Rod's Notes Archives for 2011-06

Rod's Notes For Wednesday 062911


To participate in the show live call 318-442-8255 (talk)

Between 8:05 and 8:55 on Wednesday morning, do not attempt to call in on Saturday as this is our encore performance (fancy way to say taped). So remember questions, comments, corrections, or if I have not returned your call you can reach me live on Wednesday mornings at 318-442-8255.

 

Disclosure the smaller fontz in my notes is cut and paste from “The legal recorder” with permission.

 

Every Deal has a tale / tail.

 

DavidBridal Centernow 100% leased with frozen yogurt store. Spencer Marks is doing fine job in leasing and managing this center.

 

Biggest news of the year is levee story and Corp of Engineers

 

Drought, not flood, is agriculture's biggest concern

The drought and heat are turning out to be more of a problem for Louisiana farmers than flooding. Although it's too early to estimate the effects on crop yields and livestock production, the LSU AgCenter predicts 2011 is definitely not going to be as good as 2010. "There's still time for some of the later-planted crops such as soybeans, cotton and sugarcane," says Kurt Guidry, LSU AgCenter economist. "They're a little more drought-resistant than corn and grain sorghum." Flooding from the Mississippi River was expected to be much worse than it turned out to be, though it has wrought devastation in some areas; some farmers lost as many as 1,000 acres of crops. Overall, the flooding affected about 40,000 to 50,000 acres along the Mississippi River and the Morganza Spillway. The drought alone might not be so much of a problem if it weren't for the high, sustained heat, agriculture experts say. Production costs keep going up when farmers have to continually irrigate, and fuel costs continue to be high. Drought stress is evident on soybean plants across the state, says Ron Levy, soybean specialist at the LSU AgCenter Dean Lee Research Station in Alexandria. And rice farmers who pump surface water from canals onto their fields are finding too much salt in the water, caused by a lack of rain. Louisiana cattle production is being hurt by the continued drought and high heat as well.

 

Southern Heritage Bank (5211 Jackson St., Alex., LA 71303) to Family Counseling Agency (1605 Murray St., Alex., LA 71301) - Lots 13-15, Sq 3, Weil Co. Subd. (1605 Murray St., Alex., LA 71301), $340,000.00

 

Loan for $100,000: Family Counseling Agency, Inc. (1404 Murray St., Alex., LA 71301) to Southern Heritage Bank (5211 Jackson St., Alex., LA 71303) - Lots 13-15, Sq 3, Weil Co. Subd. (1605 Murray St., Alex., LA 71301), $100,000.00

 

North Mall Properties, LLC (2102 North Mall Dr., Alex., LA 71301) Joseph A.Perrautl and Ted Kergan to St. Landry Bank & Trust co. (132 E Landry St., Opelousas, LA 70570) - Lot 10, Commercial Center Subd., Phase IV, $1,490,000.00. Most likely the Sonic Drive Inn next to Wal-Mart on North Mall Drive.

 

The Congregation of the Sisters of Our Lady of Sorrows of The USA, Inc. (347 Browns Bend Road, Alex., LA 71303) to Red River Bank (1412 Centre Court, Alex., LA 71301) - 7.38 acres in Sec 23 & 24, T4NR1W (347 Browns Bend Road, Alex., LA 71303), $800,000.00

 

People not properties:

 

EWE reality show in the works: Former Gov. Edwin Edwards, who is set to complete his federal prison sentence, says he's talking with producers about a reality show dealing with his personal life. Edwards made the announcement on his Facebook page. Edwards, who turns 84 in August, says on Facebook he is engaged to Trina Scott, an Alexandria woman who is about 50 years his junior. "No further details at this time, but I will say that it is in the developmental stages!"  Edwards has nearly 4,100 Facebook friends.

 

Rod Nolesannouncement article on appointment had no picture but both trial lawyers did. I will admit that J.R Whaley is better looking than me but Richard Arsenault?

 

Commissioner Report: Once per month kind of “did you know” type item. For example what percent of total licensee in the State belong to NAR & LRA. Answer 70% +/-

 

Foster Walker: President of La. Automobile Association and for being ranked 52nd (easy to remember how many weeks in the year) among top 500 dealerships nation wide. According to Jeff Matthews article by the way good picture of Foster Walker (did I mention no photo for my announcement of Real estate Commission appointment). 5th year in a row Walker has placed in top 500 in the Ward’s Dealer 500 report. When others want Walker will 1,860 new cars and 3,041 used vehicles means 13.42 cars sold a day. Only one other dealership in La. made the top 500 list Billy Navarre Chevrolet in Lake Charles.

 

Rabbi Arnold Task kudos on retirement and “service above self award” by downtown Rotary club. (did you notice the number of photos for Rabbi Task, did I mention there was no photo with my announcement for appointment to La. Real Estate Commission)

 

Guest next weekIvan J. Miestchovich, Ph.D. Director and Associate Professor Institute for Economic Development and Real Estate Research University of New Orleans

 

Attachments & Announcements:

 

Investors deal to buy NAI seen as “big Win” for La. offices

C-III Capital Partners has reached a deal to buy NAI Global, a network of independent commercial real estate firms. Terms of the deal were not disclosed, but the merger is expected to close in the third quarter. Plans are for NAI Global to continue to operate as an independent company, under its current management. C-III is led by investor Andrew Farkas, who built New York-based Insignia Financial Groupinto one of the largest commercial real estate service firms in the country, before CB Richard Ellis bought it for about $415 million in 2003. Karl Landreneau, director of commercial sales and leasing for NAI/Latter & Blum, says the C-III deal will mean more money and more business for his office. The plan is for C-III to pump money in to beef up NAI/Latter & Blum's technology. Landreneau says C-III has a minimum of $17 billion in real estate service work it plans to farm out to NAI offices. That work involves acquiring or selling off assets. "That's a big win for us, because when there is some national business in Louisiana, they will send it to us."

