Archive for the ‘moving in Memphis’ Category
A recent report by RealtyTrac, Inc. has shared that the Memphis area is one of the best regions for investors looking to purchase homes as rental investment properties. The Top 20 list features Memphis, seven Florida cities, and 12 other metros nationwide. The Memphis movers have found specific data pertaining to our metro as we have the top position on the list, with median prices at $72,605 for a three bedroom home and an average rental rate of $1,047 for a home of the same specs.
The data was compiled by examining predicted cash flow thanks to capitalization rates, rental rates and home prices. Occupancy rates for the included regions were not a factor used to determine a market’s overall ranking.
The report also shares that rental investments were a popular aspect of the 2012 real estate market, but there are still plenty of properties to be snatched up by interested investors at quite reasonable prices.
A new dining option will be coming to the popular downtown Memphis area, according to reports by BizJournals. A famed dining place from nearby New Orleans called DeJaVu will be opening a location in downtown Memphis next month. An existing location is already here in Memphis, located at 936 Florida Street, and the soul food/vegetarian restaurant will open the second location at 51 S. Main Street.
The Germantown movers have found that the new location will encompass 4,000 square feet–a huge jump from the existing Memphis location that contains about 1,200 square feet. It is planned to seat 85 guests indoors and have an additional 20 seats on the patio. Employment opportunities will be open for about 20-25 new employees. The other Memphis location employs about 10 people. Additional proposed plans have discussed adding an area for the brand’s growing catering business.
The future of Beale Street has been a heavily debated issue by the political figures in Memphis. The idea that private entities could purchase Beale Street has been a worry for many because of the economic stimulation that the tourist area provides. Groups such as Elkington’s Performa Entertainment Real Estate and the Downtown Memphis Commission have both expressed interest in obtaining Beale Street. The Olive Branch movers know that Beale Street attracts about 4 million visitors per year, so the ownership is an essential part of predicting the future of the area.
Beale Street is known as Tennessee’s most visited tourist attraction, even past Graceland. The city would like to maintain ownership of the street and also revamp how the street is governed and managed in the future. Part of these discussions will involve what type of musical acts and entertainers come to the area, as well as other events taking place on Beale Street to attract tourism. Read more about the debates and proposed ideas here.
Shelby County is likely to see property taxes rise in 2014, according to recent reports following the County Commission meeting reviewing the Memphis budget and finances. The Memphis movers have found the tax rate in the proposed budget (created by the Mayor and his staff) would raise property tax rates from $4.02 to $4.35 for Memphis residents and $4.06 to $4.39 for non -Memphis residents. The goal is to balance the area budget and offset $52 million in losses from property tax adjustments.
The budget will need additional work however, as the property tax area of the county is not the only area offset. Reports that the education system will be asking for additional funding have been common discussion, with recent totals for funding totaling around $145 million.
The proposed budget is the first step in determining the county funding that will be allotted to various groups for 2014.
The Quality Inn located at 6068 Macon Cove in Northeast Memphis is undergoing new ownership following a real estate transaction that puts Sycamore View Hospitality LLC as the new official owners of the development. Harsha Patel (who bought the property in 2010 for $1.7 million) sold the property to Sycamore for a reported $1.88 million. The Memphis movers have founded the exact location of this Quality Inn is off of Interstate 40 and is situated on 2.21 acres.
The hotel’s construction dates back to 1986, and there have not been any reports as of yet in regards to potential remodeling or updates to the hotel. The current specs of the hotel have a property that rakes in over 56,ooo square feet.
Property values dropping in the Memphis area known as Shelby County has resulted in a drop of all around revenue drops for the region. Appraisal values are calculated and updated in four year intervals, and this year marked the time for Shelby County reappraisals, in addition to Hickory Hill, Whitehaven, and South Memphis residential and commercial properties.
