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Nov. 11, 2017

October 2017 Memphis Market Report

 Downtown Memphis

Overview

Shelby County mortgage market shows healthy growth, increasing from $151.9 mil in October 2016 to $167.7 mil in October 2017 [source]

Mortgage interest deduction remains at center of debate as Washington attempts major rewrite of tax code [source]

Average home sale price increases 13% to $168,272, while total home sales drop slightly from 1,501 to 1,474 (periods: Oct 2016 vs Oct 2017) [source]

Key Takeaway

Memphis remains a seller's market

 

Written and published on November 11, 2017 Jacob Laurence, jacob@memphishomes.pro
June 14, 2013

Memphis Weekly Real Estate Market Review

Here is a quick recap of the happenings in the Memphis real estate scene for the past week. It certainly has been a great week with lots of positive news.

MAA Merger to Boost Memphis jobs Figures

The recent Merger between MAA and Colonial properties which sprung the Memphis Real Estate giant into one of the biggest players in the apartment rental market nationally is expected to have a trickle down effect on the local job market .  The decision to station the joint corporate headquarters of the newly merged entity will create a few direct jobs according to the company’s CEO Eric Bolton. Most of the opportunities will however be available in the lower-level management and clerical positions.

Memphis Experiencing High Dollar Sales According to Latest Report

Latest data by the Memphis Area Association of Realtors shows that sales in the high-end segment of the market grew considerably over the same period in the last year. Many Memphis realtors have sold out homes in the $1 million to $1.5 million value range.  The median sales price for family homes has also increased by 20% over the same period last year. In May last year, the median sales price for homes in the Memphis real estate market was $84,900 but this has since increased to $102,000 according to the figures for May this year.

Data from Chandler Reports indicate that while there has been little change in home prices in the high-end market segment, the number of sales has increased by 50%.  The growth of the average sales price over the past year was however more subdued with this figure increasing by 10% while the median sales price for residential homes increased by 17% over the same period.  Memphis Realtors believe the prospect of higher mortgage rates is luring the “fence sitters” to dive right in and lock in the low interest rates.

Downtown Memphis Apartment Properties Attract Two Out-Of-Town Buyers

The 361-Unit Fielder’s Square Apartments in Downtown Memphis have been acquired by two out-of-town companies-the Toronto based Avison Young and Alabama’s LMS Real Estate Investment Management LLC.  The two companies currently have the highly visible real estate under contract and are expected to close the sale by next month. LMS specializes in the acquisition of multi-family properties that are based in the secondary and tertiary markets while Toronto’s Avison Young has interests in full-service commercial real estate company and is one of the biggest players in North America. The two companies are expected to pump between $4 and $5 million in the Fielder’s Square Apartments after closing the sale.

Fanny Mae: 40% of Americans Say It is a Good Time to Sell

A survey by Fanny Mae in May on the consumer confidence in the real estate market indicates 40% of Americans believe it is a better time to sell, indicating a 10-point jump in consumer confidence over the last month. A similar survey carried out in April had yielded a confidence level of 30%. A survey carried out over the same period last year had yielded 16%.

Shelby County Sees a 5% Increase in Building Permits

The number of building permits issued has increased by 5% over the same period last year according to building permit data from Shelby County.  Some 105 building permits were issued in May 2013 as compared to 100 over the same period last year. The depressed growth could be due to soggy conditions which make construction difficult and the diminishing of prime plots in Memphis.

 

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April 30, 2013

The Memphis Startup and Entrepreneur Scene

Memphis's Small Business Community is very vibrant and alive, with lots of services and fora for startups and their owners to listen and learn... or just to get that essential help they need, in order to be successful.

One thing that makes Memphis great is the great startup community here. Many cities are lacking helpful resources for small business launches. Memphis has many! Here are some organizations and links to their website.


LaunchMemphis: LaunchMemphis is a fantastic company, an extension of LaunchYourCity, which helps entrepreneurs with promising startups get their company ready to pitch to investors and to hone their competitive edge.

From their site:
'If you have a raw idea for a new startup, LaunchMemphis is where you turn before incubators and before investors.  More formally, LaunchMemphis (501c3) supports the earliest stages of entrepreneurship in Memphis with dynamic programs that are designed to help potential entrepreneurs to take the first actionable steps of starting a new business.'
http://www.launchmemphis.com/

 

One of Launch Memphis's strategic partners is "Seed Hatchery." These people are great, as are all of the Launch Memphis partners. Anyone who has a cutting-edge company idea fleshed out should go see these people.

