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 commercial real estate. Show all posts
Showing posts with label commercial real estate. Show all posts
Friday, March 27, 2015
Wednesday, March 4, 2015
International Real Estate
I have a new credential. I was selected to be the National Association of Realtors Presidential Liaison to Jamaica!
If you have read past posts, you may know that I enjoy travel, languages and cultures. So a couple of years ago, I went to an International Real Estate conference and got a designation as a Certified International Property Specialist.
Commercial Real Estate is still my bread and butter but it is such a blast to meet all of these people from all over the world and set up connections. Becoming the Presidential Liaison to Jamaica is another step in that direction.
I will be attending several International Real Estate events in Washington, DC later this year at the NAR mid-year conference, as well as several events later in the year in San Diego at the NAR annual national convention. AND I will be traveling at least once this year to Jamaica.
It's going to be a fun year!
BTW - Let me know if you could use some help with Commercial Real Estate or International Real Estate. I am licensed in Kentucky and Indiana. I work with sales and leasing and represent buyers, sellers, landlords, tenants and investors.
Have a great day!
David
David W. McCoy
Vice President / Broker
Commonwealth Commercial Real Estate
DMcCoy@ccre.biz
502-379-6005
If you have read past posts, you may know that I enjoy travel, languages and cultures. So a couple of years ago, I went to an International Real Estate conference and got a designation as a Certified International Property Specialist.
Commercial Real Estate is still my bread and butter but it is such a blast to meet all of these people from all over the world and set up connections. Becoming the Presidential Liaison to Jamaica is another step in that direction.
I will be attending several International Real Estate events in Washington, DC later this year at the NAR mid-year conference, as well as several events later in the year in San Diego at the NAR annual national convention. AND I will be traveling at least once this year to Jamaica.
It's going to be a fun year!
BTW - Let me know if you could use some help with Commercial Real Estate or International Real Estate. I am licensed in Kentucky and Indiana. I work with sales and leasing and represent buyers, sellers, landlords, tenants and investors.
Have a great day!
David
David W. McCoy
Vice President / Broker
Commonwealth Commercial Real Estate
DMcCoy@ccre.biz
502-379-6005
Monday, September 16, 2013
Finding the Right Broker
When you are looking for a broker, it is a good idea to ask a few questions. The right broker will want to make sure that your needs are taken care of. Ideally, that would benefit him as well.
A colleague forwarded me a request from a broker in another state who wanted to find someone who knew about real estate in Costa Rica. When I called, I was told that this broker had just listed a hotel in Costa Rica on the Pacific Coast.
As we talked further, I discovered that this broker had never been to Costa Rica. He did not speak Spanish or any other language other than English. He had no experience with the hospitality industry. He was not aware that there was a rainy season or that because of the rainy season, maximum occupancy was limited to about 60%. He did not know that Germans were big investors in Costa Rica. He did not know that you had to be careful who you worked with in Costa Rica because there were no licensure laws for real estate brokers. He did not know how to do an international transaction or arrange for international financing. He had no idea about Costa Rican immigration laws.
Yet he was confident that he could handle this and had it under control....
I'm not sure how this broker got this listing but it is hard to beleive that this broker is acting in the best interests of his client. Certainly, you want to take care of your client's needs but if you are not the appropriate one to do that, the best practice is to refer the listing to someone who can.
I doubt I will hear from this broker again but I left the door open for him to call, in case things start to blow up on him. I have contacts in Costa Rica who are fluent in Spanish, German and English and who work on the Pacific Coast. They routinely work with the hospitality industry, understand immigration laws and handle international transactions and financing. And they are members of NAR, which means that they voluntarily follow the NAR Code of Ethics and take Continuing Education.
For his client's sake, I hope that he managed to find someone in Costa Rica with similar qualifications.
The lesson here is that it is a good idea to ask a lot of questions, especially when you know that you are asking someone to work on a property that is not a run of the mill project.
If you have any questions about finding a broker or about real estate in general, give me a shout. I would love to help if I can.
Have a great day!
David
David W. McCoy, MBA
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
e-mail: DMcCoy@ccre.biz
BTW - I am a licensed Real Estate Broker in Kentucky and Indiana. I specialize in Commercial and International Properties. I handle Office, Industrial, Investment, Commercial Land and Retail properties. I work with Landlords, Tenants, Sellers, Buyers and Investors. Heck, I can even set you up with someone to help you with Residential property. Let me know if I can help.
