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You can participate in the show by calling 318-442-8255 (talk) between 8:05 and 8:55 on Wednesday morning. Do not attempt to call Saturday this is our encore performance (fancy way to say taped).
Every deal has a tale / tail:
Dollar General is under construction at corner of Bringhurst and Lee Street. Ratcliff Investments, LLC (P O Box 7538, Alex., LA 71306) to Red River Bank (1412 Centre Court, Alex., LA 71301) - 1.3869 acres in Sec 7, T4NR1W (1601 Lee St., Alex., LA 71301), $738,000.00
McKesson building is not dark and lease term of 7 years is over. What will happen next to this property? Best 117,000 square foot office, research center, and warehouse in the state that is vacant.
Near Paradise Baptist Church of Highway 28 East on Hooper Road we have a land owner who is willing to give mobile home away, call my assistant Pricilla 483-1551. There are two Hooper Roads in Rapides Parish.
Eddie’s barbeque at Lee and McArthur is opening back up.
Pelican Café at Esler airport was sooo!!! Good I am taking my entire staff last week of this month. Try the Perry burger.
Bert D Nichols (4803 Victoria Dr., Alex., LA 71303) to Bradford N & Lynn K Sewell (5060 Hot Wells Road, Boyce, LA 71409) - Lot 1, Sq 6, Hill Addn. (2401 Hill St., Alex., LA), $12,500.00
Nancy J Beck, et al (704 Windermere Blvd., Alex., LA 71303) to Benjamin F Walton, III & Rosemary C Walton (6403 Wellington Blvd., Alex, LA 71301) - Lot 60, Charles Park Addn. (4603 Wellington Blvd., Alex., LA 71301), $210,000.00. Not an interesting sale unless you look beyond the actual real estate and look at colorful individual Seymour Joseph. Share story of Shadow Wood in Jackson , Ms.
I & P Property Management, LLC James T. Pate (2219 Lee St., Alex., LA 71301) to Jack A Henton (4827 Willow Glen, Alex., LA 71302) - Part of Lot 1, Blk 27, SAL Co. Addn., $60,000.00
Sadie & Sophie Investments, LLC Samuel T. Mahfouz (1301 Wimbledon Blvd., Alex., LA 71301) to Progressive Construction Co., LLC (5816 Jackson St., Alex., LA 71303) - Tract in Sec 28, T4NR2W, et al, $40,000.00. Looks like Progressive acquired more land in a sale or exchange on Old Boyce Road, do not believe this is their yard on Highway One. Progressive own 13.768 acres next to Calhoun family between old Boyce road and red river and Sadie / Sophie Investment also own 13.768 acres and looks like they trade or purchased more land. All of the land appears to be on levee side of the river.
Construction contracts recorded: LA DOTD to Gilchrist Construction Co., LLC - 1.136 miles of roadwork on LA 3265 & LA 115, $708,046.11
People not properties:
Receptionist at Dr. Whitehead’s office was surprised to see me write check for $75,000 instead of $75. Her comment was award winning, “Mr. Noles your teeth must be really, really clean.”
Harold Turner is being inducted to Shreveport / Bossier “Business Hall of Fame” and has asked me to do a video clip. Not sure the producer will play what I say.
Michael Marcotte director of utility department for City of Alexandria has my trust and confidence. If Mike concludes we need a pipeline I think it wise to follow his lead.
Pollock’s Mayor Jerome F. Scott town is debt free and no need to collect property taxes. “If this don’t turn you on you ain’t got no knobs.”
Lance Harris my new state representative gave very good speech at Rotary last week. Reminded me of something that Mark Twain once said when asked how long would it take him to prepare an hour speech and he replied five minutes. How long would it take to prepare a five minute speech he replied couple of days?
Nora Ephron once said, “When your children are teenagers, it’s important to have a dog so that someone is happy to see you.” Good bye to Arco serve police force for 9 years and was credited with 35 arrests. Kudos to his 14 year life, trainers, and community.
Announcements, Attachments and Travels:
One day CCIM course: Attachment will provide the details, I have trained for this course delivery but commercial sales manager for Latter & Blum will be course instructor. (1) most valuable section of the course is “compare and contrast various measures of yields for investment real estate.”
Lake District HOA meeting: to discuss no fishing enforcement in our private lakes, July 31st at 6:00 PM conference room upstairs at Noles-Frye building.
Day trip to New Orleans for meeting at Latter & Blum and did not go by new $7,500,000 restaurant renovation for John Folse’s new place in Royal Sonesta hotel.
England Authority sales: Warren D & Kristine F Joubert (50 Williamsburg Road, Boyce, LA 71409) to The England Economic and Industrial Development District - Lot 30, Colonial Estates, $124,000.00. Add this sale to last week’s study of $5,417,186 and now up to $5,541,186 and 51 transactions.
Jenni and Doug Hart flew out of Alexandria last Friday and left Noles our grandson with us. How much fun can a human being have? This was my son in law’s first time to fly out of AEX and boy was he surprised and boy was I proud of our wonderful air port.
(+5) 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.
Legal recorder data: five business days from time period of July 9th through July 13th, because of 4th July holiday the 9th was counted last week and again this week.
(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.
(+1.25) Total weekly volume was: During 5 business days of last week the market gave us 48 sales with volume of $5,895,333. You know the market is getting better when I buy two small rent houses. When we have everything leased I know it is time to buy.
(+1.25) Lot sales: To rank positive score need one sale market gave us 3 sales for positive score. Last month more builders broke ground nationwide on most homes in nearly four years. 760,000 home starts in best we’ve seen since 2008 but 1.5 million is the annual pace most economist consider normal. Consider April of 2009 only 478,000 starts and today’s pace is at worst encouraging for subdivision developers with unsold lots.
