New Lease Signed today for 8700 Westport Road

8700 Westport Rd

A new lease was signed today for 8700 Westport Road.    The new tenant is taking an office on the second floor.   This is the fourth new tenant for this building this year.     If you need some affordable office space, this multi-tenant building has suites available ranging in size from about 650 square feet to as much as 4,600 square feet.  

This is a great site for start up businesses because it is very affordable and very conveniently located.   Let me know if you would like to see space in this building or if I can help you with any of your commercial real estate needs. 

Thanks, all.  Have a terrific weekend!

David

David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Parkway
Louisville, KY  40299

Louisville Commercial Real Estate Market Notes

With the Holiday season in full swing, most people and businesses are preoccupied with things other than Commercial Real Estate.   This has left me with a quiet morning with time to do some research on KCREA.   KCREA, in case you are unfamiliar, is the Kentucky Commercial Real Estate Alliance which provides our commercial real estate information exchange.   This CIE is similar to an MLS.  

Commercial Real Estate Inventory Up

This morning there are 3132 commercial real estate listings on KCREA, with 1647 of those being for lease and 1485 being for sale.    Inventory levels are trending up with normal total listing staying around 3000 listings, generally breaking down to about 1400 sale listings and 1600 lease listings.    Doing the math for you, that would equate to sale listings being up about 6% while lease listings are up 3%.   

Commercial Real Estate Transactions Down

The number of commercial real estate transactions for the last 7 days were down with 5 leases reported and 1 sale reported.    This compared to the average number of transactions YTD (approximately 49 week period) of 7.5 leases and 3.7 sales.    Because of the holidays, I would not consider this to be abnormal or of any concern, in and of itself. 

Inventory Turn Over Rates

At the YTD levels of activity and these inventory levels, we would expect it to take approximately 4.2 years to lease all of the present lease listings and approximately 7.7 years to sell all of the present sales listings.     If we took the prior week levels of activity, we have a much more sobering picture with a projected 6.3 year horizon to lease all current listings and a projected 28.6 year horizon to sell all current sale listings.  

Final Word

The obvious first conclusion is that the recession is still with us and it is still a buyer's market in commercial real estate.   But in spite of the recession, there are transactions being completed.  On average for the year, there is about 1 lease every day and about 1 sale every other day.   Although these are not huge numbers, there is definitely activity in the market.    The important thing for a seller / landlord to consider is how long they are willing / able to wait to sell or lease their property.    In this market, sellers and landlords need to be aggressive to get their property moved.   Considering the market information above, those pricing their property at average market rates, can expect a long wait.

KCREA Notes

This information is provided by the individual brokers and is dependent on them to keep it accurate and current.     This is not a census of commercial real estate activity.  It only contains that information provided by members of KCREA.   While this information is not independently verified, I believe that it is a good tool and indicator of the market activity.

Thanks, all.  Have a good day and stay warm!

David

David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY  40299

PS Please call me with your real estate needs.  I am licensed in KY and IN and work with all types of commercial real estate.   

Working on my new Computer

It was finally time to get a new laptop.   My old Dell really was a champ.  I used it hard for more than 5 years with several upgrades to make it last.  However, I got to the point that it really didnt make sense to continue to fix it.   

I had several batteries go out and in replacing them got some wierd error message that amounted to no longer being able to charge the batteries.  So, I was reduced to keeping the computer on AC all the time.   Not impossible to deal with but obviously losing some of the convenience associated with a laptop.  

The hard disk drive had gotten to about 90% capacity which made the computer so slow that it was barely functional.   So I replaced the hard drive (actually had a very nice sized drive installed) and while I was at it I installed the maximum amount of memory that the Dell could use.  That sped the computer back up to near new performance and allowed me another full year of life.

There were odd little error messages that something wasnt working quite right although these were annoying more than real issues but the final blow was last weekend when my laptop screen essentially went out.   Technically, I guess it isnt really dead.  If you look really hard, you can see that the images are there but you seem to need x-ray vision to be able to see it.    While I have been making it through this transition, I borrowed an external monitor and connected it to the laptop and have been working the last several days on essentially two computers and three monitors. 

I got my new laptop on Tuesday and have been working toward full functionality.   I love getting new laptops and I also hate getting new laptops.   I love the new computer, the speed, the seemingly endless amounts of memory.  I hate the difficulties in getting files transfered, set ups to get back on networks, trying to find old software to uninstall and reinstall and getting to full functionality.   

Yesterday, I was able to link back to the network at work and get my e-mail functional on my new computer.   That was a big step.   Until that happened, I actually had to leave the office and go to Starbucks to get internet (my office internet didnt recognize me yet and would not let me on) in order to connect by web to my e-mail  (which I could not access in my office).   

