Rod's Notes

Rod's Notes For Wednesday 09/12/12


Rod Noles Property Management, Inc.

 

 Rod’s Radio Show
September 12th 2012

 

Go to: www.rodnolespropertymanagement.com and click on radio notes and sign up to have them emailed each week. If you know of someone looking for rental space, apartments, homes, retail, office or industrial send them to www.rodnolespropertymanagement.
 
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).
 
*** I Phoned in Last Week from New Orleans***

 
Mykoff Absorption Report:
 
6.91      total market 650 homes / 94 sold = 6.91
27         $400,001 and up 27 on market 0 sold
6.82      $250,001 to $400,000 with 75 on market / 11 sold = 6.82
7.5        $150,001 to $250,000 with 195 on market / 26 sold = 7.5
6.19      under 4150,000 with 353 sold / 57 sold = 6.19
 
Every Deal Has a Tale / Tail:
 
Randall B & Paula D Tarver (P O Box 5432, Alex., LA 71301) to Jay B & Lacy B Blackmon (4701 Collinsburg Dr., Alex., LA 71303) - Lot 9, The Lake District, Phase 1 (4701 Collingsburg Dr., Alex., LA 71303), $1,400,000.00. Jay B & Lacy B Blackmon (73 Curtis Road, Pineville, LA 71360) to Red River Bank (1412 Centre Court, Alex., LA 71301) - Lot 9, The Lake District, Phase 1 (4701 Collingsburg Dr., Alex., LA 71303), $1,120,000.00
 
Jay B & Lacy B Blackmon (4701 Collinsburg Dr., Alex., LA 71303) to Thomas E Tucker (543 Elmus Paul Road, Pineville, LA 71360) - 3.116 acres in Sec 43, T5NR2E, $100,000.00
 
Loyer Grocery, LLC (P.O. Box 38, Lecompte, LA 71346) to Water St. Market, LLC Bruce and Sue Evans (1803 Water St., Lecompte, LA) - Part of Lots 6 & 7, Blk 1, Earnest Smith Subd. (1802 Water St., Lecompte, LA 71346), $430,000.00
 
Up day on our second place finish on Belle Trace foreclosure mentioned few weeks back where lender topped our bid of $131,000. ll JP Morgan bid the property in at $145,000 and now has it listed with Amy Brocato at $120,000. This is what happens when there is a guarantee behind loan with rural development. Earl Waltman stopped bidding at $115,000 and called me later to say how lucky I was not to buy the property at $131,000. Legal cost to pursue this transaction were $650 not sure you will see me at court house steps Wednesday @ 10:00 am.
 
Rainbow signs have opened local office at 5220 Suite A Rue Verdun
 
Angelle Concrete Group, LLC to Port Aggregates, Inc. (314 N Main St., Jennings, LA 70546) - Tract in Sec 18, 19, & 80, T4NR1W, $85,649.00. Port Aggregates, Inc. (314 N Main St., Jennings, LA 70546) to Whitney Bank (228 St. Charles Ave., New Orleans, LA 70130) - Tract in Sec 18, 19, & 80, T4NR1W, et al, $12,000,000.00 appears to be inter-company transfer.
 
Rumors & Razors Edge:
 
Hampton Inn at I-49 expanding
 
Bayou Rapides apartments are under contract for $25,000 per apartment.
 
People not Properties:
 
Rick Ransom with CLEDA will be my guest this morning to discuss quarterly CLEDA meeting.
Noon on Monday, September 24, 2012
Country Inn and Suites Conference Center
2727 Monroe Highway 165
Pineville, LA 71360
Tickets are $20 each. A table of 10 tickets may be reserved for $175.
 
Ryan Pecot commercial broker with Sterling shared with me and I passed it on to our listener’s article Ryan wrote in Lafayette paper. The article was an update on retail market in Lafayette and he begins by telling us 2011 on national basis was a record low years in new square footage for construction of retail properties. Lafayette introduced 200,000 and I need to research what our market did in comparison. Increase in occupancy for the entire market increased more than half-point 86%. College Drive at Johnson street area had 94% occupancy. Rents for small shops increase 25 cents per square foot to $15.70 psf. Ambassador Caffery trade area was $18.09 psf.
 
Kristy Royall and Sissy Nitz have opened new small shop store called Dat Bayou Bling good Town Talk article but no address.
 
(+3.75) 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 September 3rd through September 7th
  
(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:
 
With Labor day there were only 4 business days last week 37 sales with $5,801,674 rates a positive score and we had the excitement of $1,400,000 home sale in the Lake District.
 
(+1.25) Lot Sales:
 
To rank positive score need one sale market gave us a single sale. Great news with one of our developments sold another lot in Tennyson Oaks, makes 7 sales in one month only 16 lots remaining. 
 
