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.
Showing posts with label By the water cooler. Show all posts
Showing posts with label By the water cooler. Show all posts
Friday, March 27, 2015
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.
Monday, May 13, 2013
Commercial Land - Market Activity and Analysis
As luck would have it, I have several Commercial Land listings again. Recently I have shared some analysis of the Commercial Land - market activity with some of my land clients. So I thought I would share it here as well.
In general, there was sort of a bump of activity
last year (2012) and there were signs of interest with a number of calls in the
first quarter 2013 on land but it seems that things have quieted down a little as we
enter into the summer.
Looking back at Commercial Land sales, I found that KCREA (Kentucky
Commercial Real Estate Association – our Commercial Information Exchange)
reported 23 sales of commercial land larger than 5 acres for the 12 month
period beginning 4/1/2012. So about 2 sales per
month. Interestingly, 8 of those 23 were foreclosure sales,
auctions or bank sales. In April of 2013, there were 253 commercial
land properties larger than 5 acres which were listed for sale on KCREA.
So there is presently about an 11 year supply of land on the market.
It is no longer news that commercial land in general depreciated about
40% since 2008. What this tells us is that with roughly a third
of the commercial land sales being distressed sales, and an 11 year supply of land at
current consumption rate, we can see this downward pressure on prices is still
with us.
On the positive side, the metro market area’s Industrial
occupancy is very high and we are beginning to see a shortage of
Industrial space. This has led to some Industrial spec projects for the first
time in quite a while. If this demand continues and if financial
institutions begin to loosen their credit somewhat and allow more of these
projects, we should expect to see the demand for commercial land to increase in tandem with this activity.
Of course, land is not a homogenous product.
Location, size, zoning, traffic, roads, visibility, availability of utilities
are all factors in addition to price as projects come available. Each of these will ultimately be a factor in the demand for a particular parcel when new projects are being considered.
Let me know if you have any questions.
I hope you have a great day!
Side note - I am a licensed real estate broker in Kentucky and Indiana and I specialize in Commercial Real Estate. I handle Office, Industrial, Retail, Commercial Land, Investment and International Properties. I work with Sellers, Buyers, Landlords, Tenants, and Investors. Heck I can even set you up with a Residential specialist if you need help. If you need any help with real estate, give me a call or send me an e-mail. I would love to help.
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Parkway
Louisville, KY 40299
office: (502) 379-6005
Cell: (502) 905-5274
e-mail: DMcCoy@ccre.biz
Tuesday, April 9, 2013
Commercial Land - New Listing on I-65 Interchange
I have a new Commercial Land listing on an Interstate Interchange in Shepherdsville, KY. There are 77 acres on the southeast quadrant of I-65 and Hwy 44. It is situated at exit 117 of I-65, 11 miles from Louisville International Airport and UPS World Port. This property has great highway visability with approximately 2500 feet of frontage on I-65. All utilities are available. For sale at $120,000 per acre.
For more information on this listing or other Commercial Land, give me a call or e-mail me. My contact information is below.
Thanks and have a great day!
David
David W. McCoy, MBA
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Parkway
Louisville, KY 40299
office: (502) 379-6005
cell: (502) 905-5274
e-mail: DMcCoy@ccre.biz
Note - If you have questions about this or about any Commercial Real Estate, please feel free to contact me. I am a specialist in Commercial Real Estate and I handle Office, Industrial, Commercial Land, Investment and Retail Properties. I work with Landlords, Tenants, Sellers, Buyers and Investors. I am also an International Property Specialist and have specialized training to help international real estate investors with real estate needs here as well as US citizens and companies needing assistance internationally. Heck, I can even set you up with residential help if you need it. Give me a call. I would love to help.
Disclaimers - While the information provided is from sources which we deem to be reliable, Commonwealth Commmercial Real Estate cannot warrant this information. All information provided is subject to review and verification by the interested party as part of the due diligence process.
Wednesday, April 3, 2013
County Foreclosure Surprise
Some folks claim that a real estate license amounts to a license to be nosy.
Being a real estate broker AND a curious sort, I regularly check out the County Foreclosure list published in the Courier Journal on Wednesdays. If you have not checked it out, it is published on Wednesdays in the Classified, which is in the Metro Section of the Paper. There is an ad run by the Jefferson County Circuit Court which is titled COMMISSIONERS SALE, MASTER COMMISSIONER. Following that title is a list of the upcoming foreclosures for auction.
Today, I discovered that Meidinger Tower is scheduled to go to foreclosure auction on Tuesday, April 23. According to the posting, the foreclosing party is seeking to raise $29,172,987.65 to satisfy their debt.
I suppose it shouldn't have been a great surprise. Meidinger Tower lost their name sake tenant a year or two ago, when they moved to Aegon Tower. With the principal tenant gone, they have had a lot of vacant space.
Still, I hate for anyone to face hard times.
Anyway, it's amazing what you might find when you pay attention. I will be curious to see if this makes it to auction and who ultimately ends up controlling the property.
Have a great day everyone! Thanks for reading.
David
David W. McCoy, MBA CIPS e-PRO
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Parkway
Louisville, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
e-mail: DMcCoy@ccre.biz
Being a real estate broker AND a curious sort, I regularly check out the County Foreclosure list published in the Courier Journal on Wednesdays. If you have not checked it out, it is published on Wednesdays in the Classified, which is in the Metro Section of the Paper. There is an ad run by the Jefferson County Circuit Court which is titled COMMISSIONERS SALE, MASTER COMMISSIONER. Following that title is a list of the upcoming foreclosures for auction.
Today, I discovered that Meidinger Tower is scheduled to go to foreclosure auction on Tuesday, April 23. According to the posting, the foreclosing party is seeking to raise $29,172,987.65 to satisfy their debt.
I suppose it shouldn't have been a great surprise. Meidinger Tower lost their name sake tenant a year or two ago, when they moved to Aegon Tower. With the principal tenant gone, they have had a lot of vacant space.
Still, I hate for anyone to face hard times.
Anyway, it's amazing what you might find when you pay attention. I will be curious to see if this makes it to auction and who ultimately ends up controlling the property.