Today, I think I will be able to get most of the data files transferred.   Right now I would say I am near 75% functionality.  By the end of the day, I hope to be at 90% functionality.   100% perhaps will come sometime next week.   

In spite of this, I have managed to squeeze in a little real estate.   It looks as though we are finishing negotiations on a couple of leases which is not bad for mid November.  

Have a great day all.  

David

David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Parkway
Louisville, KY  40299

Rainy Days are Good Days for Property Tours

Finally having a rainy day in Louisville!   Overall, we have had a dry year.  I think that I heard we were more than 7 inches below normal rain fall for the year and more than 2 inches below normal for November (until today)   So, since it is not a weekend and I am unaware of any weddings or funerals that might be compromised, I am all for a rainy day.    

IN FACT, I would argue that a rainy day is a great day to tour or inspect commercial real estate property.  Well maybe not land, but definitely industrial, office and retail.   The reason is that when it is raining, you have a better chance of finding problems with leaks or drainage that can cause problems.    Actually, now that I think about it, I think I would say it is even good to inspect Land.   Of course, being out in the rain may be a little miserable but you might be able to get a feel for drainage and possible flooding or pooling issues.

So, if you were thinking of canceling a tour because you didn't want to get out in the rain, I would advise you to take the tour.   I have a rain jacket and an umbrella, so I am happy to meet you there.  

Have a great day, all.   Let me know if I can help with your real estate needs.

David

David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Parkway
Louisville, KY  40299

ofc: 502-379-6005

I am a licensed real estate broker in KY and IN.   I specialize in Commercial Real Estate and handle Land, Office, Industrial, Investment and Retail Properties.   I help Landlords, Tenants, Buyer and Sellers.   Let me know if you know of someone needing some help.  

Jeffersonville Indiana Auto Shop Available

1414 Spring Street, Jeffersonville, IN

If you know of someone looking for a place for a car shop, this property might be of interest.  Some of you may remember this as the former Nationwide Auto Restoration.  This property is now for sale at $320,000. 

Pertinent information follows:

• Adjacent to Clark Memorial Hospital campus in Jeffersonville, Indiana
• Approximately 7706 square feet with an additional 3832 square feet of basement storage
• Easy access to I-65
• Industrial portion has 3 separate drive-in doors
• Zoned C-2 & IS
• (2) Ingersoll Rand air compressors running in tandem
• Air lines throughout the building
• Paint booth and car lift to remain with building
• 16’ clear height
• Heavy Power
• Owner willing to remain as a tenant for industrial portion of building if desired

Let me know if you or someone you know would like to see this property.   Contact me for more information or to schedule a tour.   Thanks for spreading the word!   Have a great day all.

David 

David W. McCoy

Associate Broker 

Commonwealth Commercial Real Estate

10444 Bluegrass Parkway

Louisville, KY  40299 

ofc: 502.379.6005

fax: 502.379.6225

cel: 502.905.5274

PS - I am a licensed real estate broker in Kentucky and Indiana.   I specialize in Commercial Real Estate.  I handle Sales, Leasing and Tenant / Buyer Representation and work with Land, Office, Industrial, Investment and Retail properties.    Let me know if I can be of help with your Commercial Real Estate Needs

Louisville Commercial Real Estate Inventory

On Monday, I waded into the residential real estate waters and noted that Louisville home sales in recent weeks are down tremendously from a year ago and there seems to be renewed price depreciation.    It only seemed fair to take a look at Commercial Real Estate Sales and Leasing for comparison.   

Number of Listings

Today on KCREA (our commercial equivalent of the MLS), I found that we have 1635 active Lease Listings and 1480 active Sales Listings.   The averages inventory levels have stayed very consistently at 1400 Sales Listings and 1600 Lease Listings.     This indicates an approximate 2.2% increase in inventory of Lease Listings and an approximate 5.7% increase in inventory of Sale Listings.  

Number of Leases and Sales

For the month of October 2010, KCREA reported 23 leases executed and 14 non-redundant sales.    Leasing activity which has been slowly increasing since the beginning of the year seems about on par for recent weeks.   Sales activity remains right on average of about 2.5 transactions per week, which has been the case for most of 2010.      

Expected Time on the Market

Looking at the number of transactions and the amount of inventory, we would expect a time frame of 71 months or just under 6 years for all of the current listing to be listed.   For Sales, we would expect a time period of 106 months or about 8.8 years for all current listings to be sold.  

