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!!!
Showing posts with label Mud Island. Show all posts
Showing posts with label Mud Island. Show all posts
Monday, January 30, 2012
Saturday, November 19, 2011
This Real Estate Market should make you want to FLIP !
This Real Estate Market should make you want to FLIP
By Karen Soro
The Sharp-Soro Real Estate Team
Henry Turley Realtors
338-4444
Whoa! I have never seen a better time to make some money in the real estate market!
Now, I am not saying that everything is a bargain, nor that everything will reap huge dividends but if you know what you are doing- this is an incredible time for real estate speculation.
Some places are special. There are some places where people still want to live. There are some places whose prices are going up. And there are occasions when the property is undervalued. By and large, Downtown Memphis is such a place.
Here is what is happening downtown. We all know that the banks, in their infinite wisdom, have lent too much money out to people who can’t afford to pay them back, so they have some properties that are going to be foreclosed. Now, in the Downtown market this is RARE, but it does occasionally happen. They then hire a realtor who is completely unfamiliar with the market to sell the property for them. The realtor comes downtown, (maybe for the first time in their entire life!) takes a look around and because they are used to property values that are much less out in the suburbs they under price it. WhooHooo! Time to pounce!
Now, to my mind, there are two types of foreclosures. There were the mis-steps of the builders who either had really bad timing or, more likely had really bad floor plans. ( you really can’t blame the “economy” for bad planning). Most of these have been sold at auction by now and are no longer on the market- but there are some, and if they are in the “bad floor plan” category - you should probably leave them alone, unless you want to buy them up as rental property.
What do I mean by a “bad” floor plan? If your front entry door is located in a bedroom- you may have a bad floor plan. If you have to duck your head while walking down the hallway, you may have a bad floor plan, if you have to walk up three flights of stairs to get to your master suite- you may have a bad floor plan, and hey, if you look out your windows directly into a parking lot or garage-you may just have a really crumby location AND a bad floor plan!!! And as I say, unless you are buying the place to rent out (and there ARE some great cash flow opportunities at the moment) leave these “bad floor plans” alone- No “flipping” on these.
So, what is “Flipping”? Flipping is when you buy something and turn right around and sell it (hopefully for a profit). You may have to invest some money in fixing it up, but more likely, you will just have to “fluff” it up. And yes, you will have to pay capital gains- refer those tax questions to your CPA- but if you do it right it can be VERY lucrative.
What you are looking for is a nice home in a nice neighborhood , in fair condition that has been under priced. You want to be able to come in with paint and new carpet, perhaps some granite and new appliances but not much more. When you sell it you want to price it slightly below market value and hopefully get a bidding war going on the property- that way you can get in and get out. You don’t want to hold it because holding costs money.
So where are these opportunities? As I say, they are rare- but they do happen. Occasionally something will come available on Mud Island or in South Bluffs. Sometimes the opportunities lie in the older more settled condo buildings.
Case and point, Tim and I bought a condo this past January in the River Tower (that’s the old Holiday Inn Rivermont- for you people who remember). It was on the 7th floor looking directly north down the river. It only had about 800 square feet, carpeted floors and formica countertops- but WOW, what a view! Our original intention was to move into it but later we decided it was too small so we “flipped”! It was listed for and we paid $85,000 (hey, thats over $100 per square foot- which to folks who are more accustomed to square footage prices being MUCH lower- must have seemed ridiculously high!). We put in some engineered hardwood floors, granite counter tops, new bathroom tile and a tub- a total cost of about $15,000. And then we “flipped” it for $180,000! How did we get $180,000? We priced it at $169,9000 knowing that was a bargain- and had two people battle over it. I am going to write another blog about the amazing things that happen when you UNDER price your home- rather than getting in a downward spiral pattern after overpricing it- so I will leave it there for the moment.
If you want to get in on this action just let me know. .
Tuesday, February 8, 2011
2010 Brought in $531 Million in Downtown Investment
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."
Saturday, February 5, 2011
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.
- Posted using BlogPress from my iPhone
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.
- Posted using BlogPress from my iPhone
Thursday, February 3, 2011
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.
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.
Wednesday, February 2, 2011
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!
Tuesday, February 1, 2011
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.
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.
Monday, January 31, 2011
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.
- Posted using BlogPress from my iPhone
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.
- Posted using BlogPress from my iPhone
Location:Memphis TN
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