REAL ESTATE NEWS
Prices continue to climb as average home sale prices in Memphis and Shelby County have topped last year's trends for the third consecutive month. The average sales price in the Memphis/Shelby County area for August was up 10%, to $190,003. Ten years ago, in August 2009, the average sales price was $138,957.
One of the factors that continues to push prices upward is the limited supply of homes for sale. Total homes sold was down 5% from August, 2018. Year to date, the number of homes sold is down 1% from last year, and average sales price is up 3%.
Fayette County sales were up 33% over August, 2018 sales, while the average sales price was down 8%.
Interest rates have dropped even further and are near record lows, with 30-year rates below 3 1/2%. The Principal & Interest payment on a $200,000 30-year mortgage is typically less that $1000.
Memphis On The Move
Kevin Kane, President of the Memphis Convention & Visitors Bureau, recently gave an update to Realtors about what’s happening in Memphis. Here a few of the highlights:
• Current development is over $19 Billion
• Over 2000 hotel rooms being added between midtown and downtown
• $200 million renovation is underway at the Convention Center
Over the past few years, Karen & I have enjoyed attending concerts of some of the biggest names in entertainment. We’ve had the privilege to see Justin Timberlake, Bruno Mars, Beyonce, Jay Z, Keith Urban, Kenny Chesney, Kelly Clarkson, and others. Here’s a pic of our most recent show at the Memphis Botanic Garden, where we saw Lionel Ritchie perform for 2+ hours. While there I had a “flashback” to the first time I ever saw Lionel Ritchie…it was when he was a member of The Commodores, and the show was at the Mid-South Coliseum in 1978. My buddy said that we had “back-stage” passes, but actually that meant that we were sitting behind the stage, on the very top row. You can do the math, but ole Lionel is now 70, and he is still going strong. While it has been awhile since I listened to many of his songs, I must admit that as soon as the music started, the lyrics came back to me. Lionel is a little older now, and so am I, but we both still love to sing the old Commodore tunes together!
1011 W. Poplar, Suite 8
Liza’s First B-Day
It was her first Birthday Party, but it was a big one! My granddaughter Liza turned one on August 7th and celebrated by making 4 wardrobe changes during the two-hour shindig. Here is a four-generation photo, with great grandmother Wray Wray, grandmother Ann, Baby Liza, and momma Julia.
MORTGAGE RATE UPDATE
30-year fixed rate 3.375%
(Rates provided by Patriot Mortgage on 9/5/19.)
Thought for the Day
“What happens to me is not nearly as important as how I respond to it!”
SOLD IN 3 DAYS
Like-New single-story home in Oakland’s Riverwood Gardens. Only 5 years old, this one has tons of upgrades, including hand scraped wood floors, granite in kitchen and bathrooms, stainless appliances, gas COOKING, LARGE COVERED PATIO, FENCED BACKYARD, IRRIGATION & MORE.
40 MISTY BIRCH LANE — $229,900.
SELLERS HAVE SPENT OVER $100,000 IN AWESOME RENOVATIONS BUT JOB CHANGE REQUIRES THEY MOVE...WALLS HAVE BEEN REMOVED, HARDWOOD FLOORS ADDED, TOTALLY NEW KITCHEN & MUD ROOM AND THEY EVEN ADDED A 1/2 BATH & DOGGIE WASH. EVERYTHING TOP-OF-THE-LINE,
4175 MINDEN — $418,000.
Cute 3 Bedroom, 2 bath home on a quiet cove in Hillshire. Home features a large greatroom, newer kitchen floor, carport, extra parking pad, big fenced backyard, & a spacious storage building.
2092 McGehee Cove. — $125,000.
"AS IS" SALE. SETTLING AN ESTATE. GREAT LAYOUT WITH LIVING ROOM, DINING ROOM, DEN, EAT-IN KITCHEN, 3 BEDROOMS , 2 BATHS & SEPARATE LAUNDRY ROOM. ALSO INCLUDES 2 CAR GARAGE w/STORAGE AREA, NEWER FURNACE, AND A LARGE BACKYARD. NEEDS NEW ROOF AND WILL NOT QUALIFY FOR TRADITIONAL FINANCING.
6374 PRAIRIE VIEW — $148,000.