 

After hours on 28 West is not a cocktail party, it is a new joint venture with Rapides Regional Hospital.

 

FortPolk expansion Friday article from Lake Charles newspaper

 

Three year study of sales in two subdivisions: Retreat in Pineville and Wilshire in Alexandria. 

 

 

Investor sales:

 

David L Lawrence (1005 Windermere Blvd., Alex., LA 71303) to Trotter Investments, LLC (5003 Masonic Dr., Alex., LA 71301) - Lot 11, Brentwood Subd. (1005 Windermere Blvd., Alex., LA 71303), $254,500.00

 

Kevin D & Lora P Thorne (8058 Champions Way, Pineville, LA 71360) to L & M Properties of Louisiana, LLC Larry Hair  (42 Hammack Lane, Ball, LA 71405) - .221 acres in Sec 7, T5NR1E, et al (7020 Monroe Hwy., Ball, LA 71405), $170,000.00

 

Succn of Louis P Rachal, Jr. to ABM Development, LLC (3330 Jackson St., Alex., LA) - Lot 30, Blk A, Ball Addn. (205 20th St., Alex., LA 71301), $5,000.00

 

Judy F Broussard (1235 Jeyman Lane, Alex., LA 71303) to AHM Properties, LLC (6405 Genevieve Dr., Alex., LA 71303) - Lot 9-B, The Retreat (913 Retreat St. East, Pineville, LA 71360), $83,000.00

 

Futrell Chevrolet in Colfax still for sale earlier price for School Board was $325,000. I once purchased Wray Ford dealership that had been closed for 10 years on Mansfield highway.

 

 

(+2) Rod’s economic indicatorperfect 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. Rating for previous week was 3.5

 

Legal recorder data for five business day June 20, 2011 though June 25, 2011

 

(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.

(5) Two random residential sales compared to average prices for 2008, 2009 and 2010 that demonstrate increase prices.

 

(-1) Total saleslooking for 40 closed deals from previous week the market gave 18 sales the lowest number of sale since I began tracking sales, next week should be much better total volume $2,342,700.

 

Existing Home Sales Decline with Market Constraints

Existing-home sales were down in May as temporary factors and financing problems weighed on the market, according to the National Association of REALTORS. Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, fell 3.8 percent to a seasonally adjusted annual rate of 4.81 million in May from a downwardly revised 5.00 million in April, and are 15.3 percent below a 5.68 million pace in May 2010 when sales were surging to beat the deadline for the home buyer tax credit. The market  is being constrained by the lending community. There's been a pendulum swing from very loose standards which led to the housing boom to unnecessarily restrictive practices as an overreaction to the housing correction – this overreaction is clearly holding back the recovery.

 

(-1) Random sales comparison: We track average sales price in certain subdivision for 2008 through 2010 and compare it to a sale this. First time that both sales were lower than the average from previous three years, price are down less here than other markets but prices are down.

 

Judy F Broussard (1235 Jeyman Lane, Alex., LA 71303) to AHM Properties, LLC (6405 Genevieve Dr., Alex., LA 71303) - Lot 9-B, The Retreat (913 Retreat St. East, Pineville, LA 71360), $83,000.00. This score registers negative as average price in past three years is $102,667.

 

Sable S Allen, et al to Shannon E Machen (736 Toulouse St., Alex., LA 71303) - Lot 80, Wilshire Park (1108 Southampton Dr., Alex., LA 71301), $145,000.00. Average price in past three years is $197,000 rates negative score.

 

(+1) Lot SalesOnly need one sale for positive score and this week the market gave us

 

Bocage Subd. Of Alex., LLC (P O Box 12846, Alex., LA 71315) to V & V Builders, LLC (P O Box 12846, Alex., LA 71315) - Lot 244, Bocage Subd., Phase V (5920 Hannah Dr., Alex., LA 71303), $22,000.00

 

Floyd C Hebert, Inc. (4033 Waterford Dr., Alex., LA 71303) to Matthew S & Andria S Fontenot (121 Hudson St., Pineville, LA 71360) - Lot 97, Woodlake Subd., Phase V-B (192 Woodwind Dr., Pineville, LA 71360), $37,000.00

 

Price Right Properties, LLC (4400 Hwy. 28 East, Pineville, LA 71360) to Bernard's American Home Sales, Inc. (4400 Hwy. 28 E, Pineville, LA 71360) - Lot 20, Buckeye Ridge Subd., Phase II (317 Buckeye Loop, Deville, LA 71328), $29,900.00

 

(+1) New Home sales positive score requires only one sale for the week:

 

V & V Builders, LLC (P O Box 12846, Alex., LA 71315) to Michael G & Kenya P Jones (35 Ragan Dr., Alex., LA 71303) - Lot 247Bocage Subd., Phase V (35 Ragan Dr., Alex., LA 71303), $216,000.00

 

Shane Dauzat Construction, LLC (5854 Twin Bridges Road, Alex., LA 71303) to Christopher R Chelette & Tiffany A Dossman (P O Box 3392, Pineville, LA 71361) - Lot 245, West Pointe on the Bayou, Phase X (6334 Bayou Crossing Dr., Alex., LA 71303), $300,000.00

 

(-1) Lender total Sales rates positive score if lender sales are below 5% of total sales. This week there were three lender sales totaling $500,000 / $2,342,700 = 21.34% the highest single week percent of total since I began tracking.

