So...what is going on in the SOUTH END of Downtown Memphis?

It's called South Junction and it is TURNED ON! The roads are being repaved! The vacant lots are disappearing! The blight is almost gone! New homes are popping up! Apartments are coming out of the ground like mushrooms! Dilapidated, scary railroad viaducts have been lit up with new LED lighting. Subdivisions that all but died through the "economic turn down" are springing back to life. Heck, even the behemoth THE HORIZON is out of foreclosure and has new owners! It's ALL GOOD!

What surprises me is when I hear any negativity what-so-ever connected with the project!!! Please believe me when I tell you that this is the best thing that could happen to the south end of downtown!

I have been asked by people who live in South Bluffs what I think it will do to their property values.
I suppose I could be wrong, but the way I see it, replacing the blight with upscale apartments ( the average rent is about $1000 per month for a one bedroom) and bringing in the 20 something's ( A.K.A. "The Millennial's" ) to live downtown is going to do nothing but improve the value of the existing homes in the area.

The OLD BREWERY has been purchased by Bill Orgle and is slated to become a refurbished mixed use development that promises to add lots of new life to the South Bluffs area as well. I, for one, am so thankful that they did not tear the place down!

New businesses are opening up on South Main. The Chisca Hotel conversion to apartments and retail space is well under way. The Number One Beale project is back on the table. I am told by the Downtown Neighborhood Commission that the Trolleys are coming back. Folks, the SOUTH END has never looked so good.

If you are in the market to sell of buy a home in Downtown Memphis- call me, I can help!
Karen Soro, Henry Turley Realtors,  901-338-4444

Foreclosures in Downtown Memphis

Luckily, there has hardly been any foreclosure activity on the Island. Why? Well, the fact is that most of the people who buy a home on the Island are people of means. Many of the homes that were built by Lenox Homes that lie to the north of Harbor Town are purchased by fairly wealthy parents who want to furnish their child a nice, safe place to stay while they attend college to become dentists or optometrists or do their residency at one of the local hospitals. These people don't wind up in foreclosure- they have options.

The people of Harbor Town proper are an anomaly in Memphis. They come from all over the globe. They are the people who have been brought in from other parts of the world to be the movers and shakers of our society. The human resource head hunters found them and they, luckily, found Harbor Town. They are not going to stop paying their house notes. They are not going to get foreclosed on. In the past 5 years or so of this "media made economic crisis" there have only been a scant few foreclosures and almost all of them can be attributed to a divorce or some other personal crisis.

There are a few condos in foreclosure on the south end of downtown. I had the opportunity to show three of them today. These, folks, are amazing opportunities for the savvy investor.  There is a 3 story townhouse in State Place, hardwood floors through out, granite and stainless in the kitchen and a one car garage for $134,900. Unbelievable! This unit sold for $225,000 in May of 2007! As far as the second and  third property goes- never mind- they are no longer available- I sold them!

If you want to grab a bargain to live in, flip or add to your portfolio- email me at ksoro@comcast.net and I will send you information. We are living in historic times! Make the most of it!!!

BACK to the Future

BACK TO THE FUTURE

By Karen Soro

The more things change the more we wish they would stay the same.

My idyllic little community of Harbor Town had a Christmas Parade the other day. There were horse drawn carriages, decorated golf carts, dogs is costumes, a former beauty queen (who was an old dog who had won a prize at the dog show in years past), kids running around hither and tither, antique cars, elves and of course Santa.

Neighbors lined the streets to watch the spectacle and catch candy canes that were thrown from the floats. We all followed the parade to Christmas Tree Park where a switch was thrown to light the huge old cedar. Santa and his elves held court for the children, and meanwhile, the citizens of Harbor Town roamed around the park, chatting and laughing with each other and enjoying refreshments that the neighborhood shops had donated. As for me, I worked the wine tent- where for a donation to the Humane Society you could have a glass of wine, the kids could get a grab-bag and you could enter a raffle, we raised over $1000...For two solid hours you would have sworn you were in a scene of ”Its a Wonderful Life”. 

I get all choked up and tingly just talking about it. Really ! And I am not the only one! Tears of joy were just below all of those huge smiles that evening because we know how special we are. We realize that this kind of human interaction is what is missing in most peoples lives and we know what an amazing place we have created together. 

Merry Christmas Harbor Town, I LOVE you!

