Commercial Real Estate in Memphis and our Galaxy

From today’s WSJ: (subscription required)

Some real-estate professionals say they are being mistaken for sometime investors by the Internal Revenue Service, and that could prohibit them from taking advantage of certain tax and economic benifits.

Consider the case of of David Friedman, a real-estate broker and property owner in Los Angeles. Like many professionals in the business, he not only sells homes to consumers, he also buys and sells undeveloped land and owns single-family homes that he rents out. He says he works every day and has amassed holdings in Southern California and Oklahoma that are valued at $20 million.

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I don’t know how I missed this, but Jerry West just put his home up for sale. The article was in the Commercial Appeal, but I didn’t hear about it until I read it in Cameron Maness’s blog.

I understand that in the last three years only 6 homes in this market have sold for over $3M. You can be LUCKY # 7!!! Give me a call today to buy your dream home!

Someone tell me why Cameron’s trying to be a buyer’s rep for a house.

Here’s an excerpt from The C.A.

Memphis Grizzlies president of basketball operations Jerry West is selling his 15,000-square-foot Southwind home, fueling speculation that “the logo” is gone after this season, one of the worst since the team arrived in Memphis. Read more »

Thanks to Ryan Zaloudik for the link.

From the Tulsa World:

A rural Claremore man was in jail Saturday after shooting a man in the back twice.

Barry Burt, 37, was booked into the Rogers County Jail on one complaint of shooting with intent to kill, said Deputy Jeremiah Daniels.

Danels said Burt’s father was speaking with John Allred on Friday afternoon about placing a billboard on the Burt property just east of Claremore when Burt bolted from the home and told Allred to leave. Burt then retrieved a .22-caliber rifle and shot Allred twice in the back, the deputy said.

Allred was transported to Claremore Regional Hospital, then taken by helicopter to St. Francis Hospital, where he was listed in critical condition.

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