Rod's Notes

Rod's Notes For Wednesday 11/16/11


Wednesday 11/16/11

 

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Quote for the week: “The difference between genius and stupidity is that genius has its limits” Albert Einstein

 

Attachments, Announcements, and Travels:

 

CCIM class last week in New Orleans was the best class I have worked in 20 years of professional education. Karl Landreneau 2014 international president for CCIM and Commercial sales manager for Latter & Blum was my co-instructor. We had students from all over the world and three major publicly traded companies were represented with students from companies like GE, Wells Fargo, and First Tennessee Bank. High energy, high intellect, young and ambitious was a pleasure to work with them all week. They came to New Orleans from New Hampshire to Seattle and points between.

 

New Orleans restaurant discoveries (1) Rue 127 corner of North Carrolton and Canal (2) Kate neighborhood section by the museum and (3) Croquette on magazine near Jackson.  (4) Tommy Cuisine  on Touch……

 

Closed Book Store on St. Charles soon to be “Fresh Market” grocery.

 

Mykoff Absorption study

 

8.94 months inventory on the shelf 787 homes for sale in Mls and 88 sold units

34 months supply above $400,00 total on market 34 with 1 sold

28 months supply $250,000 to $400,000 total on the market of 84 with 3 sold

7.57 months supply for $150,000 to $250,000 total on the market of 212 and 28 sold

8.18 months supply for under $150,000 total on market of 457 and 56 sold

 

People not properties:

 

Thanks to Marsha McGraw for hosting the show while I was in New Orleans teaching CCIM class last week.

 

Norman Morris head of legislative issues for La. Realtors Association regard Amendment # 1

 

My CPA firm for 35 years has been Payne, Moore, and Harrington. I just discovered original name was Payne, Moore Accounting, I bet they did not even consider name Moore, Payne accounting firm just like Mr. Frye and I did not consider Frye, Noles.

 

Lost an old friend and former partner with the death of Marc Oray, we once own the former Armour Packing house on lower third together. Marc could do anything and had once told me, “I have ideas that I haven’t even thought of, yet.” I wrote his wife in Abbeville a letter and told her the world would miss this most unusual fellow.

 

Construction Contracts

 

Aiken Developments, LLC (3351 Masonic Dr., Alex., LA 71301) to Ratcliff Construction Co. (1715 England Dr., Alex., LA 71306) - Mid-State Orthopedics and Central LA Rehabilitation Specialists (3446 & 3444 Masonic Dr., Alex., LA), $6,013,976.00.

 

$4,200,000 contract to Ratcliff Constuction Company for La. Army National Guard tactical Unmanned Aerial System Facility at Fort Polk. 6,000 square foot building and were our soldiers can strike our enemy any where in the world from right down the road.

 

Every Deal has a tale / tail.

 

 

Alexandra Business Machines grand opening at 5527 Coliseum Blvd in the former Red River Lures buildings. Kudso to owners Dale Rachal and Steve Miller. Tell the listeners story about Wayne Miller and my first office on Dorchester.

 

Five Guys hamburger opening soon in Petron Building at 3601 North Blvd.

 

Boo Coo’s restaurant now open in Alexandria Mall

 

Olive Garden still a maybe next to Logans saw developer David Friedman from NY in the lobby last night while I was dropping off my client.

 

96 units at Magnolia apartments should be open right after Thanksgiving

 

200 units at Masonic home will begin construction right after fist of the year. The developer did not cut down the big oak tree on the corner that was the highway department, not the developer.

 

Last night 7-0 vote to deny apartment / rent home development at lower third seals the deal no more multi family in lower third area. Not saying that is good or bad thing it’s just a fact. Neighborhood organizations are effective and lower third homeowners association is well organized and make great presentations.

 

1,400 acres make up the grounds at Central the total acreage for city of Pineville is 13,000 acres. With the new bridge and Pineville’s growth this 106 year old facility could be one of the most exciting re-use developments in the south. I am comfortable with Mayor Fields leading the plans to study re-development with city engineer Thomas David.

 

Tuck Bolton purchased land on Heyman Lane next to Charleston Condos. Look for new townhome development fronting the bayou. Not sure how many units but I have good suggestion for a name. “No more election signs townhomes.” Iris B Rayford (2230 South MacArthur Dr., Alex., LA 71301) to Bayou Robert Apts., LLC (4821 Porter Circle, Alex., LA 71303) - 2.04 acres in Sec 84, T4NR1W, $215,000.00

 

Parks Wood Products, Inc., et al (108 Hilton Court, Pineville, LA 71360) to RDK Properties, LLC (1423 Lee St., Alex., LA 71301) - 7.73 acres in Sec 21, T4NR1W, $535,000.00. Paul Stich has been working this deal for over 7 years and deserves an +AAA for staying with the lease this long to make the sale.

 

Couple weeks back listener called and asked what the building under construction south of Woodworth was. Ran into Mayor Butler at Cottage and he told me this was some new apartments.