A colleague forwarded me a request from a broker in another state who wanted to find someone who knew about real estate in Costa Rica. When I called, I was told that this broker had just listed a hotel in Costa Rica on the Pacific Coast.
As we talked further, I discovered that this broker had never been to Costa Rica. He did not speak Spanish or any other language other than English. He had no experience with the hospitality industry. He was not aware that there was a rainy season or that because of the rainy season, maximum occupancy was limited to about 60%. He did not know that Germans were big investors in Costa Rica. He did not know that you had to be careful who you worked with in Costa Rica because there were no licensure laws for real estate brokers. He did not know how to do an international transaction or arrange for international financing. He had no idea about Costa Rican immigration laws.
Yet he was confident that he could handle this and had it under control....
I'm not sure how this broker got this listing but it is hard to beleive that this broker is acting in the best interests of his client. Certainly, you want to take care of your client's needs but if you are not the appropriate one to do that, the best practice is to refer the listing to someone who can.
I doubt I will hear from this broker again but I left the door open for him to call, in case things start to blow up on him. I have contacts in Costa Rica who are fluent in Spanish, German and English and who work on the Pacific Coast. They routinely work with the hospitality industry, understand immigration laws and handle international transactions and financing. And they are members of NAR, which means that they voluntarily follow the NAR Code of Ethics and take Continuing Education.
For his client's sake, I hope that he managed to find someone in Costa Rica with similar qualifications.
The lesson here is that it is a good idea to ask a lot of questions, especially when you know that you are asking someone to work on a property that is not a run of the mill project.
If you have any questions about finding a broker or about real estate in general, give me a shout. I would love to help if I can.
Have a great day!
David
David W. McCoy, MBA
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
e-mail: DMcCoy@ccre.biz
BTW - I am a licensed Real Estate Broker in Kentucky and Indiana. I specialize in Commercial and International Properties. I handle Office, Industrial, Investment, Commercial Land and Retail properties. I work with Landlords, Tenants, Sellers, Buyers and Investors. Heck, I can even set you up with someone to help you with Residential property. Let me know if I can help.
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.
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
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.
Tuesday, February 5, 2013
New Adventures
I have mentioned a couple of times that I am declaring 2013 to be the Year of Prosperity, which is all well and good but one might legitimately ask how I expect that to play out. At the end of 2012, I sat down to think about how I wanted to direct my life and career.
I thought about things that I really loved and things that I really wanted to accomplish then looked at the talents I had in my tool box to see how I might make that happen.
Step One - I am going to Costa Rica this year for a conference on International Real Estate where I will get to network with some practitioners and hopefully get some insights. Also, I will complete the National Association of Realtors courses for a designation of Certified International Property Specialist. After that, I will evaluate whether this is something that looks promising. If so, I am considering going for a visit to Brazil later in the year.
In any event, it is looking like 2013 is going to be an exciting year.
When I get back, I will share some of my insights.
Thanks so much for reading! Hope 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
Let me know if you would like some help with Commercial Real Estate. I am a licensed Real Estate Broker in Kentucky and Indiana and I specialize in Commercial Real Estate. I handle Office, Industrial, Commercial Land, Investment and Retail properties. I work with Sellers, Buyers, Landlords and Tenants. Heck, I can even find you some help with Residential Real Estate if you need it.
I thought about things that I really loved and things that I really wanted to accomplish then looked at the talents I had in my tool box to see how I might make that happen.
- I love languages and cultures.
- I love travel and exploring.
- I love interacting with other people.
- I have an extensive background in Commercial Real Estate.
- I am conversant in Spanish.
- I have traveled a lot through out the Americas.
Step One - I am going to Costa Rica this year for a conference on International Real Estate where I will get to network with some practitioners and hopefully get some insights. Also, I will complete the National Association of Realtors courses for a designation of Certified International Property Specialist. After that, I will evaluate whether this is something that looks promising. If so, I am considering going for a visit to Brazil later in the year.
In any event, it is looking like 2013 is going to be an exciting year.
When I get back, I will share some of my insights.
Thanks so much for reading! Hope 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
Let me know if you would like some help with Commercial Real Estate. I am a licensed Real Estate Broker in Kentucky and Indiana and I specialize in Commercial Real Estate. I handle Office, Industrial, Commercial Land, Investment and Retail properties. I work with Sellers, Buyers, Landlords and Tenants. Heck, I can even find you some help with Residential Real Estate if you need it.
