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.
Every Deal has a tale / tail.
DavidBridal Centernow 100% leased with frozen yogurt store. Spencer Marks is doing fine job in leasing and managing this center.
Biggest news of the year is levee story and Corp of Engineers
Drought, not flood, is agriculture's biggest concern
The drought and heat are turning out to be more of a problem for Louisiana farmers than flooding. Although it's too early to estimate the effects on crop yields and livestock production, the LSU AgCenter predicts 2011 is definitely not going to be as good as 2010. "There's still time for some of the later-planted crops such as soybeans, cotton and sugarcane," says Kurt Guidry, LSU AgCenter economist. "They're a little more drought-resistant than corn and grain sorghum." Flooding from the Mississippi River was expected to be much worse than it turned out to be, though it has wrought devastation in some areas; some farmers lost as many as 1,000 acres of crops. Overall, the flooding affected about 40,000 to 50,000 acres along the Mississippi River and the Morganza Spillway. The drought alone might not be so much of a problem if it weren't for the high, sustained heat, agriculture experts say. Production costs keep going up when farmers have to continually irrigate, and fuel costs continue to be high. Drought stress is evident on soybean plants across the state, says Ron Levy, soybean specialist at the LSU AgCenter Dean Lee Research Station in Alexandria. And rice farmers who pump surface water from canals onto their fields are finding too much salt in the water, caused by a lack of rain. Louisiana cattle production is being hurt by the continued drought and high heat as well.
Southern Heritage Bank (5211 Jackson St., Alex., LA 71303) to Family Counseling Agency (1605 Murray St., Alex., LA 71301) - Lots 13-15, Sq 3, Weil Co. Subd. (1605 Murray St., Alex., LA 71301), $340,000.00
Loan for $100,000: Family Counseling Agency, Inc. (1404 Murray St., Alex., LA 71301) to Southern Heritage Bank (5211 Jackson St., Alex., LA 71303) - Lots 13-15, Sq 3, Weil Co. Subd. (1605 Murray St., Alex., LA 71301), $100,000.00
North Mall Properties, LLC (2102 North Mall Dr., Alex., LA 71301) Joseph A.Perrautl and Ted Kergan to St. Landry Bank & Trust co. (132 E Landry St., Opelousas, LA 70570) - Lot 10, Commercial Center Subd., Phase IV, $1,490,000.00. Most likely the Sonic Drive Inn next to Wal-Mart on North Mall Drive.
The Congregation of the Sisters of Our Lady of Sorrows of The USA, Inc. (347 Browns Bend Road, Alex., LA 71303) to Red River Bank (1412 Centre Court, Alex., LA 71301) - 7.38 acres in Sec 23 & 24, T4NR1W (347 Browns Bend Road, Alex., LA 71303), $800,000.00
People not properties:
EWE reality show in the works: Former Gov. Edwin Edwards, who is set to complete his federal prison sentence, says he's talking with producers about a reality show dealing with his personal life. Edwards made the announcement on his Facebook page. Edwards, who turns 84 in August, says on Facebook he is engaged to Trina Scott, an Alexandria woman who is about 50 years his junior. "No further details at this time, but I will say that it is in the developmental stages!" Edwards has nearly 4,100 Facebook friends.
Rod Nolesannouncement article on appointment had no picture but both trial lawyers did. I will admit that J.R Whaley is better looking than me but Richard Arsenault?
Commissioner Report: Once per month kind of “did you know” type item. For example what percent of total licensee in the State belong to NAR & LRA. Answer 70% +/-
Foster Walker: President of La. Automobile Association and for being ranked 52nd (easy to remember how many weeks in the year) among top 500 dealerships nation wide. According to Jeff Matthews article by the way good picture of Foster Walker (did I mention no photo for my announcement of Real estate Commission appointment). 5th year in a row Walker has placed in top 500 in the Ward’s Dealer 500 report. When others want Walker will 1,860 new cars and 3,041 used vehicles means 13.42 cars sold a day. Only one other dealership in La. made the top 500 list Billy Navarre Chevrolet in Lake Charles.