From their website:
'Have a big idea? Then you're in the right place. Seed Hatchery is a cohort startup accelerator or seed fund, offering founders and their game-changing business concepts the 3 M's: Money, Mentors and a Marine-style bootcamp. And a bonus M: Memphis!'
http://www.seedhatchery.com/


Another of Launch Memphis's strategic partners is the "Wolf River Angels," a community of successful investors who are interested in helping the city grow, in part by helping the best and the brightest to succeed in their ventures.

From their web site:
'The mission of Wolf River Angels is to help grow the economic base of the region through the rapid development of high growth potential startup companies while enabling members a favorable return on their time commitment, a "Return on Involvement," and invested capital, a "Return on Investment."'
http://wolfriverangels.com/



Located on the campus of Memphis's largest research university, The University of Memphis, the Center for Entrepreneurship and Innovation helps the university's students start companies, with many services directly available, without the students having to leave the main campus.
From their web site:

'The CEI offers the following services:
• Idea development
• Customized technical assistance
• Skills training
• Mentoring
• Networking support
• Legal advice
• Financial guidance
• Personalized feedback on business plans'
http://www.memphis.edu/cei/

 
Also well-known in the local startup 'scene' is Emerge Memphis, located in South Downtown, an area that exemplifies innovation and renewal.

From their web site:
'EmergeMemphis provides services and support for fast growing start-up businesses, emerging growth firms, and small businesses whose success may be significant to the growth of the local economic base. We select clients with the fundamentals necessary for long-term growth and success.'
http://www.emergememphis.org/

April 23, 2013

Memphis Surging Real Estate Infographic

Memphis Homes Infographic

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March 5, 2013

5 Home Interior Features That Attract Buyers

5 Home Interior Features That Attract Buyers

There are certain things that most people are looking for in a home. They want the right number of bedrooms and bathrooms for their family, for one thing, and they want a property that looks relatively nice and new inside and out. So in terms of cosmetic upgrades, you can usually spend a little money on updates that will make your home a lot more attractive to the average buyer. However, there are also a few major renovations that are bound to make your house more appealing to the majority of prospective buyers. You just want to make sure you spend your remodeling budget in the right ways to ensure not only return on investment, but also a quick sale. Here are just a few interior features that you might want to install or at least upgrade before you put your house on the market.

  1. Master bath. The en suite master bath is something that has become so commonplace that homes without one are at an automatic disadvantage. Whether you have one already or you have to carve it out of a bedroom, though, it needs to be both functional and modern in order to interest savvy buyers scouting for the home of their dreams. If you can outfit the space with a separate shower and bath, a double sink, a water closet, and materials like stone and wood, you'll definitely up the appeal of your home. But just replacing ugly and outdated linoleum and fixtures is a good start.
  2. Gourmet kitchen. It can certainly be expensive to build out a kitchen complete with a large island, dine-in options, and stainless steel appliances, not to mention all of the modern amenities and high-end materials home buyers expect these days. But chances are good that your expenditure in this area will pay off, not only in your asking price, but in the number of interested buyers clamoring for your property - and potentially starting a bidding war in the process.
  3. Walk-in closet. This is something that most homeowners don't realize they really want until they see it in your home. While you don't need to include this spacious amenity in every room, adding a walk-in to the master bedroom could just provide that extra nudge a potential buyer needs to put in a bid.
  4. Central air. There are certain areas where central air is expected, namely in major metropolitan areas of the southern states. But including it in any home, regardless of the climate, is bound to attract more buyers than homes that don't offer it.
  5. Solar panels. The greenies seem to be taking over the world lately, and although some homeowners might not be keen on the look of solar panels on the roof, or the maintenance they require, odds are good that they'll appreciate the money they can save on monthly utility bills thanks to the alternative energy that these panels provide. If you're not sure, just take a look at listings on popular real estate and MLS sites like Zillow, Trulia, and Movoto, for example. You'll discover that properties that offer alternative energy options are not only worth more than similar listings, but they tend to get snapped up more quickly, as well.
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Jan. 23, 2013

Rare Breed - Look... It's a Memphis Million Dollar Home

Recently, on a conference call with my broker he mentioned that Memphis million dollar plus home sales were up 50% from 2011 to 2012 from 22 to 33. While the percentage gains is impressive, I think the base number is quite informative. That's a really small number. A realtor friend in Dallas works for a COMPANY that sells 1200 homes or so home a year with an average price of about a million. While some homes obviously drag that up even if 1/3 of the homes are million dollar homes then 1 company sells about as many million dollar homes in Dallas as are sold in Memphis in a year. I just did a search on the MLS and found 66 million dollar plus homes. 

What this practically means is that Memphis lacks a great variety of luxury homes. While it does have quite a few nice ones, if you're coming to Memphis with extremely personalized tastes or space requirements you should be prepared to need to either do a few additions or changes or build to suit. 

