Wednesday 08/03/11 Show
To participate in the show’s live call in dial 318-442-8255 (talk) call 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).
You can now sign up on line for email distribution of my transcripts:go to www.kysl.com and click on Rod Noles then sign up to have the show’s notes emailed to you.
Featured property of the week:
51 possible closed Post Office buildings in La. Explain to audience that some are landlord owned “dark with gravy” (meaning closed but tenant is paying rent) and some are owned by Post Office.
People not properties:
Willie Harp winner of where is the third Star Bucks location in Marriott Court yard. (which by the way is 100% occupied Monday through Thursday)
Lee Odom is now general manager of Diamond Grill (great guy with tons of experience)
Jeff Matthews reporter with Town Talk very positive column announcing 66,500 non farm jobs for our area up from same time last year 63,600 making us the leader in the state for that time period.
Bruce Williamson new CEO at CLECO , welcome to Central La.
Former Governor Edwin Edwards speaks to downtown Rotary club next week reminder to members that meeting will start at 11:30 am.
Warren Buffett good idea for cure to United States embarrassing deficit which is as follows, if debt exceeds certain percentage of GNP then none of the Congress or Senate can run for re-election when term expires.
Every Deal has a tale / tail.
Michael R & Sue R Haynes (P O Box 7602, Alex., LA 71306) to Templin Real Estate Holdings, LLC (159 Kincaid Lane, Boyce, LA 71409) - 1.29 acres in Sec 16 & 17, T4NR1W (2022 N MacArthur Dr., Alex., LA 71303), $177,500.00
Bobby R Walker (63 Rocoso Dr., Hot Springs Village, AR 71909) to William K Voorhies, Sr. & Cathy M Voorhies (P O Box 1661, Alex., LA 71309) - Part of Lots 1 & 12, Sq 50, Clarence Park Addn. (704 18th St., Alex., LA 71301), $22,000.00. Cheap property poor condition but in good location.
National fast food purchased $550,000 property on highway 28 East for approximately $12.50 psf. This was part of Garden District shopping center that was owned by Matt Ritchie broker in Baton Rouge office of Latter & Blum Randy Boughton represented the buyer. Ritchie Properties, LLC (1268 Dorchester Dr., Alex., LA 71303) to JEC Real Estate Investments, LLC (3003 Old Forge Dr. Suite B, Baton Rouge, LA 70808) - Lot 1, Ritchie Center, $555,443. “Why would national fast food chain want this side of the street.
Bon Swirl frozen yogurt Jackson Street Extension and Bayou Court no announced opening date. Ragan Cupples and his wife are owners.
28 East metal building on left side traveling east is a tire store but who is the owner
Metal building service road at former South Circle is industrial tenant expanding their business Larry Bordelon is the landlord.
Former Holiday Inn South MacArthur drive had a serious fire last week. Back ground on this property 2nd or 3rd Holiday Inn within the system George Younger was personal friend with Kemmons Wilson founder of Holiday Inn. The design was call U2 you can locate these former Holiday Inn with aerial photo. Kemmons Wislon still owns an abandon gravel pit in Woodworth area. Share with listeners two tracts of land George Younger purchased.
Legacy Hieghts 64 unit multiple million dollars apartment complex off England Drive just off MacArthur drive, go take a look it is super fine housing for LMI (low and moderate income tenants 100% vacant. Funds are frozen by Feds to pay vendors and construction companies the development was unveiled to the community in April and now it is August.
Earl L Cherry (240 Effie Hwy., Deville, LA 71326) to The England Economic and Industrial Development District - 12.58 acres in Sec 19, T4NR2W, $220,000.00
In the world of competitive communities for economic growth England Air Park gives our community a competitive edge but success does not come over night. Over the years I’ve had my sword fights with Jon Grafton over taking tenants from private sector but the good far out weights the unjust competition with private sector. Long term planning, funding, upgrades, and expansion will pay off big time one day in the future. Jon and his board although they are not perfect are doing a great job for economic future of Central La.