Have a great day everyone! Thanks for reading.
David
David W. McCoy, MBA CIPS e-PRO
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Parkway
Louisville, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
e-mail: DMcCoy@ccre.biz
Monday, March 18, 2013
Transitioning and Technical Issues
I know it has been about a month since my last post. I have been procrastinating. I have been reviewing my blog strategy and discussing it with some friends who are a little more savvy than I about blog issues. One of their recommendations has been to get away from Blogger.
I have been using Blogger for 7 or 8 years and I have had some issues with them. My original blog ran 5 or 6 years and then out of the blue for some reason which was never really clear to me, they deleted it. They told me that I had violated some rules about spam but would not elaborate or even allow me to talk to anyone about it to figure out what they were talking about.
In spite of that, I restarted the Blog and I stayed with Blogger to a large degree simply because it is very easy to set up. Some things however are not easy. Although there are different templates, I have not been happy with the appearance of the Blog and it seems difficult to adapt. I understand that the Blog appears differently depending on a number of factors but I often find that the columns get messed up which makes the print difficult to read and just generally makes a bad impression. Also, some useful tools to help drive traffic to the blog are not easy to access.
My buddies have suggested that I set up my own domain name and use a little more robust blogging platform. I have been working through some of these issues and the actual blogging has taken a back seat to these tasks. I still don't have everything figured out just yet but I am hoping to make a change and hopefully improve the overall look and effectiveness of the blog.
I am a little nervous about the transition but I hope to have the sites link to each other for a while (assuming that I am not violating any of the sites policies in doing so.
So, keep an eye out for a change. AND hopefully after making the change, I will return to a more regular schedule.
Have a great day!
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
office: (502) 379-6005
cell: (502) 905-5274
dmccoy@ccre.biz
If you are looking for help with Commercial Real Estate, give me a call. I specialize in Commercial Real Estate and handle Office, Industrial, Commercial Land, Investment and Retail properties. I work with Sellers, Buyers, Landlords, Tenants and Investors. Heck I can even set you up if you have residential needs.
I have been using Blogger for 7 or 8 years and I have had some issues with them. My original blog ran 5 or 6 years and then out of the blue for some reason which was never really clear to me, they deleted it. They told me that I had violated some rules about spam but would not elaborate or even allow me to talk to anyone about it to figure out what they were talking about.
In spite of that, I restarted the Blog and I stayed with Blogger to a large degree simply because it is very easy to set up. Some things however are not easy. Although there are different templates, I have not been happy with the appearance of the Blog and it seems difficult to adapt. I understand that the Blog appears differently depending on a number of factors but I often find that the columns get messed up which makes the print difficult to read and just generally makes a bad impression. Also, some useful tools to help drive traffic to the blog are not easy to access.
My buddies have suggested that I set up my own domain name and use a little more robust blogging platform. I have been working through some of these issues and the actual blogging has taken a back seat to these tasks. I still don't have everything figured out just yet but I am hoping to make a change and hopefully improve the overall look and effectiveness of the blog.
I am a little nervous about the transition but I hope to have the sites link to each other for a while (assuming that I am not violating any of the sites policies in doing so.
So, keep an eye out for a change. AND hopefully after making the change, I will return to a more regular schedule.
Have a great day!
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
office: (502) 379-6005
cell: (502) 905-5274
dmccoy@ccre.biz
If you are looking for help with Commercial Real Estate, give me a call. I specialize in Commercial Real Estate and handle Office, Industrial, Commercial Land, Investment and Retail properties. I work with Sellers, Buyers, Landlords, Tenants and Investors. Heck I can even set you up if you have residential needs.
Tuesday, February 19, 2013
Costa Rica Real Estate
I spent last week in Tamarindo Costa Rica at a Real Estate Conference on International Real Estate. While there we visited several real estate developments in the Tamarindo area. Tamarindo is a beautiful place. It is on the Pacific coast of the country and the view of the Pacific is breath taking.
It is a tropical environment on the coast, being about 11 degrees off of the equator. But there are also the mountains and the rain forests which can be much cooler. There is a dry season and a rainy season. The rainy season starts in May and lasts through November. October and November are normally the rainiest and I am told that many places close for the month of October.
Costa Rica is a democracy with a stable government. The official language is Spanish. The literacy rate is about 97% and English is taught through the senior year in high school. I would not claim that everyone is fluent in English but the majority of people understand enough English that getting around is almost never a problem. In fact, everywhere I went the signs and menus were in both Spanish and English.
Property rights are strong in Costa Rica. The laws protect ownership rights of property owners and investors. There is a national property registry that records all ownership. They feel so strongly about the rights that the real estate attorneys in Costa Rica do not recommend title insurance.
Costa Rica has been actively encouraging foreign investment as well as retirement for many years and there is a large population of retired expats in the country. There are people from Germany, Italy, and really all over although the majority immigrated from the US. While retirement is one of the big draws, I met all kinds of people who moved there because they liked the climate and the country and the relaxed pace of life. In fact, many of the people who moved to Tamarindo are surfers.
The economy struggled when the US economy had its downturn back in 2008. Although unemployment presently is at nearly 11%, the country still has one of the stronger economies in Central America. Nicaraguans come to the country looking for work and provide very inexpensive labor. Many Nicaraguans will come and stay for the week, moving from house to house of Costa Ricans working as cooks, maids, landscapers and the like and then returning to their families in Nicaragua for the weekend.
With the efforts to attract retirees and foreign investment, Costa Rica has been developing its infrastructure. Developments in Tamarindo have water, sewer (or septic systems), and electricity. (Everywhere I went, the water was safe to drink.) Cell phones work there and internet is available.
A new airport in Liberia just came on line in 2012 and provides great access to the Pacific coast. The trip from the airport to Tamarindo was a little less than an hour. Still getting around can require a sense of adventure. While there are some good roads in the country, probably the majority of the roads are still dirt. Because of the mountains, some of the roads can be very steep. Most of the roads are not named. A lot of the people use 4 wheel drive vehicles to get around.
