Archive for the ‘Best Memphis movers’ Category
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 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.
This month marks the second annual Best Memphis Burger Fest, which will be held September 22, 2013 at the Minglewood Hall on 1555 Madison Avenue. The festival will run all day long, from 10:30am to 6pm. The event will have live music, eating challenges for attendees and a variety of burger creations from some of the best local burger restaurants and chefs. Last year’s burger was a NY strip and short rib blended patty with a fried egg, avocado, and Benton’s bacon.
In addition to sampling burgers from around the Memphis area, there will be burger crowned BEST among them all, based on votes from the official event judges. While the Burger Fest is a free event, a $5 donation is appreciated at the entry, and it will benefit the Mid-South Spay & Neuter Services. The Memphis movers have learned there will be 27 teams competing this year for best burger, so come out and sample some of the best grilled goodness that he Mid-South has to offer. Vegetarian burgers will also be at the event, and a Best Veggie Burger category means the entries will be delicious as they vie for the top spot.
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.
The University of Memphis has increased enrollment for the pending school year, and in conjunction with a larger student population comes the need for more student housing options. Currently, there are several projects underway to offer additional new housing for students moving to the area. One complex is the $9.35 million four-story development just across from campus, and another complex that will be officially part of the University of Memphis which will cost $43.5 million.
The abandoned Highland Row area might undergo revitalization as well as the need for quality apartments continues to grow. The Memphis student movers have learned that last month, the state proposed a complex that would encompass several blocks, including Highland Row, for residential and retail tenants.
Well known BBQ giant Tops Bar-B-Q Inc is setting up a new location in East Memphis, marking the 15th retail store for the brand. The new store will be located at 5144 Poplar Avenue, and the space has signed a 20 year lease on a yet-to-be-built 2,772 square foot restaurant space. The general manager for the company says he feels the new location will be the brand’s strongest, and current traffic has an estimated 33,000 automobiles passing by the pending location daily. Strong traffic patterns can certainly have a strong role in making the east Memphis location strong.
The Cordova local movers have learned that the company was attracted to the area because of the large population of nearby offices, residential properties, and other big bin retailers like Home Depot and Kroger.
The actual site was a struggle to plan with, but the final blueprints for the store show that there will be room for a drive thru and a parking lot with 16 spaces. The contractor who built the last three Tops locations will be in charge of this project’s construction as well.
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.
Real estate investments are a substantial part of any healthy real estate market. Recently, the Wall Street Journal recognized Memphis as the number one city in the United States for investing in single family residential properties. Number one! The rankings were based on the cap rate, which in Memphis is 10.38%, followed by the number 2 city of Saginaw, Michigan, with a cap rate of 10.32%.
The Germantown local movers have found that the cap rate is correlated to the net profit compared to the current value of the asset. Memphis is an ideal location for investment property purchases thanks to the profit that can be made by interested real estate investors in the area. Keep in mind- a real estate investor does not need a huge portfolio–you can buy one house at a time and flip it to make a profit before purchasing further properties.
Foreclosures are dropping in the area, and institutional investors are moving into the area more frequently. As the inventory of available homes in the area decreases, the market will only get tighter and increase the eventual worth of properties for investors to resell or rent out to local tenants.
Interested in buying an investment property in the Memphis area? Don’t hesitate! Take advantage of these prices and get your personal finances poised to grow with a real estate investment.
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.