Rod's Notes

Rod's Notes For Wednesday 07/10/13


 Rod’s Radio Show Notes July 10th 2013

 

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). KSYL has now added Wednesday evening encore at 8:00 pm
 

 
Every Deal has a Tale / Tail:
 
Truthway Church (P O Box 4075, Pineville, LA 71361) to Heart of Worship Ministries of Louisiana (P O Box 4475, Pineville, LA 71360) - 4.05 acres in Sec 7, T4NR1E (2720 Hwy. 28 East, Pineville, LA 71360), $1,632,258.00. Church next door to Post Office on Pinegrove
 
AC-Pineville, LA-1, LP (4747 Williams Dr., Georgetown, TX 78633) to The Sun & Fan, LLC (771 Allison Way, Sunnyvale, CA 94087) - Lot 1, Kings Country Estates Subd., $1,560,000.00.Shadow Center adjacent to Wal-Mart at Kings Country.
 
Pavilion Plaza, LLC (4000 Huntwick Blvd., Alex., LA 71303) to Naalbandian Properties, LLC (P O Box 12993, Alex., LA 71315) - S/2 of Lot 2, Flynn Subd, et al, $600,000.00. This appears not to be an arm’s length transaction.
 
Pecan Bayou Development, LLC (1223 MacArthur Dr., Alex., LA 71303) to Sadie & Sophie Investments, LLC (1301 Wimbledon Dr., Alex., LA 71301) - Lots 11 & 12, Pecan Bayou Subd., Phase 1, $240,000.00. First sale on West side of Versailles by V&V. This is probably the best small commercial lot available along Versailles includes part of lake. Two developers promoting land in this area can only create faster sale off along this new corridor.
 
Rumor on Whitney Street talk is something will be announced this week. Makes on think that new bank possibly purchased three branches and is entering this market. 
 
“Theatre Square”.  (Join Little Caesars) Wal-Mart Location (North Mall Drive)
See attached for our marketing flyer that showcases our family friendly shopping center Theatre Square is located in the parking lot of the new GPX theatre and directly across from Wal-Mart. We are looking for $ 19-21 PSF + NNN charges. 3,460 Sq.ft. available for lease with end cap drive thru, Opening March 2014. Contact Priscilla Giallonardo for more information 318-308-1677 or pperry@noles-frye.com
 
People not Property:
 
Sonya Allen is retiring as executive director of local Realtor Board after 25 years of service. Thank you Sonya for all of your hard work.
 
Rose Steepleton : Real Trends announced Best Real Estate Agents in 2013. Agents who closed 50 sides or $20 million in single year, other agents in this area Jesse Lentz ERA Sarver in Leesville,
 
Check it out and see who you know in Louisiana http://realtrends.com/best-real-estate-agents-america#.UdwgBhB5mSN
 
 Tip for the Week:
 
Buyers waiting to close on a mortgage should avoid doing anything that might change their credit picture until after the documents are signed and the money is delivered. Borrowers may assume that the lender is satisfied with their financial status once their loan has been approved. But since 2010, Fannie Mae has required lenders to recheck a borrower’s credit right before closing the mortgage. And if new liabilities pop up, the loan may be delayed or even canceled.
 
The latest issue of the Louisiana Real Estate Commission’s Boundary Lines was emailed to licensees last week. The issue includes a notice regarding a continuing education audit and notices were sent to licensees who appear to have failed to completed continuing education requirements in 2012. If you are the recipient of one of those letters and need any duplicate copies of certificates for courses taken through Louisiana REALTORS, please email info@larealtors.org with your request or call 1-800-266-8538. The issue also highlights a case study as it relates to teams. For any questions, you can contact LREC by calling 225-925-1923.
 
 Construction Contracts: 
 
City of Alex. to Progressive Construction Co., LLC (P O Box 11594, Alex., LA 71315) - Albert St. at 23rd St. Box Culvert Replacement, $108,316.50
 
 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. 
 