It's a beautiful place with a perfect climate. Property rights are strong. There is good infrastructure. You can see why Costa Rica has developed one of the best reputations for investment in Central America.
If you are curious and would like to know more, I expect to have a link to the Costa Rica Global Association of Realtors available in the near future! When I do, you can browse those listings and see for yourself. AND if you need any help with real estate there, let me know. I can definitely get you started.
Thanks for reading. Have a great day.
David
David W. McCoy
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
It is a tropical environment on the coast, being about 11 degrees off of the equator. But there are also the mountains and the rain forests which can be much cooler. There is a dry season and a rainy season. The rainy season starts in May and lasts through November. October and November are normally the rainiest and I am told that many places close for the month of October.
Costa Rica is a democracy with a stable government. The official language is Spanish. The literacy rate is about 97% and English is taught through the senior year in high school. I would not claim that everyone is fluent in English but the majority of people understand enough English that getting around is almost never a problem. In fact, everywhere I went the signs and menus were in both Spanish and English.
Property rights are strong in Costa Rica. The laws protect ownership rights of property owners and investors. There is a national property registry that records all ownership. They feel so strongly about the rights that the real estate attorneys in Costa Rica do not recommend title insurance.
Costa Rica has been actively encouraging foreign investment as well as retirement for many years and there is a large population of retired expats in the country. There are people from Germany, Italy, and really all over although the majority immigrated from the US. While retirement is one of the big draws, I met all kinds of people who moved there because they liked the climate and the country and the relaxed pace of life. In fact, many of the people who moved to Tamarindo are surfers.
The economy struggled when the US economy had its downturn back in 2008. Although unemployment presently is at nearly 11%, the country still has one of the stronger economies in Central America. Nicaraguans come to the country looking for work and provide very inexpensive labor. Many Nicaraguans will come and stay for the week, moving from house to house of Costa Ricans working as cooks, maids, landscapers and the like and then returning to their families in Nicaragua for the weekend.
With the efforts to attract retirees and foreign investment, Costa Rica has been developing its infrastructure. Developments in Tamarindo have water, sewer (or septic systems), and electricity. (Everywhere I went, the water was safe to drink.) Cell phones work there and internet is available.
A new airport in Liberia just came on line in 2012 and provides great access to the Pacific coast. The trip from the airport to Tamarindo was a little less than an hour. Still getting around can require a sense of adventure. While there are some good roads in the country, probably the majority of the roads are still dirt. Because of the mountains, some of the roads can be very steep. Most of the roads are not named. A lot of the people use 4 wheel drive vehicles to get around.
It's a beautiful place with a perfect climate. Property rights are strong. There is good infrastructure. You can see why Costa Rica has developed one of the best reputations for investment in Central America.
If you are curious and would like to know more, I expect to have a link to the Costa Rica Global Association of Realtors available in the near future! When I do, you can browse those listings and see for yourself. AND if you need any help with real estate there, let me know. I can definitely get you started.
Thanks for reading. Have a great day.
David
David W. McCoy
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
Tuesday, February 12, 2013
Costa Rica Real Estate Conference
I am in Tamarindo, Costa Rica this week taking the classes for the National Association of Realtors (R) designation for International Real Estate. This consists of five 8 hours days of classes on International Real Estate. Today was day 2.
If you are a Realtor thinking about International Real Estate, I would strongly encourage you to take these courses. There is so much information to learn and my instructor David Wyant is really awesome. David is a retired IBM executive who lived in France and London for a while during his career at IBM. David has literally been all over the world. Also, I was very pleased to find that most of the people attending this conference had similarly interesting stories. One lady has lived in Athens for 12 years and now moved to the Boston area. A gentleman from Scotland lived in Zambia working in copper mines but relocated to North Carolina. A single mom of Cuban heritage from Miami is moving back to Costa Rica. An English lady who lives in North Carolina once lived in Saudi Arabia. Two or three Canadians are in the class. People speak English, French, Greek, Spanish, and Russian. The common factor seems to be that all are xenophiles.
About 5 of those attending are Realtors (R) in Costa Rica. (Yes, that is correct. The Costa Rica Global Association of Realtors is associated with NAR.) In addition to our class work, the local Realtors (r) have arranged for us to take several property tours. We are getting a crash course in the Costa Rican real estate market, the economy here, the infrastructure and geography. We are meeting developers and local property management professionals.
Tamarindo is on the Pacific coast. As I am here this week, the temperatures have been in the 90s. No rain. (although this is the dry season) A beautiful sunset every night. This is truly a wonderful place that everyone should visit.
Enough for now. I will try to do more later in the week. Maybe even get some of my pictures up.
Thanks for reading and have a great day!
David
David W. McCoy
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
If you are a Realtor thinking about International Real Estate, I would strongly encourage you to take these courses. There is so much information to learn and my instructor David Wyant is really awesome. David is a retired IBM executive who lived in France and London for a while during his career at IBM. David has literally been all over the world. Also, I was very pleased to find that most of the people attending this conference had similarly interesting stories. One lady has lived in Athens for 12 years and now moved to the Boston area. A gentleman from Scotland lived in Zambia working in copper mines but relocated to North Carolina. A single mom of Cuban heritage from Miami is moving back to Costa Rica. An English lady who lives in North Carolina once lived in Saudi Arabia. Two or three Canadians are in the class. People speak English, French, Greek, Spanish, and Russian. The common factor seems to be that all are xenophiles.
About 5 of those attending are Realtors (R) in Costa Rica. (Yes, that is correct. The Costa Rica Global Association of Realtors is associated with NAR.) In addition to our class work, the local Realtors (r) have arranged for us to take several property tours. We are getting a crash course in the Costa Rican real estate market, the economy here, the infrastructure and geography. We are meeting developers and local property management professionals.
Tamarindo is on the Pacific coast. As I am here this week, the temperatures have been in the 90s. No rain. (although this is the dry season) A beautiful sunset every night. This is truly a wonderful place that everyone should visit.
Enough for now. I will try to do more later in the week. Maybe even get some of my pictures up.
