For the last several weeks I have been working on a report for a client detailing the state of the Louisville Industrial Real Estate market. Most of us have at least anecdotal evidence that things there are getting better but it was really amazing to gather some hard facts.
Last year (2014) marked the return of spec Industrial projects. The Louisville market added more than 2 Million square feet of industrial space and the overall vacancy rate still declined. Some estimates claim that the vacancy rate for Louisville industrial space is below 4%. There were 9 industrial leases signed for 200,000 SF or more totaling nearly 2.7 Million SF.
According to the Federal Reserve's Burgundy Book for the Louisville region, the two main factors for this are the improvement in the job picture and decline in fuel prices. Jobs, of course will vary with the economic conditions. The decline in fuel prices however seems to be largely due to the fracking revolution. This revolution is leading the US to energy independence perhaps as soon as one year from now. And it is fundamentally changing the world's energy market as the US becomes the world's number one energy producer. This bodes very well for the US economy in general and especially benefits two key industries of manufacturing and transportation locally.
The key players in our industrial market are all bullish on their prospects. Ford expects car sales to continue to increase. UPS experienced 8% growth last year and expects things to continue to improve. Electrolux saw an increase in appliance sales in North America of 6% last year and expects the demand to increase as the North American residential real estate market continues it's comeback.
In short, things are looking good and it looks like we can expect this to continue for a while.
It's really nice to be able to share some good news.
Have a great day!
David
David W. McCoy
Vice President
Commonwealth Commercial Real Estate
dmccoy@ccre.biz
BTW - I am licensed in KY and IN. I specialize in commercial properties and handle Office, Industrial, Land, Investment and Retail properties. I work with buyers, sellers, landlords, tenants and investors. I also work with international real estate and internationals looking for real estate. Please let me know if I can help you.
Friday, March 27, 2015
Wednesday, March 4, 2015
International Real Estate
I have a new credential. I was selected to be the National Association of Realtors Presidential Liaison to Jamaica!
If you have read past posts, you may know that I enjoy travel, languages and cultures. So a couple of years ago, I went to an International Real Estate conference and got a designation as a Certified International Property Specialist.
Commercial Real Estate is still my bread and butter but it is such a blast to meet all of these people from all over the world and set up connections. Becoming the Presidential Liaison to Jamaica is another step in that direction.
I will be attending several International Real Estate events in Washington, DC later this year at the NAR mid-year conference, as well as several events later in the year in San Diego at the NAR annual national convention. AND I will be traveling at least once this year to Jamaica.
It's going to be a fun year!
BTW - Let me know if you could use some help with Commercial Real Estate or International Real Estate. I am licensed in Kentucky and Indiana. I work with sales and leasing and represent buyers, sellers, landlords, tenants and investors.
Have a great day!
David
David W. McCoy
Vice President / Broker
Commonwealth Commercial Real Estate
DMcCoy@ccre.biz
502-379-6005
If you have read past posts, you may know that I enjoy travel, languages and cultures. So a couple of years ago, I went to an International Real Estate conference and got a designation as a Certified International Property Specialist.
Commercial Real Estate is still my bread and butter but it is such a blast to meet all of these people from all over the world and set up connections. Becoming the Presidential Liaison to Jamaica is another step in that direction.
I will be attending several International Real Estate events in Washington, DC later this year at the NAR mid-year conference, as well as several events later in the year in San Diego at the NAR annual national convention. AND I will be traveling at least once this year to Jamaica.
It's going to be a fun year!
BTW - Let me know if you could use some help with Commercial Real Estate or International Real Estate. I am licensed in Kentucky and Indiana. I work with sales and leasing and represent buyers, sellers, landlords, tenants and investors.
Have a great day!
David
David W. McCoy
Vice President / Broker
Commonwealth Commercial Real Estate
DMcCoy@ccre.biz
502-379-6005
Monday, September 16, 2013
Finding the Right Broker
When you are looking for a broker, it is a good idea to ask a few questions. The right broker will want to make sure that your needs are taken care of. Ideally, that would benefit him as well.