Rabbi Arnold Task kudos on retirement and “service above self award” by downtown Rotary club. (did you notice the number of photos for Rabbi Task, did I mention there was no photo with my announcement for appointment to La. Real Estate Commission)
Guest next weekIvan J. Miestchovich, Ph.D. Director and Associate Professor Institute for Economic Development and Real Estate Research University of New Orleans
Attachments & Announcements:
Investors deal to buy NAI seen as “big Win” for La. offices
C-III Capital Partners has reached a deal to buy NAI Global, a network of independent commercial real estate firms. Terms of the deal were not disclosed, but the merger is expected to close in the third quarter. Plans are for NAI Global to continue to operate as an independent company, under its current management. C-III is led by investor Andrew Farkas, who built New York-based Insignia Financial Groupinto one of the largest commercial real estate service firms in the country, before CB Richard Ellis bought it for about $415 million in 2003. Karl Landreneau, director of commercial sales and leasing for NAI/Latter & Blum, says the C-III deal will mean more money and more business for his office. The plan is for C-III to pump money in to beef up NAI/Latter & Blum's technology. Landreneau says C-III has a minimum of $17 billion in real estate service work it plans to farm out to NAI offices. That work involves acquiring or selling off assets. "That's a big win for us, because when there is some national business in Louisiana, they will send it to us."
After hours on 28 West is not a cocktail party, it is a new joint venture with Rapides Regional Hospital.
FortPolk expansion Friday article from Lake Charles newspaper
Three year study of sales in two subdivisions: Retreat in Pineville and Wilshire in Alexandria.
David L Lawrence (1005 Windermere Blvd., Alex., LA 71303) to Trotter Investments, LLC (5003 Masonic Dr., Alex., LA 71301) - Lot 11, Brentwood Subd. (1005 Windermere Blvd., Alex., LA 71303), $254,500.00
Kevin D & Lora P Thorne (8058 Champions Way, Pineville, LA 71360) to L & M Properties of Louisiana, LLC Larry Hair (42 Hammack Lane, Ball, LA 71405) - .221 acres in Sec 7, T5NR1E, et al (7020 Monroe Hwy., Ball, LA 71405), $170,000.00
Succn of Louis P Rachal, Jr. to ABM Development, LLC (3330 Jackson St., Alex., LA) - Lot 30, Blk A, Ball Addn. (205 20th St., Alex., LA 71301), $5,000.00
Judy F Broussard (1235 Jeyman Lane, Alex., LA 71303) to AHM Properties, LLC (6405 Genevieve Dr., Alex., LA 71303) - Lot 9-B, The Retreat (913 Retreat St. East, Pineville, LA 71360), $83,000.00
Futrell Chevrolet in Colfax still for sale earlier price for School Board was $325,000. I once purchased Wray Ford dealership that had been closed for 10 years on Mansfield highway.
(+2) 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 3.5
Legal recorder data for five business day June 20, 2011 though June 25, 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 18 sales the lowest number of sale since I began tracking sales, next week should be much better total volume $2,342,700.
Existing Home Sales Decline with Market Constraints
Existing-home sales were down in May as temporary factors and financing problems weighed on the market, according to the National Association of REALTORS. Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, fell 3.8 percent to a seasonally adjusted annual rate of 4.81 million in May from a downwardly revised 5.00 million in April, and are 15.3 percent below a 5.68 million pace in May 2010 when sales were surging to beat the deadline for the home buyer tax credit. The market is being constrained by the lending community. There's been a pendulum swing from very loose standards which led to the housing boom to unnecessarily restrictive practices as an overreaction to the housing correction – this overreaction is clearly holding back the recovery.