Thanks for reading and have a great day!
David
David W. McCoy
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
Thursday, February 7, 2013
KCREA goes International
If you are looking for Commercial Real Estate in Louisville and you are asking a residential realtor and looking at the MLS, I'm afraid that you are searching about 7 or 8 years too late. Please don't misunderstand, I am not knocking residential realtors at all. It is just that the MLS eliminated commercial properties from their data base about 7 years ago.
There are several on-line listing services which provide information on Commercial Real Estate. I use several and I think that most of the commercial real estate specialists do as well. Locally, KCREA, the Kentucky Commercial Real Estate Association, has most of those listings.
KCREA is constantly evolving. It is not perfect but it does seem to be actively trying to improve. So I was pleased when I recently discovered that KCREA now has an option to translate the listing into several different languages. If you do a search for a property and click on one, on the right side of the page, down several lines is an option to translate the page. If you click on that option, several icons of flags appear. If you are not familiar with the flags, when you roll over the flags, a label appears displaying the language. (Languages include: Spanish, Chinese, French, German, Italian, Japanese, Korean, Russian and Hebrew) Click on the flag and the page will translate.
Pretty cool. Now, as Paul Harvey would say, the rest of the story. I speak a little Spanish and truth be told, the translation is not perfect. Still, while the translation could be a little better, it certainly would be largely understandable to a Spanish speaker. They might be somewhat amused at the translation but I suspect that they would be able to get the basic information and a decent understanding of what it being offered.
I for one, think that this is a big step forward. In our market, this is not yet a major issue although, in our office, we have worked with Cuban immigrants, who spoke almost no English, Russian business owners, who fortunately were bilingual, and Chinese business owners, who brought their kids to translate for them. In some of our high schools, the students are speaking 30 or 40 different languages as their native language.
Check it out. You can go to www.KCREA.com and do some searching. Then click on the Translate option and select a language. If you find that you need some help, let me know.
Thanks for reading and have a great day!
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Parkway
Louisville, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
e-mail: DMcCoy@ccre.biz
Let me know if you need help with Commercial Real Estate. I am a licensed Real Estate Broker in Kentucky and Indiana and I specialize in Commercial Property. I handle Office, Industrial, Commercial Land, Investment, and Retail properties. I work with Landlords, Tenants, Sellers, Buyers, and Investors. Heck, I can even set you up with some help from a residential realtor if you need it. Give me a call. I would love to help.
There are several on-line listing services which provide information on Commercial Real Estate. I use several and I think that most of the commercial real estate specialists do as well. Locally, KCREA, the Kentucky Commercial Real Estate Association, has most of those listings.
KCREA is constantly evolving. It is not perfect but it does seem to be actively trying to improve. So I was pleased when I recently discovered that KCREA now has an option to translate the listing into several different languages. If you do a search for a property and click on one, on the right side of the page, down several lines is an option to translate the page. If you click on that option, several icons of flags appear. If you are not familiar with the flags, when you roll over the flags, a label appears displaying the language. (Languages include: Spanish, Chinese, French, German, Italian, Japanese, Korean, Russian and Hebrew) Click on the flag and the page will translate.
Pretty cool. Now, as Paul Harvey would say, the rest of the story. I speak a little Spanish and truth be told, the translation is not perfect. Still, while the translation could be a little better, it certainly would be largely understandable to a Spanish speaker. They might be somewhat amused at the translation but I suspect that they would be able to get the basic information and a decent understanding of what it being offered.
I for one, think that this is a big step forward. In our market, this is not yet a major issue although, in our office, we have worked with Cuban immigrants, who spoke almost no English, Russian business owners, who fortunately were bilingual, and Chinese business owners, who brought their kids to translate for them. In some of our high schools, the students are speaking 30 or 40 different languages as their native language.
Check it out. You can go to www.KCREA.com and do some searching. Then click on the Translate option and select a language. If you find that you need some help, let me know.
Thanks for reading and have a great day!
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Parkway
Louisville, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
e-mail: DMcCoy@ccre.biz
Let me know if you need help with Commercial Real Estate. I am a licensed Real Estate Broker in Kentucky and Indiana and I specialize in Commercial Property. I handle Office, Industrial, Commercial Land, Investment, and Retail properties. I work with Landlords, Tenants, Sellers, Buyers, and Investors. Heck, I can even set you up with some help from a residential realtor if you need it. Give me a call. I would love to help.
Friday, January 11, 2013
2013 starts with a Busy Week in Commercial Real Estate
My initial post for 2013 declared this year to be the Year of Prosperity. If things continue as they have this week, we should be well on track. I guess I should check with my Commercial Real Estate colleagues around town to see if they are seeing similar activity but I can tell you that my phone has been ringing like crazy all week. In fact, my phone started ringing this morning at 6:30 AM and I was on the phone pretty much non-stop until lunch time.
Or course, so far, none of this has resulted in a new contract, lease or closing but it is certainly encouraging. After the dust has settled a little, I will probably go back and do some data analysis to provide some hard numbers where we can see if these gut instincts match real activity.
In the mean time, if you are looking for some commercial real estate, let me know. I think it is time to spread this prosperity around. I for one, would certainly like to help you accomplish that.
That's all for now. Really more of a "around the water cooler" kind of post. Hope the New Year is going well for you. Have a great day.
David
David W. McCoy
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
Or course, so far, none of this has resulted in a new contract, lease or closing but it is certainly encouraging. After the dust has settled a little, I will probably go back and do some data analysis to provide some hard numbers where we can see if these gut instincts match real activity.
In the mean time, if you are looking for some commercial real estate, let me know. I think it is time to spread this prosperity around. I for one, would certainly like to help you accomplish that.
That's all for now. Really more of a "around the water cooler" kind of post. Hope the New Year is going well for you. Have a great day.
David
David W. McCoy
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
Tuesday, January 8, 2013
2013 - The Year of Prosperity
We have all survived the Mayan Apocalypse. Hopefully, no one maxed out their credit or depleted their savings by December 21. But now that we know that the world did not end, we are facing the startling reality that we are going to have to plan for 2013 after all.