A colleague forwarded me a request from a broker in another state who wanted to find someone who knew about real estate in Costa Rica. When I called, I was told that this broker had just listed a hotel in Costa Rica on the Pacific Coast.
As we talked further, I discovered that this broker had never been to Costa Rica. He did not speak Spanish or any other language other than English. He had no experience with the hospitality industry. He was not aware that there was a rainy season or that because of the rainy season, maximum occupancy was limited to about 60%. He did not know that Germans were big investors in Costa Rica. He did not know that you had to be careful who you worked with in Costa Rica because there were no licensure laws for real estate brokers. He did not know how to do an international transaction or arrange for international financing. He had no idea about Costa Rican immigration laws.
Yet he was confident that he could handle this and had it under control....
I'm not sure how this broker got this listing but it is hard to beleive that this broker is acting in the best interests of his client. Certainly, you want to take care of your client's needs but if you are not the appropriate one to do that, the best practice is to refer the listing to someone who can.
I doubt I will hear from this broker again but I left the door open for him to call, in case things start to blow up on him. I have contacts in Costa Rica who are fluent in Spanish, German and English and who work on the Pacific Coast. They routinely work with the hospitality industry, understand immigration laws and handle international transactions and financing. And they are members of NAR, which means that they voluntarily follow the NAR Code of Ethics and take Continuing Education.
For his client's sake, I hope that he managed to find someone in Costa Rica with similar qualifications.
The lesson here is that it is a good idea to ask a lot of questions, especially when you know that you are asking someone to work on a property that is not a run of the mill project.
If you have any questions about finding a broker or about real estate in general, give me a shout. I would love to help if I can.
Have a great day!
David
David W. McCoy, MBA
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
e-mail: DMcCoy@ccre.biz
BTW - I am a licensed Real Estate Broker in Kentucky and Indiana. I specialize in Commercial and International Properties. I handle Office, Industrial, Investment, Commercial Land and Retail properties. I work with Landlords, Tenants, Sellers, Buyers and Investors. Heck, I can even set you up with someone to help you with Residential property. Let me know if I can help.
A colleague forwarded me a request from a broker in another state who wanted to find someone who knew about real estate in Costa Rica. When I called, I was told that this broker had just listed a hotel in Costa Rica on the Pacific Coast.
As we talked further, I discovered that this broker had never been to Costa Rica. He did not speak Spanish or any other language other than English. He had no experience with the hospitality industry. He was not aware that there was a rainy season or that because of the rainy season, maximum occupancy was limited to about 60%. He did not know that Germans were big investors in Costa Rica. He did not know that you had to be careful who you worked with in Costa Rica because there were no licensure laws for real estate brokers. He did not know how to do an international transaction or arrange for international financing. He had no idea about Costa Rican immigration laws.
Yet he was confident that he could handle this and had it under control....
I'm not sure how this broker got this listing but it is hard to beleive that this broker is acting in the best interests of his client. Certainly, you want to take care of your client's needs but if you are not the appropriate one to do that, the best practice is to refer the listing to someone who can.
I doubt I will hear from this broker again but I left the door open for him to call, in case things start to blow up on him. I have contacts in Costa Rica who are fluent in Spanish, German and English and who work on the Pacific Coast. They routinely work with the hospitality industry, understand immigration laws and handle international transactions and financing. And they are members of NAR, which means that they voluntarily follow the NAR Code of Ethics and take Continuing Education.
For his client's sake, I hope that he managed to find someone in Costa Rica with similar qualifications.
The lesson here is that it is a good idea to ask a lot of questions, especially when you know that you are asking someone to work on a property that is not a run of the mill project.
If you have any questions about finding a broker or about real estate in general, give me a shout. I would love to help if I can.
Have a great day!
David
David W. McCoy, MBA
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
e-mail: DMcCoy@ccre.biz
BTW - I am a licensed Real Estate Broker in Kentucky and Indiana. I specialize in Commercial and International Properties. I handle Office, Industrial, Investment, Commercial Land and Retail properties. I work with Landlords, Tenants, Sellers, Buyers and Investors. Heck, I can even set you up with someone to help you with Residential property. Let me know if I can help.
