Rod's Notes Archives for 2012-02

Rod's Notes For Wednesday 02/29/12


Wednesday 02/29/2012

 

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).

 

Announcements, Attachments and Travels:

 

One extra day this year and it’s today, make it count and thanks for listening to our show.

 

March 24th and 25th Home & Product show Rapides Parish Coliseum reserve space 318-443-1902 see attachment

 

Bancorp South Bank  on Jackson Street extension is now opened for business

 

Commercial meeting last week hosted by First Federal of Alexandria heard announcement of 20,000 square foot new office at Windermere and 28 West will begin soon.

 

3 same day road trips since our last show.

 

Lake Charles trip noticed two items of interest (1) three new homes at AGCC seem to be occupied (2) Municipal building in Woodworth is beautiful

 

Leesville trip noticed two new hotels under constructions at the Gate to Folk Polk.

 

Lafayette trip yesterday with local investor who has purchased 44 acres in neighboring small community.

 

People not properties:

 

Thomas Pharis, is a retired rail road engineer who is now part time shuttle driver for Walker Automotive, gave me ride back from dealership Monday morning. When I introduced myself as Rod Noles he said, “I’m the man you took a boat in trade for down payment on a house, “I said Thomas do you still live in Stones Throw?

 

Roscoe Bolton 99 years old this week and 77 year member of Rotary longest serving member in the world right here in River City. Gives me the opportunity to promote his former office for lease on Jackson street for $14 psf.

 

Bob Merrick Chairman of Board for Latter & Blum, Rick Haase President, Bob Penick CFO, and Karl Landreaux commercial manager are at airport 9:00 am and I will need to complete last 10 minutes of the show from my cell phone,.

 

Every Deal has a tale / tail:

 

Sears plans to sell 1,200 company owned stores: Store in Alexandria Mall is owned by Sears not sure if Radiant Properties will buy this space and lease it back to Sears. Past Thursday Sears announced $3 billion dollar loss for 2011 and same stores sales have fallen for 6 years in a row. Stock was down below $30 last month and was trading at $61.80 up 19% in one day following the announcement of asset sales.

 

Fuller Brush company files for chapter 11 company was started in 1906 and I would like to know if any of our listeners were ever Fuller Brush company door to door salesmen? Give us a call 442-8255

 

Wilk's Tile & Marble, Inc. (2820 Louis St., Alex., LA 71301) to Joe's Cleaning Service, LLC (671 Goodacre St., Pineville, LA 71360) - Lots 5, 6, 16, & 17, Sq 4, Bacon Place Addn. (2826 Lee St., Alex., LA 71301), $60,000.00

 

(+3) 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 February 20th through 24th

 

(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) Total weekly volume was: $2,624,923 with 28 transactions causing negative score in this category.

 

Pending sales index is up 2% January over December that measures deals under contract. Big problem today between contract and closing is low appraisals. Not sure we can trust NAR (National Association of Realtors) but they tell us existing home sales increased 4.3% in January from a month earlier to seasonally adjusted rate of 4.57 million. It was the third increase in past four months and highest level of sales since May 2010 at same time inventory of unsold homes has contracted to near healthy level of 6.1 months supply. Median sales price has drop 2% on nation wide basis and we can no longer say values are stable locally we are witnessing a decline in values with decrease in volume.

 

Hey Warren Buffett says homes are now cheap so is interest rates in 37 years I have never seen better time to buy a home. Climate even has me thinking of buying another home (just thinking right now I love Charles Park and my home of 27 years)

Study: 21% of Louisianans spend half their earnings on housing:

Slightly more than one in five Louisianans was spending at least 50% of their paycheck on a housing payment or rent in 2010, according to a report released today by the Center for Housing Policy, a research affiliate of the National Housing Conference. The study says 21% of working households in Louisiana—with a "working household" defined as one in which someone is working at least 20 hours a week but not earning more than 120% of the median income in the area—spent at least half their income on housing alone. Such a situation is defined as "severe housing cost burden" in the center's Housing Landscape 2012 report.