 

Southern Heritage Bank (5211 Jackson St., Alex., LA 71303) to Family Counseling Agency (1605 Murray St., Alex., LA 71301) - Lots 13-15, Sq 3, Weil Co. Subd. (1605 Murray St., Alex., LA 71301), $340,000.00

 

Regions Bank (215 Forrest St. REO Dept. Hattiesburg, MS 39401) to Damar Properties, LLC (P O Box 5066, Alex., LA 71307) - Lot C of a division of part of Blk 6, Easy Point Addn. (78 Catherine St., Pineville, LA 71360), $47,000.00

 

Regions Bank (215 Forrest St. REO Dept. Hattiesburg, MS 39401) to Damar Properties, LLC (P O Box 5066, Alex., LA 71307) - Lot 16, Fairway Estates, Unit 1 (8502 Ridgemont Dr., Pineville, LA 71360), $113,000.00

 

More Homeowners Staying Current on Mortgage

The number of borrowers defaulting on their mortgages has dropped considerably compared to a year ago, according to Lender Processing Services' "First Look" report, which analyzed nearly 40 million mortgages.
Nearly 8 percent of mortgages were 30 days past due--but not in foreclosure--in May, a significant difference compared to last year at that time. In May 2010, 18.3 percent of mortgages were 30 days past due.

 

Interest Rates: 30 year fixed is 4.45% was 4.50% the 15 year rate is 3.62% was 3.67% this is up from last week following eight straight weekly declines. 5/1 ARM is 2.99% we are talking below 3% for variable rate.

 

Cottonport Bank buys land on Corporate

Cottonport Bank, a nearly 110-year-old community bank, has purchased a tract of land on Corporate Boulevard and plans to open its first branch in Baton Rouge. The bank paid $781,159 for the property in front of The Gates at CitiPlace. A.J. Roy, CEO of Cottonport Bank, says the plan is to open a branch "as soon as possible." "We should be open by the first quarter, perhaps sooner," he says. Cottonport Bank has 11 branches, most of them in small towns and communities in Avoyelles Parish. The bank does have locations in Brusly and New Roads, which led them to move into Baton Rouge. "We have a growing portfolio of loans in East Baton Rouge Parish; hence the need for an actual location there," Roy says. The plan is to attract small businesses that want to work with a community bank. "We think we found a niche," Roy says

 

 

HB 135"Prohibition of any new Real Estate Transfer Taxes"
This REALTOR® supported constitutional amendment prohibits local and state governments from imposing any new real estate transfer taxes on the sale or transfer of immovable property.  HB 135 passed the legislature unanimously and will now be placed on the November 19th ballot for Louisiana voters to weigh in on this issue.  The LR intends to spend an enormous amount of time, energy and resources on a plan designed to educate Louisiana voters on the reasons and importance of voting yes on this amendment.  We will be coordinating with all local boards to get our message out to the general public.  Please visit and sign up at our Transfer Tax website:  www.staytaxfree.com to receive updates and important information on our REALTOR® campaign.

 

 

 New York Times' story on natural gas misses the mark: Don Briggs, president of the Louisiana Oil & Gas Association, says the New York Times is off base with a recent story about concerns over the current natural gas rush. In a story that ran over the weekend, The Times cites skepticism about lofty forecasts for the size of reserves such as the Haynesville Shale in north Louisiana. One analyst for an energy drilling company even called the shale plays "just giant Ponzi schemes." The article notes that less than 20% of the Haynesville Shale area heralded by companies as productive is likely to be profitable. Briggs says assertions that Haynesville has not lived up to its expectations are "bold and outlandish." "Since its development began in 2008, the Haynesville Shale has resulted in the injection of over $22 billion into the local and state economy in Louisiana, just in fiscal years 2008 and 2009 alone. In fact, while other states have lost jobs and revenue, the Haynesville Shale development has shielded our state from the economic recession," Briggs says

 

Commercial/multifamily mortgage investor groups saw mixed delinquency rates in 1Q11, according to the Mortgage Bankers Association’s Commercial/Multifamily Delinquency Report. Commercial mortgage-backed securities delinquency rates reached the highest level since 1997 in 1Q11, but the increase was slower than in recent quarters. Delinquency rates for other groups fell far below levels seen during the downturn of the early 1990s. The 90+ day delinquency rate on loans held by FDIC-insured banks and thrifts held fast at 4.18 percent from 4Q10 to 1Q11. The 30+ day delinquency rate on CMBS loans climbed 0.23 percentage points to 9.18 percent. For loans held in life company portfolios, the 60+ day delinquency rate fell 0.05 percentage points to 0.14 percent. The 60+ day delinquency rate on multifamily loans held or insured by Fannie Mae ended 1Q11 at 0.64 percent, slipping 0.07 percentage points from 4Q10. The 60+ day delinquency rate on multifamily loans held or insured by Freddie Mac climbed 0.10 percentage points to 0.36 percent.

Below are the delinquency rates for each group at the end of the 1Q11 based on the unpaid principal balance of loans:

·         CMBS: 9.18% (30+ days delinquent or REO); 

·         Life company portfolios: 0.14%(60+ days delinquent); 

·         Fannie Mae: 0.64%(60+ days delinquent); 

·         Freddie Mac: 0.36%(60+ days delinquent); and 

·         Banks and thrifts: 4.18% (90+ days delinquent or in nonaccrual).