I don't know about you, but I for one am tired of dealing with economic doom and gloom. I know that there are lots of folks making economic forecasts this time of year. I suppose I could do some research and give it a go, but the truth of the matter is that I don't know what is in store for us in the coming year.
Although I do not want to go off on a political commentary, I personally think that we could do better economically than our country is now doing. Maybe we can do better or maybe at least for the time being, this is just the economic reality that we have to live with.
After 4 years of difficult times, I realize that one of the things that has been hindering me is focusing so much on what I don't have rather than what I do have. I am not a Pollyanna, but attitude does matter. I won't try to pretend that people haven't experienced really difficult times and had significant losses. At some point though, we need to let those things go so that we can move on.
With that in mind, I am declaring 2013 the year of Prosperity. It will be the year that things turn around. I plan to focus on what I have and not what I have lost. I plan to work on what I can do instead of worrying about what I can't do. I also plan on working on things that make me happy instead of toiling on things that give me no joy.
I am hoping for a year where I do well financially but I am counting on a year of Happiness and Prosperity. I wish the same for you.
Have a great day!
David
David W McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Parkway
Louisville, KY 40299
Ofc: (502) 379-6005
Cel: (502) 905-5274
e-mail: DMcCoy@ccre.biz
I don't know about you, but I for one am tired of dealing with economic doom and gloom. I know that there are lots of folks making economic forecasts this time of year. I suppose I could do some research and give it a go, but the truth of the matter is that I don't know what is in store for us in the coming year.
Although I do not want to go off on a political commentary, I personally think that we could do better economically than our country is now doing. Maybe we can do better or maybe at least for the time being, this is just the economic reality that we have to live with.
After 4 years of difficult times, I realize that one of the things that has been hindering me is focusing so much on what I don't have rather than what I do have. I am not a Pollyanna, but attitude does matter. I won't try to pretend that people haven't experienced really difficult times and had significant losses. At some point though, we need to let those things go so that we can move on.
With that in mind, I am declaring 2013 the year of Prosperity. It will be the year that things turn around. I plan to focus on what I have and not what I have lost. I plan to work on what I can do instead of worrying about what I can't do. I also plan on working on things that make me happy instead of toiling on things that give me no joy.
I am hoping for a year where I do well financially but I am counting on a year of Happiness and Prosperity. I wish the same for you.
Have a great day!
David
David W McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Parkway
Louisville, KY 40299
Ofc: (502) 379-6005
Cel: (502) 905-5274
e-mail: DMcCoy@ccre.biz
Tuesday, September 25, 2012
Voter ID laws and Voter Fraud
I seem to be obsessed with politics these days.
I for one have been a little perplexed at the debate over Voter ID laws for several reasons. For one, I would think that it would be a nonpartisan issue. Also, I have been perplexed that the reporting on these laws seems biased. You might object to that conclusion but every article I have seen about this issue seems to make some sort of claim that some group is trying to deny another group its right to vote. You may say that is exactly what is happening, but with the exact same set of facts, another valid conclusion is that one group opposes any reasonable measures to prevent voter fraud. And I have NOT seen that being written.
If you haven't already left in a huff, I propose the following thought experiment.
For the sake of argument, suppose I was a zealous supporter of one candidate or party and suppose that this zeal overcame my usual sense of decorum and led me to believe that victory was really more important than another person's right to vote. If I want more votes for my candidate, I could perhaps go to the graveyards and try to register deceased citizens and vote under their names. OR even more effectively, I could vote under the names of people I know support the other candidate! The second option allows a double benefit, so I choose that option.
I get up early and go to the voting place of a friend I know who supports the other party and cast his vote for my candidate. No one is allowed to ask me for a voter ID. I simply promise that is who I am.
Now, my friend later goes to the same poll and tries to sign in for his vote. He however, is turned away because, according to their records he has already voted. He has an ID and shows the poll workers the ID. Still they can't let him vote because he has already voted. He swears that is not him but how are they to know for sure? The vote is already cast and there is no guarantee that this person is simply trying to vote twice.
Here is my question - Would you argue that the state has an obligation to protect my friend's right to vote? .....
(pausing here for you to think on this a little)
If so, how would you propose the state accomplish this. If they are not allowed to check ID's, I don't think they can.
Another way to look at this is to say that it is more important to protect the rights to vote of those of one group than another. But if that is the case, who gets to decide which group should have more say?
I cannot support this idea. In my opinion, if one voter shows up with a valid ID identifying himself as who he claims to be and another shows up without an ID, the person with the ID should clearly get to be the one who votes. Also, if we are going to continue to be a democracy, I don't think we can start claiming that one person's vote is more important than another's.
I know it is not perfect, but I do think it is reasonable. It is not as though people don't know in advance and have plenty of time to get things in order before Election Day.
Just my opinion. Thanks for reading and I promise that I will do some more on real estate. Lately I've just had politics on my mind.
Have a great day.
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
BTW - I am sure that my managing broker would appreciate me clarifying that the opinions expressed here are my own and do not necessarily reflect the opinions of Commonwealth Commercial Real Estate, its brokers, agents or employees (other than me, of course). If you have another opinion, you are free to express it in the comments. You are not free however, to make inappropriate, obscene or hateful comments. Should I see any such comments, I will exercise my right to delete these.
ALSO - If you would like an opinion regarding real estate, I would love to help. I am a broker licensed in Indiana and Kentucky and I specialize in Commercial Real Estate. I work with sellers and buyers, landlords and tenants, and investors. I handle Office, Industrial, Land, Retail and Investment properties. Heck, I can even set you up if you need help with residential real estate. In any case, give me a call or send me an e-mail. I would love to help.
I for one have been a little perplexed at the debate over Voter ID laws for several reasons. For one, I would think that it would be a nonpartisan issue. Also, I have been perplexed that the reporting on these laws seems biased. You might object to that conclusion but every article I have seen about this issue seems to make some sort of claim that some group is trying to deny another group its right to vote. You may say that is exactly what is happening, but with the exact same set of facts, another valid conclusion is that one group opposes any reasonable measures to prevent voter fraud. And I have NOT seen that being written.