 

Louisiana's rate of severe housing cost burden was slightly lower than the national rate of 23.6% in 2010, but the report says its still a "significant increase" from 2008, when the rate was 18%. The situation is even worse in the New Orleans metro area, where 28% of the population faces a severe housing cost burden, up from 22% in 2008.

 

(+1) Random home sales for the week.

 

Pinebrook Estates two sales last week

 

Susan D Coburn (P O Box 3912, Pineville, LA 71360) to Adam O & Laura B Pharis (6642 Birch Trace, Ball, LA 71405) - Lot 177, Pinebrook Estates (6642 Birch Trace, Ball, LA 71405), $142,500.00

 

William K & Angela P Neal (P O Box 3266, Pineville, LA 71361) to Megan E Cobb (6605 Birch Trace, Ball, LA 71405) - Lot 216, Pinebrook Estates Subd., et al, $143,000.00

 

  1. market generated 16 sales at an average price of $93,892
  2. market generated 8 sales at an average price of $95,225
  3. market generated  7 sales at an average price of $107,260
  4. market generated  7 sales at an average price of $98,628
  5. strange group of 3 sales with average price of $143,133

 

Walter L Enete (523 Live Oak Dr., Madison, MS 39110) to Anna L McKee (1022 Lakeshore Dr., Pineville, LA 71360) - Lot 12, Blk 3, College Park Addn., et al (1022 Lakeshore Dr., Pineville, LA 71360), $143,000.00. Since 7-2-2008 there has only been 5 sales one of which was foreclosure deal average sales price is $110,000 remove lender’s sale average price is $124,375 on 4 remaining transactions. This creates difficult situation for appraiser. Kudos to Jeff Matthews on his neighborhood story Sunday.

 

 

(+1) New Home sales: Looking for a single sale this week for positive score the market gave us

 

West Lakes Estates, LLC (2230 S MacArthur Dr., Alex., LA 71301) to Wrosa C Thompson (4325 Duhon Lane, Alex., LA 71302) - Lot 6, West Lakes Estates Subd. (120 Grand Blvd., Alex., LA 71303), $221,500.00

 

(+1) Lot Sales or home site acreage: Only need one sale for positive score and this week the market gave us three one was developer’s inventory and one from lender.

 

Fredco Enterprises, LLC (2712 Hwy. 121, Otis, LA 71466) to Richard J Cipolla (11 Lofton Cemetary, Pineville, LA 71360) - Lot 4, Fredco Estates Subd., $29,000.00

 

Larry H Floyd, et al (300 Barron Chapel Road, Pineville, LA 71360) to Robert D & Sandra H Hines (324 Ball St., Pineville, LA 71360) - Lots 14 & 15, Sq 1, Hillside Subd. (331 Ball St., Pineville, LA 71360), $12,500.00

 

The Evangeline Bank (3700 Jackson St., Alex., LA 71303) to Eugene A Ledet, Jr. & Beverly E Ledet (5994 Stonegate Dr., Alex., LA 71303) - Lot 49, Crossgates Subd., Phase IV (5992 Stonegate Dr., Alex., LA 71303), $30,000.00

 

 

(-1) Lender sales as percent of total sales: rates positive score if lender sales are below 5% of total sales, this week market gave us volume of $370,000 / $2,624,923 = 14.09%

 

Sabine State Bank (P O Box 670, Many, LA 71449) to Scott A & Mary K Merryman (25 Van Mol Road, Alex., LA 71302) - Tract in Sec 59, T3NR1W, et al, $340,000.00

 

The Evangeline Bank (3700 Jackson St., Alex., LA 71303) to Eugene A Ledet, Jr. & Beverly E Ledet (5994 Stonegate Dr., Alex., LA 71303) - Lot 49, Crossgates Subd., Phase IV (5992 Stonegate Dr., Alex., LA 71303), $30,000.00

 

While foreclosure levels are still above historical norms coast to coast, there is some good news coming from those who watch mortgage trends. According to the Mortgage Bankers Association's National Delinquency Survey, the delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 7.58% of all outstanding loans at the end of the fourth quarter of 2011. That's a decrease of 41 basis points from the third quarter of 2011, and a drop of 67 basis points from a year prior. The total delinquency rate and foreclosure starts rate decreased and are back down to levels from three years ago. A major reason is that the loans that are seriously delinquent are predominantly made up of loans originated prior to 2008, and this pool is steadily growing smaller as a percentage of total loans outstanding. In addition, employment is the key driver of mortgage performance, and the mortgage delinquency rate is actually falling faster than the unemployment rate is declining. In January, 1 in every 1,051 housing units in Louisiana was in some stage of foreclosure, according to RealtyTrac. That's pretty much middle-of-the-road compared to the national average, but higher than neighboring states Arkansas and Mississippi.