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Jan. 5, 2013

5 Important Money Lessons for Homeowners

 

It is the dream of many to someday own a home. Yet if you asked a lot of people who are either on their second or third house or perhaps even experienced a foreclosure before about what they wish they had known before taking on such a huge responsibility, some of the things that they'd probably tell you is one, they wish they had done more research on what it takes to be a homeowner and two, they wish they had been more financially prepared to be in that kind of situation.

Luckily, if you are reading this article, you can read about a few things that directly relate to money lessons for homeowners. That way, you can look back on your experience of having your own house as one of the best things you ever did rather than it being more like a "money pit" that you just happened to live inside of.

Don't get a house that you can't afford. Yeah, it probably seems simple enough but you'd be amazed how many people find themselves in dire straits simply because they avoided this one important tip. Affording a home is not just about having enough money to pay for your mortgage each month, but also things like your utilities, home association fees and of course, your property taxes. All of this needs to be factored in before purchasing a house.

Don't agree to buy a home without having it inspected yourself. It's one thing for the owner of the home to provide you with a list of things that the house you are planning to purchase needs. It's another matter entirely for you to hire your own home inspector to look the house over. You don't want to "sign on the dotted line" only to discover that the house has some major plumbing issues or that you need a new heat and air unit within a couple of months. So definitely have the house inspected first.

Don't overlook energy efficient additions. If you're already in your home and it's time to get some new windows, another toilet or perhaps some more kitchen appliances, don't go the "cheap route". Instead, look into buying some double-pane windows, a low-flush toilet and some Energy Star appliances. Not only will these kinds of additions lower your energy costs, but they can help to raise the value of your home as well.

Don't get shoddy homeowners insurance. It is required of every homeowner to insure their home. However, when shopping for the right kind of coverage online, you will see all kinds of websites with captions that tell you to click this link, all the while promising you a great rate. While having a discount is helpful, if there's any kind of insurance that you get that needs to be top rate, it needs to be homeowners insurance. You don't want to wait until a flood or your house is robbed to discover that you didn't get as good of a deal as you thought so spend a couple of hundred dollars more to get the better coverage.

Don't wait to make repairs. If you have some loose shingles on your roof, fix them quickly; don't wait until your ceiling is leaking. If a plumber says that you need some new pipes in the bathroom, get them replaced before they do further damage. Do you see some small cracks around your windows? Fill them up with caulking before more air leaks out. The moral to the story here is that the longer you wait to do a home repair, the more expensive and the bigger of a problem that it can become. So, try and get them fixed just as soon as possible. For your sake, your home's sake and your bank accounts sake too.

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Dec. 8, 2012

FHA Approved Condos Downtown

As an update to the below post following are fha approved as of March 15, 2014

 

ondo
Name
Condo ID /
Submission
Address County Approval
Method
Composition
of Project
Comments Document
Status
Manufactured
Housing
FHA
Concentration
Status Status
Date
Expiration
Date
420 SOUTH CONDOMINIUMS A009163 001 420 SOUTH FRONTS STREET
MEMPHIS, TN 38103
SHELBY HRAP 37 units
Project aka Four Twenty South Condominiums
None Recorded/
Uploaded
No 2.70% Approved 09/20/2012 09/20/2014
CAROLINA LOFTS CONDOMINIUMS A009263 001 720 LITTY CT
MEMPHIS, TN 38103
SHELBY HRAP 60 UNITS IN 2 BLDGS None Recorded/
Uploaded
No 1.66% Approved 12/05/2012 12/05/2014
HARBOR LIGHTS A009680 001 N FRONT ST
MEMPHIS, TN 38103
SHELBY HRAP 24 units None Recorded/
Not Uploaded
No 4.16% Approved 01/02/2014 01/02/2016
LOFTS AT SOUTH BLUFFS A002819 001 TENNESSEE STREET
MEMPHIS, TN 38103
SHELBY HRAP Midrise Building None Recorded/
Not Uploaded
No 4.91% Approved 11/15/2012 11/15/2014
PAPERWORK LOFTS A009441 001 S FRONT STREET
MEMPHIS, TN 38103
SHELBY HRAP One Five Story Building None Recorded/
Not Uploaded
No 3.44% Approved 04/29/2013 04/29/2015
POTTER'S LOFTS CONDOMINIUMS A007760 001 495 FRONT STREET
MEMPHIS, TN 38103
SHELBY HRAP 1 building 24 units None Recorded/
Not Uploaded
No 8.33% Approved 01/28/2011 01/28/2013 
(expired)
REGATTA AT HARBOR TOWN LANDING A007856 001 680 HARBOR BEND RD
MEMPHIS, TN 38103
SHELBY DELRAP This established condominium project consists of 1 phase, 36 units. None Recorded/
Uploaded
No 0.00% Approved 02/24/2011 02/24/2013 
(expired)
RIVER ROW A002865 001 MEMPHIS, TN 38103 SHELBY HRAP   None Recorded/
Not Uploaded
No n/a Approved 05/01/1985 12/31/2010 
(expired)
RIVER TOWER AT SOUTH BLUFF A002821 001 S RIVERSIDE DRIVE
MEMPHIS, TN 38103
SHELBY HRAP One fifteen story building. None Recorded/
Not Uploaded
No 7.18% Approved 10/04/2011 10/04/2013 
(expired)
RIVERSIDE 648 CONDOMINIUM A006086 001 648 RIVERSIDE DRIVE
MEMPHIS, TN 38103
SHELBY HRAP Project: Consists of 1 4-story Building. Exists Recorded/
Not Uploaded
No 30.30% Approved 08/16/2012 08/16/2014
RIVERTOWN AT THE ISLAND A002820 001 NORTH ISLAND DRIVE
MEMPHIS, TN 38103
SHELBY HRAP 39 UNITS
SEE COMMENTS
Exists Recorded/
Not Uploaded
No 23.07% Approved 11/08/2013 11/08/2015
SHIRNE BUILDING CONDOMINIUMS A009209 001 66 MONROE AVE
MEMPHIS, TN 38103
SHELBY HRAP 73 RESIDENTIAL UNITS Exists Recorded/
Not Uploaded
No 0.00% Rejected 

