Archive for the ‘Best Memphis movers’ 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.
Nationwide, home prices are seeing a boost throughout markets as we compare the late 2011 to late 2012 figures. One of the exceptions to this trend is the Memphis metro, which is one of 16 regions out of the top 100 metros to see home prices shift in the wrong direction. On average, sales of residential units in the US rose about 8.3 percent in December 2012, marking the biggest year over year increase in over 6 years. Experts, including the Memphis movers, attribute this to the low supply of homes on the market coupled with increasing demand for buyers.
The drop in Memphis pricing was slight, yet still noteworthy. with year over year prices dropping 0.2 percent. This figure includes sales of all types, including foreclosed properties, short sales, and real estate owned (REO) sales. The trend predicted for real estate this year will likely put a boost back on the market, following the fact that sales of existing homes reached their highest volume in five years throughout 2012. Contractors and investors have also jumped on this trend with home and apartment projects resuming development at the highest level four years.
January was a fruitful month for residential realtors in the area, according to a report produced by the Memphis Area Association of Realtors. Final numbers showed an increase over January 2012 homes in January 2013 by about 46 percent. A total volume of 1,259 homes were sold in January at a median price of $88,000, which marks a rise in median pricing by 17 percent from 2012.
The average sales price also grew in the region, with monthly sales volume rising significantly–57 percent over last year! Even as recently as December 2012 there has been growth, with figures rising 9 percent over the 1 month period. The Germantown movers have found that existing sales specifically felt quite a significant surge of growth on their own, with existing sales showing 50 percent growth in sales volume compared to January 2012–impressive! Neighborhoods seeing the benefit and boost in sales have been targeted as: East Memphis, Downtown, Frayser, Cordova, Germantown, Arlington, Millingon, and Parkway Village/Oakhaven.
2012 data shows that the Memphis area realtors had a strong year, especially towards the end of 2012 when sales were consistent and surpassed 2011 figures by over 26 percent. The Olive Branch movers have learned that the monetary sales volume brought in by the 2012 activity was also 26 percent higher than numbers from 2011. The area certainly improved over the past December, with total residential sales weighing in at $145.6 million.
Looking towards the brokers, they had a stronger year over 2011 by a significant percentage. 17.2 percent more homes were sold in 2012 over 2011 with a grand total of residential sales over the year raking in $1.94 billion. Sales of existing homes were at the highest level in over two years–hopefully 2013 continues to bring the positive real estate trends.