 

Wall Street front page article Tuesday February 28th headlines reads, “For the costliest homes foreclosure comes slowly” Borrowers with loans above $1 million were in default 792 days before banks completed foreclosures. For loans under $250,000 the time was still 611 days on average. Intervals between no payments and bank owned is longest in New York, Florida, and Connecticut.

 

Article observes several reasons for time difference (1) Banks bundle smaller loans and sells packages while most of larger loans remain in house the with the original bank. (2) banks are more flexible with larger loans as borrower many times has additional assets (3) wealthier borrowers are more sophisticated at stalling foreclosure by hiring attorneys (4) some banks intentionally draw out foreclosures so they do not have to book the loss right now called “pray and delay.”

 

71% of all loans in foreclosure have balances less than $250,000

94% have balances below $500,000

Less than 1% above one million.

 

In 2008 average foreclosure took 260 days for loans under $250,000 and 251 days for loans above $1 million. $10.3 trillion in mortgages outstanding, around $7 trillion have been securitized and 83% are backed by Fannie or Freddie these agencies generally guarantee loans of less than $417,000

 

Some doubt settlement will end navigation nightmare:

Even as government officials prepare to unveil new standards this week for how banks treat millions of Americans facing foreclosure, The New York Times reports housing advocates and homeowners are skeptical the rules will be able to do something past efforts have not: provide a beleaguered borrower with one individual to help him or her navigate the mortgage maze. The entire process of seeking a mortgage modification is complicated and time-consuming, but few elements are as maddening as the inability to get through to a representative at the bank—or being asked for the same documents again and again. So the promise of a single point of contact has emerged as a crucial element in the much-ballyhooed $26 billion settlement reached earlier this month involving state attorneys general, the federal government and the five biggest mortgage servicers. These rules will apply nationwide and come with commitments of strong enforcement by federal and state authorities, but they carry a familiar ring for those experienced in the foreclosure process.

 

 

Interest Rates: 30 year fixed is 3.85%was 3.88%the 15 year rate is 3.15%was 3.16% 5/1 ARM is 2.81% was 2.88%. Even with low rates mortgage applications are down 10% from same time last February.

 

Mortgage activity for the week: Total of 20 closed real estate mortgages at volume of $3,357,517 compared to $2,624,923 in closed transactions or 1.27 ratio of closed mortgages to transactions.

 

Going down slow: First-time claims for unemployment insurance in Louisiana for the week ending Feb. 18 declined from the previous week's total. The state labor department figures released today show the initial claims fell to 3,007 from the previous week's total of 3,143. The figure was lower than it was for the comparable week a year earlier, when there were 3,167 initial claims. The four-week moving average, which is a less volatile measure of claims, decreased to 3,205 from the previous week's total of 3,289. Continued unemployment claims claimed for the week ending Feb. 18 totaled 39,009, down from 440,007 the previous week. The four-week moving average for such claims decreased to 40,540 from 41,591.

La. vehicle theft rate drops 37% over 5 years

Motor vehicle theft rates in Louisiana declined 36.7% from 2006 through 2010, according to FBI data, including a 15.6% drop from 2009 to 2010. Louisiana Commissioner of Insurance Jim Donelon says the vehicle theft rate is one of the factors insurers use when setting auto insurance premiums. Donelon attributes the decline to a number of factors, including proactive law enforcement strategies, expanded use of technology such as license plate recognition systems and bait cars, increased public awareness and education about vehicle theft prevention and the consequences of vehicle theft, as well as multi-agency cooperation. A total of 9,893 vehicles were stolen in Louisiana in 2010, according to the FBI (37% decline in 5 years is 9.69% annual rate)