James W Greer (P O Box 1719, Tioga, LA 71477) to Kyle W & Amanda N Sellers (TBD Shreveport Hwy., Pineville, LA 71360) - 4.633 acres in Sec 15, T5NR1W, $48,000.00

(+1.25) New Home Sales:

Looking for one new home sale for positive score and market gave us two sales
 
V&V Builders, LLC (1223 MacArthur Dr., Alex., LA 71303) to Stuart M & Jennifer M Tichenor (5948 Toria Dr., Alex., LA 71303) - Lot 114, St. Andrews Links Estates, Phase III (236 Saint Andrews Dr., Alex., LA 71303), $290,000.00
 
ABC Homes, Inc. (P O Box 1236, Glenmora, LA 71433) to Bianca N Alexander (1240 Lancaster Dr., Alex., LA 71303) - Lot 113, Wilshire Park Subd. (1240 Lancaster Dr., Alex., LA 71303), $157,500.00
 
(-1.25) Lender Sales as Percent of Total Sales:

Rates positive score if lender sales are below 5% of total sales, this week market gave us 4 sales with volume of $365,400 / $5,801,854 = 6.29% for negative rating.
 
Cenla FCU (P O Box 1271, Alex., LA 71309) to John H & Amber M Kreideweis (104 Anderson St., Pineville, LA 71360) - 11.552 acres in Sec 2, T5NR2E (7997 Hickory Grove Loop, Deville, LA 71328), $48,000.00
 
J P Morgan Chase Bank (270 Park Ave., New York, NY 10017) to Michael & Candice Broussard (32 Borland Road, Deville, LA 71328) - .654 acres in Sec 20, T4NR2E (40 Borland Road, Deville, LA 71328), $115,500.00
 
J P Morgan Chase Bank to Billy J Bordelon, III (96 Denny Road, Deville, LA 71328) - 1.252 acres in Sec 20, T4NR2E (96 Denny road, Deville, LA 71328), $122,000.00
 
The Bank of New York Mellon Trust Co. to Carroll W Johnson (1550 Hickory St., Pollock, LA 71467) - Tract in Sec 2, T4NR2E (160 Billy Rush Road, Deville, LA 71328), $79,900.00

Interest Rates: 30 year rate was 3.53% this week is 3.52%, the 15 year rate was 2.90% this week it is 2.93%, the 5/1 ARM was 2.84% now 2.90%.

TO VIEW THE RYAN PECOT REPORT:
Go to www.rodnolespropertymanagement.com and click on the radio show tab. Open the notes titled Radio Show Notes Septmeber 12th 2012 and scroll to the bottom.
 

You are Invited to Attend
 

CLEDA Quarterly Innovation Luncheon

Featuring Guest Speaker
Jay C. Moon, CEcD, FM
President and CEO – Mississippi Manufacturers Association
Chairman – International Economic Development Council
speaking on
The Future of
Manufacturing in the South
Noon on Monday, September 24, 2012
Country Inn and Suites Conference Center
2727 Monroe Highway 165
Pineville, LA 71360
Tickets are $20 each. A table of 10 tickets may be reserved for $175.
For more information, call (318) 441-3403 or visit
www.centrallouisiana.org
RESERVATIONS ARE MANDATORY
Reservations cannot be accepted after September 17.

 
 
          Mykoff Monthly Comparison Absorption Report
 
 

2012

January

Feb

March

April

May

June

July

August

 

 

 

 

 

 

 

 

 

Currently listed

690

640

651

633

616

656

660

650

 

 

 

 

 

 

 

 

 

Sold

62

80

121

89

101

94

111

94

Came on the Market

109

102

134

121

130

146

138

129

Current Monthly Supply

11.1

8

5.38

7.11

6.1

6.66

5.95

6.91

 

 

 

 

 

 

 

 

 

$400,001 and Up

 

 

 

 

 

 

 

 

Currently listed

28

27

30

25

29

24

29

27

Sold

3

2

4

1

2

1

4

0

Came on the Market

1

4

6

2

8

1

3

5

Current Monthly Supply

9.3

13.5

7.5

25

14.5

24

7.25

27

 

 

 

 

 

 

 

 

 

$250,001-$400,000

 

 

 

 

 

 

 

 

Currently listed

70

63

69

68

61

63

67

75

Sold

3

10

9

8

6

11

10

11

Came on the Market

12

4

19

10

11

15

17

21

Current Monthly Supply

23.3

6.3

7.67

8.5

10.17

5.73

6.7

6.82

 

 

 

 

 

 

 

 

 

$150,001-$250,000

 

 

 

 

 

 

 

 

Currently listed

192

166

175

170

170

185

190

195

Sold

16

18

37

32

29

28

31

26

Came on the Market

32

22

39

38

41

44

41

39

Current Monthly Supply

12

9.22

4.73

5.31

5.86

6.61

6.13

7.5

 

 

 

 

 

 

 

 

 

Under $150,000

 

 

 

 

 

 

 

 

Currently listed

400

384

377

370

356

354

364

353

Sold

40

50

71

48

64

54

66

57

Came on the Market

64

72

70

71

70

86

77

64

Current Monthly Supply

10

7.68

5.31

7.71

5.56

6.56

5.52

6.19

 
 

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