Archive for the ‘moving in Memphis’ Category
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.
As we wrap up 2013 and take a look at real estate trends in the area, one thing is certain: the office space sector of the local real estate market not only began to show signs of life this year, but the vacancy rate for Class A space has dropped to 7.7 percent from 2010′s 20 percent. The Memphis commercial movers have found that this trend it thanks to company expansion announcements and other business happenings that have prompted office space to be snatched up in record time.
On top of more company announcements, the amount of space that companies are leasing is higher, taking away from the vacancy rate square footage and helping to strengthen the absorption rate. Also, the demand and lack of remaining supply has strengthened the rental rates for landlords.
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.
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.
According to a new report by Kiplinger’s, Memphis is ranked number 7 among other big cities like Dallas, Texas and Las Vegas, Nevada throughout the nation as ideal places for renters to live well. The average rent in Memphis is about $711, which is quite affordable compared to other nationwide markets. This is arguably quite affordable for being a big city like Memphis. These rental rates are averaged out by homes and apartments in the area. Memphis is an area with a diverse population and cultural activities, and it is also a thriving business scene.
The Memphis local movers have found that the livability in Memphis is certainly desirable for both families and individuals and it is incredibly affordable if you are looking to rent a home or an apartment in the Memphis metro area. Memphis is touted as a big city without big city prices, and the cost of living is 15.3 percent below the national average. Also, the living experience in Memphis is a great one, and commuters spend about 23 minutes in the car, which is 6 percent below the national average.
August was a strong month for real estate residential sales in Shelby County, netting 1,709 home sales in August, which is up 15 percent from the 1,483 sales in August 2012. The data was compiled and shared by Chandler Reports, a real estate reporting firm. The number of home sales this August also grew from July’s numbers, which were 1,695 homes sold. Rising prices and interest rates have pushed fair-weather sellers to put their homes on the market, and prospective buyers are anxious to take advantage of still-competitive pricing and still-low mortgage rates.
Inventory is continually tightening up in the improving market, so individual sales are a welcome addition to the already competitive market. Owners who are above water have been considering selling homes to add to the tight market, and homeowners who are underwater are forced to hold on to their homes, keeping the low inventory market tightly under wraps. The highest increases in the county were in Collierville, where there were 106 sales, and a total sales volume $32.6 million. The highest average sales price was $3379,526, which was the average in Germantown East. The Collierville local movers have found that despite still being in the midst of a recovery, Memphis and surrounding areas in Shelby County are growing in the right direction, and 24 of the 33 zip codes in the county showed sales increases for August.
Building activity was relatively flat in August 2013, but there were slightly more permits filed for new construction projects compared to August 2012. The exact percentage leap from the month over month permit filing was 9 percent. The average permit in August was a little smaller than the ones filed in August 2012, and the August amount of permits was about 7 percent less than July 2013 permits. Despite the small gain, the monthly amount puts the Memphis area closer to the 1000 permit mark, which industry insiders feel the county can hit before the year ends. This will be the first time since 2007 that many permits were filed, if so.
The Memphis local movers have found that home builders did not sell as many homes in August as they did last year. The year to date thus far is at 629 permits, which is slightly higher than the 2012 number of 618 permits. There is still a limited supply, which is good for the market because it keeps a tight ship as far as what is available and what comes next for new construction. Memphis is certainly an area that can benefit from new construction, and the limited supply can benefit from a few new developments to liven up the market availability.
Residential real estate has taken a swift turn back into the land of the living, thanks to a building boom of new construction. Suburbs are growing on the outskirts of Memphis and particularly growing in the Arlington area. Kensington, a suburb inside of Arlington, is an example of the booming construction rebirth. Despite laying dormant for years, the development is finally putting up homes and building new properties. The Arlington local movers have also found that our area has been named as one of the fastest growing communities in Tennessee.
Before the homes were beginning in the area, the development was mostly cleared land ready for construction and roads paved that led to nowhere in particular. Property values across Shelby County are rising and that trend has led to more home sales, more development, and more home building.
The commercial real estate market in Memphis isn’t that easy to read, according to the market data gathered that shows a mixed picture in our metro. For example, office space has a dramatic and significant negative absorption of 173,425 square feet (thanks in part to the moving of Pinnacle Airlines out of their downtown office), but on the flip side, retail real estate showed a growing positive absorption. In fact, the current retail vacancy rate for the area is the lowest level it has been since the fourth quarter of 2009.
The Memphis commercial movers have examined a little further to check into the industrial market. With Technicolor moving out, there was a loss in absorption to the tune of 580,131 from that company alone. However, there are bulk distribution users who are soliciting proposals throughout the market, leading industry professionals to believe that 2013 will end on a strong note.
On a whole, the Memphis metro is seeing activity comparable to the sales and rental rates of 2007. The mid-South is predicted to get stronger in terms of real estate prices and development, and the strengthening of Memphis commercial real estate would be undeniably beneficial for the city.
Foreclosures have plagued the real estate industry in the US for the past few years, and even as markets continue to strengthen, foreclosures are not yet a thing of the past. In Memphis (and surrounding areas), there is a positive trend in the region for dwindling foreclosures. Residential and commercial foreclosures are declining in Shelby County according to data compiled by Chandler Reports, which states that there were 967 residential foreclosures for Q2 of 2013, which is a decrease from the same time period of last year, which saw 1,082 residential foreclosures. The calculated drop is at 10.6 percent.
But, the Memphis local movers have learned that the trend is not just for residential properties. Commercial real estate foreclosures were down from the same period, and foreclosure notices fell 14.4 percent. Banks and other lenders in the area are trying to keep homeowners from falling into foreclosure and the local economy has had a positive effect on the foreclosure industry and continue to keep foreclosures at a decreasing pace.
Year to date, foreclosures are down 14.6 percent from the same time frame in 2012. Could the Memphis real estate market really bounce back and can foreclosures become a thing of the past? Only time will truly tell. As news breaks on the foreclosure market here in Shelby County, you can bet we’ll be sharing it with you.