Survey: Raising Cane's ranks No. 2 among U.S. quick-service chains

With 63% of customers giving the chicken finger chain an "excellent" rating, Raising Cane's is tied with two other quick-service restaurant companies as the No. 2 chain in the country when it comes to customer satisfaction, according to the annual Sandelman & Associates Quick-Track study. The other chains with a 63% "excellent" rating are Chick-fil-A and In-N-Out Burger. Salt Lake City-based Café Rio Mexican Grill got the top rating from customers. It's the fifth straight year Baton Rouge-based Raising Cane's has placed among the top chains in the Quick-Track study, which looks at approximately 150 companies in 85 U.S. markets. Raising Cane's was the highest-rated restaurant chain for temperature of food, accuracy in filling orders, and cleanliness of restaurants. Sandelman & Associates is a San Clemente, Calif.-based market research firm tracking attitudes, awareness and usage in the restaurant industry

 

Rod's Notes For Wednesday 02/22/12


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).

 

Announcements, Attachments and Travels:

 

La. Real Estate Commission report: license count renewed through 1/16 demonstrates decline of 11% same time last year.

 

2008               2009               2010               2011               2012

 

18,466            19,080            16,891            17,314            15,271

 

Thursday 5:30 Pm Cajun landing Central La Commercial agents meeting Robert Leavines guest speaker.

 

People not properties:

 

Lee Ann Maxwell new staff appraiser for La. Tax Commission kudos to LTC for such a good hire.

 

Priscilla Perry in my office just put her first commercial deal under contract small warehouse on Culpepper listed at $29,500 much negotiation with buyer and their agent Paul Stich.

 

Dr. James Llorens President of Southern University System spoke to rotary yesterday. Dr. Llorens is one impressive Alexandria native and gave a great presentation. If you know of other Central La. success stories please let me know I suggested to Nurine Day who is program chairman for May that George Lippe former President of Trammell Crow and Gayle Aertker director of real estate for Dollar General would be good guest speakers.

 

Every Deal has a tale / tail:

 

New Barometer when it comes to billions, you know I am working on my second billion had trouble making my first so figured I would start on my second billion. With Kellogg buying Pringles from Proctor and Gamble for $2.7 billion I now have a barometer when Greece takes out another loan for $170 B that’s like selling Pringles 63 times. Round the Pringle sale to $3 billion and it is easier to figure.  

 

Landing restaurant in Natchitoches, La “right on front street” has been in Gresham family for 25 years and it sold last week to a company operated by good friend of mine Randy Ziegler. The actual corporation making the purchase was Freedom Holdings which also owns Wildwood Lodges at Toledo Bend and separately is in the business of emergency food service business with two large mobile kitchens. Randy and Brenda’s son Randy Jr. is the manager of Wildwood and will also be heavily involved with operation of 13,000 square downtown restaurant.

The Landing is an iconic Natchitoches and Ziegler family is long time Louisiana resident and exciting business people to be around.

 

According to NRA data, Louisiana's restaurants hit $6.2 billion in sales last year, and the 182,200 people working in the industry represented 9% of all employment in the state. The industry is expected to expand by 9.5% over the next decade, with 17,300 jobs added.

 

Ritchie Properties, LLC (1268 Dorchester Dr., Alex., LA 71303) to Naalbandian Properties, LLC (145Grand Lakes Blvd., Alex., LA 71303) - Tract in Sec 8, T4NR1E (130 Edgewood Dr., Pineville, LA 71360), $125,000.00. Land on Edgewood, young agent Chris Naalbandian now a agent with Matt Ritchie and manager for family’s investments fun to watch what they build on this site.

 

KF Investments, LLC, et al (P O Box 3998, Pineville, LA 71361) to Prissy Reap Investments, LLC (P O Box 12096, Alex., LA 71315) - .276 acres in Sec 13, T3NR1E, $127,000.00. Have not paid Rhonda Curiel the promised breakfast burrito, nor stopped by their new office.