Thursday, January 31, 2013
New Office / Special Purpose Listing
2013 is off to a great start! Earlier this week, I listed a 32,000 square foot Office / Special Purpose property in Eastern Jefferson County for sale. This building, located on a 7 acre suburban campus, has abundant parking and has terrific access to I-71 and I-64 via the Gene Snyder freeway. The asking price is $3.1 Million.
I plan to tour the property later this week, when I hope to be able to take some pictures that I can post later. In the mean time, if you would like more information, you can e-mail me for more information OR you can check it out on one of the following sites:
This is a really nice property. If you know someone who might have an interest, please pass the word!
Have a great day and thanks for reading!
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
BTW - I am a licensed real estate broker in Kentucky and Indiana. I specialize in Commercial Properties, handling Office, Industrial, Commercial land, Investment and Retail properties. I work with Landlords, Tenants, Sellers and Buyers. Give me a call if you need some help buying, selling or leasing commercial real estate. I would love to help.
I plan to tour the property later this week, when I hope to be able to take some pictures that I can post later. In the mean time, if you would like more information, you can e-mail me for more information OR you can check it out on one of the following sites:
- Our company website - www.ccre.biz
- www.KCREA.com
- www.LoopNet.com
This is a really nice property. If you know someone who might have an interest, please pass the word!
Have a great day and thanks for reading!
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
BTW - I am a licensed real estate broker in Kentucky and Indiana. I specialize in Commercial Properties, handling Office, Industrial, Commercial land, Investment and Retail properties. I work with Landlords, Tenants, Sellers and Buyers. Give me a call if you need some help buying, selling or leasing commercial real estate. 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
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.
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.
Monday, February 27, 2012
New Industrial Listing in Bullitt Co - 3601 Coral Ridge Rd
3601 Coral Ridge Rd
Newly Listed Industrial Property in Bullitt County
I have a new listing in Bullitt County close to I-65 in Brooks, KY. Details follow -
Approximately 2 acres zoned Light Industrial on Coral Ridge Rd approximately 1/2 mile from I-65. Property has a small approximately 3,300 square foot office structure and a small approximately 5,000 square foot warehouse structure.
Property available for sale. Priced at $350,000.
If you know of someone who might have an interest, please give me a call!
Thanks so much everyone 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
disclaimer: Information presented is based upon sources deemed to be reliable although Commonwealth Commercial Real Estate, its brokers, agents and employees cannot warrant this information. Offerings on this property are subject to change or withdrawal at any time without notice. Confirmation of this information is the responsibility of the purchaser in the inspection process.
Thursday, February 23, 2012
Could it be that the Recession is Over?
Earlier this week, I told some buddies that it has been so long since I saw a crane, I wasn't sure I could recognize one. One responded, "What's a crane?" The other told him, "It's a bird with long legs that lives near marshes."
We've been burned before thinking that the Great Recession was over. Technically, I guess from its true economic definition, the recession has been over for nearly 3 years but this has been a recession without a recovery, so far.
Perhaps, in Louisville at least, the recovery we have been waiting for is finally here. We have had several indicators -
Hope you have a great day!
BTW - If you need some Real Estate help, give me a call! I specialize in commercial real estate and work with Buyers, Sellers, Landlords, Tenants and Investors. I handle Office, Industrial, Land, Retail and Investment properties. Heck I can even set you up with help for residential properties.
ALSO - I am sure that my managing broker would appreciate me clarifying that the views expressed here are my own and do not necessarily reflect those of Commonwealth Commercial Real Estate, its brokers, agents, or employees, other than me, of course. Should you like to make a comment or offer another point of view, you may feel free to do so in the comments or you may contact me directly. You should not feel free however to make any comments which are inappropriate or offensive. Should I see any such comments, I will exercise my right to delete them.
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
We've been burned before thinking that the Great Recession was over. Technically, I guess from its true economic definition, the recession has been over for nearly 3 years but this has been a recession without a recovery, so far.
Perhaps, in Louisville at least, the recovery we have been waiting for is finally here. We have had several indicators -
- Town Center retail center - known by most as the home of Tinseltown sold in late 2011 for close to twice as much as its purchase price just a few years before
- Cabela's, a large outdoor retailer, announced plans to build a new store by Lowes and Costco at Brownsboro Crossing.
- Central Station retail center, close to Churchill Downs recently sold to an out of state investor
- River Ridge, in Jeffersonville, Indiana, has a new 1,000,000 SF warehouse being built by a so far undisclosed company
- Bullitt County has another still undisclosed company presently looking for land to build another 1,000,000 SF warehouse.