 

Sudden Link has retail outlet in Alexandria Mall

 

Good activity in St. Andrews this week:

 

John R Morrison (415 1/2 Patterson, New Orleans, LA 70114) to Kandy M Pardue (2254 Myrtle St., Alex., LA 71301) - Part of Lots 7 & 8, Sq 17, Hill Addn., $109,000.00

 

Elbert G & Dorothy T Fuqua (3002 Old Marksville Hwy., Pineville, LA 71360) to Helen L Gibbens (166 Saint Andrews, Alex., LA 71303) - Lot 26, St. Andrews Links Estates, Phase One, $276,000.00

 

Weilland Enterprises, LLC (316 Johnston St., Alex., LA 71301) to Elbert G & Dorothy T Fuqua (3002 Old Marksville Hwy., Pineville, LA 71360) - Lot 122, St. Andrews Estates, Phase III, $33,500.00

 

Two Million dollar home sales in past 90 days

 

David S & Janet C Walker (P O Box 13729, Alex., LA 71315) to Benjamin T & Melanie M Drury (6307 Landmark Dr., Alex., LA 71301) - Part of Lot 46, Landmark Subd., $962,000.00

 

Benjamin T & Melanie M Drury (2600 Horseshoe Dr., Alex., LA 71301) to William D & Elizabeth P Long (5601 Courtland Place, Alex., LA 71301) - 2.595 acres in Sec 23, T3NR1W, et al (2600 Horseshoe Dr., Alex., LA 71301), $1,000,000.00.

 

Another sale on Horseshoe is rumored but I have not seen it in the legal recorder.

 

If you are loaded with cash and embarrassed by 1% to 2% yields it is great time to buy your dream home.

 

(+2.50) Rod’s economic indicator perfect 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. Only the measurement of lot sale ranked positive score and random sales one scored positive the other negative.

 

Legal recorder data for five business days November 7th through November 14th reminder that 11th was a holiday

 

(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 sales looking for 40 closed deals from previous week market provided volume of $4,216,349 with 26 sales

 

 

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

 

William L Overdyke, Jr. & Laura-Ashley A Overdyke (611 Ontario, Shreveport, LA 71106) to John M & Stephanie W Neal (4036 Huntwick Blvd., Alex., LA 71303) - Lot 20, Huntwick Subd., $237,000.00. Sale I am tracking was slightly under average for 2010 of $240,500 for negative score.

 

2008 average price of $227,414

2009 average price of $233,375 increase of 2.62%

2010 average price of $240,500 increase of 3.05%

2011 average price of $239,000

 

 

Jason D & Marja D Huffman (119 Al St., Pineville, LA 71360) to David F Huffman, Jr. & Rita M Huffman (440 Janet Dr., Pineville, LA 71360) - Part of Lots 34 & 35, Laeno Subd., et al (102 Rubin Dr., Pineville, LA 71360), $210,000.00. Five sales in past three years average price was $110,200 sale I was tracking beat this average for positive score

 

(+1) New Home sales: Looking for a single sale this week for positive score the market gave us

 

Johnny Porter Builder, Inc. (42 Philadelphia Road, Pineville, LA 71360) to Wade & Melissa Poole (103 Shadycrest Ave., Deville, LA 71328) - Lot 9, Shady Crest Subd., Phase II, $185,000.00

 

Question for listeners how are the sales going for homes under construction at the Alexandria Golf and Country Club.

 

(+1) Lot Sales or home site acreage: Only need one sale for positive score and this week the market gave us

 

Weilland Enterprises, LLC (316 Johnston St., Alex., LA 71301) to Elbert G & Dorothy T Fuqua (3002 Old Marksville Hwy., Pineville, LA 71360) - Lot 122, St. Andrews Estates, Phase III, $33,500.00

 

John T & Brenda S Dean, et al (694 Donaldson Road, Dry Prong, LA 71433) to MCF Cleaning Services, LLC (320 Legacy Dr., Pineville, LA 71360) - 3 acres in Sec 17, T1N2W (1321 Upper Boy Scout Road, Forest Hill, LA 71430), $20,000.00

 

John T & Brenda S Dean, et al (694 Donaldson Road, Dry Prong, LA 71433) to Carrol K Pamela K Vidrine (568 Hwy. 367, Eunice, LA 70535) - 6.314 acres in Sec 17, T1NR2W (Upper Boy Scout Road, Forest Hill, LA 71430), $55,000.00

 

NKM Properties, LLC (2189 Memorial Dr., Alex., LA 71301) to Jimmy D & Stacey L Patin (105 Winthrop Place, Pineville, LA 71360) - Lot 1, Winthrop Place Subd., $35,000.00

 

(-1) Lender total Sales rates positive score if lender sales are below 5% of total sales, this week market gave us two sales total volume of $292,000 /  $4,216,349 = 6.92%

 

The Evangeline Bank (3700 Jackson St., Alex., LA 71303) to Kristen H Sillavan (140 Pinehill Road, Pineville, LA 71360) - 1 acre in Sec 23 & 28, T5NR1E (140 Pine Hill Road, Pineville, LA 71360), $39,500.00

 

Southern Heritage Bank (5211 Jackson St., Alex., LA 71303) to James R & Bonnie L Hodges (169 Lynell Lane, Pineville, LA 71360) - .337 & 1.193 acre tracts in Sec 15, T5NR1W, $252,500.00

 

Interest Rates: 30 year fixed is 4.05% was 4.06% the 15 year rate is 3.40% was 3.37%. 5/1 ARM is 2.96% was 3.01%. Refinance now it just cannot stay this low for long, it just can’t.

 

EU ten year government bonds cover 29% spread from low rates paid to borrow by Germany and high rates that it cost Greece to borrow. Rumor was on NPR last week that Greece was leaving EU to join the SEC conference.

 

God Bless America!

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