Well, it's been a very eventful Spring to say the least. By the time you read this, Amelia and I will have returned from our annual mission trip to Nicaragua, Central America. We began making these trips the first year we were married. I'd been once before and wanted Amelia to share the experience. After the first year, I didn't know if she'd ever want to return. Now, four years later, she's made the trip every year.
Carterville Baptist Church, where we are active members, sponsors trips almost annually through the Baptist Medical and Dental Mission International and have done so for some 30 years. Our pastor, Leland Hogan, has led these trips and, because of his experience, the trips usually go smoothly. It's a very humbling experience to say the least. As a blessed people, we often forget that not all cultures provide the same "material" opportunities. However, we are provided with similar spiritual opportunities. The spirit of the Nicaraguan people is a sweet one, and we anticipate that this experience will remind us of this. We hope our service is one that is amplified in the village of Le'Libertad, where we will serve.
Market wise, we are definitely settling into a pace that's more normal and less affected by Hurricane Katrina. Largely, this Katrina effect has dissipated. There will obviously be long-term effects, but they'll likely be more subtle. In the past several weeks, buyer traffic has increased. We're experiencing strong activity under $200K and moderately strong activity over $300/$350K. An area where we're experiencing oversupply has been in the $200K to $300K range. The next four to six months should provide buyers to consume a fair amount of this product.
In Petal, things are performing above average compared to some of our other market pockets, but areas of oversupply also occur as noted in the market update. The important thing to note is that on the whole a lot of long-term projects are in place to provide for the demand into the next decade. Three projects that will affect the market in Petal: (1) Richton Salt Dome; (2) Howard Technology Park in Ellisville; and (3) USM commercialization (Van Hook Golf Course off I-59). If you use a map, you'll notice that these three sites form a triangle; Petal is situated in the middle of that triangle. What a wonderful place to own property!
Many of you have already been reading our team blog that we began in January. As part of this effort, I began a blog as well. I chronicle real estate happenings as well as items of interest to me both personally and professionally. You're invited to take part in the conversation. You can log onto DeLoisSmith.com and hit "Online Blog" and locate the link to my site. I look forward to hearing from you.
All the best,
Adam