P.S. -And for those of you who thought that abandoning the human race in favor of those anonymous suburbs was a good idea- it’s not too late to come back to the future!

Why would you EVER consider under pricing your house?

In Memphis, under pricing your home is a hard sell, but in other parts of the world that is exactly what they do- and it works.

Take Victoria, British Columbia on Vancouver Island in Canada for instance. ( I also have my real estate license there). When a home comes on the market, often times the realtor first figures out what price the property is realistically going to sell for, then they price it under that- and wait. Now, things are different there. Property is expensive and certain neighborhoods are greatly in demand. Sometimes the land the home is sitting on is worth as much as the home itself. I heard about one realtor who listed a home that had been built in the 1950’s that sat in a quiet cul-de-sac in Oak Bay- a very nice district. They figured the house and lot were worth about $600,000, so they priced it at $575,000 and waited for 10 days before they opened the bids that were coming in. They sold it for $625,000. Pretty good, huh?

Now I know that this will NOT translate well in most parts of Memphis. Some of the suburbs lack the pent up demand needed to pull this idea off- they are too generic and there is already a lot of competition out there. But in sought after places like Harbor Town or a spectacular condo unit with an amazing view- it probably will work. And it is certainly worth some consideration. 

Case and point- we had a client in Harbor Town who wanted to buy a home directly across the street from the one he was living in. In order to make this happen he was going to have to act fast. I went over and looked at the home he was going to sell- it was REALLY nice with an updated kitchen and baths, a great floor plan and a corner lot. We discussed price and determined that the probable selling price of the home was going to be $375,000. So he could have priced it at $399,900 and waited for an offer, which is what most people would do- but instead he said “lets list it for $374,900”. Good  call! Within 2 weeks we have 2 full price offers- he just had to chose which one he liked more! The deal was done and -voila- he was able to buy the home he wanted !

Another case and point was the condo that my husband, Tim, and I bought earlier this year in the River Tower building. Now, the thing that sets these units apart are the view that you can get from some of them- if they are facing north and are above the 5th floor they have unobstructed views of the Mississippi River and the entire city! Jaw dropping! 

This one was one of those units. There were several units like it that have been on the market for a long time- they were all priced over $200,000. So, after analyzing that fact- we decided that the probable selling price was about $170,000. We priced it at $169,900, got multiple offers and sold it for $ $180,000. 

So, it probably comes down to confidence . If you are sure that people want your home then you may want to play the game.....

Memphis- 3rd Soberest City (?)

So Memphis has been declared the third "Soberest City" in the United States....in fact the top three cities are all in Tennessee. Bristol being number one and Nashville being number two------REALLY? Does anyone else have a problem believing this? I have lived in Nashville and Memphis and can attest that both cities know how to party.
Downtown attracts many people from all over the world. And while some folks are tea-totelers, most have an affinity for enjoying themselves. In fact, I have often said that moving to Harbor Town is like moving back to the dorm- only you don't have to study! South Bluffs too! Heck, all of downtown knows how to party!
I am not saying that there are a bunch of drunks hanging around everywhere but these people DO know how to have a good time.
Maybe downtown Memphis just goes against all of the official data? Worlds fattest city? NOT downtown Memphis. You will find people jogging, walking and riding bikes all over the place. U.S.'s most violent city? NOT downtown Memphis- 38103 is the the safest zip code anywhere near here. In fact we are a real COMMUNITY- meaning that we all know each other and we take care of each other. If there is someone who doesn't belong here we question it.

When you move to Memphis- Make downtown Memphis your desination. You will have a really good time!

Why Invest in Downtown Memphis?

Why invest in downtown Memphis? Because huge global businesses are! Read on....this was excerpted from "Electric, Light and power International".......
Mitsubishi Electric Power Products, Inc. announced yesterday that it has selected Memphis, Tennessee, as the headquarters for the company’s heavy electrical equipment production in North America.

A new $200 million, 350,000-sq.-ft. facility will initially produce large power transformers, occupying almost 100 acres in the Rivergate Industrial Park. Plans call for the plant to open with 90 employees and reach about 275 at full production.

Mitsubishi Electric Power Products expects to hire most employees locally, with recruiting set to begin this year. This will be followed by extensive employee training throughout 2012 in Memphis and Japan.

In addition to local jobs, the new plant will require numerous local suppliers for machined and fabricated materials and other products and services.

2010 Brought in $531 Million in Downtown Investment

This  entry into my blog is a copy of Andy Meeks article in The Daily News appearing today, February 8, 2011.