- The new North Hurstboure Parkway Class A Office building built by Faulkner, the only spec Class A Office building I can think of for the last several years, is nearly completely leased after only being officially open for a few weeks.
- We have been getting inquiries from businesses that are suppliers to some of our larger employers, saying that they need more space to gear up for new contracts and increased activity.
- Whereas last year I would sometimes ask friends to call my phone to be sure that it was working, now our phones are ringing again.
- Several companies are now at least looking at new space. Much of this is taking advantage of better lease rates while they are still down and long term leases are expiring. Still, there is more activity than there has been in quite a while.
Hope you have a great day!
BTW - If you need some Real Estate help, give me a call! I specialize in commercial real estate and work with Buyers, Sellers, Landlords, Tenants and Investors. I handle Office, Industrial, Land, Retail and Investment properties. Heck I can even set you up with help for residential properties.
ALSO - I am sure that my managing broker would appreciate me clarifying that the views expressed here are my own and do not necessarily reflect those of Commonwealth Commercial Real Estate, its brokers, agents, or employees, other than me, of course. Should you like to make a comment or offer another point of view, you may feel free to do so in the comments or you may contact me directly. You should not feel free however to make any comments which are inappropriate or offensive. Should I see any such comments, I will exercise my right to delete them.
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, January 19, 2012
Louisville 2011 Retail Real Estate Review
If you are reading this and thinking that this looks very familiar, you may have already read one of my entries on 2011 Land, Office or Industrial activity. I admit that I use almost the exact same format and even wording in order to make them a little faster to get out. That said, I promise that you are not reading the same thing under a different title. In that these reports are some of the most labor intensive reports I produce, I am simply trying to be as efficient as possible. That said, let's get down to business.
I'm continuing my review of Louisville Commercial Real Estate for 2011. Today, I am looking at the Retail Market. Here is what I found -
The Numbers -
According to KCREA (Kentucky Commercial Real Estate Alliance), the Louisville metro area had 128 Leases for approximately 459,803 SF of Retail space. The median lease space was 1935 SF while the average lease was for 3,592 SF. Retail leases in 2011 ranged for spaces from 500 SF to 38,068 SF.
Regarding Retail Property Sales, KCREA reported 53 Retail Buildings sold in 2011 consisting of 291,022 SF selling for $14,289,750. The median building size was 4,200 SF while the median transaction size was $200,000. The average selling price per square foot was $50.70 and the average building size was 5,491 SF. The average sale was for $269,618. (note: if you are checking my math, to get this figure, I had to make some adjustments because some transactions did not disclose the square footage of the property or had invalid numbers entered.)
The largest Retail sales transaction was a 30,000 SF Building in Louisville which sold for $1,069,000. The smallest unit sold was a 718 SF unit which sold for $109,000. The smallest transaction in terms of price was a 1,756 SF unit in the CBD which sold for $14,000.
What this says to me -
At 128 leases and 53 sales for the year, we are seeing about 2.4 leases and 1.0 sales per week. Half of the leases are for less than 1,935 SF. It is interesting to note that the Retail market is far more uniform than the Office or Industrial market. This tells me that in 2011, there were few larger leases to dominate the statistics. While information on the term of the leases is not provided in the KCREA stats, conversations with other brokers leads me to believe that we are continuing to have shorter term leases.
For Retail Property Sales, more has been selling although again, mainly smaller properties at lower prices. It is worth noting that although there were more Retail Property sales, that the total dollar amount of the Retail Sales was much less than that for either Office or Industrial properties.
Recommendations -
The figures for Retail indicate that Retail Property is continuing to struggle. There was very little big box activity in Louisville in 2011 which you would expect when Retail Sales are down nationally. The improvement in Retail sales in late 2011 should bode well for 2012. If the economy continues to improve and especially locally if unemployment continues to improve, we can expect Retailers to begin to test the waters for expansion again.
That said, it may be a while for this to happen and so my recommendations remain the same. I would say that things are looking better. My retail colleagues in the office tell me that December was a very good month. Still, we continue to have a lot of inventory and downward pressure on pricing.
Successful Landlords and Sellers will keep their properties in top condition and price them competitively.
Notes, Disclaimers and Such -
BTW - If you would like me to evaluate your particular property, give me a call. Also if you need any help on any real estate needs, I would love to help. I am licensed in Kentucky and Indiana and specialize in Commercial Real Estate. I work with Buyers, Sellers, Landlords, 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 property.