While data is nice, the important thing to note here is that we are still very much in a buyers market in Commercial Real Estate.   Most people I know do not want to wait nearly 9 years to sell their property nor do they want to wait 6 years to lease it.   To be successful in this market, you have to recognize this fact and market the property accordingly.  

If you have any questions or comments about this information, give me a call.   Also, I would love to help with your real estate needs.    

Thanks, all.   Have a great day!

David

David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY  40299

I am a licensed real estate broker in Kentucky and Indiana and specialize in Commercial Real Estate.  I handle Land, Office, Industrial, Investment, and Retail property and would love to help with your real estate needs.   You can also find me on Twitter @mccoydw

Residential Real Estate Worries

I have had the sense for a while that residential real estate prices were falling again.  In "off the record" conversations, some of my residential agent buddies confirmed that they also had this concern.     Today, I took the time to look at my weekly report of sales and listings from GLAR:   200 Homes Sold Oct 24-31 compared to 307 Homes Sold for the same period Last Year!    A 35% decline in the number of homes sold.  

One week does not make a trend, so I went back to GLAR's previous week's report:  180 Homes Sold Oct 17-23 compared to 310 Homes Sold for the same period Last Year!  A 42% decline in the number of homes sold.  

Week after week, back several weeks, the results were very much the same.   Home sales are down significantly.   By itself, this does not validate my suspicion that home prices are falling.  However if home sales are down and the home inventories are expanding, it would make sense that selling prices of home would be on the decline.   

I am sure that when we examine this in years to come, we will come to conclude that a large part of this was the expiration of the home owner tax credits.   No matter the reason, this does not bode well for the economy in general. 

Still, I hate to sign off on a note of doom and gloom.   So I will remind you that while this may be of concern to the economy in general, it also means that home buyers ought to be in a good position to get a good buy on a home.    

Have a great day, all. 

David

David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY  40299

Call me if you would like help with your real estate needs.   I specialize in commercial real estate and handle land, office, industrial, investment and retail properties.    I would love to help with any of your needs.    You can also find me on Twitter @mccoydw

First Floor Office Condos

Hurstbourne Springs Office Condos

I have 3 First Floor Office Condos remaining on Stony Spring Circle in the Hurstbourne Springs Professional development off of Hurstbourne Parkway.  

§         3420 Stony Spring Circle –

o       Approximately 1803 SF  

o       loft design; unfinished;

o       can be finished in approximately 60 days

·        3433 Stony Spring Circle –

o       Approximately 1505 SF

o       Adjacent to

3435 Stony Spring Circle

allowing for up to 2961 contiguous SF

o       Single Level

o       Reception area, large conference room, kitchen area, and several offices

§         3435 Stony Spring Circle  -

o       Approximately 1456 SF

o       Adjacent to

3433 Stony Spring Circle

allowing for up to 2961 contiguous SF

o       Single level

o       5 offices, conference room, work room and large reception area

o       End cap unit with windows in every office

All condos have ground level entrances with parking at the door.   Multiple windows are in every unit.   Professional park environment which is convenient to multiple lunch and retail options.   Easy access to entire metro area via

Hurstbourne Parkway

/

Fern Valley Rd

loop.

All are available for lease or sale.   I can accomodate up to 4,500 SF of contiguous space.  Let me know if you know anyone who might be interested.  

Thanks so much.   Have a great weekend.

David

David W. McCoy

Associate Broker

Commonwealth Commercial Real Estate

10444 Bluegrass Pkwy

Louisville, KY  40299

I am a licensed real estate broker in Kentucky and Indiana and specialize in Commercial Real Estate.    I handle Land, Office, Industrial, Investment and Retail property.  Let me know if you need any help with commercial real estate.  

You can also find me on Twitter @mccoydw

Affordable Office in Northeast Louisville

8700 Westport Road - Westport Office Plaza

I have been spending a fair amount of time on this listing recently.     When I took over the listing the building was about about 30% leased.    Now it is approximately 63% leased.   This building is in a good location and is very affordable.   A summary of pertinent information follows –

• Approximately 22,540 Square Feet on approximately 1.27 acres
• Currently approximately 8,400 Square Feet available ranging from 200 Square Feet to 4,600 Square Feet of contiguous space
• Windows in most offices
• Parking at the door
• Now accessible by the newly opened Westport / Watterson Expressway (I-264) interchange (2,0 miles)
• Convenient to
  Hurstbourne Parkway
  (1.2 miles) and Gene Snyder Expressway (2.6 miles)
• Zoned OR-1
• Signage on
  Westport Rd

For lease at $10.00 / SF.   Let me know if you know of anyone needing affordable space in this area.   I would love to show them around.   