The Center City Commission's 2010 year-end recap has been released and is now posted on line.

Downtown saw $531 million in total completes investment during 2010

Those completed private sector projects include the expansion of Le Bonheur Childrens Medical Center ($327 million); the completion of Court Square Center ($49 million); the Courtyard Marriott Downtown ($21.1 million); and the Barbooro Flats mixed use commercial and apartment development ($18.2 million).

There is currently $2.4 billion in public and private investment in Downtown projects underway of that have been recently completed.

Nineteen new retailers opened their doors Downtown during 2010. Downtown also welcomed new restaurants, charter schools, a hotel and 2 higher learning institutuions.

The CCC's affiliate boards administered office and retail grants that secured almost 600,000 square feet of office space Downtown during the year.

"Downtown's 6.5 square miles is only a small part of Memphis- about 2 percent of it's geographis area-but this relitively small sace is our whol;e community's brand and a powerful talent magnet that is also the answer to sustainable sprawl", the 2010 recap reads. "If we get this 6.5 square miles right, we can change our image, attract more people and jobs to our community and set ourselves on a path toward financial sustainablity."

The Pinch District

Have you ever wondered how "The Pinch" district got it's name?

First, let's discuss where "The Pinch" is located. It is the blighted area around the (now vacant) Pyramid arena. The Pyramid is now slated to become Bass Pro stores flagship retail shop. It is bounded on the west by the Wolf River Harbor , on the north by Auction Street, on the west by Second and on the south by Jackson and the Cook Convention Center. Before it was the home of the Pyramid it was the location of the Memphis Naval Yard.

Between 1845 and 1852 there was Potato famine in Ireland. Over a million people died and many more fled around the globe to escape starvation. Hundreds of thousand came to the United States and some of them found their way to Memphis.

Once in Memphis the Irish immigrants settled in this area . They became known for two things, one was that they were hard workers and two , they were so skinny that they looked like someone had "pinched" their stomachs.... Hence "The Pinch" .

Today the area is in a renewal period. The Pyramid is being retro fitted for Bass Pro and the surrounding area is being bought up by hotel chains, restaurants and the like. Those properties that are sitting vacant are being bought up through the cities immanent domain program. The few business that are still in existence will either remain or be relocated .

This area holds particular promise for those who want to be " pioneers". There is already one condominium building called "Harbor Lights" , it was built about three years ago and got caught up in the "bad market". Recently the units that remained after the initial marketing period was sold at auction by the bank. There were some amazing deals to be had at that auction. As of now the condos are all sold, but I am sure that there will be more projects coming off the drawing board.

If you are looking for an exciting place to invest , this area will offer some opportunities as the Bass Pro development comes to fruition.




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Harbor Crest

After reading an earlier post where I went into detail about the various neighborhoods on Mud Island, a friend of mine (who is also a realtor) contacted me to remind me that I had failed to mention one area, so I will mention it now-it is Harbor Crest.

Harbor Crest is a development that lies just to the north of Harbor Town and offers 36 custom built homes. Some of them are facing the Mississippi River while others are located on a quiet cove off the beaten path.
They vary in price anywhere from the mid 200ks to the 700ks. The neighborhood backs up onto the Harbor View community and offers home buyers another affordable option .

There are also many apartments on the island that are available. And believe me, they are not all created equal. If you are only planning to live in Memphis for a short while (6 months or so) you may want to rent. If you are staying for a year or more buying a home will probably be the best idea as prices and interest rates are at all time lows. If you do want to rent before purchasing ( to get an idea of what it will be like to live here) be sure to rent in "The Arbors". These apartments act like book-ends for the community of Harbor Town. Here you will be able to enjoy all of the Harbor Town amenities such as the walking trails, pubs and restaurants. If you move to any of the other apartments on the island you may as well move to the sub-burbs as your experience will be very generic. Most of the apartments are too far away from the town center to be pedestrian friendly so you will wind up using you car....and if you are going to drive everywhere you have missed the entire point of living downtown!

I want to reiterate that I ONLY sell homes and I do NOT rent apartments I am only posting this information for the convienience of people moving into the area. If you want to rent an apartment please contact the apartment rental office. The Arbors rental office number is 526-0322.

Ahhhh...Harbor Town

Ahhhhhhh.......Harbor Town!

