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VOL. 122 | NO. 211 | Tuesday, November 6, 2007

Daily Digest

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Raleigh HealthSouth Site Changes Hands

     The site of a HealthSouth rehabilitation facility at 4100 Austin Peay Highway has been sold for $3.3 million. HealthSouth/Methodist Rehabilitation Hospital LP bought the property last week from HealthSouth Corp.
     HealthSouth Rehabilitation Hospital of Memphis-North is a 35,475-square-foot medical office building built in 2002. It sits on 5 acres at the southeast corner of Austin Peay Highway and Integra Way.
     The Shelby County Assessor's 2007 appraisal was $3.3 million.
     In conjunction with the purchase, HealthSouth/Methodist filed a $7.6 million loan through HealthSouth Corp. The loan is part of a $9.8 million loan for the Austin Peay property taken out Oct. 30 for which the current outstanding principal balance is $7.6 million, according to loan documents. The loan is comprised of a construction note and a land note, according to the documents.
     In addition, HealthSouth/Methodist filed a $9.5 million trust deed through HealthSouth Corp. for HealthSouth's Union Avenue property. Loan documents state the $9.5 million is the current outstanding principal balance on a $21.5 million loan taken out in January 2006. HealthSouth/Methodist received the Union Avenue property in 1993 through property transfers.
     HealthSouth representatives did not immediately return a phone call.

Home Sales Rally With Strong October

     Finally, some good news on the housing front: Residential home sales in Shelby County registered an increase - for the first time in four months and just the fifth time this calendar year - thanks to a strong showing in October.
     Sales for the month totaled 1,747 units sold, up 10.4 percent from the 1,582 sold in September.
     However, October sales were down about 18 percent from the 2,134 homes sold in October 2006, a year that rewrote the real estate record books.
     Also, home values suffered a rare decline, falling from $153,520 in October 2006 to $136,163 in October 2007.
     The leader in sales was the 38016 ZIP code of Cordova, which notched 115 sales during the month at an average sales price of $172,223.
     Year-to-date sales are down 15.8 percent. Shelby County's 18,296 homes sold are significantly down from the 21,722 sold in 2006 through Oct. 31.
     The average home value for 2007 hasn't diminished quite so sharply; this year the average is $154,297, while the 2006 average at this point was $157,346.
     Condominium sales also saw an up-and-down review for October. While the 88 condo sales for the month were up 12.8 percent from September, they were down 16.2 percent from October 2006.
     Condo values slid more drastically, falling 18 percent from $150,509 in October 2006 to $127,554 in October 2007.
     Year-to-date condo sales are off 25.7 percent, with just 950 condo sales through Oct. 31 and 1,278 at the same point last year.

Flurry of Foreclosures Filed Against Mark Matthews Dev.

     Twenty-three first-run foreclosure notices against Mark Matthews Development LLC are in today's edition of The Daily News. They start on Page 39.
     Regions Bank, the owner of the debt, has named E. Franklin Childress Jr., R. Spencer Clift III and K. David Waddell as the substitute trustees for these properties, which are slated for sale Nov. 28 at noon outside the Adams Avenue entrance to the Shelby County Courthouse.
     The properties being foreclosed include lots in Hacks Crossing Planned Development, Maple Grove P.D., Afton Grove P.D., Stonebriar P.D., Tulip Creek Subdivision, Barry Farms P.D., Brookemeade P.D., St. Andrews Place P.D., Concord Estates Subdivision and Hayesville Estates Subdivision.
     At least a dozen lien holders are named in the various foreclosure notices, including Bradco Supply Corp. and Builders Services Group, which each have filed lawsuits against the Matthews Brothers' companies, claiming nonpayment for services.
     The Bradco suit lists Mark Matthews Development LLC, Matthews Brothers Development LLC and/or Matthews Brothers Homebuilders as defendants; the BSG suit lists Mark Matthews, individually, and Mark Matthews Development as defendants.
     For more information on previous developments with the Matthews brothers' companies, see the Oct. 29 issue of The Daily News at www.memphisdailynews.com.

Council to Tackle Burning Issues Today

     The Memphis City Council will address several items during the group's committee meetings this morning that deal with the on-again, off-again debate over the redevelopment of the Mid-South Fairgrounds.
     The council's parks committee is scheduled to discuss the status of Liberty Bowl Memorial Stadium. A joint meeting of the parks and economic development committees will discuss a presentation on the fairgrounds redevelopment as well as the possibility of a Tourist Development Zone around the fairgrounds.
     Also on the council's agenda is the appointment of a new president for Memphis Light, Gas & Water Division. Memphis Mayor Willie Herenton announced last Thursday his choice for the job: Jerry Collins, who has served as MLGW's interim chief utility officer.

Ex-Memphians to Open Lenny's in South Carolina

     Family members who used to frequent Lenny's Sub Shops while they lived in Memphis have decided to open their own string of franchises in Greenville, S.C.
     Lenny's Franchisor LLC, the franchisor of Lenny's Sub Shops, last week announced that franchisees Greg Helker, Sharyl Helker Connor, Sondra Helker and Don Helker have signed on to open a Lenny's Sub Shop in Greenville.
     The quartet is scouting sites with plans to open its first location in early 2008.
     "Lenny's gave us a completely different experience compared to the service we had grown to expect in the average sub shop," Greg Helker said. "We were blown away by the quality and quantity of the food, and most importantly by the way we were treated by Lenny's employees."
     After moving to Greenville several years ago, the Helkers found that the Lenny's locations in neighboring cities like Charlotte and Asheville, N.C., and Atlanta were too far away. They determined that Greenville would be a perfect fit for everything Lenny's has to offer.
     "All of our owners are family and will be working in front and behind the scenes of Lenny's, which we feel is very important to the overall success of any business venture," Helker said.
     To read more about Lenny's most recent growth efforts, see Friday's Daily News at www.memphisdailynews.com.
PROPERTY SALES 51 180 16,377
MORTGAGES 21 57 10,144
BUILDING PERMITS 103 665 39,209
BANKRUPTCIES 31 107 7,704