From the notebook of business editor Tim Rausch

‘Distressed’ homes are discounted drastically

Buying a bank-owned or HUD-owned house in the Augusta area could yield a 45 percent discount compared to a house that isn’t “distressed.”

 

RealtyTrac’s report on foreclosure home sales for April comes up with that figure by comparing the median sales price of distressed homes to the median sales price of the nonforeclosure homes.

 

(Distressed? Yes, I also didn’t realize houses had anxieties, but that’s the jargon.)

 

The good news is home prices are going up, too: $109,522 in April, up 3 percent from March, for the nondistressed variety.

 

The bank-owned houses were going for $60,421 at the median, which is 3 percent down from March, but adds to the discount of buying foreclosure.

 

Other places in the nation aren’t so good. Stockton, Calif., for example, has only a 12 percent discount for buying distressed. Pittsburgh, on the other hand, offers a 65 percent discount, according to RealtyTrac figures.

 

NEW LOOK AND LOGO: GIW Industries has a new look and logo. The Grovetown-based company is a subsidiary of German-based KSB, which makes pumps targeted for the tasks of moving slurry.

 

So KSB wants all slurry products to be rebranded under the umbrella of GIW Minerals, which was just established.

 

KSB is pumping money into the GIW plants in Grovetown and Thomson. There’s a three-year expansion underway for more foundry capacity and a new distribution center.

 

TWEETED, NOT HEARD:

  • AmbioPharm spending $2 million on expanding North Augusta facility. 
  • Women’s apparel store Coldwater Creek is closing at the Augusta Mall after the company filed for bankruptcy in April. 
  • Eagle Parts, 1411 Marvin Griffin Road in Augusta, files plans with city for warehouse expansion. 
  • Starbucks-owned Teavana, based in Atlanta, signed lease to open in Augusta Mall.

 

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