If you haven't already left in a huff, I propose the following thought experiment.
For the sake of argument, suppose I was a zealous supporter of one candidate or party and suppose that this zeal overcame my usual sense of decorum and led me to believe that victory was really more important than another person's right to vote. If I want more votes for my candidate, I could perhaps go to the graveyards and try to register deceased citizens and vote under their names. OR even more effectively, I could vote under the names of people I know support the other candidate! The second option allows a double benefit, so I choose that option.
I get up early and go to the voting place of a friend I know who supports the other party and cast his vote for my candidate. No one is allowed to ask me for a voter ID. I simply promise that is who I am.
Now, my friend later goes to the same poll and tries to sign in for his vote. He however, is turned away because, according to their records he has already voted. He has an ID and shows the poll workers the ID. Still they can't let him vote because he has already voted. He swears that is not him but how are they to know for sure? The vote is already cast and there is no guarantee that this person is simply trying to vote twice.
Here is my question - Would you argue that the state has an obligation to protect my friend's right to vote? .....
(pausing here for you to think on this a little)
If so, how would you propose the state accomplish this. If they are not allowed to check ID's, I don't think they can.
Another way to look at this is to say that it is more important to protect the rights to vote of those of one group than another. But if that is the case, who gets to decide which group should have more say?
I cannot support this idea. In my opinion, if one voter shows up with a valid ID identifying himself as who he claims to be and another shows up without an ID, the person with the ID should clearly get to be the one who votes. Also, if we are going to continue to be a democracy, I don't think we can start claiming that one person's vote is more important than another's.
I know it is not perfect, but I do think it is reasonable. It is not as though people don't know in advance and have plenty of time to get things in order before Election Day.
Just my opinion. Thanks for reading and I promise that I will do some more on real estate. Lately I've just had politics on my mind.
Have a great day.
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
BTW - I am sure that my managing broker would appreciate me clarifying that the opinions expressed here are my own and do not necessarily reflect the opinions of Commonwealth Commercial Real Estate, its brokers, agents or employees (other than me, of course). If you have another opinion, you are free to express it in the comments. You are not free however, to make inappropriate, obscene or hateful comments. Should I see any such comments, I will exercise my right to delete these.
ALSO - If you would like an opinion regarding real estate, I would love to help. I am a broker licensed in Indiana and Kentucky and I specialize in Commercial Real Estate. I work with sellers and buyers, landlords and tenants, and investors. I handle Office, Industrial, Land, Retail and Investment properties. Heck, I can even set you up if you need help with residential real estate. In any case, give me a call or send me an e-mail. I would love to help.
Friday, September 14, 2012
Fair Taxes
Well I've been sitting on my hands and biting my tongue for about 3 months and finally I decided to weigh in.
We hear a lot from our President and in his campaign about instituting fairness in taxation. Some of my young friends have expressed nearly rabid opinions to me about how unfair things are. As I mentioned in a previous post, fairness is a difficult thing to define or measure. So instead of doing that, let's have a simple case study - me.
It is no secret that the last several years have been extraordinarily difficult for real estate. Homeowners, real estate brokers, builders, people in the construction industries have all suffered tremendously in this economy. I for one have been barely scraping by for the last 4 years. My job has no base salary. I am only paid if there is a lease or sale by commission only and there is no guaranteed minimum wage.
During that period of time, I never recieved any government assistance of any kind. And in fact, being considered self employed, I would not even be considered eligible for unemployment benefits unless I was unable to make any money at all for an extended period (which I beleive is one year.) To survive the economic calamity, I had to exhaust my savings and I had to borrow to the maximum amount possible against my home. Still I was luckier than many. I never had to declare bankruptcy and I never had to have my home in foreclosure.
Now, I am thankful to be having my first good year in four years. Still, I am a long way from recovering. I have much larger debts to pay off and I would need probably another 4 good years to be back where I was before all of this began.
With this good fortune also comes an increase in taxes. In a way, I am grateful that I am back to where I can even consider taxes a problem BUT my issue is that taxes should be reasonable. Although I am having a good year, I definitely cant be considered one of the wealthiest in the country. Say whatever you want, but I am telling you from my personal experience that our current tax structure kills growth.
Getting past the rhetoric and into some hard numbers to illustrate my point. Consider the following taxes, I have to pay:
Next there is 6% sales tax. There is tax on my energy bills. There is tax on my phone bills. There is tax on gasoline. There is tax on my insurance bills. There is tax for licensing my car. There is a tax for having a pet. There is a tax on healthcare. Now with Obamacare, there is tax for not only healthcare but also for health insurance.
The bottom line here is that it is EASY to get to 60% of your income going to taxes. In fact, it really isn't too hard to get to 70% when you consider all the ways that the government(s) tax(es) you.
How is it fair to have to send two thirds of your income to the government and only be allowed to keep one third for your family? How can we claim that we are promoting growth when someone has to make three times the amount that they lost just to break even?
I am not an anarchist. I beleive that the government serves an important purpose. So I am not advocating no government or no taxes. HOWEVER, there is something wrong when the government wants to cry foul and vilify people who are paying taxes. If the government is having to take 60 to 70% of a citizens income and STILL can't balance its budget, that government is spending too much.
I hear the news and the current administration attacking the Tea Party movement. I would not identify myself as a member of this movement but I have to come to their defense. For all of the President's talk about fairness, I would say that the very underlying principle of the Tea Party is really about fairness. There ought to be a reasonable limit on government spending and there ought to be a reasonable limit on the maximum amount of taxes (all taxes) that an individual should have to pay.
Stepping off my soapbox. Just my opinion.
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
BTW - I also offer advice and opinions on Real Estate. In fact, I am a Commercial Real Estate Broker and I specialize in Commercial Real Estate. I handle Office, Industrial, Retail, Investment and Commercial Land properties. I help Landlords, Tenants, Buyers, Sellers and Investors in Sales and Leasing properties. I would love to help you as well.