Legal recorder data: business days from time period of July 1st  July 5th .
 
(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: 50 sales with total volume of $8,319,008 and this was with a short week of July 4th largest sale was $1,632,000
 
(+1.25) Lot sales: To rank positive score need one sale per week the market provided
 
V & V Properties, LLC (1223 MacArthur Dr., Alex., LA 71303) to Jess E & Dianne T Vanderlick (216 Cooper Road, Alex., LA 71303) - Lots 3, 3A, 4, & 4A, Cedar Row Subd., $106,500.00
 
(-1.25) Home Sales
 
We need single sale for positive score the market provided zero this week but 4 last week. 
 
(+1.25) Lender Sales
 
The foreclosed sales needs to be under 5% of total market volume for positive score this week we saw three sales with total volume of 195700 / $8,319,008 = 2.35%
 
LPP Mtg., Ltd. (7195 Dallas Parkway, Plano, TX 75024) to Kerry R & Donna S Paulk (34 J Nugent Road, Deville, LA 71328) - Tract in Sec 2, T4NR3E, et al (992 Hwy. 1206, Deville, LA 71328), $149,200.00
 
U S Bank (215 South Hwy. 101, Suite 200, Solana Beach, CA 92075) to Marler Investments, LLC (98 April Wind Dr. South, Montgomery, TX 77356) - Lot 1, Blk 6, Lakeside Addn. (210 Allen St., Pineville, LA), $27,500.00
 
Whitney Bank (228 St. Charles Ave., New Orleans, LA 70130) to Louis N & Susan M Smith (8049 Muscadine Lane East, St. Francisville, LA 70775) - Lot 11, Stewart Subd., $19,000.00
 
Interest Rates:
 
30 year rate was 4.34% this week is 4.61%, the 15 year rate was 3.41% this week it is 3.61%.
 
Trend update was in last week’s notes but time did not allow us to cover
 
According to NAR, the other emerging trend in real estate is the speed of sale. On the national level, the average house-selling time is decreased by one month compared to the same indicator in 2012. The national median time on market for all homes was 62 days in March. It represents a 12 day decrease compared to February 2013 (the median was 74 days). Also, it represents a 32% decrease compared to March 2012 (the median selling time was 91 days). Short sales were on the market for a median of 81 days. Foreclosures typically sold in 46 days and non-distressed homes took 66 days. Of all homes sold in March, 37% were on the market for less than a month.
 
There are several implications of the decreased time of sale. The first consequence is that buyers are forced to act faster in their decision-making process. The second outcome of the increased rate of sale is that property prices are increasing.
 
The housing market continues its recovery from the Great Recession. The National Association of REALTORS® (NAR) reports that sales have been above year-ago levels for twenty-one consecutive months, while prices exhibit thirteen consecutive months of year-over-year price growth. As of April 2013, existing-home sales eased in March from inventory constraints, which continued to pressure home prices.
 
Average Sales Price of a house in Louisiana experienced a slight drop compared to 4Q 2012. Specially, the average sale price in the
3rd month of 4Q 2012 was $174,360. The average sale price in the 3rd month of the 1Q 2013 was $168,330. This represents a drop of approximately 3.5% on a month to month comparison. However, there is an increase in overall Average Sales Price when comparing Q1 2013 to Q1 2012.
 
Average Number of Houses Sold per month in Louisiana in 1Q 2012 was 2,217. The same indicator for 4Q 2012 was 2,473. The results for 1Q 2013 are lower than the same indicator for 4Q 2012 and are at 2,382 houses per month. This represents a 3.7% decrease on a quarter’s monthly comparison basis.
 
Average Sales Price of a house in the Central LA Area did not experience a significant change compared to 4Q 2012. Specifically, the
Average sale price in the 3rd month of 4Q 2012 was $131,400. The average sale price in the 3rd month of the 1Q 2013 was $130,840.
 
 

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