Friday, August 30, 2013
Ironman Louisville 2013
The big news for me is that last Sunday, August 25, I completed the Ironman Louisville. It took me 16 hours and 13 minutes to complete it. Three quarters of an hour to spare. (smile)
That was one of the great thrills of my life. People ask me how it was and my immediate response is to say "great" but really a one word response does not do it justice. It was a tremendous thrill to cross that finish line but it was not an easy journey.
The Ironman competition, if you do not know, is a 2.4 mile swim, a 112 mile bike, and a 26.2 mile run. (hence the car stickers of 140.6) In Louisville, the swim is in the Ohio River.
The journey is different for every athlete. One of the things I am most proud of is the swim. The swim was the part that scared me the most. I ended up having my best time ever for a swim that distance BUT just the fact that I jumped in that river and swam the distance, even though I was scared, is what means the most.
Normally, I would expect the bike to be the easiest part for me. I expected to finish the bike in about 6.5 hours. But that ended up being the hardest part instead. I started having abdomenal cramps almost immediately when I mounted my bike, which lasted the entire 112 miles. I really felt terrible the entire time and because I couldn't eat or drink nearly as much as I needed, I am sure that I was dehydrated and undernourished.
When I went into the bike to run transition, one of the volunteers told me that they thought I needed to go to the medical tent and withdraw from the race. Honestly, I felt so terrible that I wondered if that wouldn't be best. But I really did not want to quit. I asked them for some water. I dumped 2 cups over my head and drank 2 cups. Then I asked if I could have a coke. After drinking some of the coke, I began to feel a little better for the first time in 8 hours. I didnt feel great but I felt like I could continue.
Then I made 2 decisions. I would walk the marathon and I would not try to take any more solid food. I stopped at every aid station and got coke, chicken broth and water. At every aid station, I felt better and better.
At mile 6, I realized that the bottoms of my feet were badly blistered. I resolved not to stop to rest because I wasn't sure I would be able to continue if I ever stopped. At mile 17, roughly 2/3 of the way through the marathon, I looked at my watch and knew that I was going to make it. The last 3 miles was pure joy.
When I could see the finish line, I jogged in that last block and across the finish line. The spectators cheered wildly high fiving me all the way down the line. When I crossed the line and they proclaimed me an Ironman, my friends and family were there cheering. It was an unbeleivable thrill.
One of the amazing things about the experience is the other athletes, the volunteers and the spectators. The other athletes are so inspirational. While there are definitely athletes there with some bravado, more often I heard stories of people competing for a cause. Some had survived cancer. Some had survived a heart attack. Some had lost huge amounts of weight. Some competed for a friend who was ill. Everyone wants everyone out there to finish. Athletes are constantly encouraging each other and helping each other whenever possible. I would have to say that the most impressive thing about this group is that it is a group with big hearts.
Also the people of Louisville are some of the finest people there are. More than 3,000 people volunteered to help with the race. Countless spectators lined the routes. All of them cheering the athletes on and offering words of encouragement. I've heard story after story from athletes about how someone offered them encouragement at just the right moment. It is a very emotional journey.
I didn't finish because I am great athlete. In all honesty, I was just lucky. There were competitors who were much better athletes than me, who did not make it. But I am very proud to be a part of this group of Ironmen.
Anyway, that's what I did last week.
Hope everyone has a great Labor Day holiday weekend!
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisvile, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
e-mail: DMcCoy@ccre.biz
BTW - when I am not doing triathlons or marathons (smile), I am working with Commercial Real Estate and International properties. I handle Office, Industrial, Land, Investment and Retail properties. I work with Buyers, Sellers, Tenants, Landlords and Investors. I can even hook you up with Residential realtors. Give me a call if I can help.
That was one of the great thrills of my life. People ask me how it was and my immediate response is to say "great" but really a one word response does not do it justice. It was a tremendous thrill to cross that finish line but it was not an easy journey.