(-1) Random sales comparison: We track average sales price in certain subdivision for 2008 through 2010 and compare it to a sale this. First time that both sales were lower than the average from previous three years, price are down less here than other markets but prices are down.
Judy F Broussard (1235 Jeyman Lane, Alex., LA 71303) to AHM Properties, LLC (6405 Genevieve Dr., Alex., LA 71303) - Lot 9-B, The Retreat (913 Retreat St. East, Pineville, LA 71360), $83,000.00. This score registers negative as average price in past three years is $102,667.
Sable S Allen, et al to Shannon E Machen (736 Toulouse St., Alex., LA 71303) - Lot 80, Wilshire Park (1108 Southampton Dr., Alex., LA 71301), $145,000.00. Average price in past three years is $197,000 rates negative score.
(+1) Lot SalesOnly need one sale for positive score and this week the market gave us
Bocage Subd. Of Alex., LLC (P O Box 12846, Alex., LA 71315) to V & V Builders, LLC (P O Box 12846, Alex., LA 71315) - Lot 244, Bocage Subd., Phase V (5920 Hannah Dr., Alex., LA 71303), $22,000.00
Floyd C Hebert, Inc. (4033 Waterford Dr., Alex., LA 71303) to Matthew S & Andria S Fontenot (121 Hudson St., Pineville, LA 71360) - Lot 97, Woodlake Subd., Phase V-B (192 Woodwind Dr., Pineville, LA 71360), $37,000.00
Price Right Properties, LLC (4400 Hwy. 28 East, Pineville, LA 71360) to Bernard's American Home Sales, Inc. (4400 Hwy. 28 E, Pineville, LA 71360) - Lot 20, Buckeye Ridge Subd., Phase II (317 Buckeye Loop, Deville, LA 71328), $29,900.00
(+1) New Home sales positive score requires only one sale for the week:
V & V Builders, LLC (P O Box 12846, Alex., LA 71315) to Michael G & Kenya P Jones (35 Ragan Dr., Alex., LA 71303) - Lot 247Bocage Subd., Phase V (35 Ragan Dr., Alex., LA 71303), $216,000.00
Shane Dauzat Construction, LLC (5854 Twin Bridges Road, Alex., LA 71303) to Christopher R Chelette & Tiffany A Dossman (P O Box 3392, Pineville, LA 71361) - Lot 245, West Pointe on the Bayou, Phase X (6334 Bayou Crossing Dr., Alex., LA 71303), $300,000.00
(-1) Lender total Sales rates positive score if lender sales are below 5% of total sales. This week there were three lender sales totaling $500,000 / $2,342,700 = 21.34% the highest single week percent of total since I began tracking.
Southern Heritage Bank (5211 Jackson St., Alex., LA 71303) to Family Counseling Agency (1605 Murray St., Alex., LA 71301) - Lots 13-15, Sq 3, Weil Co. Subd. (1605 Murray St., Alex., LA 71301), $340,000.00
Regions Bank (215 Forrest St. REO Dept. Hattiesburg, MS 39401) to Damar Properties, LLC (P O Box 5066, Alex., LA 71307) - Lot C of a division of part of Blk 6, Easy Point Addn. (78 Catherine St., Pineville, LA 71360), $47,000.00
Regions Bank (215 Forrest St. REO Dept. Hattiesburg, MS 39401) to Damar Properties, LLC (P O Box 5066, Alex., LA 71307) - Lot 16, Fairway Estates, Unit 1 (8502 Ridgemont Dr., Pineville, LA 71360), $113,000.00
More Homeowners Staying Current on Mortgage
The number of borrowers defaulting on their mortgages has dropped considerably compared to a year ago, according to Lender Processing Services' "First Look" report, which analyzed nearly 40 million mortgages.
Nearly 8 percent of mortgages were 30 days past due--but not in foreclosure--in May, a significant difference compared to last year at that time. In May 2010, 18.3 percent of mortgages were 30 days past due.
