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Every Deal has a Tale / Tail:
Libby plant in Shreveport to close: 700,000 sf facility and over 200 jobs this report follows last week announcement of 580 job lost with squadron moving to Tucson.
McKesson Building 10:00 AM Sheriff Sale Bank or America and others foreclosing on $4,800,000 I will not be there to bid on the sale. I all probability the lender will buy it in and it will be interesting to see what happens to this piece of real estate. For recent history lesson on 22 acres and 172,000 sf. Building I will share from first person perspective.
1. K-Mart was formerly in West Gate Shopping center. We were approached by an Atlanta Developer to acquire some land for new K-Mart super store. David Woodring and I recommended where Home Depot is now. Four fat guys arrive at Esler Field in private jet and after property tours choose an assemblage site with store located behind AT&T tower that will not be moved. David Woodring was so frustrated with the decision he asked me to complete the property assemblage after 2 years and 35 parcels the site was purchased.
2. During site assemblage Larry Smith and I traveled to Ohio to see first two K-Mart Super stores one in Medina and other in Montrose and returned telling K-Mart’s site guy they had the wrong location. The site guy agreed but corporate said move ahead
3. Developer builds the store and leases it to K-Mart for a few years and sees that maybe he should sell the store to the tenant. K-Mart pays $11,000,000 and becomes store owner.
4. K-Mart goes bankrupt. During this same time Maurice Hebert and I are working on consolidating McKesson which was formerly Baker Manufacturing from 4 locations into single large lease space. While on vacation in New York with Charlie and Millie Soprano I set up business lunch with then owners of I-Hop center and met David Friedman and his partners at Four Seasons. At lunch I pitched them buying K-Mart property with idea of rehab for McKesson.
5. David Friedman’s group (I was minority owner with small ownership interest) purchased the property for $4,000,000. K-Mart was not even sure they owned the property and Maurice and I worked with CB Richard Ellis broker from Chicago great guy
6. McKesson paid for over $6,000,000 of tenant improvement and signed 7 year lease. Less than 3 years into the lease McKesson sells this business unit to Parata who moves the division to North Carolina and continues to pay rent for 4 more years.
7. Today the back 12 acres (front 4 acres was outside the mortgage) goes up for Sheriff Sale with foreclosure on $4,800,000 mortgage. When the lender gets this property back our local and state economic development team will find one to three users for this location and the property will come back to life.
Alexandria Seed Warehouse facility on Broadway sells for $600,000
Ken Moran Holdings, LLC (P O Box 1386, Alex., LA 71309) to Yahweh, LLC (5015 Hwy. 71, Tioga, LA 71477) - Tract in Sec 5, T4NR1W, et al, $500,000.00.
Ken Moran Holdings, LLC (P O Box 1386, Alex., LA 71309) to D & J Investments of Cenla, LLC (P O Box 1719, Tioga, LA 71477) - Tract fronting 500' on Chicago St., Alex., LA, $100,000.00
Lo Arkharath and Toun B Ackharath (11006 Blue Feather Dr., Houston, TX 77064) to Lisa H Ngo (P O Box 25, Eules, TX 76039) - 29.17 acres in Sec 35, T1SR2W (172 Oil Field Road, Glenmora, LA 71433), $151,716.50.
Big Sale closing Thursday in Baton Rouge: Should be front page story in Town Talk on Friday wish I could announce today but I can’t.
Lambright Rig: plugged and abandoned rig seen pulling out on Twin Bridges need drive by reporter update.
Emails from Listeners:
Barbara Bonnette and Jack Hodges are both looking for 1,000 to 5,000 acres with very little luck finding property owners that want to sell. Many more buyers than there are sellers for acreage of any type.
LOOKING FOR HOME IN THE COUNTRY WITH LAND???
1. 111 SUGARTOWN RD GLENMORA,,,(HINESTON/CALCASEAU COMMUNITY) 3BED 2 BA ON 16.5 ACRES ($50,000 ESTIMATED TIMBER VALUE) $210,000
2. 131 GOODMAN RD GLENMORA,,,(HINESTON/ CALCASEAU AREA) RD OK 3/2 0N 3 ACRES 10 YRS OLD, BARN, GAZEBO, HUGE SHOP (RV PARKED INSIDE) $225,000
3. 95 ELMER FRAZIER RD (GARDNER) OLD CABIN 3/2 ON 15 ACRES $119,900
4. 210 WHITE OAKS BLVD (NEAR TUNKS) RD OK 4/2 BIRCK FENCED BACK YARD FP VAULTED CEILING GARAGE ENCLOSED FOR EXTRA LIVING SPACE $149500
5. 10 ASHTON RD (CORNER OF ST CLAIR RD & ASHTON COTILE AREA) 4/2 NEEDS TLC 3 MINS FROM THE LAKE $59,900
6. 00 HWY 121 HINESTON (6ACRES) ALL ROAD FRONTAGE MAKE OFFER $66000
Barbra Difulco Real Estate
Case Shiller index reports nationwide 6.8% average increase in home value over last year:
No secret which markets had biggest percentage increase. Just ask yourself what markets had the biggest decline in past four years? Detroit, Phoenix, is the leaders in percentage gain.
There is no national weather report that tells you there is sunshine in your back yard today. Even in our small market in Central La there are sub markets that have performed better than market overall. Thirty year mortgage rate at 3.56% helps drive demand but I do not get a sense of big increase in values across the board locally.
