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People not property:
Priscilla Giallonardo is our guest this morning will tell us about some exciting events at Alexandria zoo and the involvement of YPG (young professional group). Share with audience Priscilla’s role with our marketing team.
Tom David CEO for Pan American engineers purchased the former Calvary church on Bolton and Jackson. Tom has lugged around the stain glass windows from the church for 25 years trying to decide how and where to use them. He is now going to donate them to Calvary Church for their new sanctuary. We handled the Transaction many years back and I hope Tom does not call me an attempt to renegotiate the purchase price since Cal\vary is now taking delivery of stain glass windows.
Matt Ritchie’s installation as 2014 president of LR, also Brenda Luttgeharm Regional VP. Quality group of Central La. Realtors. Jon Norman local President, Jamie Lemoine Vice President, Janet Whittle treasure, Lynette Giallonardo Secretary. Plus Amy Brocato, Elaine Setliff, Cornelius Coleman, Nicky Brocato, Dee Dee Smokey
Dale Daenen #1 agent in production at Noles-Frye for August. Drive by Parliament drive before week end and you will see the writing on his office window. Reminds me of cars with girls’ softball slogans on car windows, this will be off the windows by Monday so drive by and take a look give Dale a call and offer your Kudos.
Fun with Football Numbers:
7 teams are 3-0 one of them is New Orleans saints name one of the other six.
$500,000 Super Bowl XLVIII 30-seat luxury suite New York anyone has an extra ticket I will drive them to NY
$2,600 for the best seats double the rate for last year’s Super Bowl in New Orleans. Fun things you can do with $2,600 you can buy 5,777 stamps @ $.45 each.
Every Deal has a Tale / Tail:
J & P Enterprises of Cenla, LLC (P O Box 12603, Alex., LA 71315) to First Pentecostal Church of Alex., LA, Inc. (2817 Rapides Ave., Alex., LA 71301) - Lot 3, Sq 9, Homewood Place (70 A & B Westwood Blvd., Alex., LA 71301), $5,000.00. Sale by itself is not a story but the gentrification taking place in the POA neighborhood borders on miracle level.
Demolished former Burger King on MacArthur Drive is a proposed ground lease being handled by Paul Maxwell.
Carroll Furniture on Memorial is under contract with local business that plans to expand, moving toward closing the deal mid-October.
City of Alexandria Community College Initiative is where the City Council during their September 17th meeting provided the Mayor with authority to hire independent site selection specialist enter into contracts and joint venture arrangement to promote and enhance location efforts for Community College. Good news is there will be healthy competition for site selection for new Community College. Some of locations being considered are (1) LSUA (2) England Air Park (3) Downtown Alexandria (4) Pineville properties owned by the state (5) McKesson building. Bad news if you are property owner thinking you have deal locked up there is lots of good competiton.
Start up business closed:
Tire store at 3219 Masonic opened for one year, owner’s second location first store is Ruston pardon the pun but they just could not get traction.
Red Door on Michiels drive second location first store still up and running in Baton Rouge, pardon the pun just could not get enough folks through the front door. Not funny at all when you have to close a business our culture admires one who tries and fails and then tries again. Every new business faced the fear of possibly not making it.
I came close to going out of business right after closing of base, and change in tax law. I was so lucky to have two different partners in brokerage business just at the right time, David Woodring and Ray Frye. No one would out work David if you are in a Titanic event you want David in with life boat No one had more vision nor more generous than Ray Frye.
Property offering for the week:
5211 Morgan Street listed by Dale Daenen and Alvin Mykoff with NAI Latter & Blum. Former re-bar plant 40,000 sf warehouse on 3 acres listed for $750,000.This property features a 200 foot sloped trailer ramp inside the building 32’ clear height, multiple bay doors 24 x 16 and two 10 ton cranes. Very unique building Rick Ranson with CLEDA needs to inspect these type buildings and it is up to listing agent to expose Rick to the listing and provide him with electronic data. Explain to audience how CLEDA works with local brokers.