 

Theresa Cataldie (410 Heyman Lane, Alex., LA 71303) to ABM Development, LLC (3330 Jackson St., Alex., LA) - Lot 17, Mansour Addn. (5415 Mansour Ave., Alex., LA 71302), $60,000.00

 

Rapides Children's Advocacy Center, Inc. (P O Box 228, Alex., LA 71309) to Nancy D Davis (2828 Elliott St., Alex., LA 71303) - Lot 1, Sq 60, Clarence Park Addn., $135,000.00

 

Circuit City now leased to Mega Texas store, does anyone know the name and something about the company.

Construction Contracts;

Town of Woodworth to Langston Electric, LLC - Installation of 230 kW generators at wastewater treatment plant, $455,880.80

 

(+4) 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. Only the measurement of lot sale ranked positive score and random sales one scored positive the other negative. Best score of the year.

 

Dow Jones average crossed 13,000 briefly this week but recession is not over here just yet.

 

Legal recorder data five business days from time period of February 13th through 17th

 

(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, 2010, and 2011 that demonstrate price direction.

 

(-1) Total sales looking for 40 closed deals from previous week market provided volume of $4,278,109 with 38 transaction, highest volume this year two short of positive score

 

(+1) Random sales comparison: We track average sales price in certain subdivision for 2008 through 2011 and compared against two random sales in the market this past week.

 

Robert J & Jenny M Tassin (5130 Mallard Dr., Alex., LA 71303) to Cynthia L Raue (5633 Ceres St., Alex., LA 71303) - Lot 90, Good Earth Subd., $162,500.00

 

2008 total of 22 sales with average price of  $146,790

2009 total of 16 sales with average price of  $151,402

2010 total of 18 sales with average price of  $141,919

2011 total of 9 sales with average  price of   $143,988

 

Very tight range of 65 sales highest $178,500 and lowest $100,000. Sales average has not recovered from high of $151,402 in 2009 and 60% decline in highest volume of 2008 when we saw 22 closed sales vs. 9 sales in 2011. Sale we are tracking this week $162,500

 

Apollo & Theresa M Adame (P O Box 646, Tom Bean, TX 75489) to Grant W & Misty M Simmering (220 Spring Creek Dr., Pineville, LA 71360) - Lot 35, Choctaw Subd. (118 Choctaw Dr., Pineville, LA 71360), $220,000.00

 

2008 one sale at $148,000

2009 total of 2 sales with average price of $156,250

2010 single sale of $153,800

2011 zero sales and sale we are tracking this week is $220,000 for positive score.

 

(+1) New Home sales: Looking for a single sale this week for positive score the market gave us

 

V & V Builders, LLC (1223 MacArthur Dr., Alex., LA 71303) to Brandon D Andrus (5903 Hannah Dr., Alex., LA 71303) - Lot 228, Bocage Subd., Phase V (5903 Hannah Dr., Alex., LA 71303), $220,000.00. V&V now have two homes under construction in Saint Andrews estate there is real value to a developer having these folks building two spec homes in your subdivision.

 

(+1) Lot Sales or home site acreage: Only need one sale for positive score and this week the market gave us one sale and zero in developer’s inventory.

 

Bernadine J Hathorn (1709 Simmons St., Alex., LA 71301) to Jeffery J & Terri H Tarver (198 Hathorn Road, Alex., LA 71302) - 2.81 acres in Sec 6, T2NR2E, $10,000.00

 

(+1) Lender total Sales rates positive score if lender sales are below 5% of total sales, this week market gave us volume of $154,078 /  $4,278,109 = 3.60% for positive score two week in a row

 

Dept. of HUD to William Leatherman d/b/a Leatherman-Garden District, LLC (P O Box 13355, Alex., LA 71315) - Lot 17, Blk 9, Airview Terrace Subd., $52,578.00

 

Standard Mtg. Corp. to KPRO Enterprises, LLC (5411 Coliseum Blvd., Alex., LA) - Lot 7, Cloverdale Subd. (5707 Skylark Dr., Alex., LA 71303), $78,000.00

 