The Ironman competition, if you do not know, is a 2.4 mile swim, a 112 mile bike, and a 26.2 mile run. (hence the car stickers of 140.6) In Louisville, the swim is in the Ohio River.
The journey is different for every athlete. One of the things I am most proud of is the swim. The swim was the part that scared me the most. I ended up having my best time ever for a swim that distance BUT just the fact that I jumped in that river and swam the distance, even though I was scared, is what means the most.
Normally, I would expect the bike to be the easiest part for me. I expected to finish the bike in about 6.5 hours. But that ended up being the hardest part instead. I started having abdomenal cramps almost immediately when I mounted my bike, which lasted the entire 112 miles. I really felt terrible the entire time and because I couldn't eat or drink nearly as much as I needed, I am sure that I was dehydrated and undernourished.
When I went into the bike to run transition, one of the volunteers told me that they thought I needed to go to the medical tent and withdraw from the race. Honestly, I felt so terrible that I wondered if that wouldn't be best. But I really did not want to quit. I asked them for some water. I dumped 2 cups over my head and drank 2 cups. Then I asked if I could have a coke. After drinking some of the coke, I began to feel a little better for the first time in 8 hours. I didnt feel great but I felt like I could continue.
Then I made 2 decisions. I would walk the marathon and I would not try to take any more solid food. I stopped at every aid station and got coke, chicken broth and water. At every aid station, I felt better and better.
At mile 6, I realized that the bottoms of my feet were badly blistered. I resolved not to stop to rest because I wasn't sure I would be able to continue if I ever stopped. At mile 17, roughly 2/3 of the way through the marathon, I looked at my watch and knew that I was going to make it. The last 3 miles was pure joy.
When I could see the finish line, I jogged in that last block and across the finish line. The spectators cheered wildly high fiving me all the way down the line. When I crossed the line and they proclaimed me an Ironman, my friends and family were there cheering. It was an unbeleivable thrill.
One of the amazing things about the experience is the other athletes, the volunteers and the spectators. The other athletes are so inspirational. While there are definitely athletes there with some bravado, more often I heard stories of people competing for a cause. Some had survived cancer. Some had survived a heart attack. Some had lost huge amounts of weight. Some competed for a friend who was ill. Everyone wants everyone out there to finish. Athletes are constantly encouraging each other and helping each other whenever possible. I would have to say that the most impressive thing about this group is that it is a group with big hearts.
Also the people of Louisville are some of the finest people there are. More than 3,000 people volunteered to help with the race. Countless spectators lined the routes. All of them cheering the athletes on and offering words of encouragement. I've heard story after story from athletes about how someone offered them encouragement at just the right moment. It is a very emotional journey.
I didn't finish because I am great athlete. In all honesty, I was just lucky. There were competitors who were much better athletes than me, who did not make it. But I am very proud to be a part of this group of Ironmen.
Anyway, that's what I did last week.
Hope everyone has a great Labor Day holiday weekend!
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisvile, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
e-mail: DMcCoy@ccre.biz
BTW - when I am not doing triathlons or marathons (smile), I am working with Commercial Real Estate and International properties. I handle Office, Industrial, Land, Investment and Retail properties. I work with Buyers, Sellers, Tenants, Landlords and Investors. I can even hook you up with Residential realtors. Give me a call if I can help.
Thursday, August 22, 2013
Brazilian Dreaming
I got my tourist visa to go to Brazil!
The end of next month, I will be traveling to Brazil with a group from GLI (Greater Louisville Inc - our local Chamber of Commerce) for a 9 day trip to Sao Paolo and Rio de Janeiro. This is a cultural exchange trip for members of the Louisville community.
I am looking forward to meeting the people going on the trip as well as those we will meet while we are in Brazil. I have been surprised to learn we have a small Brazilian community in Louisville. I have discovered this quite by chance when several Brazilians have introduced themselves after hearing me casually mention my upcoming trip.
