As first reported on The Wall Street Journal, sources are saying that General Electric (GE) has hired Goldman Sachs Group to sell its Appliances business. The business, which is headquartered here in Louisville, KY, is part of GE's Consumer and Industrial division which accounted for roughly 10% of GE's revenues in 2007. Sales and revenue have fallen as a result of the downturn in the real estate market.
CEO Jeff Immelt, has pushed a growth platform since assuming the company's reins in 2001. Many analysts have called for the sale of the division for some time. Mr Immelt apparently now believes that this division no longer fits his growth model.
GE began making appliances in 1907. Appliance Park was built in 1951. At the peak over 25,000 employees worked at the park making refrigerators, stoves, dishwashers, washers, and dryers. Today, around 3000 employees work in the 1000 acre facility.
Potential buyers have been listed as LG, Haier, and Royal Philips Electronics.
Wednesday, May 14, 2008
Sunday, May 11, 2008
Real Estate Definitions
Regardless of whether you are buying or selling your home in Louisville or Bullitt County Kentucky, it helps to know the lingo.
ARM - Adjustable Rate Mortgage - A loan with a rate that adjusts based on a given index. Despite the new, ARMs are not all bad. However, it is important to understand exactly how and when the rate will adjust.
APR - Annual Percentage Rate - A rate that reflects the actual cost of the loan including any discount points and fees.
Bedroom – According to Kentucky Residential Building Codes a room must have direct access to the exterior of the property to be considered a bedroom in Kentucky.
CMA - Comparative Market Analysis or Competitive Market Analysis - A market report showing the value of your property as determined by the sale of similar properties in your neighborhood.
Conventional Loan - aka Fixed-Rate Mortgage - A loan with a rate that does not change over the life of the loan
Discount Points - aka pre-paid interest - An upfront fee paid to get a lower interest rate. One point equals 1%.
DOM - Days on Market - In Louisville, the average DOM is 82 days. In Bullitt County, the average DOM is 93 days.
Earnest Money (aka Escrow Money, Good Faith Deposit) - Money given by the buyer to the seller as a sign of their commitment to purchase the property. In the Louisville-Bullitt County area 1-2% is common, however, this is a negotiable point. This money is credited to the buyer at the closing.
Equity - The difference between the value of the property and the amount owed on property.
GLAR - Greater Louisville Association of REALTORS
Loan-to-Value (LTV) - The ratio of the amount of the loan being requested to the appraised value of the house. In general, 100% loans have been eliminated. Most lenders are now requiring at least 3% from the buyer.
Market Value - The price that your Louisville - Bullitt County home could bring based on current market conditions.
MLS - Multiple Listing Service - An association that collects and distributes information about properties for sale in an area. The MLS is open to local real estate agents and brokers. The data can be viewed (but not created or modified) by the public. The MLS for the Louisville Metro Area is managed by GLAR.
REALTOR - A real estate agent who is a member of the National Association of REALTORS (NAR) - To become a REALTOR, an agent must complete ethics training and take an oath to abide by a Code of Ethics. Not all real estate agents are REALTORS.
SQFT - Square-Footage - A measurement of the size of a home based on the exterior dimensions. In Kentucky, only above-ground square footage (AGSF) is counted unless the basement is a finished walkout.
Erik Hitzelberger is a licensed real estate agent specializing in helping buyers and sellers accomplish their real estate goals in Louisville and Bullitt County (Shepherdsville, Mt. Washington, Brooks, Fox Chase, Hillview, Hunter’s Hollow, Lebanon Junction, Pioneer Village, and Zoneton). To contact me, call (502) 921-3989 or email me. For more information, visit my website.
ARM - Adjustable Rate Mortgage - A loan with a rate that adjusts based on a given index. Despite the new, ARMs are not all bad. However, it is important to understand exactly how and when the rate will adjust.
APR - Annual Percentage Rate - A rate that reflects the actual cost of the loan including any discount points and fees.
Bedroom – According to Kentucky Residential Building Codes a room must have direct access to the exterior of the property to be considered a bedroom in Kentucky.
CMA - Comparative Market Analysis or Competitive Market Analysis - A market report showing the value of your property as determined by the sale of similar properties in your neighborhood.
Conventional Loan - aka Fixed-Rate Mortgage - A loan with a rate that does not change over the life of the loan
Discount Points - aka pre-paid interest - An upfront fee paid to get a lower interest rate. One point equals 1%.
DOM - Days on Market - In Louisville, the average DOM is 82 days. In Bullitt County, the average DOM is 93 days.
Earnest Money (aka Escrow Money, Good Faith Deposit) - Money given by the buyer to the seller as a sign of their commitment to purchase the property. In the Louisville-Bullitt County area 1-2% is common, however, this is a negotiable point. This money is credited to the buyer at the closing.
Equity - The difference between the value of the property and the amount owed on property.
GLAR - Greater Louisville Association of REALTORS
Loan-to-Value (LTV) - The ratio of the amount of the loan being requested to the appraised value of the house. In general, 100% loans have been eliminated. Most lenders are now requiring at least 3% from the buyer.
Market Value - The price that your Louisville - Bullitt County home could bring based on current market conditions.
MLS - Multiple Listing Service - An association that collects and distributes information about properties for sale in an area. The MLS is open to local real estate agents and brokers. The data can be viewed (but not created or modified) by the public. The MLS for the Louisville Metro Area is managed by GLAR.
REALTOR - A real estate agent who is a member of the National Association of REALTORS (NAR) - To become a REALTOR, an agent must complete ethics training and take an oath to abide by a Code of Ethics. Not all real estate agents are REALTORS.
SQFT - Square-Footage - A measurement of the size of a home based on the exterior dimensions. In Kentucky, only above-ground square footage (AGSF) is counted unless the basement is a finished walkout.
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Erik Hitzelberger is a licensed real estate agent specializing in helping buyers and sellers accomplish their real estate goals in Louisville and Bullitt County (Shepherdsville, Mt. Washington, Brooks, Fox Chase, Hillview, Hunter’s Hollow, Lebanon Junction, Pioneer Village, and Zoneton). To contact me, call (502) 921-3989 or email me. For more information, visit my website.
Bullitt County Kentucky (KY) Real Estate Market Index
First the bad news;
1) Home sales in Bullitt County are down almost 30% this month.
2) Average Sales Price is also down from last year.
3) Of the 74 pending sales in April, only 58 closed in May.
Now, the good news;
1) Year-over-Year average sales price is still up 3.1% for Bullitt County.
2) There are over 115 pending sales that could close in May.
3) Interest Rates remain low and there are many affordable homes in Bullitt County.
In conclusion, now is still a great time to buy homes in Bullitt County. Homes are priced fairly and are available in almost every neighborhood. Now, is also a good time to sell a home in Bullitt County. However, if you really want to sell your home, you must prepare both your home properly. When you are ready to buy or sell a home in Bullitt County, please contact me so that I can help you make the process as simple as possible.
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Erik Hitzelberger is a licensed real estate agent specializing in helping buyers and sellers accomplish their real estate goals in Louisville and Bullitt County (Shepherdsville, Mt. Washington, Brooks, Fox Chase, Hillview, Hunter’s Hollow, Lebanon Junction, Pioneer Village, and Zoneton). To contact me, call (502) 921-3989 or email me. For more information, visit my website.
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