ALSO - I am sure that my broker would appreciate me clarifying that the views here are my own and do not necessarily represent those of Commonwealth Commercial Real Estate, its brokers, agents or employees (other than me, of course) If you would like to make a comment or offer another opinion, you may feel free to do so in the comments sections. What you should not feel free to do though is make comments which are inappropriate or offensive. Should I see any such comments, I will delete them.
Finally - The information gathered for this analysis comes from KCREA (Kentucky Commercial Real Estate Alliance). This information reflects the activity of the members and participants of KCREA and therefore should not be considered a complete census of commercial activity. It is also dependent on the individual brokers to enter and maintain their information. As such it is subject to some error. Never-the-less, it presents a picture of the commercial real estate activity and I believe it is useful for review and analysis.
Let me know if you have any questions or if I can be of some help. Thanks for reading. Hope you have a good 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
I'm continuing my review of Louisville Commercial Real Estate for 2011. Today, I am looking at the Retail Market. Here is what I found -
The Numbers -
According to KCREA (Kentucky Commercial Real Estate Alliance), the Louisville metro area had 128 Leases for approximately 459,803 SF of Retail space. The median lease space was 1935 SF while the average lease was for 3,592 SF. Retail leases in 2011 ranged for spaces from 500 SF to 38,068 SF.
Regarding Retail Property Sales, KCREA reported 53 Retail Buildings sold in 2011 consisting of 291,022 SF selling for $14,289,750. The median building size was 4,200 SF while the median transaction size was $200,000. The average selling price per square foot was $50.70 and the average building size was 5,491 SF. The average sale was for $269,618. (note: if you are checking my math, to get this figure, I had to make some adjustments because some transactions did not disclose the square footage of the property or had invalid numbers entered.)
The largest Retail sales transaction was a 30,000 SF Building in Louisville which sold for $1,069,000. The smallest unit sold was a 718 SF unit which sold for $109,000. The smallest transaction in terms of price was a 1,756 SF unit in the CBD which sold for $14,000.
What this says to me -
At 128 leases and 53 sales for the year, we are seeing about 2.4 leases and 1.0 sales per week. Half of the leases are for less than 1,935 SF. It is interesting to note that the Retail market is far more uniform than the Office or Industrial market. This tells me that in 2011, there were few larger leases to dominate the statistics. While information on the term of the leases is not provided in the KCREA stats, conversations with other brokers leads me to believe that we are continuing to have shorter term leases.
For Retail Property Sales, more has been selling although again, mainly smaller properties at lower prices. It is worth noting that although there were more Retail Property sales, that the total dollar amount of the Retail Sales was much less than that for either Office or Industrial properties.
Recommendations -
The figures for Retail indicate that Retail Property is continuing to struggle. There was very little big box activity in Louisville in 2011 which you would expect when Retail Sales are down nationally. The improvement in Retail sales in late 2011 should bode well for 2012. If the economy continues to improve and especially locally if unemployment continues to improve, we can expect Retailers to begin to test the waters for expansion again.
That said, it may be a while for this to happen and so my recommendations remain the same. I would say that things are looking better. My retail colleagues in the office tell me that December was a very good month. Still, we continue to have a lot of inventory and downward pressure on pricing.
Successful Landlords and Sellers will keep their properties in top condition and price them competitively.
Notes, Disclaimers and Such -
BTW - If you would like me to evaluate your particular property, give me a call. Also if you need any help on any real estate needs, I would love to help. I am licensed in Kentucky and Indiana and specialize in Commercial Real Estate. I work with Buyers, Sellers, Landlords, 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 property.
ALSO - I am sure that my broker would appreciate me clarifying that the views here are my own and do not necessarily represent those of Commonwealth Commercial Real Estate, its brokers, agents or employees (other than me, of course) If you would like to make a comment or offer another opinion, you may feel free to do so in the comments sections. What you should not feel free to do though is make comments which are inappropriate or offensive. Should I see any such comments, I will delete them.
Finally - The information gathered for this analysis comes from KCREA (Kentucky Commercial Real Estate Alliance). This information reflects the activity of the members and participants of KCREA and therefore should not be considered a complete census of commercial activity. It is also dependent on the individual brokers to enter and maintain their information. As such it is subject to some error. Never-the-less, it presents a picture of the commercial real estate activity and I believe it is useful for review and analysis.
