Daily Report 9/19/06
A site on Barringer Foreman Road located behind the sheriff's substation has doubled the investment of the original purchaser. In July 2005 College Drive Retail purchased a 4.69 acre tract for a total price of $500,000 or about $2.50 per square foot. The same site sold last week for $1.1 million, or about $5.50 per square foot. Mark Hebert and Austen Delahaye represented the seller and George Kurz and Colin Smith represented the purchasers in the most recent transaction; all four of the agents work for Kurtz and Hebert Real Estate. The buyer was Acme Brick Co. According to Hebert, the property had to be re-zoned from heavy commercial to light commercial for Acme to operate a brick yard on the land. The price paid by Acme represents current market value, and light commercial sites in this area are bringing that much or more, according to Hebert. The sale represents how much vacant land seems to be appreciating in good locations post-Katrina. This probably won't be the last sale and resale I write about because owners will continue to cash in on escalating prices. |