 

U.S.economy grew slightly faster in first quarter

The U.S. economy expanded a little faster at the beginning of the year than previously estimated. But the pace was still anemic, and economists don't see that changing until later this year. The Commerce Department says the economy grew at an annual rate of 1.9% in the January-March quarter. That's not much better than the 1.8% rate estimated a month ago. The small upward revision reflected stronger exports and more business spending on stockpiles. High gas prices were a major reason growth slowed. The impact of those prices has carried over into the current quarter. The economy is growing in the current April-June quarter at a rate of about 2.3%, according to an Associated Press survey of 38 top economists. Today stocks fell in early-morning trading. The Dow Jones industrial average dropped 100 points and broader indexes declined. Growth must be stronger to make a noticeable dent in unemployment, which was 9.1% last month. The economy would need to grow 5% for a whole year to significantly bring down the unemployment rate. Economic growth of 3% a year would hold the unemployment steady and keep up with population growth. There are signs that some of the factors that slowed the economy are starting to ease. The average price for a gallon of gas has fallen nearly 40 cents since peaking at nearly $4 in early May.

 

Superior Grill in BR. Buysadjacent property: Superior Grill, the popular Government Street Mexican restaurant, has purchased an adjoining property. The restaurant paid $695,000 for the vacant Express Care Automotive site in a deal that closed last week. There is speculation that Superior bought the site for additional parking, to accommodate the large happy-hour crowds who frequent the restaurant. Repeated attempts to contact management for details were unsuccessful.

 

Burbank property sold for Goodwill

A tract near the intersection of Bluebonnet Boulevard and Burbank Drive has been sold for $900,000 to developers who plan to build a Goodwill store on the site. Dantin-Bruce Development bought the property, which fronts on Burbank, from Jerry Pearson in a deal that closed Monday. Construction of the 13,000-square-foot store will start next month, says Brian Dantin, and the Goodwill store should open in about 10 months. This will be the third Goodwill store in Baton Rouge. Pearson owns a 15-acre tract at Bluebonnet and Burbank, across from where a Walmart Supercenter is slated to open in 2013.

 

 

More Americans apply for unemployment benefits

More Americans applied for unemployment benefits last week, adding to evidence that the job market is weakening. The Labor Department says applications rose by 9,000 to a seasonally adjusted 429,000 last week. It was the second increase in three weeks and the biggest jump in a month. Applications have been above 400,000 for 11 straight weeks. Applications dipped below 400,000 in February and stayed below that threshold for seven of the following nine weeks; they fell as low as 375,000, a level that signals sustainable job growth. But applications surged in April to an eight-month high of 478,000 and have shown only modest reductions since that time. Companies pulled back on hiring in the spring in the face of higher gas and food prices. That has cut into consumer spending on other discretionary items, such as furniture and appliances, which boosts economic growth. Employers added 54,000 net new jobs in May, a rate much slower than the average gain of 220,000 per month in the previous three months. The unemployment rate rose to 9.1% from 9% in April. The economy needs to generate at least 125,000 jobs per month just to keep up with population growth. And at least twice that many jobs are needed to bring down the unemployment rate.

 

LouisianaLegislature more educated than U.S. average

An analysis of the educational backgrounds of state legislators shows that 78.2% of the members of the Louisiana Legislature have a bachelor's degree or higher. That's better than the U.S. average of 74.7% of state legislators who earned at least a bachelor's degree, says The Chronicle of Higher Education. Forty of the state's 144 legislators earned a degree from LSU, making it the most popular college among this group. Thirteen legislators have law degrees from Southern University and seven have degrees from the school. California has the best-educated legislature, with nearly 90% of members having a degree. New Hampshire was ranked last, with 53.4% of members having a college education, but The Chronicle notes that figure may be skewed because the Granite State has a part-time legislature of 424 members and the educational attainments of many are unknown

 

 

 

 

 

Rod's Notes For Wednesday 06/22/11


To participate in the show live call 318-442-8255 (talk)

Between 8:05 and 8:55 on Wednesday morning, do not attempt to call in on Saturday as this is our encore performance (fancy way to say taped). So remember questions, comments, corrections, or if I have not returned your call you can reach me live on Wednesday mornings at 318-442-8255.

 

Disclosure the smaller fontz in my notes is cut and paste from “The legal recorder” with permission.

 

My wife and I am baby sitting our 14 month old grandson for 10 days and I am short on research and long on request for our listeners to call in. Whoever said, “sleep is over rated” is an out right liar. Update on last week’s story we deliver Noles to his parents Monday evening in New Orleans did not wait for them at the air port for their mid night arrival. Good time for me to put in good word for walk in clinic located on Windermere in doctors Pope and Garrison building. They took great care of Noles grandfather on Monday afternoon. This 26 pounds of love, energy, and constant demands ran 61 year old grandfather in the ground during short enjoyable 10 day period.  

 

Tell me about the rain I missed it for this part of the state was on the road Monday and Tuesday.

 

Don’t believe everything you read on line for example: Report: Pineville priciest housing in La.

The most expensive housing market in Louisiana is Pineville while the least expensive is Bastrop, according to a home listing report by Coldwell Banker Real Estate LLC. The average listing price for a four-bedroom, two-bath home in Pineville is $376,242, while the same home lists for $132,636 in Bastrop, according to Coldwell Banker Nationally not Prissy Reap.