LPP Mtg. Ltd. (7195 Dallas Parkway, Plano, TX 75024) to Blue Spruce Entities, LLC (P O Box 9594, Rapid City, SD 57709) - Lot 12, Sq 3, New Enterprise Addn. (1015 Railroad Ave., Alex., LA), $2,000.00. Immediate resale Blue Spruce Entities, LLC (P O Box 9594, Rapid City, SD 57709) to U S Property Investment, Inc. (1900 The Exchange S. E., Suite 410, Atlanta, GA 30339) - Lot 12, Sq 3, New Enterprise Addn. (1015 Railroad Ave., Alex., LA), $5,000.00

 

Harrison Finance Co. (2510 14th St., Gulfport, MS 39505) to Olson's Properties, LLC (8782 Hwy. 1200, Boyce, LA 71409) - Lot 30, Economy Homes Subd. (3625 Kees Ave., Alex., LA 71301), $21,500.00

 

Interest Rates: 30 year fixed is 3.88% was 3.87% the 15 year rate is 3.16% was 3.18%. 5/1 ARM is 2.88% was 2.84%. Call it Flat

 

Refinancing looked strong with $5,138,834 in total mortgage volume compared to $4,278,109 in closed sales generating volume ratio of 1.20 mortgage volume to sales indicating active refinancing and why not at these low rates.

 

LSU-Arkansas football game moved from Little Rock to Fayetteville:

LSU's 2012 regular-season finale against Arkansas has been officially moved from Little Rock to Fayetteville, the schools announced today. Arkansas has played host to LSU in Little Rock every other year since 1994. It will mark just the second time in the 57-game history between the teams that LSU and Arkansas will meet in Fayetteville. The only other time came in 1992, when the Razorbacks won 30-6. Arkansas' on-campus venue, Donald W. Reynolds Razorback Stadium, seats 72,000, compared to 53,955 at War Memorial Stadium in Little Rock. The game currently is scheduled for Saturday, Nov. 24, but it's expected to be moved up a day to Friday, Nov. 23, once the preliminary television selections are made by the league and networks. A decision on the date of the game could come as early as March. The teams have met on the Friday after Thanksgiving 15 times since 1995, with the game televised by CBS. The 2011 game, between No. 1 LSU and No. 3 Arkansas in Tiger Stadium­—won by the Tigers 41-17—was the third-most watched regular-season game of the year, according to CBS

 

Seven Baton Rouge area branches to close as part of Whitney/Hancock merger

Branches being closed locally include:

• Downtown Hancock branch at 301 Main St., to be consolidated with the downtown Whitney branch in City Plaza, 445 North Blvd.
• Mid City Hancock branch at 4962 Florida Blvd., to be consolidated with the Whitney branch at 5328 Government St.
• Sherwood Forest Hancock branch at 2927 South Sherwood Forest Blvd., to be consolidated with a Whitney branch at 3617 South Sherwood Forest Blvd.
• Broadmoor Hancock branch at 10188 Florida Blvd., to be consolidated with the Whitney branch at 9808 Florida Blvd.
• Essen Hancock branch at 5063 Essen Lane, to be consolidated with the Whitney branch at 7117 Perkins Road.
• Shenandoah Whitney branch at 13380 Coursey Blvd., to be consolidated with the Hancock branch at 6031 Jones Creek Road.
• Denham Springs Whitney branch at 822 South Range Ave., to be consolidated with the Hancock branch at 523 Florida Ave.

 

Vacant land off Corporate sells for nearly $1M:

A roughly 1.5-acre tract of undeveloped land off Corporate Boulevard between the Bocage Lake subdivision and the nearby BancorpSouth branch has sold for $975,815, according to records from the East Baton Rouge Parish Clerk of Court. A group called 6444 Associates, represented by manager and local developer Tommy Spinosa, is listed as the seller. The buyer is listed as Summa Professional Office Park, represented by manager and local doctor John Michael Burdine price psf is $14.93

 

 

 

Rod's Notes For Wednesday 02/01/2012


Wednesday 02/01/12

 

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).

 

Announcements, Attachments and Travels:

 

Super Bow this week end if you are in office board with last digit horizontal and vertical with 100 squares what two numbers according to Wall Street Journal week end addition have highest percentage chance of winning best odds are 8.1% but keep in mind 1/100 = 1% which two numbers increase your odds 8 times?