People who live here say that it feels like being on vacation everyday! Shops,
friends, restaurants, school, river park, ponds, marina, doctors office.....If you are moving to Memphis- you want to live here!

Living it up in Downtown Memphis: Preview "Mud Island"

Living it up in Downtown Memphis: Preview "Mud Island"

Mud Island

There is a misnomer that everything on Mud Island is called Harbor Town- that is absolutely NOT true. From a real estate point of view we will later discuss the Mud Island options.

First, lets talk about the Island named "Mud". Crazy name. The Island first appeared in the Memphis Harbor around the turn of the last century. A gun boat that had been used in the Spanish American war was being taken up the Mississippi River when it ran aground in the harbor- there she sat for at least two years until the water rose high enough for her to continue her journey north. When she left she had created a sandbar that continued to grow.

At first the sandbar threatened the harbor so the people of Memphis tried to dislodge it by blowing it up, but the eddy that had been created stayed and it just brought more mud, silt and sand to be deposited. It grew- and grew until it was large enough to support a band of squatters. About 200 people moved to the island  and enjoyed rent-free living during the Great Depression. They lived in shacks tied to 55 gallon drums and discarded barges because flooding was a big problem. In the 1960's the squatters were moved out and the Army Corps of Engineers began dredging the Mississippi River and depositing the mud, silt and sand onto the island building it up to its present level- which is about 8 foot above flood stage.

After that the island hosted a small airport, some light industry and a miscellaneous farming community. The A.W. Willis Bridge was finally built  connecting downtown Memphis to the Island and that event opened the area to development. Harbor Town, one of the United States best examples of New Urbanism began construction in 1989 and developers flocked to the island to build homes, condos and apartments. While some of the developers did not follow the same archetectual guidelines that set Harbor Town apart they did build and gave homeowners a choice of neighborhoods.

"The Watersedge" subdivision is a gated community that lies just to the north of Harbor Town proper. It has approximately 60 homes- most of which are priced between $225,000 and $300,000 although there are about 6 homes that far exceed those values including one that Justin Timberlake owns that has great views of the Mississippi River. Most of the homes have fenced back yards but there are no sidewalks so it is not particularly pedestrian friendly. However it is popular with the people who want a double dose of safety because not only do you have the safety of the island itself, but you have the gate around the property as well.

Then you have the "Harbor Isle" community which is an affordable option to Harbor Town with prices ranging from the mid $150k to the mid $250ks. This area is popular with first time home buyers and doctors doing their residency and offers homeowners the opportunity of being close to the Mississippi River Greenbelt Park and close to work/school.

The Island offers some of the best housing options for people that are moving to the Memphis area. Most of the residents have relocated from other cities and countries making it a very diverse, interesting and sophisticated population. Here, you will be able to walk to nice restaurants and pubs, walk along the shores of the Mississippi River, enjoy a sunset and a really quick ride to work. The Island is only 15 minutes from the airport making it very convenient for people who travel. The total population is about 6000 so it is a true "small town". Almost everyone remarks that , as they drive over the bridge, they feel like they are going to a resort. An indeed, it does feel more like a small town in Vermont than Memphis.

Harbor Town

One would not suspect that a city like Memphis would be the home of the best example of the New Urbanism Movement in the United States .... But it is! Built on an island in the Mississippi River- in the shadow of downtown lies Harbor Town.

Construction began 22 years ago in 1989 .Planned and executed by a visionary named Henry Turley, Harbor Town encompasses 110 acres with 30 of those acres set aside for parks, ponds and walking trails. Another section was set aside as a town center- which now boasts the best grocery store in Memphis , a world class 4 star boutique hotel named "the River Inn", 2 restaurants,a "no wait" doctors office, a gym, dry cleaners, pizza joint, nail bar, beauty salon, day spa, school, and me, Karen Soro,the local real estate agent .

There are 420 single family residences along with three
Condominium developments as well as apartments. Built using a European village as the model, all economic strata are well represented. There are retirees and empty nesters living in million dollar homes, there are working professionals in half million dollar homes, there are young families living in three hundred thousand dollar homes and there are young singles living in the condos . The apartments are inhabited mainly by well heeled students or people in transition. The result is a wonderful community where people know and enjoy their neighbors and their neighborhood .

If you are planning a move to Memphis you owe it to your self to discover this gem called Harbor Town before you settle in the nondescript suburban sprawl that surrounds the town.

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Location:Memphis TN