 

Governor Jindal appointed our very own Rod Noles to the La. Real Estate commission and I was in Baton Rouge for briefing yesterday with executive director. I Jimmy Gosslee from Shreveport, Paul Burn from Baton Rouge, Pat Caffery from New Iberia and Tim Flavin from Lake Charles. Look forward to serving both for central             La., the 14,000 license members, and consumers of our fine state. Meet once a month and will have occasion to report changes and personal discoveries to our listeners. For example learned yesterday that 70% of total licensees belong to the professional trade organizations of NAR and LRA.

 

Every Deal has a tale / tail.

 

Biggest news of the year is levee story and Corp of Engineers

 

Drive by reporters and listeners we are trying something different this morning. Asking for feed back on 4 locations for new retail users, cannot disclose client but let’s compare them to a slightly smaller J.C Penny store. Here are four locations and I am looking for six to ten calls telling me where you would locate if it was your store. (1) in front of former K-Mart on Mac Arthur drive adjacent to Logan Road house (2) next to Home Depot on South Circle (3) next to Target (4) North Mall Drive adjacent to new Sonic and Wal-Mart (5) Former Circuit City location at Alex Mall.

 

Paradise Catfish sold for $540,000 if anyone knows who the new buyer is please give us a call.

06/14/2011

1890/398 1452364

Kevin R Williams is d/b/a Paradise Catfish Kitchen (4820 Monroe Hwy., Pineville, LA 71360)

 

Kimble Development North, LLC, or Joshua B. Zelden and Michael D. Kimble et al to Bank of Montgomery (814 Washington St., Natchitoches, LA 71457) - Lot 6, Petron Commercial Park Kingsville, et al, $6,500,000.00. This has to be a retail or hotel property will report more next week.

 

Bayou Rapides Development, LLC (1001 Bolton Pl, Alex., LA 71303) to First Federal Bank of LA (P O Box 1667, Lake Charles, LA 70602) - 71.2924 acres in Sec 21, T4NR1W (Browns bend road at the intersection of MacArthur Dr.), $1,264,283.88

 

Gary V Dewitt (1610 S City Pk. Blvd., Alexandria, LA 71301) to Red River Bank (1412 Centre Ct. Dr., Ste. 103, Alexandria, LA 71301) - Lot 1 & a portion of Lot 2, Blk. 3, Park Place Subd. (1610 S City Pk. Blvd., Alexandria, LA 71301), $50,000,000.00

 

Ever’s Baja Burrito now open (former Eddie’s Barbecue on Lee Street) 

 

Fontenot’s Sausage Kitchen 2500 Lee Street corner of Masonic and Lee across from Silver Dollar pawn. Ask drive by reporters what was formerly in this location? Reported wrong address last week, I drove by this location and so did Felix Matthews.

 

People not properties:

 

Denise Woods local chef thanks for appearance as guest last week, heard several comments.

 

MLS rankings year to date through May 31st. Third week in my notes but have yet to mention on the show..

 

Number One              $17,713,852              Noles-Frye Realty

Number Two                $8,677,473              Keller Williams

Number Three             $5,133,068              Key Realty

Number Four               $3,838,400              The Realty Company of La.

Number Five                $3,560,375              Buelow-Miller Real Estate.

 

Attachments & Announcements:

 

Clermont three year sales study

 

Lebanonthree year sales study.

 

Investor sales: first four are from previous week

 

Bayou Properties of Cenla, LLC or Laralea Scott (6013 Coty Dr., Alex., LA 71303) to Toby C & Amy B McClure (524 Nation Road, Deville, LA 71328) - Lot 2, Annie M (Crooks) Roberson Subd., $179,900.00

 

Gerald P & Wanda G Campo (12 David Burns Road, Boyce, LA 71409) to DM Properties of Alexandria, LLC or Deepak Sharma (6205 Tennyson Oaks Lane, Alex., LA 71301) - Lot 46, Phase XI, Willow Wood Condominiums (363 Windermere Blvd., Unit 315, Alex., LA 71303), $169,400.00

 

Townley Investment Co., LLC (5347 E Royal Palm Road, Paradise Valley, AZ 85253) to Trustland, LLC, et al (5615 Jackson St., Bldg. L, Ste. D, Alex., LA 71303) - 36.79 acres in Sec 9, T3NR4W, $114,968.75

 

Gregory P & Janet G Guillot (87 Libuse Cutoff Road, Pineville, LA 71360) to Theresa D Cull, et al (377 Glebe Road, Daleville, VA 24083) - Lot 6, Blk 2, North Village Subd. (5401 A&B Lacassine Dr., Alex., LA 71301), $66,100.00

 

April E Beasley, et al (222 Westpointe Circle, Apt. 202, Lafayette, LA 70506) to 3H Investments, LLC (2121 North MacArthur Dr., Alex., LA 71301) - Lots 8 & 9, Ortego Subd. (5115 Oran St., Alex., LA 71301), $64,000.00

 

Chantrell K Jenkins (7909 Cameron St., Duson, LA 70529) to Rantan Properties, LLC (411 Vickie Lane, Alex., LA 71303) - Lot 19, Broadmoor Gardens (5136 Broadmoor Court, Alex., LA 71302), $23,100.00

 

Trammell Properties, LLC (64 Ross Lane, Alex., LA 71303) to Steven R Tyer (P O Box 241, Woodworth, LA 71485) - 5 acres in Sec 56, T3NR1W (6636 Old Baton Rouge Hwy., Alex., LA 71302), $75,800.00

 

(+3.5) Rod’s economic indicatorperfect 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. Rating for previous week was 4.5

 

Legal recorder data for five business day June 13, 2011 though June 17, 2011

 

(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.