 

Answer is 0 & 0 at 8.1% next best is 3 & 0 at 7% any 5 number gives you statistical chance of 0%

 

People not properties:

 

Lilly and Debbie good morning family that welcomed our daughter’s dog into their home listen to our show and I want to say hello to my grand dog.

 

Rhonda Reap Curiel is guest to tell us about CB’s move they are not going out of business.

 

Rob Hatchett also guest. Rob was featured in National Realtors magazine as top 30 agents under 30 and he is also President of Franchise for Crye-Leike Realty.

 

Debbie Ranson kudos for average home price sale in her office at $174,000 and for making top 10 raking in sales volume for 2011 with Crye-Leike

 

 

Every Deal has a tale / tail:

 

Northport Properties Partnership (P O Box 7177, Alex., LA 71306) to New Birth Fellowship Baptist Church (3210 North Bolton Ave., Alex., LA 71302) - Lot 23, Northside Subd., $50,000.00. Prissy Reap at CB has slowly been making sales for this client and truly works it hard.

 

England Economic and Industrial Development District to Finkie Farms - 153.72 acres in Sec 11, 73, & 74, T4NR2W, et al

 

Trustland, LLC, et al (5615 Jackson St., Bldg. L, Alex., LA 71303) to Dowden Pecan Farm, LLC (P O Box 155, Moreauville, LA 71355) - 61.14 acres in Sec 3, T1NR1E, $232,332.00

 

Cenla Events in former Moose Lodge on England Drive is now opened to lease for private parties. Herschel Lonider and Bobby Mafouz are new owners if you want to reserve the facility call 318-442-6000

Chesapeake cutting back on gas drilling: Chesapeake Energy, which says it has led the industry in natural gas production growth over the past decade, is responding to extremely low prices by severely cutting back on dry natural gas drilling. By the second quarter of this year, the company plans to have about 24 rigs drilling for dry gas—including only six in Louisiana's Haynesville Shale—compared to the 47 currently in use and an average of 75 during 2011. The company predicts that total production in the Haynesville and Barnett shale plays will decline this year, likely leading to flat or lower total natural gas production in the United States. Chesapeake plans to shift its focus away from the "dry" gas found in plays such as the Haynesville to liquids-rich plays that command a higher rate of return.

Construction Contracts;

State of LA Military Dept. to Westerchil Construction Co. (1833 Sterkx Road, Alex., LA 71301) - Renovate buildings at Camp Beauregard, $465,300.00

Gilchrist starts highway work on 107 in Pineville from Ruby Wise Elementary to Pine Grove Drive

Central Louisiana Unemployment Rates the December 2011 unemployment rate for the 10 Parish CLEDA region is 6.9%.  The State of Louisiana averaged 6.4% and the national average is 8.3%. The seasonally adjusted national rate is 8.5%.

 

(+2) 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. Only the measurement of lot sale ranked positive score and random sales one scored positive the other negative.

 

Legal recorder data five business days from time period of January 23rd to 27th

 

(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, 2010, and 2011 that demonstrate price direction.

 

(-1) Total sales looking for 40 closed deals from previous week market provided volume of $2,856,671 with 28 closed transactions which rates a negative score.

 

(+1)Random sales comparison: We track average sales price in certain subdivision for 2008 through 2011 and compare it to a sale this.

 

Grant W Simmering (118 Choctaw Dr., Pineville, LA 71360) to Dean A & Heather N Wainwright (220 Spring Creek Dr., Pineville, LA 71360) - Lot 93, Huntington Ridge Subd., 4th Ext., $179,900.00. Higher than 3 year average and higher that 2011 average for Positive Score

 

Total sales since 2-22-08 were 17 with average price of $156,482 . The lowest sale was $79,000 and the highest price $277,00

 

2008 there were 6 sales with average price of $161,483

2009 there were 3 sales with average price of $159,600

2010 there were 1 sale with average price of $79,900

2011 there were 5 sales with average price of $162,600

2012 there was 1 sale with average price of $179,900

 

 

 

Joshua J & Patricia A Dufrene (6218 Bradford St., Alex., LA 71303) to Kendall Tibbett (1115 Brooks Blvd., Alex., LA 71303) - Lot 18, Brookhaven Subd., $152,500.00. Positive score with highest price in 20 sales over past 4 years.