People not property:
Kudos to LC girls’ basketball team and best of luck in first round of NCAA tourney.
Jeff Matthews for his story pointing out that Alexandria is in 50 for improved markets for conditions favorable to remodeling. 6 areas of measurement by remodeling magazine include:
1. Household median income
2. Household growth
3. Median existing home prices
5. Existing home sales
6. Number of housing permits issued.
High School basketball and the state play offs, great fun and good memories.
Bill Balbonie U.S Forest Service award for “Professional Conservationist Award” interesting reading his article of working with young people to teach them the importance of Conservation just like re-planting it is a long term vision and process. Kudos Bill
Construction Contracts: last week and this week. City spends $404,174 on elevators
City of Alex. to Otis Elevator Co. - 2012 Renovations to elevators at city hall, $244,384.00
City of Alex. to Otis Elevator Co. - 2012 Renovations to elevators at customer service, $159,790.00
Mykoff Absorption report:
9.53 total market 791 homes listed / 83 sold = 9.53 with 156 new listings
26 above $400,000 total market 26 homes listed 0 sold 2 new listings
18.4 $250,001 to $400,000 with 92 homes on market / 5 sold = 18.4 and 19 new listings
11.1 $150,001 to $250,000 with 234 active listings / 21 sold = 11.1 and 45 new listings
7.7 under $150,000 with 439 / 57 sold = 7.7 and 90 new listings.
(+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: business days from time period of February 18th though February 22nd, 2013
(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: Total of $3,618,184 with 31 sales rates negative score for the week. Largest sale for this 5 day period was $315,000 new construction at Cross Gates.
(+1.25) Lot sales: To rank positive score need one sale the market gave us one sale. Rose put another Tennyson Oaks under contract now have 4 lots remaining in inventory.
Price Right Properties, LLC (4400 Hwy. 28 East, Pineville, LA 71360) to Randy J Deville (12 Grandpaw Dr., Pineville, LA 71360) - Lot 12, Buckeye Ridge Subd., Phase II (309 Buckeye Ridge Loop, Deville, LA 71328), $37,900.00
(+1.25) New home sales: looking for one new home sale market gave us three for positive score
Johnny Porter & Son Contractors, Inc. (42 Philadelphia Road, Pineville, LA 71360) to Richard C & Ashley M Tam (P O Box 3828, Pineville, LA 71360) - Lot 4, Prarie Land Subd. (458 Hooper Road, Deville, LA 71328), $143,000.00
Elite Development, LLC (300 Wilderness Dr., Boyce, LA 71409) to Robert S & Delia L Sanders (4027 Huntwick Blvd., Alex., LA 71303) - Lot 22, Crossgates, Phase II (6030 Stonegate Dr., Alex., LA 71303), $315,000.00
Three B Construction, LLC (P O Box 2167, Prairieville, LA 70769) to Laurie A Kirkham (111 Maria Lane, Pineville, LA 71360) - Lot 17, Shadow Creek Ranch Subd., Phase I (338 Shadow Creek Ave., Pineville, LA 71360), $168,900.00
(+1.25) Lender sales as percent of total sales: rates positive score if lender sales are below 5% of total sales, the market gave us three sales with total volume of $159,600 / $3,618,184 = $.41%
The Union Bank (305 North Main St., Marksville, LA) to Trent M Dauzat (3127 Hwy. 457, Alex., LA 71302) - 1 and 6.97 acre tracts in Sec 21, T2NR2E, $25,000.00
Sec. of HUD (1670 Broadway St., 21st Floor, Denver, CO 80202) to Bobby Hollow Development, LLC (12 Gene Gunter Road, Deville, LA 71328) - Part of Lot 1, Blk 3, Ozone Heights Subd., $49,600.00
J P Morgan Chase Bank (270 Park Ave., New York, NY 10017) to Robert L & Lisa O Ray (200 Gillis Road, Boyce, LA 71406) - Tract in Sec 11, T1NR4W (25 R Weatherford Road, Hineston, LA 71438), $85,000.00
Interest rates, third week of slight increase: 30 year rate was 3.68% this week is 3.56%, the 15 year rate was 2.90% this week it is 2.86%, the 5/1 ARM was 2.81% now 2.72%.
Looks like investor’s sales: four sales with investor volume of $322,092 / $3,618,184 = 8.90% of total sales
Mary M Chevis (358 Sunshine Road, Opelousas, LA 70520) to Bino Real Estate, LLC (107 Hospital Dr., Oakdale, LA 71463) - Tract in Sec 10, T4NR1E, $82,500.00
Jimmie Thompson Enterprises, LLC (212 Ridgewood Blvd., Alex., LA 71303) to Trustland, LLC, et al (5615 Jackson St., Building L, Suite D, Alex., LA 71303) - .596 acres in Sec 66, T4NR2W, $10,312.50
MRL, LLC, et al (P O Box 3401, Pineville, LA 71360) to Charles D Sanders, II & Alisha G Sanders (6611 Lost Ridge Dr., Pineville, LA 71360) - 25.68 acres in Sec 31, T5NR2E, $177,000.00
Roy O Martin Lumber Co., LLC (P O Box 1110, Alex., LA 71309) to Stephen M & Katrina M Dye (1071 Blue Lake Road, Forest Hill, LA 71430) - Tract in or near Sec 9, 10, & 11, T4NR2E (TBD Philadelphia Road, Deville, LA 71328), $52,280.00