(5) Two random residential sales compared to average prices for 2008, 2009 and 2010 that demonstrate increase prices.

 

(-1) Total saleslooking for 40 closed deals from previous week the market gave us 26 sales with low volume of $2,727,708 the previous week we had a group of healthy sales totaling 43 transactions, with total volume of $4,882,283. No single sale was above $350,000, very good previous week. 

 

(+.50)Random sales comparison: We track average sales price in certain subdivision for 2008 through 2010 and compare it to a sale this.

 

Kevin D & Melissa L Franklin (6736 Longleaf Trace, Ball, LA 71405) to Loyd J & Madelyn K Gaspar (5824 Bruyninckx Road, Alex., LA 71303) - Lot 13, Lebanon Subd. (5823 Bruyninckx Road, Alex., LA 71303), $125,000.00. The sale we are tracking beats three year average of $122,000 (see attachments for full study)

 

Patrick L & Andre C Desotell (145Cunningham Camp Road, Natchez, LA 71456) to Alex S Etienne (5249 Lark Lane, Alex., LA 71303) - Lot 4, Blk 3, Clermont Estates, $230,000.00. The sale we are tracking beats three year average of $224,725 and average for 2010 and 2011 year to date of $228,062. (see the full study attached does not bode good news about values in Clermont)

 

National story concerning decrease in home equity failed to mention that 40% of those who took out second mortgage are upside down with their total mortgages being more than the value of their homes. Share with listeners “big stick bundle of little twigs” theory.

 

(+1) Lot SalesOnly need one sale for positive score and this week the market gave us two sales  

 

Donk, LLC (1580 Hwy. 115, Deville, LA 71328) to CMH Homes, Inc. (5000 Clayton Rd., Maryville, TN 37804) - 1.29 acres in Sec. 21, T5NR1E, $18,000.00

 

Ballina Farms, Inc. (P O Box 12487, Alex., LA 71315) to William R Tarver, II & Shirrea A Tarver (6605 Taylor Oaks, Alex., LA 71301) - 2.98 acres in Sec 8, T3NR1W (Taylor Oaks, Alex., LA 71301), $115,000.00

 

(+1) New Home sales positive score requires only one sale for the week: assuming the below mention home by construction company was a new home.

 

Samson Construction, LLC (37177 Heritage Ct., Geismar, LA 70734) to Jerald J Wolf, II (334 Cross Ridge Dr., Pineville, LA 71360) - Tract in Sec. 8, T4NR1E, $166,900.00

 

(+1) Lender total Sales rates positive score if lender sales are below 5% of total sales. Lender sales for this week were two with total volume of $130,125 / $2,727,708 = 4.77507%

 

Dept. of HUD to Gary Cathey (308 Windermere Blvd. # B, Alex., LA 71303) - Lot 4, Sq 15, S A Guy Addn., $15,250.00

 

Dept. of HUD to Megalene I Shaw (324 Gary K St., Pineville, LA 71360) - Lots 55 & 56, Sharon Park Subd., $115,000.00

 

Interest Rates: 30 year fixed is 4.50% was 4.47% the 15 year rate is 3.67% was 3.65% this is up from last week following eight straight weekly declines.

 

$150,000 mortgage for 30 years at 4.47% makes your monthly payment $757.36 per month. Assume 80% loan to value (LTV) total purchase price is $187,500 ($150,000 / .80 = $187,500). Now if rates go to 6% (or when they go to 6%) same payment of $757.36 will amortize a $126,320 loan / .80 = $157,900 home or 15.79% less. Said another was 1.5% increase with interest rate will decrease consumer’s price point by 15% with this example (note it is different with each price range and LTV). My concern years from now who will want to leave a 4.5% mortgage for new house with 6% to 8% loan.

 

5,317 The number of free throws that Shaquille O’Neal missed in his 19 year NBA career.

 

Emails from listeners:

 

Sentry Grill, 1002 Third Street in Alexandria, which has been serving Cenla from the same location for over 50 years, has hired a new Manager, Julie Grayson, sister of Dave Grayson as thier new Grill Manager. Julie starts on Wednesday, June 22, 2011. She has over 35 years of food service experience, most recently at D&J Cafe in Colfax. Kent Allen

 

Be sure you read section R, the last section in Monday’s (June 20th’s) edition.  There are several good articles for your radio show. Jim Smolenski

 

Congratulations!

Dirk Leopard of Glass Specialties wins the Business of the Year award from the Rotary Club. Dirk is a 27 year member to the Home Builders Association of Central LA and a long time local Board of Director as well as our Trustee for the Home Builders SIF Workers Comp. Thanks for all that you do. Amy Desoto

 

 

Case Law Update: Major Victory for REALTORS

Century 21 Shackleford French (C21) and Louisiana REALTORS won a major court victory in the 2nd Circuit Court of Appeals last week. C21 had secured an unconditional, full price offer on a piece of commercial property it was listing. The owners rejected the offer and refused to pay the commission, claiming that not all the owners had signed the listing agreement. C21 sued to recover its commission, arguing that the listing agreement called for the commission to be paid if the offer was secured, even if the sale did not close. C21 further pointed out that the brothers who signed the listing agreement had warranted that they were the sole owners of the property or that they had full authority to list the property.

Louisiana REALTORS filed a "friend of the court" brief in support of C21's position. In Century 21 Shackleford French Real Estate, Inc. v. Willie Ealy and Ezell Ealy, Jr., the Court held that the defendants could not use their own misrepresentations to avoid paying the commission, which had clearly been earned by C21 pursuant to the listing agreement. Stay tuned for an upcoming LR Redstick Report with full details on this major victory for all REALTORS.

