Friday, December 24, 2010

What the hell are YOU doing here?

Merry Christmas from The Valley Report

Now...get off the computer and have some fun.

Wednesday, December 22, 2010

Valley Farms headed to auction block

(Note: Terry Boyd of Insider Louisville contributed heavily to this story.)

It may be that 2010 is remembered as the "Year of Foreclosure" as the lag between the housing bubble bursting and bad deals winding their way through the court systems hit across the United States.

In Louisville, 2010 is going out with a bang.

Another in a series of giant apartment complexes is scheduled to go to foreclosure auction -the fourth to go on the Jefferson Circuit Court foreclosure docket in 2010- though it won’t be auctioned till February.

Valley Farms, 160 apartment units in 10 buildings off Valley Station Road, is scheduled to be auctioned Feb. 1. The amount to be recovered by the lender is $14.82 million, according to Jefferson Circuit Court records.

The lender is Wrightwood Capital Lender, a large, Chicago-based private equity firm.

The development, located just west of Jigg's Market, raised the ire of local community activists upon its announcement earlier this decade. The entire property, formerly a heavily wooded area adjacent to the railroad tracks, was clear-cut - a move neighborhood groups said "devastated" the landscape. Valley Farms was also criticized for being too dense for the area with too little attention paid to potential traffic congestion.

The project included single family homes, patio homes, condominiums and apartments.

Now, here’s the really scary bit: Valley Farms is one of dozens of major foreclosures in Louisville during 2010 that ranged from subdivisions to hotels to strip shopping centers to entire rental home portfolios held by fairly well capitalized, fairly sophisticated local investors.

Tuesday, December 21, 2010

Fischer has bell rung after media stunt

George W. Bush Greg Fischer, Louisville's mayor-elect, took a turn as a "bell ringer" for the Salvation Army yesterday at the Highlands Kroger. The event lasted all of 30 minutes and was set to coincide with the noon news programs on a traditionally slow news day. It appeared to be less of an attempt to help out than it was a chance to get on television. [Fox41]

I don't know about you, but I think if this guy really wanted to help, he'd just write a gigantic check from his entrepreneur bank account instead of staging a failed, half-hour photo opportunity.

Fischer states his Christmas plans include a huge celebration at home "with his entire family".

True leaders "lead by example". That means showing up unannounced to a soup kitchen or shelter on Christmas, not by displacing petty criminals on community service detail.

The more we see of Fischer, the more we have to fear. Who convinced him this was a good idea?

Sunday, December 19, 2010

Louisville NBA poll