Archive for the ‘current events’ Category
Looking to escape the cold here in Memphis? Vacation Express will fly out of Memphis International Airport weekly non-stops to and from Cancun May 19 through Aug. 4 using airline Aeromexico, and will fly multiple times a week to and from Grand Bahama Island Aug. 11 through Oct. 25 using BahamasAir, according to a release by the airlines. The nonstop flights are a temporary addition to the airline schedules, and Vacation Express is offering six-night packages for Cancun and four-night packages for Grand Bahama Island. Start planning your summer getaway and think warm thoughts in this icy winter!
The flights are an exciting step for the Memphis-Shelby County Airport, as they represent another effort to provide affordable flights and vacations for residents as well as tourists looking to visit Memphis. Who would have thought you could head nonstop to some of the most famous vacation spots from our Shelby County airport? Book now while flights are still available!
Memphis is one of the U.S. cities expected to see the biggest increase in home prices this year, according to CoreLogic Case-Shiller’s latest home price forecast. 2013 was a big year for the area, and real estate showed a year-over-year-increase of more than 8 percent. Local industry insiders are certain that this positive growth will continue, with the area homes appreciating by another 7.3 percent by September 2014. The Memphis movers have learned that increase, if it happens, will make Memphis one of the top markets for appreciation in the country.
If you are considering moving to Memphis, now would be the time to purchase a home in the exciting Tennessee city, as prices will only continue to grow as the market strengthens and sellers become more confident with their inventory.
An office space in Cordova will transform into a call center that will provide 1000 jobs for local residents. The company leasing the building has not been revealed at this time, but the undisclosed company will lease some space in the 125,000-square-foot office building at 7000 Goodlett Farms, according to sources with knowledge of the announcement. The Cordova commercial movers have found that the rental rate for the building is $19.25 per square foot.
The employment opportunity for the Cordova area is exciting and will help tick away at the 1.97 percent unemployment rate that the area faces. We’re anxious to learn about the leasing company as it will help determine what candidates are right for the field based on industry.
Zipcar is expanding to Memphis International Airport, a move that will open up the airport market to a trending service where customers can rent cars by the hour. Customers register online with their insurance information, then make a reservation online and use your Zipcard to scan into a vehicle for your temporary use.
The Memphis local movers have found that the rental rates for the cars offered by Zipcar are $9 an hour at the airport or $69 for the day. The airport rates are slightly higher than the prices for downtown Memphis and Rhodes College.
Memphis joins the locations of Zipcar which is in 26 cities and 30 airports around the world.
Downtown Memphis hotel the Chisca has been under a redevelopment phase, something that may seem confusing to locals who have not noticed much of anything happening there. As we go into 2014, that will abruptly change, as the 300,000 square foot property is undergoing a $3 million makeover that will improve and update the existing hotel. The Memphis local movers have learned that the project is planned to last 18 months.
The building will get cleaned up and also see the transition of the dated hotel getting a second chance as downtown residential space, as 159 apartment units are part of the renovation, along with a parking garage later down the road.
Developers based in Memphis have a plan for a new multi-family development in the Arlington suburb, which will be comprised of 164 units and cost $17 million to build. Construction is planned to begin in March of this year, and it will be called Hall Creek Apartments. The complex will be built to mimic a true community with several two-story buildings rather than a high rise. The Arlington local movers have found that the development will be located at Milton Wilson Boulevard north of I-40 and east of Airline Road.
Arlington is a tried and true small town, with charming features like a general store and few stoplights. There is a need for new housing for residential growth and this complex will be the first built in the town in many years.
Hot on the heels of a report that revealed the dire state of many rental properties in the area, there has been a wave of inspectors fanning throughout the local neighborhoods entering rental properties and inspecting for health code violations, among other problems. Random inspections are not going to be announced but will be during the normal operation hours of the city of Memphis. Code enforcement is something that has fallen lax in recent times as there haven’t been many complaints from tenants, who likely direct any complaints they do have to their landlords. However, in a recent report, Memphis ranked at the rock bottom of a study by the National Center for Healthy Housing, placing dead last among the 45 included metro areas.
