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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.

A new indoor soccer facility is coming to the Shelby County area, thanks to the financial backing of BankTennessee. The $6 million development will include a 50,000 square foot indoor sports facility, which will include a turf soccer field and parcels dedicated for other sports, as well as office space and a medical room.

The facility will be important for the area because the settings will provide a practical venue for sports throughout the county. The Memphis commercial movers have learned that the project is hoping to be fully operational by July 2014. The property will encompass 5.6 acres located east of Grays Creek on Walnut Grove Road.

2013 was a stronger year for the Shelby County real estate market, and over the past 12 months, residential foreclosures in the county fell 15 percent to 3,563 from the 4,189 in 2012, according to real estate information company Chandler Reports. Commercial foreclosures dropped 10 percent for the year, with 89 in 2013 compared with 99 in 2012. The decline in residential foreclosures for the year follows a 5 percent gain in foreclosures in 2012, which followed a 14 percent slump in 2011.

The Memphis real estate market improved in 2013 and experts believe that the momentum will continue, bringing a strong year for real estate in 2014. Shelby County’s 3,563 foreclosures in 2013 included residential properties owned an average of almost 10 years before the foreclosure. The 2013 residential foreclosures included 707 conventional fixed-rate mortgages and 341 conventional adjustable-rate mortgages, among foreclosures for which a loan type was known.

In 2013, Tennessee’s Shelby County posted a five-year high in home sales and average sale prices according to Chandler Reports data firm. The uptick in sales activity and strong pricing increases point to a slow, steady rebound for the industry, which slogged through a five-year slump following the onset of the recession, real estate agents said. The county netted 15,892 homes in 2013, up 6 percent from 14,936 homes sold in 2012.

The average home sales prices in Shelby County jumped 11 percent in 2013 to $138,072, up from $123,870 in 2012, and total sales volume for the year was $2.19 billion, up 19 percent from $1.85 billion in 2012.

According to Chandler Reports, 21 of Shelby County’s 34 ZIP codes experienced an increase in sales in 2013. Home sales reached their peak in August when 1,705 homes were sold with an average price of $139,559. The slowest month for sales in 2013 was February, when 918 homes were sold with average price of $115,363.

Collierville led the way in sales volume in 2013 at $300.9 million. Eads’ 38028 ZIP code had the highest average sales price at $481,830, followed by Germantown East’s 38139 ZIP code with an average sales price at $400,119. Bank, or foreclosure, sales plummeted in 2013. There were 3,030 bank sales recorded in 2013, down 21 percent from 3,818 bank sales in 2012. The average sales price of a foreclosed home was $74,243, up 10 percent from $67,497 in 2012.

According to the local business journal, the Hard Rock Café plans to relocate a block west on Beale Street into the historic Lansky Bros. building, which would be a significant space upgrade considering their existing location is 11,000 square feet and the new building is 24,512 square feet. Additionally, the new building has an adjacent parking lot. The previous tenant of the building was Delta Kitchen & Bar, which closed back in 2008.

The building is still in great shape, and the location is right for the Hard Rock brand. At this point, there has not been a new tenant announced for the building that the Hard Rock will be moving out of, to the knowledge of the commercial movers in Memphis. The relocation of the Hard Rock will help stretch the Beale Street district further out to the west and bring more people out to the area.

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.

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.