Interest Rates: 30 year fixed is 4.45% was 4.50% the 15 year rate is 3.62% was 3.67% this is up from last week following eight straight weekly declines. 5/1 ARM is 2.99% we are talking below 3% for variable rate.
Cottonport Bank buys land on Corporate
Cottonport Bank, a nearly 110-year-old community bank, has purchased a tract of land on Corporate Boulevard and plans to open its first branch in Baton Rouge. The bank paid $781,159 for the property in front of The Gates at CitiPlace. A.J. Roy, CEO of Cottonport Bank, says the plan is to open a branch "as soon as possible." "We should be open by the first quarter, perhaps sooner," he says. Cottonport Bank has 11 branches, most of them in small towns and communities in Avoyelles Parish. The bank does have locations in Brusly and New Roads, which led them to move into Baton Rouge. "We have a growing portfolio of loans in East Baton Rouge Parish; hence the need for an actual location there," Roy says. The plan is to attract small businesses that want to work with a community bank. "We think we found a niche," Roy says
HB 135"Prohibition of any new Real Estate Transfer Taxes"
This REALTOR® supported constitutional amendment prohibits local and state governments from imposing any new real estate transfer taxes on the sale or transfer of immovable property. HB 135 passed the legislature unanimously and will now be placed on the November 19th ballot for Louisiana voters to weigh in on this issue. The LR intends to spend an enormous amount of time, energy and resources on a plan designed to educate Louisiana voters on the reasons and importance of voting yes on this amendment. We will be coordinating with all local boards to get our message out to the general public. Please visit and sign up at our Transfer Tax website: www.staytaxfree.com to receive updates and important information on our REALTOR® campaign.
New York Times' story on natural gas misses the mark: Don Briggs, president of the Louisiana Oil & Gas Association, says the New York Times is off base with a recent story about concerns over the current natural gas rush. In a story that ran over the weekend, The Times cites skepticism about lofty forecasts for the size of reserves such as the Haynesville Shale in north Louisiana. One analyst for an energy drilling company even called the shale plays "just giant Ponzi schemes." The article notes that less than 20% of the Haynesville Shale area heralded by companies as productive is likely to be profitable. Briggs says assertions that Haynesville has not lived up to its expectations are "bold and outlandish." "Since its development began in 2008, the Haynesville Shale has resulted in the injection of over $22 billion into the local and state economy in Louisiana, just in fiscal years 2008 and 2009 alone. In fact, while other states have lost jobs and revenue, the Haynesville Shale development has shielded our state from the economic recession," Briggs says
Commercial/multifamily mortgage investor groups saw mixed delinquency rates in 1Q11, according to the Mortgage Bankers Association’s Commercial/Multifamily Delinquency Report. Commercial mortgage-backed securities delinquency rates reached the highest level since 1997 in 1Q11, but the increase was slower than in recent quarters. Delinquency rates for other groups fell far below levels seen during the downturn of the early 1990s. The 90+ day delinquency rate on loans held by FDIC-insured banks and thrifts held fast at 4.18 percent from 4Q10 to 1Q11. The 30+ day delinquency rate on CMBS loans climbed 0.23 percentage points to 9.18 percent. For loans held in life company portfolios, the 60+ day delinquency rate fell 0.05 percentage points to 0.14 percent. The 60+ day delinquency rate on multifamily loans held or insured by Fannie Mae ended 1Q11 at 0.64 percent, slipping 0.07 percentage points from 4Q10. The 60+ day delinquency rate on multifamily loans held or insured by Freddie Mac climbed 0.10 percentage points to 0.36 percent.
Below are the delinquency rates for each group at the end of the 1Q11 based on the unpaid principal balance of loans:
· CMBS: 9.18% (30+ days delinquent or REO);
· Life company portfolios: 0.14%(60+ days delinquent);
· Fannie Mae: 0.64%(60+ days delinquent);
· Freddie Mac: 0.36%(60+ days delinquent); and
· Banks and thrifts: 4.18% (90+ days delinquent or in nonaccrual).