Missing documents or incomplete package submission
10/15/2012 n/a
SOUTH MAIN GALLERY A002883 001 MEMPHIS, TN 38103 SHELBY HRAP ALSO KNOWN AS 417 S. MAIN None Recorded/
Not Uploaded
No n/a Approved 12/10/1992 07/31/2011 
(expired)
STATE PLACE AT SOUTH END A002817 001 MEMPHIS, TN 38103 SHELBY HRAP BLDG 57; BLDG 79; BLDG 70;BLDG 75. BLDG 1; PRIOR TO INSURING MEET 100% COMPLETION AND 51% OWNER OCCUPANCY/PRE-SALE REQUIREMENTS None Recorded/
Not Uploaded
No 9.47% Approved 08/21/2006 03/31/2011 
(expired)
TALBOT SQUARE CONDOMINIUM A000061 001 85 VANCE AVENUE & 80 TALBOT AVEN
MEMPHIS, TN 38103
SHELBY HRAP 2 Buildings, 1 garden 2 stry style walk up with 16 units. 1 bldg, 4, 2 stry twnhouses. total 20 units. None Not on file No 0.00% Rejected 

Other (specify in comments)
11/04/2009 n/a
THE NETTLETON A009483 001 SOUTH FRONT STREET
MEMPHIS, TN 38103
SHELBY HRAP One Four Story Building None Recorded/
Not Uploaded
No 0.00% Approved 11/08/2013

 

 

Recently my own development, Carolina Lofts, received FHA approval! FHA is a goverment back loan program that has the lowest down payment of most sources, as little as 3.5% in some cases. I've received many inquiries if particular projects have approval and found this handy approved condominium lookup tool on the HUD website. https://entp.hud.gov/idapp/html/condlook.cfm

Carolina Lofts Joins 

 

420 South Condominiums 

Lofts at South Bluffs

Potter's Loft (Expiring January 28, 2013)!

Regatta at Harbor Town

River Towers at South Bluff

Riverside 648

 

That's about 20% of the projects to my off the head calculation. It's not a given to be accepted, the Shrine Building and Talbott Square Condominums are showing having their application rejected for now. 

Posted in condo
Oct. 12, 2012

Memphis Pyramid Fun Picture

Used Fiverr (a really fun site that lets people offer to do thing for 5$) to get a fun little real estate related pic done of the memphis pyramid). 

 

April 16, 2009

Pirate Week!





Was reassured that the US can still take down pirates under a Democratic administration, but maybe they'll punish the troops for doing their duty.

Was thinking of starting a political career, was thinking of all the opportunities likely to open up for republicans politicians over the next several decades. Time to start establishing credentials.

Went to a consolidation conversation with Mayor AC Wharton hosted on short notice by the MPACT memphis Civic Engagement Committee and the MPACT head the lovely gwyn fisher.

Also, tried some interesting places the past couple of weeks. Tried Lou's Pie in the Sky Pizza in midtown with was awfully nice and had a great regular crust. Also tried the salad at Ubee's which was great.

Went to Petra out by Borders and had a yummy sampler platter. The pita was nice and light. The gyro meat was plentiful and the baba ganouj was a syrian version with more coarsely ground eggplant that really rocked. Overall a really good place, but beware the prices are stiff for the entrees.

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