Moving to a rental property in Memphis certainly has some cautionary tales, such as mice, mold, water leakage, roof issues, and other health and safety hazards that can deem a home as unlivable. Communities, local housing authorities, property managers and individuals need to be aware of these housing issues. They end up costing us in the form of an array of health problems, including asthma, lead poisoning and cancer. These environmental-related diseases are estimated to cost the U.S. $70 billion a year. The good news is that relatively simple repairs can correct many problems. The inspections will be a beneficial process that will help enhance the quality of living for renters throughout Memphis and beyond.
The real estate market in Memphis is certainly a mixed bag, and while residential sales are up for the year, one area where the real estate has given way is in permits for new construction. Builders filed just under 200 permits in the third quarter within Shelby County, which is a decrease from the 229 of the same time in 2012. That results in a fourteen percent decrease from 2012 to 2013, and that isn’t the only way they decreased—the size of the homes that were being proposed is 1.5 percent smaller than the homes applying for permits in 2012.
The Germantown local movers have found that there is a variety of reasons why prospective builders are deciding to build slightly smaller and in fewer amounts. For one, many of the lots that are sitting undeveloped are scarce, and those who have some of the available land are not necessarily in a huge hurry to build something just for the sake of building. Additionally, continued worries about the economy, the government shutdown, budget battles and the Affordable Care Act have encouraged builders and developers to temporarily pause and see what effect it has on the economy, both locally and nationally.
Year to date, home builders have pulled 681 permits, down 2.6 percent from the 699 permits pulled in the first nine months of 2012, according to Chandler Reports. Builders have sold 604 homes thus far in the year, up 5 percent from the 574 sold in 2012.
The housing market in Tennessee’s Shelby County is growing significantly as the months go by, with the latest proof in the third quarter findings which show there are double-digit increases in many key real estate areas compared to the same time in 2012. The Collierville movers have found that the local market is definitely strengthening, and the data backs that belief. Almost 4,700 homes sold in the third quarter, which is a 12 percent increase from 4,176. Total sales volume was also up 12 percent from last year with $682.8 million in sales. And sales price? That rose 11 percent to an average of $131,615.
So far this year, Shelby County has reported almost 13,000 homes for sale—which is a 10 percent gain over the same length of time in 2012. Total sales went up to $1.68 billion, which is a 22 percent gain. As we close out 2013, inventory is undeniably tight for new prospective buyers, and interest rates remain at consistently low levels. If you are debating a home purchase in Memphis, we highly recommend that you go ahead and go for it! Collierville is leading within the county with the highest amount of sales, as well as the highest revenue.
The number of existing home sales increased 13 percent, to 4,475 in the third quarter from 3,961 in 2012. The average sales price for an existing home in the third quarter was $139,943, up 12 percent from $125,011 last year. New home sales totaled 211 in the third quarter, down 2 percent from 215 over the same period last year. The average sales price for a new home was $267,836, up 6 percent from $253,272 last year.
Following the real estate market crash, it was a common sight to see homes foreclosed, sitting abandoned, stripped of appliances, and with boarded up windows. In some areas, investors have come in and rehabbed these houses to bring new life back into these neighborhoods that have fallen into blight. In Memphis, however, there are still many properties that are in need of help. The Memphis movers have found that neighborhoods can have entire rows of houses with boarded up windows, a problem that contributes to increases in squatters, drug use, violence, and also brings down the value of surrounding homes and neighborhoods.
Since 2006, Memphis police have boarded up over 250 homes throughout the metro area following undercover investigations and other efforts focused on reducing crime in the city, but that’s a miniscule amount compared to the 80,000 abandoned homes throughout Memphis. Empty buildings, boarded up homes, and overgrown lots are all eyesores that keep growing in the area.
Cleaning up some of these lots is an essential step in trying to sell them, or to having the community revamp them as public spaces such as community gardens. Currently, there is a $7 million budget for blight mitigation, an issue that Mayor Wharton finds crucial to the growth and strengthening of the community.