Capital One to Skip Converse, Inc. (318 Jones St., Pineville, LA 71360) - Pineville branch interior renovation, $333,300.00
Absorption report for July
Total market 9.75 with 790 homes in MLS 81 sold but 163 new one on the market
$400,001 and up 42 on market 2 sold 21 months supply 1 new one on the market
$250,000 to $400,000 87 on market 4 sold 21.75 months supply 8 new one on the market
$150,001 to $250,000 on the market 212 and 33 sold 6.42 months supply 51 new ones on the market
Below $150,000 on the market 449 and 42 sold 10.69 months supply
(2.5) 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 5 this week
Legal recorder data for five business day July 18th, 2011 though July 22nd, 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 market provided volume of $4,403,000 with total of 36 transactions.
(.50) Random salescomparison: We track average sales price in certain subdivision for 2008 through 2010 and compare it to a sale this.
Jose A Valle, Jr. & Gwendolyn L Valle (8312 Maunalani Pl, Diamond Head, MS 39525) to Frankie C & Sharon B Foster (48 Nick Mays Road, Pineville, LA 71360) - Lot 102, Whispering Pines Subd. (4715 Whispering Pines Loop, Pineville, LA 71360), $160,000.00. 17 sales from June 16, 2008 until August 1, 2011 with average price of $142,448. The lowest sale was $77,900 and highest sale of $160,000 keeping the standard deviation in tight range of $21,753. The average price sale in 2008 was $147,478 followed in 2009 with average price of
$150,000 or increase of 1.71%, in 2010 and 2011 year to date average price is $139,840 or decrease of 6.77%. Note one foreclosure and sale for $77,900 if you take those out of the sample average price is $149,962. Positive score for what we are tracking.
Aaron R & Bobette S Kennedy (3705 Amhearst Lane, Frisco, TX 75034) to Karen M Wezner & Thomas A Broadway (13170 Dutchtown Point, Apt. 131, Gonzales, LA 70737) - Lot 48, Fairfield Subd. (5209 Fieldcrest Ave., Alex., LA 71303), $195,000.00. From January 1, 2008 until August 1, 2011 there have been 37 sales with average price of $202,784 standard deviation of $36,090. In 2008 there were 18 sales with lowest at $163,00 and highest at $250,000 with average price of $197,319 and standard deviation f $25,119. In 2009 there were 7 sales with average price of $213,050 or 7.79% increase in value.In 2010 and 2011 through August 1st there were 10 sales with average price of $211,888 there sale we are tracking today is $195,000 and rates a negative score.
(-1) Lot Sales or home site acreage: Only need one sale for positive score and this week the market gave us zero, zip, not a one.
(+1) New Home sales positive score requires only one sale for the week: market gave us 2 sales
Brittain & White Construction, LLC (5512 Jackson St., Alex., LA 71303) to Carol H Hebert (508C Ansley Blvd., Alex., LA 71303) - Unit 508C, Cypress Point at Lake District Condominiums, $159,500.00
Thomas Bolton Properties & Construction, LLC (4821 Porter Circle, Alex., LA 71303) to Charles Sampson (5902 West Austin Dr., Alex., LA 71303) - Lot 219, Bocage Subd., Phase V (5902 West Austin Dr., Alex., LA 71303), $220,000.00
Slightly above record low: Builders began work on more office buildings, shopping centers and hotels in June, pushing U.S. construction spending higher for a third straight month. But even with the gains, activity remains at depressed levels. The Commerce Department says construction spending rose 0.2% in June to a seasonally adjusted annual rate of $772.3 billion. That put overall spending 1.2% higher than the 11-year low hit in March. It is just half of the $1.5 trillion pace considered healthy by most economists. In June, residential construction declined, reflecting a big drop in apartment construction, and spending on government building projects also fell. But private nonresidential activity rose to the highest level since late 2010.
(+1) Lender total Salesrates positive score if lender sales are below 5% of total sales. This week there was one sale for $48,000 / $4,400,000 = 1.09%
The Union Bank (305 North Main St., Marksville, LA) to D & J Development of Louisiana and Arkansas, LLC (P O Box 1719, Tioga, LA 71477) - Lots 7 & 8, Rue Donahue Subd., $48,000.00
Interest Rates: 30 year fixed is 4.42% was 4.53% the 15 year rate is 3.55% was 3.65% this is down from last week.. 5/1 ARM is 2.91% was below 3.02%.