 

Rod, The website for the company I mentioned @ lunch is: www.realpage.com

Nerine Day
Vice President /Financial Advisor

 

 

 

Rod's Notes For Wednesday 06/15/11


To participate in the show live call 318-442-8255 (talk)

Between 8:05 and 8:55 on Wednesday morning, do not attempt to call in on Saturday as this is our encore performance (fancy way to say taped). So remember questions, comments, corrections, or if I have not returned your call you can reach me live on Wednesday mornings at 318-442-8255.

 

My wife and I am baby sitting our 14 month old grandson for 10 days and I am short on research and long on request for our listeners to call in. Whoever said, “sleep is over rated” is an out right liar.

 

In Shreveport Thursday and Friday of last week teaching CCIM intro course, my single discovery during one instructor intense two days is Shreveport / Bossier office building occupancy has greatly improved with oil and gas activity.

 

Every Deal has a tale / tail.

 

The “Manor” 57,000 sf Los Angeles home was listed at $150 million sold this week. Thought to be America’s most expensive re-sale sold to 22 year old heiress to Formula One racing fortune. Built in 1991 by producer Aaron Spelling, the home sits on 5 acres has enough parking for 100 cars, has a flower cutting room, a china room a “Prince Charles suite” named after its one-time royal guest, a bowling alley, beauty salon, and several gift wrapping rooms. With today’s low interest rates is you put 20% down ($30,000,000) financed the balance at 4.5% for 30 years your payments would only be $608,022.37 per month. Deal is not closed and if you want to put in a back up offer call me any time day or night.

 

Paradise Catfish sold for $540,000 if anyone knows who the new buyer is please give us a call

 

Bordelon and Maxwell Development Co., LLC (306 Northcreek Blvd., Suite 100, Goodlettsville, TN 37072 Welwyn Way, Alex., LA 71303) to Quality Builders, Inc. (306 Northcreek Blvd., Suite 100, Goodlettsville, TN 37072 Welwyn Way, Alex., LA 71303) - Tract know

 

Kimble Development North, LLC, or Joshua B. Zelden and Michael D. Kimble et al to Bank of Montgomery (814 Washington St., Natchitoches, LA 71457) - Lot 6, Petron Commercial Park Kingsville, et al, $6,500,000.00. This has to be a retail or hotel property will report more next week.

 

Carlo J &Spera Building Alexandria, LLC (5412 Maple Place, Broken Arrow, LA 74011) to Hancock Bank of LA (P O Box 591, Baton Rouge, LA 70821) - Lot 1, Sq 9, Bacon Place Addn., et al (3001 Masonic Dr., Alex., LA 71301), $450,000.00. Kidney Dialysis center on Masonic Drive. Masonic Drive has lots of development activity.

 

Pavillion Plaza, LLC (4000 Huntwick Blvd., Alex., LA 71303) to Tasty Concepts, LLC d/b/a Bon Swirl (88 Hwy. 8, Lena, LA 71447) - 2300 sq. ft. located at 4730 Jackson St., Alex., LA 71301

 

Academy Sports has 131 locations in 11 states has recently been sold to a global investment group. My editorial should not affect this store which is one of their larger stores.

 

Ever’s Baja Burrito now open (former Eddie’s Barbecue on Lee Street) 

 

Fontenot’s Sausage Kitchen 2500 Lee Street corner of Masonic and Lee across from Silver Dollar pawn. Ask drive by reporters what was formerly in this location?

 

People not properties:

Denise Woods local chef will be on the show to discuss book “Blood, bones and butter” by Gabriel Hamilton. Gabriel is also the owner of New York restaurant Prunes located just North of Houston Street.

 

Mike Madison and CLECO kudos on Edison award.

 

Jeff Matthews with Town Talk did a good  job with the coverage of Century Tel sale.

 

MLS rankings year to date through May 31st.

 

Number One              $17,713,852              Noles-Frye Realty

Number Two                $8,677,473              Keller Williams

Number Three             $5,133,068              Key Realty

Number Four               $3,838,400              The Realty Company of La.

Number Five                $3,560,375              Buelow-Miller Real Estate.

 

Attachments & Announcements:

 

HB 135 Update: Final Passage!

Late Monday afternoon, the Louisiana State Senate gave final approval to House Bill 135, our transfer tax constitutional amendment. The vote for passage was 34-0. As you will recall regarding constitutional amendments, we needed a two-thirds majority (26 votes). With this action, the constitutional amendment heads to the November 19 statewide ballot.

Father’s dad is the busiest day for collect calls. I didn’t know you could still make a collect call.