Re-certified property tax rates are reflective of the property appraised within the area, and the findings seem to reflect the lagging recovery to the market fallout of 2008. Lower tax rates on property will be detrimental in the long term because it will amount to a lesser county revenue collection, and it is the first year in quite a while that the county has failed to see either a maintaining of current rates or a growth in property tax. The overall drop in fee collection will amount to approximately 5 percent less revenue for the county. The Germantown movers have learned that the tax rate specifically dropped to $4.02.
The Memphis area real estate industry and manufacturing industry have been bright spots for the local economy, according to data compiled for the Beige Book report by the Federal Reserve Bank of St. Louis. The Memphis movers have found that the local residential home sales in Memphis has risen 11 percent from month to month comparisons of January 2012 and January 2013. Memphis is in a district of the Beige Book that competes with St Louis and Little Rock.
Housing permits filed were also 9 percent higher in Memphis for the same time period. New home sales were up 18 percent, and commercial real estate remains stable and also thriving. Projection reports clarified that less layoffs are anticipated in the coming months for the local industry operations.
The hopes are high for the Memphis area community banks who have placed a lot of faith in the real estate market and the mortgage arena. Community banks in the Memphis metro area have taken the recent real estate trends as an upturn for the local real estate industry. Low interest rates, residential gains, and lower lending competitors have created an ideal platform for smaller, independently owned community banks to offer desirable mortgage rates for local residents wishing to buy in Memphis.
The Germantown movers have found that banks who were once predominantly signing auto loans are now reaching into the mortgage arena, such as Independent Bank of Memphis, who aims to become one of the top 10 mortgage originators in the area. As long as the consumer confidence remains high, it should be a positive year for the Memphis area real estate market.
Lately, Memphis news outlets have reported fires and other household distress in the area. Here at the Memphis movers, we wanted to share a few tips on preventing a fire in your home, which could spread and incinerate your belongings in a matter of seconds. Preparation is key, and we want to make sure you are informed on how to react in the face of a home emergency such as a fire. Smoke alarms and a fire extinguisher are important tools to utilize, but it’s also good to know what sources can cause fires and how to prevent them.
Cooking-related fires. Cooking in the kitchen is a common source of house fires. Whatever you have on the stove or in the oven needs your attention, because neglecting the food and remembering it later only to come upon a fire in your kitchen is certainly less than ideal.
Heaters catching fire. Electric space heaters and heating units that get within a close distance of linens and curtains can also be a source of house fire. Be sure to place heaters with at least 3 feet of space on each side of the unit from any obstructions. Also, each season you should have your HVAC inspected to make sure there are no leaks, loose cables, or other endangering items.
Smoking indoors. Smoking is a bad habit in its own right, but smoking inside is a common cause of house fires. If you must smoke, go outside.
Electrical fires. One of the hardest to put out and to spot in its early stages is in electrical fire. Overloading circuits is a common way to short circuit your home, and frayed or deteriorated cables can be a source of electrical spark that can ignite with flammable surfaces. Make sure cords are in good shape.
Candles. We all love candles, but leaving them lit when you aren’t home or in another room can lead to a house fire. Consider purchasing battery operated candles or make sure you blow out candles when you leave the room.
According to data collected and analyzed for the National Association of Home Builders/Wells Fargo Housing Opportunity Index, the affordability of single family homes was at it’s most affordable at the tail end of 2012. What does that mean exactly? Final sales prices for homes that changed hands in the last quarter of the year were at 84 percent affordability, meaning they fell within the “affordable” range for the median income of $59,100. This affordability finding made Memphis the 107th most affordable metro in the country for housing, which was a jump from the third quarter of 2012 which placed Memphis at #143. The Olive Branch movers have hopes that the affordability of the region will carry over into this first quarter of 2013, something we will not have a definite answer for until mid April.
This affordability scale is quite important for the economic stability of a region, because it shows that the home pricing is parallel with the incomes that residents of the region are bringing in. The most affordable housing region in the country is Ogden-Clearfield, Utah, where almost 94 percent of the new and existing homes sold were affordable for median-wage residents. At the other end of the list, the least affordable region was San Francisco-San mateo-Redwood City, Calif., where just under 29 percent of homes sold were affordable to median income households.