Admittedly, I am primarily going because of GLI's trip offering BUT here is why I want to go -
In recent years, Brazil's economy has been booming while at the same time the US dollar has been devaluing. The combination of these factors has caused US goods and real estate to be very inexpensive for Brazilians. Brazilians have responded by investing heavily in the US. A buddy of mine from the Miami area told me that in one year, Brazilians pretty much absorbed the entire vacant inventory of condos that were left from the housing crisis. In fact, he tells me that there are now billboards all over Miami in Portuguese.
It may be a small chance that someone in Brazil will want to do something in Louisville, KY but perhaps a bigger chance that someone in Brazil will want to do something in the US. Also, with Brazil's economy booming, if someone in the US wants to invest there, I think it would be nice to have met a few contacts. I have some referral networks that would allow me to find people to help with Real Estate all over the world and those are very useful. But I have found that when possible, meeting people face to face makes those connections stronger.
In any event, for me, I get to see first hand the land, people, culture (and real estate) in Brazil and hopefully, I get to build my network of friends and business connections.
SO, with that said, if you happen to know someone interested in real estate in Brazil OR someone in Brazil interested in finding real estate in the US, let me know.
Wish me luck! It's going to be a great trip!
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
office: (502) 379-6005
cell: (502) 905-5274
e-mail: DMcCoy@ccre.biz
BTW - Call me if you need help with real estate! I am a licensed real estate broker in Kentucky and Indiana. I specialize in Commercial Real Estate and Global property. I work with Buyers, Sellers, Landlords, Tenants and Investors. I handle Office, Industrial, Land, Investment and Retail properties. Heck I can even set you up with help on Residential Real Estate. Give me a call. I would love to help. You can reach me by my contact information above.
The end of next month, I will be traveling to Brazil with a group from GLI (Greater Louisville Inc - our local Chamber of Commerce) for a 9 day trip to Sao Paolo and Rio de Janeiro. This is a cultural exchange trip for members of the Louisville community.
I am looking forward to meeting the people going on the trip as well as those we will meet while we are in Brazil. I have been surprised to learn we have a small Brazilian community in Louisville. I have discovered this quite by chance when several Brazilians have introduced themselves after hearing me casually mention my upcoming trip.
Admittedly, I am primarily going because of GLI's trip offering BUT here is why I want to go -
In recent years, Brazil's economy has been booming while at the same time the US dollar has been devaluing. The combination of these factors has caused US goods and real estate to be very inexpensive for Brazilians. Brazilians have responded by investing heavily in the US. A buddy of mine from the Miami area told me that in one year, Brazilians pretty much absorbed the entire vacant inventory of condos that were left from the housing crisis. In fact, he tells me that there are now billboards all over Miami in Portuguese.
It may be a small chance that someone in Brazil will want to do something in Louisville, KY but perhaps a bigger chance that someone in Brazil will want to do something in the US. Also, with Brazil's economy booming, if someone in the US wants to invest there, I think it would be nice to have met a few contacts. I have some referral networks that would allow me to find people to help with Real Estate all over the world and those are very useful. But I have found that when possible, meeting people face to face makes those connections stronger.
In any event, for me, I get to see first hand the land, people, culture (and real estate) in Brazil and hopefully, I get to build my network of friends and business connections.
SO, with that said, if you happen to know someone interested in real estate in Brazil OR someone in Brazil interested in finding real estate in the US, let me know.
Wish me luck! It's going to be a great trip!
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
office: (502) 379-6005
cell: (502) 905-5274
e-mail: DMcCoy@ccre.biz
BTW - Call me if you need help with real estate! I am a licensed real estate broker in Kentucky and Indiana. I specialize in Commercial Real Estate and Global property. I work with Buyers, Sellers, Landlords, Tenants and Investors. I handle Office, Industrial, Land, Investment and Retail properties. Heck I can even set you up with help on Residential Real Estate. Give me a call. I would love to help. You can reach me by my contact information above.