James J & Patsy K Dauzart (110 Kathy Dr., Pineville, LA 71360) to Blaine P & Catherine L Ussery (493 Barney Rush Road, Deville, LA 71328) - 1.173 acres in Sec 7, T4NR2E, $26,000.00
DONK, LLC (1580 Hwy. 115, Deville, LA 71328) to Tracy L & Kimberly L Craig (110 Gunter Rd., Pineville, LA 71360) - 1.14 acres in Sec 31, T4NR3E, $25,000.00
West Lakes Estates, LLC (2230 MacArthur Dr., Alex., LA 71301) to Shoreline Unlimited, Inc. (123 Cedar Point Dr., Boyce, LA 71409) - Lot 60, West Lakes Estates Subd., Phase 1, $32,000.00
(+1.25) New home sales: looking for one new home sale for positive score and market gave us 3, all on north side of the river.
Palmetto Enterprises, LLC (42 Philadelphia Road, Pineville, LA 71360) to Mark G & Carolyn J Cary (5705 Whispering Pines Loop, Pineville, LA 71328) - Lot 14, Shady Crest Subd., Phase II (100 Shady Crest Ave., Deville, LA 71328), $179,000.00
Team Realty, LLC (3400 Hwy. 28 E, Pineville, LA 71360) to Mandy R Brouillette (105 Iberia Lane, Pineville, LA 71360) - Lot 36, Beau Chene Subd., Phase II, $275,000.00
Samson Construction, LLC (37177 Heritage Court, Geismar, LA 70734) to Jason T & Jaymie R Quintana (508 Pearce Road, Pineville, LA 71360) - Lot 10, Shadow Creek Ranch Subd. (304 Shadow Creek Ave., Pineville, LA 71360), $168,000.00
Lender sales as percent of total sales: rates positive score if lender sales are below 5% of total sales, this week market gave us only one sale and 5% of $5,895,333 = $294,766 and we saw $36,000 in volume
Wells Fargo Bank (800 Walnut, Des Moines, IA 50309) to Timmie L Waters (1512 Mohon Dr., Alex., LA 71301) - Part of Lot 15, Hyams Subd. (3515 Horseshoe Dr., Alex., LA 71302), $36,000.00
Interest Rates: 30 year fixed is 3.66% was 3.62% the 15 year rate is 3.04%was 3.02% 5/1 ARM is 2.77% was 2.68%. My dentist said he locked in at 3.35% could have gotten 15 years at 2.78%. Our daughter locked in their rate at 3.5% in their situation if interest rates go to 5.5% values would need to go down 20% for them to keep same payment.
2.7% for City of Alexandria bonds on $10 million of debt hard to find much better rate in past 40 years.
Parting shot: My visit at the barber shop included good story from Robert Corley about Walter Price and then in walks Richard Landry with some great stories about Roy O. Martin and his sales career for Nickie (not spelling it correctly)
Existing-Home Sales Constrained by Tight Supply in May, Prices Continue to Gain
Limited supplies of housing inventory held back existing-home sales in May, but sales maintained a strong lead over year-ago levels and home prices are on a sustained uptrend in all regions, according to the National Association of Realtors®.
Total existing-home sales1, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, declined 1.5 percent to a seasonally adjusted annual rate of 4.55 million in May from 4.62 million in April, but are 9.6 percent above the 4.15 million-unit pace in May 2011.
Inventory shortages in certain areas have been building all year. "The slight pullback in monthly home sales is more likely due to supply constraints rather than softening demand. The normal seasonal upturn in inventory did not occur this spring. Even with the monthly decline, home sales have moved markedly higher with 11 consecutive months of gains over the same month a year earlier. There are broad-based shortages of inventory in the lower price ranges in much of the country except the Northeast, and in the West supply is extremely tight in all price ranges except for the upper end.
Locally in Central Louisiana the Mykoff report showed 6.6 month’s supply with our MLS.
Total housing inventory at the end of May slipped 0.4 percent to 2.49 million existing homes available for sale, which represents a 6.6-month supply2 at the current sales pace; there was a 6.5-month supply in April. Listed inventory is 20.4 percent below a year ago when there was a 9.1-month supply. Unsold inventory has trended down from a record 4.04 million in July 2007; supplies reached a cyclical peak of 12.1 months in July 2010.
The recovery is occurring despite excessively tight credit conditions and higher down payment requirements. According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage declined to a record low 3.80 percent in May from 3.91 percent in April; the rate was 4.64 percent in May 2011; recordkeeping began in 1971.
The national median existing-home price3 for all housing types rose 7.9 percent to $182,600 in May from a year ago.
Distressed homes4 - foreclosures and short sales sold at deep discounts - accounted for 25 percent of May sales (15 percent were foreclosures and 10 percent were short sales), down from 28 percent in April and 31 percent in May 2011. Foreclosures sold for an average discount of 19 percent below market value in May, while short sales were discounted 14 percent.
First-time buyers accounted for 34 percent of purchasers in May, compared with 35 percent in April and 36 percent in May 2011.
All-cash sales slipped to 28 percent of transactions in May from 29 percent in April; they were 30 percent in May 2011. Investors, who account for the bulk of cash sales, purchased 17 percent of homes in May, down from 20 percent in April and 19 percent in May 2011.
Single-family home sales slipped 1.0 percent to a seasonally adjusted annual rate of 4.05 million in May from 4.09 million in April, but are 10.4 percent above the 3.67 million-unit level in May 2011. The median existing single-family home price was $182,900 in May, up 7.7 percent from a year ago.
In the South, existing-home sales slipped 0.6 percent to an annual level of 1.78 million in May but are 9.2 percent higher May 2011. The median price in the South was $159,700, up 7.8 percent from a year ago.