Kevin Nguyen, the developer of Keystone of Galvez Subdivision, has been successful in selling lots in bulk to A T Management Company, a development company owned by Allen Thomason Sr. A T Management Company has been successful in developing the subdivision with single-family residences. Since Thomason purchased his first bulk sale in February 2009, he has sold 111 homes in 16 months, a little over seven homes per month. There were 11 homes listed as pending sales in MLS that should close in the next 30 days. Thomason has taken advantage of a market segment in the $150,000 to $210,000 price range. The success of the development prompted him to purchase an additional 44 lots on July 1. The lots were purchased for $1.54 million from Keystone, represented by Nguyen. The sale price calculates to $35,000 per lot. The continued success of the development should prompt additional bulk lot purchases.
An office warehouse situated on Old Hammond Highway was purchased by Unique Custom Collision. The Diversified Group was the seller. The sale closed Thursday for $535,000. Bill Jeansonne with Sealy & Falgoust Real Estate sold the 1,800-square-foot building for $45.35 per square foot.
(Appraiser Tom Cook owns Cook Moore and Associates. Reach him at 293-7006 or TCook@cookmoore.com.)