Tuesday, August 20, 2013
August Big Event
This has been an extraordinary year for me. It seems as though I am having an extraordinary event nearly every month. This year, I went to Costa Rica for an International Real Estate Conference (which was really cool but not today's topic.) I sold my house, which I have lived in for 22 years. I have moved to a temporary situation and am still looking for a new place. I participated in my first Half Ironman competition in Muncie Indiana. I welcomed a new grandson into the family with my daughter and her husband. I have been learning Russian and started learning Portuguese. On the agenda I will be traveling to Brazil in September and plan on going to San Francisco in November. BUT the big event for me this month is the Ironman competition.
On Sunday August 25th, Louisville will be hosting what I believe is our 7th full Ironman competition and I will be participating. The competition involves a 2.4 mile swim in the Ohio River, a 112 mile bike throughout Louisville and adjoining counties and finishes with a full marathon (26.2 miles). I will have 17 hours to complete it.
This is one of the great unknown events in Louisville. People are aware of it but I would say that most people are not aware that it is a really big deal. We have participants come from all over the country and really all over the world. Approximately 3,000 people will be competing including a number of professional athletes and it is a qualifying event for the Kona Ironman. I am told the event pumps approximately $5,000,000 into our local economy.
I understand that doing an Ironman is not everyone's cup of tea BUT if you want to see something really cool and inspiring, come down to Fourth Street Live Sunday night and watch some of the participants cross the finish line. Watch their expressions as it is announced as they cross the line, "You're an Ironman!"
Afterwards, probably sometime Monday afternoon, I will be having a follow-up ceremony. I will be putting my 140.6 sticker on the back of my car, drinking my favorite adult beverage with some friends and family and singing the National Anthem. And then I might just download an "ironman" ring tone to my phone.
Have a great day everyone!
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
cell: 502-905-5274
ofc: 502-379-6005
e-mail: DMcCoy@ccre.biz
BTW - I am a licensed real estate broker in the States of Kentucky and Indiana. I specialize in Commercial and International Real Estate. I handle Office, Industrial, Investment, Land and Retail properties. I work with Sellers, Buyers, Landlords, Tenants and Investors. Heck I can even set you up with Residential real estate help. Give me a call if you need any help with real estate.
On Sunday August 25th, Louisville will be hosting what I believe is our 7th full Ironman competition and I will be participating. The competition involves a 2.4 mile swim in the Ohio River, a 112 mile bike throughout Louisville and adjoining counties and finishes with a full marathon (26.2 miles). I will have 17 hours to complete it.
This is one of the great unknown events in Louisville. People are aware of it but I would say that most people are not aware that it is a really big deal. We have participants come from all over the country and really all over the world. Approximately 3,000 people will be competing including a number of professional athletes and it is a qualifying event for the Kona Ironman. I am told the event pumps approximately $5,000,000 into our local economy.
I understand that doing an Ironman is not everyone's cup of tea BUT if you want to see something really cool and inspiring, come down to Fourth Street Live Sunday night and watch some of the participants cross the finish line. Watch their expressions as it is announced as they cross the line, "You're an Ironman!"
Afterwards, probably sometime Monday afternoon, I will be having a follow-up ceremony. I will be putting my 140.6 sticker on the back of my car, drinking my favorite adult beverage with some friends and family and singing the National Anthem. And then I might just download an "ironman" ring tone to my phone.
Have a great day everyone!
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
cell: 502-905-5274
ofc: 502-379-6005
e-mail: DMcCoy@ccre.biz
BTW - I am a licensed real estate broker in the States of Kentucky and Indiana. I specialize in Commercial and International Real Estate. I handle Office, Industrial, Investment, Land and Retail properties. I work with Sellers, Buyers, Landlords, Tenants and Investors. Heck I can even set you up with Residential real estate help. Give me a call if you need any help with real estate.
Wednesday, May 29, 2013
County Foreclosure on Broadway Office Real Estate
As I often do on Wednesdays, I was looking through the County Foreclosures listed in today's paper. In today's list, I saw 500 West Broadway, which is a downtown Office Real Estate Property. You may remember it as the Bank of Louisville building on Broadway. I think this building is maybe 11 stories tall. The Commission's list of County Foreclosures, lists the amount to be raised at $3,370,265.28.