Tip for the week: do not share your multi lock key it is likely to result in $1,000 fine, possibly loss of MLS privilege, and it is just a stupid and unsafe practice. We were once fined $1,000 by sharing key with new agent who had not received their MLS key.
Congregation of St. Rita Roman Catholic Church (4401 Bayou Rapides Road, Alex., LA 71303) to Westerchil Construction Co., Inc. (P O Box 5046, Alex., LA 71301) - New maintenance building for St. Rita Catholic Church (4401 Bayou Rapides Road, Alex., LA 7130. Drive by reporters call in and tell us what this project includes.
England Economic & Industrial Development District: Big news here is that we did not have a sale, announce of new project, or new grant. I do want to see Jon Grafton’s presentation that I missed at downtown Rotary. If you belong to civic group that has Jon booked for presentation please invite me as your guest.
(+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.
Legal recorder data: business days from time period of September 16, 2013 through September 20th 5 working days from previous 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: Total sales of 36 with $4,421,199 volume for negative score
After yearlong rally, the U.S housing market is showing signs of cooling, I think due to following “cause and effects:”
1. Increase in price especially new homes
2. Increased interest rates
3. Slow down with investor purchases, as completion for alternative investments look more favorable
4. Shortage of existing inventory for sale
NAR reports moderation in activity measured by decrease in use of “electronic” lock boxes. The market has also passed through what is traditionally the home selling season April through August
(-1.25) Lot sales: To rank positive score need one sale per week the market provided none, zero, zip partly time of the year, reduction in inventory, and increased interest rates.
(-1.25) New home sales: looking for one new home sale per week the market gave us zero, zip, not a one same reasons as lots sales,
except past several weeks have been two to five new home sales run off inventory
(+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 only
two sales $184,499 / $4,421,199 = 4.17% for positive score
Wells Fargo Bank (1661 Worthington Road, Suite 100, West Palm Beach, FL 33409) to TCBA, LLC (4821 Porter Circle, Alex., LA 71303) - Lot 11, Blk 7, Petrus Heights Subd. (3007 Darby Dr., Alex., LA 71301), $53,649.00
Federal Home Loan Mtg. Corp. (8200 Jones Branch Dr., McLean, VA 22102) to John & Rebekah Cloud (128 Joe Ray Road, Glenmora, LA 71433) - 1 acre in Sec 8, T1SR3W (128 Joe Ray Road, Glenmora, LA 71433), $130,800.00
Past 5 years lenders have foreclosed on 4.5 million home loans
Interest rates: 30 year rate was 4.57% this week is 4.42%, the 15 year rate was 3.59% this week it is 3.41%.
More Banking news: Freddie and Fannie is looking to reduce maximum loan they will back. Current for our area is $417,000. In expensive markets max guaranty is $625,500 in Hawaii it is $721,050. With anticipated decrease in max loan guaranty private lenders will be called on to make Jumbo loans 2Q13 private lenders handled 20% of these type loans.
Wall Street Journal article regard concerns with realignment of Fannie and Freddie.
1. Government is talking about shutting down Fannie Mae and Freddie Mac but don’t expect this to happen before the City Of Alexandria replaces the North Circle. The process in Washington is more difficult than shut down of US operated Guantanamo Bay prison in Cuba.
2. America loves the fixed rate 30 year mortgage and tax deductibility of interest paid on mortgage. Other countries do not offer this financial vehicle.
3. In 1980 market experienced Savings and Loan crisis when private market fixed long term interest rates and cost of funds from deposits exceed rates charger borrowers. Share with audience Winnfield First Federal.
4. 4. After 1980 enters Freddie and Fannie they do not actually make the loan instead they buy loans from lenders, package them into securities, and sell those securities to investors. The high risk part is agency promises to make investors whole in the event of default.
5. There is $10 trillion dollars in mortgage debt outstanding today with $4.5 trillion backed by Fannie and Freddie.
6. Government backed loans suffered 3.9% default rate during bust or $206 billion while private lenders faced $449 billion or 20% lost rate.
7. Concentration of credit to private sector would make large banks larger.
8. Downturns are worse when credit is more difficult
9. Realtor lobbying group opposes elimination of these agencies and NAR has 1 million members.