The Stonebrook Letter
Vol. 23, No. 9
How’s Real Estate
Mortgage rates for 30-year conventional loans are near their all time lows at 3.5 to 3.625%. It’s hard to know how long this boom will last but you have to appreciate low rates while they are here. At 3.5% interest, you pay $4.49 per thousand, or $449 principal and interest for a $100,000 mortgage … less than $900 for $200,000!
Kevin Kane, head of Memphis Tourism, gave Realtors an update on Memphis at an August 15th meeting at the University of Memphis:
1. A $200 million renovation of the Memphis Convention Center. It will dramatically improve the parking experience and transform the west walls to glass, providing river views and highlighting the Memphis Bridge lights (provided by an anonymous $14 million gift.) It will be paid by tourism $, not city taxes, and completed in 14 months
2. Over 2,000 new hotel rooms are in process:
• Hotel Indigo (119 rooms), B.B. King Blvd.*
• Hilton Garden Inn (150), 201 Union Ave.*
• Hilton Central Station (124), Train Station*
• Aloft Hotel (156), Jefferson Ave.*
• Hyatt Centric (227), Beale St.*
• Canopy by Hilton (174), Union Ave @ Third St.*
• Union Row Hotel (200), 380 Beale St.*
• Senate Hospitality Hotel, Gibson Guitar Bldg.*
• Dream Hotel (178), Royal Furniture/Main St.*
• Hotel at the Clipper (250), next to Gibson Bldg.*
• Arrive Hotel (62), South Main District*
• Moxy Hotel by Marriott (118), Court Square*
• The Memphian Hotel (107), Overton Square
• Lowes Convention Center Hotel (550)*
If you maintain a 65% occupancy rate year round, that’s 474,500 additional guest room occupants!
3. Sportsplex at the Fairgrounds. Youth sports tournaments draw big for hotels!
4. Memphis Sports Hall of Fame. Redbirds Stadium to tell the story with digital screens vs. glass cases.
5. A $300 million renovation of the Memphis Airport. 95% of passengers today are coming to Memphis, not transferring to another plane, as they did years ago. “More people come to Memphis with 85 flights today than with 270 flights years ago.”
Kane said millennials are flocking to Memphis for its affordability. He quoted Money Magazine: “Memphis is one of the top 3 places in America for millennials to locate.” 11.8 million tourists visit Memphis annually, spend $3.6 billion and create 48,600 jobs!
1011 W. Poplar, Suite 8
Highland Avenue to Slow Traffic
I grew up in the Messick High/University of Memphis area and traveled Highland Street every day. My life long friend, Billy Jaudon, and I cut the grass at St. Luke’s United Methodist Church. My mom and dad bought dinner rolls on Sundays at McLaurine’s Bakery. I studied at the Highland Library for University of Memphis classes. So I’m excited to see new improvements to Highland Avenue, for medians to divide lanes and slow traffic (much like recent changes on Central Avenue).
Plans include widening the sidewalks, too, and making the college district more pedestrian friendly. It’s another positive step for Memphis.
Source: Daily Memphian
Highland looking toward the railroad tracks
Thought for the Month
“One ship sails east and one sails west
Like the ships of the sea are the ways of fate
- Ella Wheeler Wilcox
Recipe: Green Beans for a Crowd
4 (15 oz.) cans cut green beans 1 tsp. season salt 1 onion diced 1 tsp. dry mustard 1/2 cup dark brown sugar 4 slices uncooked bacon, cut up 1/2 cup apple cider vinegar
Drain beans. Put in 13 x 9 dish. Sweat the onions in a little butter for 2 min and spread on top. Mix together sugar, vinegar, mustard & salt. Pour over the green beans and onions. Top with uncooked bacon pieces. Cook for 1 hour and 10 minutes uncovered at 350˚.
Tips: Make this up the night before to let the mixture marinate. Stirring while cooking will keep the bacon from getting too brown.
From the kitchen of Alice Russell
Enjoy living at the Oaks at Appling. Two bedroom, one story with office and sunroom. Approximately 1,750 sq. ft. 2-car garage. Exercise at the clubhouse fitness room or outdoor pool. $240/month maintenance fee includes exterior maintenance, landscaping, exterior insurance, water, sewer, trash pick-up, pest control and termite. Designer tile flooring and wide doors … handicap accessible. In beautiful condition including granite counters and stainless appliances.
Google: 7454 Appling Club Circle … $209,900.