 

Total sales since 4-4-08 were 20 total and average was$113,290. The lowest price was $70,00 and highest price was $152,500,

 

Sales for 2008 totaled 9 with average price of $113,044

Sales for 2009 totaled 6 with average price of $110,983

Sales for 2010 totaled 2 with average price of $105,000

Sales for 2011 totaled 2 with average price of $110,000

Sales for 2012 totaled 1 with average price of $152,500

 

 

(-1) New Home sales: Looking for a single sale this week for positive score the market gave us

 

We do have some good news. Permits are up. Notably, the National Association of Homebuilders Housing Market Index is up and that's a forward looking index. But it's not up very much. If you look at the rate of change it looks dramatic but it's still at a low level.  

Read more: http://www.businessinsider.com/robert-shiller-housing-2012-1#ixzz1ksvMmb2N

 

(+1) Lot Sales or home site acreage: Only need one sale for positive score and this week the market gave us three

 

Bocage Subdivision of Alex., LLC (P O Box 12846, Alex., LA 71315) to Thomas Bolton Properties & Construction, LLC (4821 Porter Circle, Alex., LA 71303) - Lot 218, Bocage Subd., Phase V (5842 West Austin, Alex., LA), $37,000.00

 

Gloria S Allen (177 Shadow Road, Bentley, LA 71407) to Elite Rentals, LLC (P O Box 318, Dry Prong, LA 71423) - Lot 3 of the subdivision of Lots C-E of the subdivision of Lot 7, Eastern portion of lot 3, oak Isle Plantation (6635 Third St., Alex., LA 71303

 

Jacob P & Cari E Jeansonne (38 King Richard Road, Dry Prong, LA 71423) to Michael M Monk (300 Wilderness Dr., Boyce, LA) - 1 acre in Sec 23, T5NR1W, $31,000.00

 

(-1) Lender total Sales rates positive score if lender sales are below 5% of total sales, this week market gave us four sales with total volume of 443,111 / $2,856,671 = 15.51% this ratio for past two months is beginning to concern me. (Major Negative for the week)

 

Sabine State Bank (P O Box 670, Many, LA 71449) to Fay I Dantzler (5025 Oak Lane Road, Pineville, LA 71360) - Lots 3 & 4, Sq 2, Sibina Heights Subd., $135,000.00

 

Federal Home Loan Mtg. Corp. to Nicolle Woodrum & James Setliff (408 E Ridge Dr., Pineville, LA 71360) - Lot 74, Whispering Pines Estates, 2nd Filing, $113,000.00

 

The Evangeline Bank (3700 Jackson St., Alex., LA 71303) to Eugene A Ledet, Jr. & Beverly E Ledet (5994 Stonegate Dr., Alex., LA 71303) - .37 acres in Sec 8, T3NR1W (5803 Jackson St., Alex., LA 71303), $95,000.00

 

Federal National Mtg. Assoc. to Jennifer L Hughes (119 D Wilson Road, Prairieville, LA 71360) - 8.138 & 3.054 acres tracts in Sec 1, T3NR1E, $100,111.00

 

Interest Rates: 30 year fixed is 3.96% was 3.8% the 15 year rate is 3.28% was 3.22%. 5/1 ARM is 2.91% was 2.86%. Slight up tick in interest rates

 

The Federal Reserve's announcement that the nation's central bank is unlikely to raise its benchmark interest rate until late 2014 is simply its "best guess," Chairman Ben Bernanke says. He made clear during a news conference today the decision to leave interest rates unchanged for three more years is not ironclad. The ability of the Fed to forecast that far out is limited, Bernanke says, and it could adjust the time frame for when it will raise rates if economic conditions change. "Unless there is a substantial strengthening of the economy in the near term, it's a pretty good guess we will be keeping rates low for some time," Bernanke said, following a two-day policy meeting. The central bank has kept its key rate at a record low near zero for about three years. Bernanke says the Fed has not ruled out bolder steps to boost economic growth, such as a third round of bond purchases. "I would not say we are out of ammunition. We still have tools," he says.

 

 

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