Have a great day. 

David

David W. McCoy

Associate Broker

Commonwealth Commercial Real Estate

10444 Bluegrass Parkway

Louisville, KY  40299

I am a licensed real estate broker in Kentucky and Indiana.   I specialize in Commercial Real Estate and handle Land, Office, Industrial, Investment and Retail properties.   I represent Landlords, Tenants, Sellers and Buyers.     You can also find me on Twitter @mccoydw.  

Election Day

Get Out and Vote!

Busy day today.   Got up early to vote and found that it was easy to get in and out.   I managed to vote in about 5 or 10 minutes.   Next stop, Starbucks to get an enormous Skinny Hazelnut latte.   Again, not much of a wait this morning.    Off to work with a stop at Thorntons to fill up the car.    Gas was $2.73 / gallon which is lower than it has been lately but still higher than I think it should be - made me glad I had voted today.    

I'm sure I dont have to tell you that we are beginning the third year of the recession.   In the papers, I read all sorts of news saying that the recession is over.   I am hearing all kinds of reports that Louisville is getting new companies and new jobs.   Yet, my experience in the market place does not seem to match these reports.    I am still having friends lose jobs.   Unemployment is still right around 10%.     Property values seem to have decreased anywhere from 20% to 40%.   

If ever there was a time to motivate you to vote, I would argue that this is it.  

Please get out and vote and have a great day!

David

David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY  40299

Call Center Sublease - 59,000 Square Feet

12501 Lakefront Place, Louisville, KY

This is one of my most active listings at present.  This is really an extraordinary state of the art call center with all amenities in place.   

• 59,000 square feet single floor call center sublease opportunity
• 783 cubicles, which may remain
• Large conference room
• 16 private offices
• 1105 parking spaces
• 100% Generator / UPS back-up
• Easy Access to I-64 / I-265 by
  Blankenbaker Parkway
• Leased through December 2017

A lot of people have come to take a look but it is still available.   If you know of someone who might have an interest, please let me know or have them call me.    I would love to arrange a visit.  

Thanks so much, all.  Have a great day.

David

David W. McCoy

Associate Broker

Commonwealth Commercial Real Estate

10444 Bluegrass Parkway

Louisville, KY  40299

DMcCoy@ccre.biz

ofc: 502.379.6005

fax: 502.379.6225

cel: 502.905.5274

PS - I am a licensed real estate broker that specializes in Commercial Real Estate.   I handle office, industrial, investment, retail and commercial land.     Let me know if I can help with your real estate needs.   I would love to help.  

Land in Condo Associations

Condo developments are often developed in stages with new units added as the initial units are sold or leased.    Developers of Condos sometimes reserve land for later development.    This land is likely to be included in the initial master deed of the condo development.   The condo association typically owns all of the land and structures in a the development while the condo owners only own the interior space of the condo.    This makes the ownership of undeveloped land a little murky.   

When buying undeveloped land from a condo association, you may actually be buying the "development rights" to that land rather than the land itself.   Normally, the condo association would have the right to review and approve the new structure and when it was complete, the condo association may well own the land and the structure, while the "purchaser" would actually own only the condos therein.   

That is not necessarily a bad thing.   The condo association would in all likelihood have the responsibility to maintain the exterior of the structure and perhaps some of the mechanicals and common area.   The condo owner would have to abide by the condo rules and regulations and would have to pay association dues.  

If you decide to purchase undeveloped land in a condo association, it would be wise to have a real estate attorney review the situation.   The important thing is to be sure that you understand what you are buying and the implications and costs of doing so.  

Have a great day, all.   Let me know if I can help you with your real estate needs.

David

David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Parkway
Louisville, KY  40299
ofc:  (502) 379-6005

dmccoy@ccre.biz

You can also find me on Twitter @mccoydw

Blogging Again

I'm finally done licking my wounds and am starting fresh.    The bad news is that several hundred articles were lost when my last blog was lost.   Many of the posts were time sensitive and as such, probably not items that people would reference often.   The pieces which I really hate losing were the informational pieces and the research pieces.   The informational pieces were designed to be accessed to answer topical questions and I would often print them out and send them in response to people's questions.  The research pieces took a fair amount of time and effort to compose and were often used for reference.  

Still every setback is also an opportunity.   Since the old blog was established, I was reluctant to make changes that might have improved the blog simply because I didnt want to lose what I had already accumulated.    So, hopefully, with a fresh start and some experience under my belt, this blog will have several improvements.    

Thanks for reading.   Have a great day!

David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Parkway
Louisville, KY  40299