ALSO - I am sure that my Managing Broker would appreciate me stressing that the opinions expressed here are my own and do not necessarily represent the opinions of Commonwealth Commercial Real Estate, its employees or brokers. I am happy to hear comments either pro or con and you may feel free to post them if you would like. I am not however happy to have hateful or inappropriate comments and I will exercise my right to delete those which I deem so.
We hear a lot from our President and in his campaign about instituting fairness in taxation. Some of my young friends have expressed nearly rabid opinions to me about how unfair things are. As I mentioned in a previous post, fairness is a difficult thing to define or measure. So instead of doing that, let's have a simple case study - me.
It is no secret that the last several years have been extraordinarily difficult for real estate. Homeowners, real estate brokers, builders, people in the construction industries have all suffered tremendously in this economy. I for one have been barely scraping by for the last 4 years. My job has no base salary. I am only paid if there is a lease or sale by commission only and there is no guaranteed minimum wage.
During that period of time, I never recieved any government assistance of any kind. And in fact, being considered self employed, I would not even be considered eligible for unemployment benefits unless I was unable to make any money at all for an extended period (which I beleive is one year.) To survive the economic calamity, I had to exhaust my savings and I had to borrow to the maximum amount possible against my home. Still I was luckier than many. I never had to declare bankruptcy and I never had to have my home in foreclosure.
Now, I am thankful to be having my first good year in four years. Still, I am a long way from recovering. I have much larger debts to pay off and I would need probably another 4 good years to be back where I was before all of this began.
With this good fortune also comes an increase in taxes. In a way, I am grateful that I am back to where I can even consider taxes a problem BUT my issue is that taxes should be reasonable. Although I am having a good year, I definitely cant be considered one of the wealthiest in the country. Say whatever you want, but I am telling you from my personal experience that our current tax structure kills growth.
Getting past the rhetoric and into some hard numbers to illustrate my point. Consider the following taxes, I have to pay:
- Federal Income Tax - rate approximately 28%
- Medicare, FICA, SSA taxes PLUS self employment tax - approximately 15.5%
- State Income Tax - rate approximately 6%
- Local Income Tax - rate approximately 2.2%
- State Sales Tax - 6%
- Property Tax - Approximately 1% of the assessed value (this is low because these taxes just increased)
Next there is 6% sales tax. There is tax on my energy bills. There is tax on my phone bills. There is tax on gasoline. There is tax on my insurance bills. There is tax for licensing my car. There is a tax for having a pet. There is a tax on healthcare. Now with Obamacare, there is tax for not only healthcare but also for health insurance.
The bottom line here is that it is EASY to get to 60% of your income going to taxes. In fact, it really isn't too hard to get to 70% when you consider all the ways that the government(s) tax(es) you.
How is it fair to have to send two thirds of your income to the government and only be allowed to keep one third for your family? How can we claim that we are promoting growth when someone has to make three times the amount that they lost just to break even?
I am not an anarchist. I beleive that the government serves an important purpose. So I am not advocating no government or no taxes. HOWEVER, there is something wrong when the government wants to cry foul and vilify people who are paying taxes. If the government is having to take 60 to 70% of a citizens income and STILL can't balance its budget, that government is spending too much.
I hear the news and the current administration attacking the Tea Party movement. I would not identify myself as a member of this movement but I have to come to their defense. For all of the President's talk about fairness, I would say that the very underlying principle of the Tea Party is really about fairness. There ought to be a reasonable limit on government spending and there ought to be a reasonable limit on the maximum amount of taxes (all taxes) that an individual should have to pay.
Stepping off my soapbox. Just my opinion.
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
BTW - I also offer advice and opinions on Real Estate. In fact, I am a Commercial Real Estate Broker and I specialize in Commercial Real Estate. I handle Office, Industrial, Retail, Investment and Commercial Land properties. I help Landlords, Tenants, Buyers, Sellers and Investors in Sales and Leasing properties. I would love to help you as well.
ALSO - I am sure that my Managing Broker would appreciate me stressing that the opinions expressed here are my own and do not necessarily represent the opinions of Commonwealth Commercial Real Estate, its employees or brokers. I am happy to hear comments either pro or con and you may feel free to post them if you would like. I am not however happy to have hateful or inappropriate comments and I will exercise my right to delete those which I deem so.
Thursday, June 28, 2012
ObamaCare
A side road through a political mine field -
Today is a historic day because the Supreme Court released its opinion that ObamaCare is constitutional. Honestly I have mixed emotions about this. I am somewhat taken aback that the Supreme Court has ruled that the federal government has the right to require us to purchase something. While you might argue that this was a necessity to get healthcare under control, the fact is that this precedent has now been set and one has to wonder what else the government can now require us to do.
I am already hearing outcries that since the Supreme Court has ruled it constitutional, that it must be repealed. Perhaps so. As one friend opined, just because a law is constitutional, does not necessarily mean that it is a good law. But, suppose the law is repealed. What would it then be replaced with? Given the decision of the Supreme Court, it would seem to me that there is a more prudent way to proceed.
First of all, I think all of the arguments regarding the constitutionality of the law should now stop. We have a decision from our Supreme Court and accordingly, we should recognize its ruling and accept it. That is the way our government is designed. It is no more acceptable to show contempt for the US Supreme Court, than it is to show contempt for Congress or contempt for the Office of President. Like it or not, ObamaCare is constitutional.
Secondly, since it is constitutional, I think that we (all of us) should examine what is acceptable to us all and agree to accept it. Then let's work on the parts that are objectionable and find reasonable compromises. In my humble opinion, we will end up with a better law by this method than by having alternating parties in power completely starting from scratch every few years.
Just my opinion.
Speaking of opinions, if you need some advice regarding real estate, give me a call. I am a licensed real estate broker in Kentucky and Indiana and I specialize in Commercial Real Estate. I works with Buyers, Sellers, Landlords, Tenants and Investors. I handle Office, Industrial, Land, Retail and Investment properties. Heck I can even set you up with a residential realtor. Anyway, I would love to help.
Thanks for reading and have a great day!