This building is an older building which has had very low vacancy for some time. So, in some respects this is not a big surprise.
The auction date is set for June 18 and anything can happen between now and then. So far, it does not appear that the court has done its appraisal for the auction, although that is usually done within a couple of weeks of the auction date.
If you think that you might like to have an 11 story office building on Broadway, you can try to buy this property at auction. The auction date is June 18 and it is in the Old Jail building located at 514 W Liberty at 10:00 AM. You will need to bring with you a cashiers check (or certified check) for $10,000 for the deposit if you are the successful bidder. (side note: If you bring a cashier's check, you should have this check made out to yourself so that if you are NOT the successful bidder, you can redeposit the funds into your account. If you ARE the successful bidder, you can endorse it over to the Commissioners)
CAUTION - Before bidding, you need to know the court's appraised value of the building. Kentucky State law allows a right of redemption for properties sold at foreclosure auction, if they sell for less than 2/3 of the court appraised value of the property. If you happen to buy a property at foreclosure auction for less than that, the previous owner can redeem the property within one year by repaying you the amount you paid.
You just never know what you might find at a foreclosure sale.
Have a great day!
David
David W. McCoy, MBA
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Parkway
Louisville, KY 40299
ofc: 502-379-6005
e-mail: DMcCoy@ccre.biz
Let me know if you need any help with Real Estate. I am a licensed Real Estate Broker in Kentucky and Indiana and specialize in Commercial Real Estate and International Properties. I handle Office, Industrial, Commercial Land, Investment, Multifamily and Retail properties. I work with Buyers, Sellers, Landlords, Tenants and Investors. I also work with international clients and speak enough Spanish to get myself into trouble. Heck I can even set you up with residential help if you need it. I'd love the opportunity to help.
The information provided in this post comes from sources I deem to be reliable but I cannot warrant this information. Any opinions I present are mine alone and do not necessarily represent the opinions of Commonwealth Commercial Real Estate, its brokers, agents, or employees other than myself, of course.
This building is an older building which has had very low vacancy for some time. So, in some respects this is not a big surprise.
The auction date is set for June 18 and anything can happen between now and then. So far, it does not appear that the court has done its appraisal for the auction, although that is usually done within a couple of weeks of the auction date.
If you think that you might like to have an 11 story office building on Broadway, you can try to buy this property at auction. The auction date is June 18 and it is in the Old Jail building located at 514 W Liberty at 10:00 AM. You will need to bring with you a cashiers check (or certified check) for $10,000 for the deposit if you are the successful bidder. (side note: If you bring a cashier's check, you should have this check made out to yourself so that if you are NOT the successful bidder, you can redeposit the funds into your account. If you ARE the successful bidder, you can endorse it over to the Commissioners)
CAUTION - Before bidding, you need to know the court's appraised value of the building. Kentucky State law allows a right of redemption for properties sold at foreclosure auction, if they sell for less than 2/3 of the court appraised value of the property. If you happen to buy a property at foreclosure auction for less than that, the previous owner can redeem the property within one year by repaying you the amount you paid.
You just never know what you might find at a foreclosure sale.
Have a great day!
David
David W. McCoy, MBA
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Parkway
Louisville, KY 40299
ofc: 502-379-6005
e-mail: DMcCoy@ccre.biz
Let me know if you need any help with Real Estate. I am a licensed Real Estate Broker in Kentucky and Indiana and specialize in Commercial Real Estate and International Properties. I handle Office, Industrial, Commercial Land, Investment, Multifamily and Retail properties. I work with Buyers, Sellers, Landlords, Tenants and Investors. I also work with international clients and speak enough Spanish to get myself into trouble. Heck I can even set you up with residential help if you need it. I'd love the opportunity to help.
The information provided in this post comes from sources I deem to be reliable but I cannot warrant this information. Any opinions I present are mine alone and do not necessarily represent the opinions of Commonwealth Commercial Real Estate, its brokers, agents, or employees other than myself, of course.
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