 

Mykoff absorption report comparing existing inventory to properties sold

 

Price Point in the market      Total on Market     units sold            Months            Came on the market

 

Entire MLS                             785                          99                      7.93                            132

$400,000 up                             48                            1                      48                                5

$250,000 to $400,000            98                          11                      8.91                           13

$150,001 to $250,000          225                           26                     8.65                           44

Under $150,000                     414                           61                     6.79                           70

 

Investor sales:

 

Bayou Properties of Cenla, LLC or Laralea Scott (6013 Coty Dr., Alex., LA 71303) to Toby C & Amy B McClure (524 Nation Road, Deville, LA 71328) - Lot 2, Annie M (Crooks) Roberson Subd., $179,900.00

 

Gerald P & Wanda G Campo (12 David Burns Road, Boyce, LA 71409) to DM Properties of Alexandria, LLC or Deepak Sharma (6205 Tennyson Oaks Lane, Alex., LA 71301) - Lot 46, Phase XI, Willow Wood Condominiums (363 Windermere Blvd., Unit 315, Alex., LA 71303), $169,400.00

 

Townley Investment Co., LLC (5347 E Royal Palm Road, Paradise Valley, AZ 85253) to Trustland, LLC, et al (5615 Jackson St., Bldg. L, Ste. D, Alex., LA 71303) - 36.79 acres in Sec 9, T3NR4W, $114,968.75

 

Gregory P & Janet G Guillot (87 Libuse Cutoff Road, Pineville, LA 71360) to Theresa D Cull, et al (377 Glebe Road, Daleville, VA 24083) - Lot 6, Blk 2, North Village Subd. (5401 A&B Lacassine Dr., Alex., LA 71301), $66,100.00

 

(4.5) Rod’s economic indicatorperfect 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 for five business day June 6, 2011 though June 10, 2011

 

(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.

(5) Two random residential sales compared to average prices for 2008, 2009 and 2010 that demonstrate increase prices.

 

(+1) Total saleslooking for 40 closed deals from previous week the market gave us a group of healthy sales totaling 43 transactions, with total volume of $4,882,283. No single sale was above $350,000, very good week. 

 

(.50)Random sales comparison: We track average sales price in certain subdivision for 2008 through 2010 and compare it to a sale this.

 

Lester R Schmidt, Sr. & Deanna A Schmidt (1815 White St., Alex., LA 71301) to Robert G & Elizabeth A Levy (1815 White St., Alex., LA 71301) - Lot 13, Sq 44, White Addn. (1815 White St., Alex., LA 71301), $200,000.00. Eight sales since 1-1-2008 with average price of $172,886 the sale we are tracking this week is $200,000 which rates a positive score. The sales range from low of $28,000 to high of $408,000 and standard deviation of $123,080. Not sure what average price really means?

 

Gerald P & Wanda G Campo (12 David Burns Road, Boyce, LA 71409) to DM Properties of Alexandria, LLC (6205 Tennyson Oaks Lane, Alex., LA 71301) - Lot 46, Phase XI, Willow Wood Condominiums (363 Windermere Blvd., Unit 315, Alex., LA 71303), $169,400.00. There have only been three sales since January 1, 2008 with average price of $179,800. The sale we are tracking this week was lower than the average so we score negative on Willow Wood Condos.

 

National story concerning decrease in home equity failed to mention that 40% of those who took out second mortgage are upside down with their total mortgages being more than the value of their homes. Share with listeners “big stick bundle of little twigs” theory.

 

 

Standard Poor ‘s Case-Shiller 20 city index is now at 2002 levels for 12 of those markets. The index records eight straight months of price decline. I have not observed this price decline in our market. It is a buyer’s market and seller’s must price their house correctly and be willing to negotiate. However, prices have not been forced down by over supply of spec inventory or distressed lender sales. Confidence and under writing for financing have largest affect on home sales per dialogue at Tuesday’s sales meeting.

 

(+1) Lot SalesOnly need one sale for positive score and this week the market gave one sale.

 

D & J Development of Louisiana and Arkansas, LLC (P O Box 1719, Tioga, LA 71477) to Michael A & Charlene F Richardson (1006 Pine Lake Dr., Pineville, LA 71360) - Lot 7, Hollow Creek Estates, Phase I (149 Hooper Road, Pineville, LA 71360), $20,500.00

 

(+1) New Home sales positive score requires only one sale for the week: After three weeks of zero new homes sold we had two for the week.

 

V & V Builders, LLC (1223 MacArthur Dr., Alex., LA 71303) to Charels S & Brandy L Caldwell (5914 West Austin Dr., Alex., LA 71303) - Lot 221, Bocage Subd., Phase V (5914 West Austin Dr., Alex., LA 71303), $207,000.00

 

Fernwood Homes, Inc. (P O Box 1236, Glenmora, LA 71433) to Ikeisha R Jones (316 Nickel Loop, Pineville, LA 71360) - Lot 14, Williams Lake North Subd., Phase II (316 Nickel Loop, Pineville, LA 71360), $134,000.00

 

(+1) Lender total Sales week rates positive score if lender sales are below 5% of total lender sales for the week was only one less than 1% of total volume.

 

Bank of New York, et al to Good Family Properties, LLC (172 Adams Path, Pineville, LA 71360) - Lot 73, Holiday Park Subd. (513 Holiday Circle, Pineville, LA 71360), $85,000.00

 

Interest Rates: 30 year fixed is 4.47% was 4.49% the 15 year rate is 3.65% was 3.71% this is down from last week and is the 8th week that rates have declined. We are at a near 50 year low last time rates were 4.53% I was 11 years old. ARM is near 3% at 3.04%

 

$150,000 mortgage for 30 years at 4.47% makes your monthly payment $757.36 per month. Assume 80% loan to value (LTV) total purchase price is $187,500 ($150,000 / .80 = $187,500). Now if rates go to 6% (or when they go to 6%) same payment of $757.36 will amortize a $126,320 loan / .80 = $157,900 home or 15.79% less. Said another was 1.5% increase with interest rate will decrease consumer’s price point by 15% with this example (note it is different with each price range and LTV). My concern years from now who will want to leave a 4.5% mortgage for new house with 6% to 8% loan.

 

5,317 The number of free throws that Shaquille O’Neal missed in his 19 year NBA career.

 

 

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