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: 502-379-6005
cel: 502-905-5274
dmccoy@ccre.biz
Today is a historic day because the Supreme Court released its opinion that ObamaCare is constitutional. Honestly I have mixed emotions about this. I am somewhat taken aback that the Supreme Court has ruled that the federal government has the right to require us to purchase something. While you might argue that this was a necessity to get healthcare under control, the fact is that this precedent has now been set and one has to wonder what else the government can now require us to do.
I am already hearing outcries that since the Supreme Court has ruled it constitutional, that it must be repealed. Perhaps so. As one friend opined, just because a law is constitutional, does not necessarily mean that it is a good law. But, suppose the law is repealed. What would it then be replaced with? Given the decision of the Supreme Court, it would seem to me that there is a more prudent way to proceed.
First of all, I think all of the arguments regarding the constitutionality of the law should now stop. We have a decision from our Supreme Court and accordingly, we should recognize its ruling and accept it. That is the way our government is designed. It is no more acceptable to show contempt for the US Supreme Court, than it is to show contempt for Congress or contempt for the Office of President. Like it or not, ObamaCare is constitutional.
Secondly, since it is constitutional, I think that we (all of us) should examine what is acceptable to us all and agree to accept it. Then let's work on the parts that are objectionable and find reasonable compromises. In my humble opinion, we will end up with a better law by this method than by having alternating parties in power completely starting from scratch every few years.
Just my opinion.
Speaking of opinions, if you need some advice regarding real estate, give me a call. I am a licensed real estate broker in Kentucky and Indiana and I specialize in Commercial Real Estate. I works with Buyers, Sellers, Landlords, Tenants and Investors. I handle Office, Industrial, Land, Retail and Investment properties. Heck I can even set you up with a residential realtor. Anyway, I would love to help.
Thanks for reading and have a great day!
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: 502-379-6005
cel: 502-905-5274
dmccoy@ccre.biz
Wednesday, June 27, 2012
Another Commercial Real EstateTax Trick
Seems like there is always more to learn. I attended a conference on Monday and learned a new accounting trick for commercial real estate. There is a procedure known a Cost Segregation which can allow you to reallocate some of the cost of the building in a way that can allow you to accelerate the depreciation.
Actually this trick has been around for a while but it is not widely known. It is the result of a decision regarding HCA from I believe 1997. The IRS then clarified the decision with a ruling in 2004 that specified what was necessary and acceptable to make these determinations. Until this time, it was only practical for very expensive real estate transactions.
Bottom line here is that this can lead to big tax savings.
If you want to know more about Cost Segregation or other Commercial Real Estate issues, give me a call. I specialize in Commercial Real Estate and handle Office, Industrial, Retail, Land and Investment properties. I work with Landlords, Tenants, Buyers, Sellers and Investors.
Have a great day!
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
dmccoy@ccre.biz
Ofc: (502) 379-6005
Cel: (502) 905-5274
Actually this trick has been around for a while but it is not widely known. It is the result of a decision regarding HCA from I believe 1997. The IRS then clarified the decision with a ruling in 2004 that specified what was necessary and acceptable to make these determinations. Until this time, it was only practical for very expensive real estate transactions.
Bottom line here is that this can lead to big tax savings.
If you want to know more about Cost Segregation or other Commercial Real Estate issues, give me a call. I specialize in Commercial Real Estate and handle Office, Industrial, Retail, Land and Investment properties. I work with Landlords, Tenants, Buyers, Sellers and Investors.
Have a great day!
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
dmccoy@ccre.biz
Ofc: (502) 379-6005
Cel: (502) 905-5274
Monday, June 4, 2012
Forecasting Commercial Real Estate - Watching the Economy
Of late, it would seem that we have a case of market schizophrenia. On one hand, these last few weeks I have noticed that the calls have been down again and the deals that I have been working on have slowed considerably. Clients that were in a big hurry to find new space have been much less aggressive and have delayed their deadlines by weeks or months.
On the other hand, I have been working with some clients looking for some property to buy in a certain area of town and we have been having a difficult time finding something for them. One property sold with multiple offers on the table and prices in that area are up considerably for the first time in years.
At this point, I am guessing that everyone is again looking to the economy. With extremely disappointing economic news released last Friday, the stock markets took their biggest loss of the year. I would say that at least as far as commercial real estate goes, the most significant issue was jobs. Businesses with fewer people do not need as much space, whether that is for office, industrial or retail use.
With some many people and businesses having gotten burned in this recession, it is understandable that people would want to be cautious. Still, we have seen better market activity this year than in the last 4 years, so hopefully, businesses will be able to take it in stride.
Have a great day, everyone.
David
David W. McCoy
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
If you would like some help with real estate, give me a call. I am a licensed real estate broker in Kentucky and Indiana and I specialize in Commercial Real Estate. I handle Office, Industrial, Retail, Investment and Land. I work with Buyers, Sellers, Landlords, Tenants and Investors. Heck I can even set you up with a Residential specialist if you need one. Give me a call. I would love to help.
On the other hand, I have been working with some clients looking for some property to buy in a certain area of town and we have been having a difficult time finding something for them. One property sold with multiple offers on the table and prices in that area are up considerably for the first time in years.
At this point, I am guessing that everyone is again looking to the economy. With extremely disappointing economic news released last Friday, the stock markets took their biggest loss of the year. I would say that at least as far as commercial real estate goes, the most significant issue was jobs. Businesses with fewer people do not need as much space, whether that is for office, industrial or retail use.
With some many people and businesses having gotten burned in this recession, it is understandable that people would want to be cautious. Still, we have seen better market activity this year than in the last 4 years, so hopefully, businesses will be able to take it in stride.
Have a great day, everyone.
David
David W. McCoy
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
If you would like some help with real estate, give me a call. I am a licensed real estate broker in Kentucky and Indiana and I specialize in Commercial Real Estate. I handle Office, Industrial, Retail, Investment and Land. I work with Buyers, Sellers, Landlords, Tenants and Investors. Heck I can even set you up with a Residential specialist if you need one. Give me a call. I would love to help.
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