.00
Trammell Properties, LLC (64 Ross Lane, Alex., LA 71303) to Steven R Tyer (P O Box 241, Woodworth, LA 71485) - 5 acres in Sec 56, T3NR1W (6636 Old Baton Rouge Hwy., Alex., LA 71302), $75,800.00
(+3.5) 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. Rating for previous week was 4.5
Legal recorder data for five business day June 13, 2011 though June 17, 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 26 sales with low volume of $2,727,708 the previous week we had a group of healthy sales totaling 43 transactions, with total volume of $4,882,283. No single sale was above $350,000, very good previous week.
(+.50)Random sales comparison: We track average sales price in certain subdivision for 2008 through 2010 and compare it to a sale this.
Kevin D & Melissa L Franklin (6736 Longleaf Trace, Ball, LA 71405) to Loyd J & Madelyn K Gaspar (5824 Bruyninckx Road, Alex., LA 71303) - Lot 13, Lebanon Subd. (5823 Bruyninckx Road, Alex., LA 71303), $125,000.00. The sale we are tracking beats three year average of $122,000 (see attachments for full study)
Patrick L & Andre C Desotell (145Cunningham Camp Road, Natchez, LA 71456) to Alex S Etienne (5249 Lark Lane, Alex., LA 71303) - Lot 4, Blk 3, Clermont Estates, $230,000.00. The sale we are tracking beats three year average of $224,725 and average for 2010 and 2011 year to date of $228,062. (see the full study attached does not bode good news about values in Clermont)
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.
(+1) Lot SalesOnly need one sale for positive score and this week the market gave us two sales
Donk, LLC (1580 Hwy. 115, Deville, LA 71328) to CMH Homes, Inc. (5000 Clayton Rd., Maryville, TN 37804) - 1.29 acres in Sec. 21, T5NR1E, $18,000.00
Ballina Farms, Inc. (P O Box 12487, Alex., LA 71315) to William R Tarver, II & Shirrea A Tarver (6605 Taylor Oaks, Alex., LA 71301) - 2.98 acres in Sec 8, T3NR1W (Taylor Oaks, Alex., LA 71301), $115,000.00
(+1) New Home sales positive score requires only one sale for the week: assuming the below mention home by construction company was a new home.
Samson Construction, LLC (37177 Heritage Ct., Geismar, LA 70734) to Jerald J Wolf, II (334 Cross Ridge Dr., Pineville, LA 71360) - Tract in Sec. 8, T4NR1E, $166,900.00
(+1) Lender total Sales rates positive score if lender sales are below 5% of total sales. Lender sales for this week were two with total volume of $130,125 / $2,727,708 = 4.77507%
Dept. of HUD to Gary Cathey (308 Windermere Blvd. # B, Alex., LA 71303) - Lot 4, Sq 15, S A Guy Addn., $15,250.00
Dept. of HUD to Megalene I Shaw (324 Gary K St., Pineville, LA 71360) - Lots 55 & 56, Sharon Park Subd., $115,000.00
Interest Rates: 30 year fixed is 4.50% was 4.47% the 15 year rate is 3.67% was 3.65% this is up from last week following eight straight weekly declines.
$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.
Emails from listeners:
Sentry Grill, 1002 Third Street in Alexandria, which has been serving Cenla from the same location for over 50 years, has hired a new Manager, Julie Grayson, sister of Dave Grayson as thier new Grill Manager. Julie starts on Wednesday, June 22, 2011. She has over 35 years of food service experience, most recently at D&J Cafe in Colfax. Kent Allen
Be sure you read section R, the last section in Monday’s (June 20th’s) edition. There are several good articles for your radio show. Jim Smolenski
Dirk Leopard of Glass Specialties wins the Business of the Year award from the Rotary Club. Dirk is a 27 year member to the Home Builders Association of Central LA and a long time local Board of Director as well as our Trustee for the Home Builders SIF Workers Comp. Thanks for all that you do. Amy Desoto
Case Law Update: Major Victory for REALTORS
Century 21 Shackleford French (C21) and Louisiana REALTORS won a major court victory in the 2nd Circuit Court of Appeals last week. C21 had secured an unconditional, full price offer on a piece of commercial property it was listing. The owners rejected the offer and refused to pay the commission, claiming that not all the owners had signed the listing agreement. C21 sued to recover its commission, arguing that the listing agreement called for the commission to be paid if the offer was secured, even if the sale did not close. C21 further pointed out that the brothers who signed the listing agreement had warranted that they were the sole owners of the property or that they had full authority to list the property.
Louisiana REALTORS filed a "friend of the court" brief in support of C21's position. In Century 21 Shackleford French Real Estate, Inc. v. Willie Ealy and Ezell Ealy, Jr., the Court held that the defendants could not use their own misrepresentations to avoid paying the commission, which had clearly been earned by C21 pursuant to the listing agreement. Stay tuned for an upcoming LR Redstick Report with full details on this major victory for all REALTORS.
Rod, The website for the company I mentioned @ lunch is: www.realpage.com
Vice President /Financial Advisor