REAL ESTATE NEWS
"Stable is the best way to describe the current housing market in Memphis and Shelby County,” according to the most recent Chandler Report. The number of homes for sale continues to be at a historically low level. The number of sales in April were nearly identical to last year, and prices also appear to have stabilized. Year-to-date numbers for 2019 show home sales are up 2% from last year, and average home sale prices are virtually unchanged. Sales in both Fayette & Tipton counties are also running parallel with 2018 numbers.
Downtown Condo Market is On-Fire
When the real estate bubble burst about a decade ago, one of the hardest hit local areas was the Downtown Memphis condo market. Foreclosures were rampant and some condos sold for half of their value only a few years earlier. Well that has all changed now. With the revitalization going on downtown, including the new Malco theater, and employers such as ServiceMaster and Fed Ex moving major offices downtown, the condo market has become one of the most difficult home-ownership propositions around.
There are currently 2,102 condos in downtown Memphis, and typically about 100 of those are listed for sale. Recently, however, that number has dropped as low as 20…that’s right, only TWENTY! And this tight supply is driving prices upward, with some condos selling for over $300/Sq Ft, making it among the highest priced real estate in Shelby County.
While you’d think this would be driving a lot of new condo developments, this has not been the case. Lenders remember the fall-out ten years ago and are therefore keeping high-standards in place for new developments. Lenders are requiring the developers to be at least 50% pre-sold, before they will start loaning money to build new condo projects. The most likely source of new condos will be the conversion of apartments, but this will probably be a slow process. Developers receive tax incentives when building apartments, but these incentives are not available when building condos. Therefore, until the tax incentives expire, developers can make more money off of apartments. Only after they expire will it typically make sense to convert the apartments to condos.
1011 W. Poplar, Suite 8
Had to post a couple photos of my “grandchillens.” Here’s Karen and I with Eli and Liza with her mom, Julia. Yes, I know…they are cuties!
From a Recent Client
“It is difficult to express how grateful we are for everything you have done to help us sell our home. Your calm demeanor has helped us stay sane, and all of your expert advice has been invaluable.”
MORTGAGE RATE UPDATE
30-year fixed rate 4.125%
(Rates provided by Patriot Mortgage on 5/1/19.)
My nephew, Darin McDonald, and his company McDonald Outdoor Advertising, recently converted a train overpass into a Tiger Billboard. The colorful overpass is located on Central Avenue, just east of Hollywood. Go check it out!
WELL MAINTAINED ONE-OWNER HOME WITH LOTS OF UPGRADES, INCLUDING HARDWOOD, GRANITE, STAINLESS APPLIANCES, GAS COOKING, TILED SHOWERS & MORE. AWESOME LAYOUT WITH 24X17 GREATROOM & OPEN KITCHEN OVERLOOKING LARGE PRIVATE COURTYARD & COVERED PATIO.
1897 WYCLIFFE BLVD. — $459,900.
AWESOME GERMANTOWN LOCATION NEAR PARKS & SHOPPING. WELL-MAINTAINED CONDO WITH ALMOST NEW CARPET, NEW 6-PANEL DOORS, STAINLESS APPLIANCES, 2" BLINDS, & MORE. EACH BEDROOM HAS PRIVATE BATH W/TILED SHOWERS. LARGE OPEN LIVING AREA + UPDATED KITCHEN.
1839 GRAY RIDGE COVE — $167,500
3 CAR GARAGE...NEW ROOF & EXT PAINT...NO CITY TAXES. UPDATED WOOD FLOORS, FIXTURES, FAUCETS, NEW DOOR HARDWARE & IRON STAIR RAIL. AWESOME LAYOUT FEATURES TWO LIVING AREAS, DINING ROOM, AND 4 BRs + OFFICE + BONUS RM. LARGE MASTER SUITE DOWN WITH UPDATED MASTER BATH. SPACIOUS KITCHEN.
5 ACRES IN PIPERTON
LIKE NEW IN OAKLAND
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 — $250,000.
Five acre cove lot just minutes from Collierville. Located in prestigious Windbrook Estates, this lot is positioned nicely, and has the perfect place to build your dream home on one of the highest spots in the neighborhood. Enjoy low Fayette County taxes with Collierville amenities.
35 Windbrook Cove. $129,000.
AWESOME HOUSE IN AN AWESOME NEIGHBORHOOD...WONDERFUL LAYOUT WITH MASTER + GUESTSUITE/OFFICE DOWN, & 3 BEDROOMS + LARGE BONUS ROOM UP. TWO DOWNSTAIRS LIVING AREAS PLUS FRONT & REAR STAIRS MAKE IT A GREAT HOUSE FOR A LARGE FAMILY. FRESHLY PAINTED INTERIOR, HARDWOOD FLOORS, IRON STAIR RAIL.
3290 KENNEY — $629,900