Let me know if you have any questions or if I can be of some help. Thanks for reading. Hope you have a good 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
Wednesday, January 18, 2012
Louisville 2011 Industrial Review
I'm continuing my review of Louisville Commercial Real Estate for 2011. Today, I am looking at the Industrial Market. Here is what I found -
The Numbers -
According to KCREA (Kentucky Commercial Real Estate Alliance), the Louisville metro area had 127 Leases for approximately 1,127,191 SF of Industrial space. The median lease space was 3924 SF while the average lease was for 41,748 SF. The largest Industrial Lease reported for 2011 was 162,000 SF while the smallest lease reported was 475 SF.
Regarding Industrial Sales, KCREA reported 38 Industrial Buildings sold in 2011 consisting of 1,635,993 SF selling for $37,115,500. The median building size was 24,960 SF while the median transaction size was $487,000. The average selling price per square foot was $22.96 and the average building size was 42,535. (note: if you are checking my math, to get this figure, I had to make some adjustments because some transactions did not disclose the square footage of the property or had invalid numbers entered.)
The largest Industrial sales transaction was a 248,400 SF Building in Louisville which sold for $7,760,000. The smallest unit sold was a 2,400 SF unit which sold for $130,000.
What this says to me -
At 127 leases and 38 sales for the year, we are seeing about 2.4 leases and 0.73 sales per week. Half of the leases are for less than 3,924 SF. When the average space leased exceeds the median by such a large margin, this screams that there are very few large transactions in the market place. The vast majority of the transactions are very small spaces. While information on the term of the leases is not provided in the KCREA stats, conversation with other brokers leads me to believe that we are continuing to have shorter term leases.
For Industrial Sales, the activity remains somewhat light. Things being sold are tending to be smaller properties at lower price points. Like the leasing, it is interesting to note that the top 5 sales transactions amounted to more than half of the total dollar volume of the reported sales.
Recommendations -
Louisville has had a fair amount of good economic news in 2011, with expansions planned at Ford and GE, among others. As these lines begin to come on-line and as suppliers and other companies also begin to expand, it looks as though things in Louisville will continue to improve.
My recommendations remain the same. Like the Office, I would say that things are looking better - number of calls and showing are up and unemployment is improving. Also, while I cannot quantify this, I am beginning to see a willingness of companies to consider longer terms in their leasing.
We continue to have a lot of inventory and downward pressure on pricing. Successful Landlords and Sellers will keep their properties in top condition and price them competitively.
Notes, Disclaimers and Such -
BTW - If you would like me to evaluate your particular property, give me a call. Also if you need any help on any real estate needs, I would love to help. I am licensed in Kentucky and Indiana and specialize in Commercial Real Estate. I work with Buyers, Sellers, Landlords, 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 property.
ALSO - I am sure that my broker would appreciate me clarifying that the views here are my own and do not necessarily represent those of Commonwealth Commercial Real Estate, its brokers, agents or employees (other than me, of course) If you would like to make a comment or offer another opinion, you may feel free to do so in the comments sections. What you should not feel free to do though is make comments which are inappropriate or offensive. Should I see any such comments, I will delete them.
Finally - The information gathered for this analysis comes from KCREA (Kentucky Commercial Real Estate Alliance). This information reflects the activity of the members and participants of KCREA and therefore should not be considered a complete census of commercial activity. It is also dependent on the individual brokers to enter and maintain their information. As such it is subject to some error. Never-the-less, it presents a picture of the commercial real estate activity and I believe it is useful for review and analysis.
Let me know if you have any questions or if I can be of some help. Thanks for reading. Hope you have a good 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
The Numbers -
According to KCREA (Kentucky Commercial Real Estate Alliance), the Louisville metro area had 127 Leases for approximately 1,127,191 SF of Industrial space. The median lease space was 3924 SF while the average lease was for 41,748 SF. The largest Industrial Lease reported for 2011 was 162,000 SF while the smallest lease reported was 475 SF.
Regarding Industrial Sales, KCREA reported 38 Industrial Buildings sold in 2011 consisting of 1,635,993 SF selling for $37,115,500. The median building size was 24,960 SF while the median transaction size was $487,000. The average selling price per square foot was $22.96 and the average building size was 42,535. (note: if you are checking my math, to get this figure, I had to make some adjustments because some transactions did not disclose the square footage of the property or had invalid numbers entered.)
The largest Industrial sales transaction was a 248,400 SF Building in Louisville which sold for $7,760,000. The smallest unit sold was a 2,400 SF unit which sold for $130,000.