U.S.economy grew slightly faster in first quarter
The U.S. economy expanded a little faster at the beginning of the year than previously estimated. But the pace was still anemic, and economists don't see that changing until later this year. The Commerce Department says the economy grew at an annual rate of 1.9% in the January-March quarter. That's not much better than the 1.8% rate estimated a month ago. The small upward revision reflected stronger exports and more business spending on stockpiles. High gas prices were a major reason growth slowed. The impact of those prices has carried over into the current quarter. The economy is growing in the current April-June quarter at a rate of about 2.3%, according to an Associated Press survey of 38 top economists. Today stocks fell in early-morning trading. The Dow Jones industrial average dropped 100 points and broader indexes declined. Growth must be stronger to make a noticeable dent in unemployment, which was 9.1% last month. The economy would need to grow 5% for a whole year to significantly bring down the unemployment rate. Economic growth of 3% a year would hold the unemployment steady and keep up with population growth. There are signs that some of the factors that slowed the economy are starting to ease. The average price for a gallon of gas has fallen nearly 40 cents since peaking at nearly $4 in early May.
Superior Grill in BR. Buysadjacent property: Superior Grill, the popular Government Street Mexican restaurant, has purchased an adjoining property. The restaurant paid $695,000 for the vacant Express Care Automotive site in a deal that closed last week. There is speculation that Superior bought the site for additional parking, to accommodate the large happy-hour crowds who frequent the restaurant. Repeated attempts to contact management for details were unsuccessful.
Burbank property sold for Goodwill
A tract near the intersection of Bluebonnet Boulevard and Burbank Drive has been sold for $900,000 to developers who plan to build a Goodwill store on the site. Dantin-Bruce Development bought the property, which fronts on Burbank, from Jerry Pearson in a deal that closed Monday. Construction of the 13,000-square-foot store will start next month, says Brian Dantin, and the Goodwill store should open in about 10 months. This will be the third Goodwill store in Baton Rouge. Pearson owns a 15-acre tract at Bluebonnet and Burbank, across from where a Walmart Supercenter is slated to open in 2013.
More Americans apply for unemployment benefits
More Americans applied for unemployment benefits last week, adding to evidence that the job market is weakening. The Labor Department says applications rose by 9,000 to a seasonally adjusted 429,000 last week. It was the second increase in three weeks and the biggest jump in a month. Applications have been above 400,000 for 11 straight weeks. Applications dipped below 400,000 in February and stayed below that threshold for seven of the following nine weeks; they fell as low as 375,000, a level that signals sustainable job growth. But applications surged in April to an eight-month high of 478,000 and have shown only modest reductions since that time. Companies pulled back on hiring in the spring in the face of higher gas and food prices. That has cut into consumer spending on other discretionary items, such as furniture and appliances, which boosts economic growth. Employers added 54,000 net new jobs in May, a rate much slower than the average gain of 220,000 per month in the previous three months. The unemployment rate rose to 9.1% from 9% in April. The economy needs to generate at least 125,000 jobs per month just to keep up with population growth. And at least twice that many jobs are needed to bring down the unemployment rate.
LouisianaLegislature more educated than U.S. average
An analysis of the educational backgrounds of state legislators shows that 78.2% of the members of the Louisiana Legislature have a bachelor's degree or higher. That's better than the U.S. average of 74.7% of state legislators who earned at least a bachelor's degree, says The Chronicle of Higher Education. Forty of the state's 144 legislators earned a degree from LSU, making it the most popular college among this group. Thirteen legislators have law degrees from Southern University and seven have degrees from the school. California has the best-educated legislature, with nearly 90% of members having a degree. New Hampshire was ranked last, with 53.4% of members having a college education, but The Chronicle notes that figure may be skewed because the Granite State has a part-time legislature of 424 members and the educational attainments of many are unknown