What this says to me -
At 127 leases and 38 sales for the year, we are seeing about 2.4 leases and 0.73 sales per week. Half of the leases are for less than 3,924 SF. When the average space leased exceeds the median by such a large margin, this screams that there are very few large transactions in the market place. The vast majority of the transactions are very small spaces. While information on the term of the leases is not provided in the KCREA stats, conversation with other brokers leads me to believe that we are continuing to have shorter term leases.
For Industrial Sales, the activity remains somewhat light. Things being sold are tending to be smaller properties at lower price points. Like the leasing, it is interesting to note that the top 5 sales transactions amounted to more than half of the total dollar volume of the reported sales.
Recommendations -
Louisville has had a fair amount of good economic news in 2011, with expansions planned at Ford and GE, among others. As these lines begin to come on-line and as suppliers and other companies also begin to expand, it looks as though things in Louisville will continue to improve.
My recommendations remain the same. Like the Office, I would say that things are looking better - number of calls and showing are up and unemployment is improving. Also, while I cannot quantify this, I am beginning to see a willingness of companies to consider longer terms in their leasing.
We continue to have a lot of inventory and downward pressure on pricing. Successful Landlords and Sellers will keep their properties in top condition and price them competitively.
Notes, Disclaimers and Such -
BTW - If you would like me to evaluate your particular property, give me a call. Also if you need any help on any real estate needs, I would love to help. I am licensed in Kentucky and Indiana and specialize in Commercial Real Estate. I work with Buyers, Sellers, Landlords, 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 property.
ALSO - I am sure that my broker would appreciate me clarifying that the views here are my own and do not necessarily represent those of Commonwealth Commercial Real Estate, its brokers, agents or employees (other than me, of course) If you would like to make a comment or offer another opinion, you may feel free to do so in the comments sections. What you should not feel free to do though is make comments which are inappropriate or offensive. Should I see any such comments, I will delete them.
Finally - The information gathered for this analysis comes from KCREA (Kentucky Commercial Real Estate Alliance). This information reflects the activity of the members and participants of KCREA and therefore should not be considered a complete census of commercial activity. It is also dependent on the individual brokers to enter and maintain their information. As such it is subject to some error. Never-the-less, it presents a picture of the commercial real estate activity and I believe it is useful for review and analysis.
Let me know if you have any questions or if I can be of some help. Thanks for reading. Hope you have a good 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 17, 2012
2011 Louisville Office Review
I'm continuing my review of Louisville Commercial Real Estate for 2011. Today, I am looking at the Office Market. Here is what I found -
The Numbers -
According to KCREA (Kentucky Commercial Real Estate Alliance), the Louisville metro area had 141 Leases for approximately 504,846 SF of Office space. The median lease space was 1746 SF. The largest Office Lease reported for 2011 was 101,000 SF at the call center on Lakefront Place. The smallest lease reported was 150 SF.
Regarding Office Sales, KCREA reported 46 Office Buildings / Condos sold in 2011 consisting of 352,687 SF selling for $18,092,309. The median building size was 2782 SF while the median transaction size was $195,000. The average selling price per square foot was $49.47. (note: if you are checking my math, to get this figure, I had to make some adjustments because some transactions did not disclose the square footage of the property.)
The largest transaction in both size of building and dollar value was a 140,826 SF office building in the Louisville CBD. The smallest unit sold was a 1000 SF Office Condo. The smallest transaction was a 2942 SF Office building in Henry Co which sold for $31,000.
What this says to me -
At 141 leases and 46 sales for the year, we are seeing about 2.7 leases and 0.9 sales per week. It is interesting to note that 50% of the leases are for space less than 1800 SF. Also, one single lease (the call center mentioned above) comprised 20% of the leased space reported for the year.
Given the number of showings I had for companies looking for 30,000 SF and up last year, it is telling that of all of the leases reported on KCREA, there were only 2 recorded for more than 20,000 SF. That seems to validate the feeling that many of my colleagues and I shared that there was a lot of activity looking at space but not nearly as much actually going to lease. Most of the space being leased, continues to be smaller space.
For Office Sales, the activity remains somewhat light. Things being sold are tending to be smaller properties at lower price points. Like the leasing, it is interesting to note that the one 140,826 SF building sold comprised approximately 40% of the Square Footage of Office property sold.
Recommendations -
My recommendations remain the same. While I would say that things are looking better - number of calls and showing are up and unemployment is improving, I would also have to say that we continue to have a lot of inventory and downward pressure on pricing. Successful Landlords and Sellers will keep their properties in top condition and price them competitively.
Notes, Disclaimers and Such -
BTW - If you would like me to evaluate your particular property, give me a call. Also if you need any help on any real estate needs, I would love to help. I am licensed in Kentucky and Indiana and specialize in Commercial Real Estate. I work with Buyers, Sellers, Landlords, 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 property.
ALSO - I am sure that my broker would appreciate me clarifying that the views here are my own and do not necessarily represent those of Commonwealth Commercial Real Estate, its brokers, agents or employees (other than me, of course) If you would like to make a comment or offer another opinion, you may feel free to do so in the comments sections. What you should not feel free to do though is make comments which are inappropriate or offensive. Should I see any such comments, I will delete them.
Finally - The information gathered for this analysis comes from KCREA (Kentucky Commercial Real Estate Alliance). This information reflects the activity of the members and participants of KCREA and therefore should not be considered a complete census of commercial activity. It is also dependent on the individual brokers to enter and maintain their information. As such it is subject to some error. Never-the-less, it presents a picture of the commercial real estate activity and I believe it is useful for review and analysis.
Let me know if you have any questions or if I can be of some help. Thanks for reading. Hope you have a good 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
The Numbers -
According to KCREA (Kentucky Commercial Real Estate Alliance), the Louisville metro area had 141 Leases for approximately 504,846 SF of Office space. The median lease space was 1746 SF. The largest Office Lease reported for 2011 was 101,000 SF at the call center on Lakefront Place. The smallest lease reported was 150 SF.
Regarding Office Sales, KCREA reported 46 Office Buildings / Condos sold in 2011 consisting of 352,687 SF selling for $18,092,309. The median building size was 2782 SF while the median transaction size was $195,000. The average selling price per square foot was $49.47. (note: if you are checking my math, to get this figure, I had to make some adjustments because some transactions did not disclose the square footage of the property.)
The largest transaction in both size of building and dollar value was a 140,826 SF office building in the Louisville CBD. The smallest unit sold was a 1000 SF Office Condo. The smallest transaction was a 2942 SF Office building in Henry Co which sold for $31,000.
What this says to me -
At 141 leases and 46 sales for the year, we are seeing about 2.7 leases and 0.9 sales per week. It is interesting to note that 50% of the leases are for space less than 1800 SF. Also, one single lease (the call center mentioned above) comprised 20% of the leased space reported for the year.
Given the number of showings I had for companies looking for 30,000 SF and up last year, it is telling that of all of the leases reported on KCREA, there were only 2 recorded for more than 20,000 SF. That seems to validate the feeling that many of my colleagues and I shared that there was a lot of activity looking at space but not nearly as much actually going to lease. Most of the space being leased, continues to be smaller space.
For Office Sales, the activity remains somewhat light. Things being sold are tending to be smaller properties at lower price points. Like the leasing, it is interesting to note that the one 140,826 SF building sold comprised approximately 40% of the Square Footage of Office property sold.
Recommendations -
My recommendations remain the same. While I would say that things are looking better - number of calls and showing are up and unemployment is improving, I would also have to say that we continue to have a lot of inventory and downward pressure on pricing. Successful Landlords and Sellers will keep their properties in top condition and price them competitively.
Notes, Disclaimers and Such -
BTW - If you would like me to evaluate your particular property, give me a call. Also if you need any help on any real estate needs, I would love to help. I am licensed in Kentucky and Indiana and specialize in Commercial Real Estate. I work with Buyers, Sellers, Landlords, 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 property.
ALSO - I am sure that my broker would appreciate me clarifying that the views here are my own and do not necessarily represent those of Commonwealth Commercial Real Estate, its brokers, agents or employees (other than me, of course) If you would like to make a comment or offer another opinion, you may feel free to do so in the comments sections. What you should not feel free to do though is make comments which are inappropriate or offensive. Should I see any such comments, I will delete them.
Finally - The information gathered for this analysis comes from KCREA (Kentucky Commercial Real Estate Alliance). This information reflects the activity of the members and participants of KCREA and therefore should not be considered a complete census of commercial activity. It is also dependent on the individual brokers to enter and maintain their information. As such it is subject to some error. Never-the-less, it presents a picture of the commercial real estate activity and I believe it is useful for review and analysis.
Let me know if you have any questions or if I can be of some help. Thanks for reading. Hope you have a good 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
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