Navy move to Millington--where to buy a house as a short-term investment?

[Tigertate]

Honestly, Cordova is fine. Many people feel that the area is overdeveloped and may succumb to the same things that destroyed Hickory Hill. I feel that this opinion is unwarranted because much of Hickory Hill demise stemmed from City annexation. Parts of Cordova were annexed back in the early 90's with spot annexations in 2002 and 2006. The area has held pretty strong despite annexation, so I think it will be fine in the future. The only problem I would have with Cordova is the fact that property values have fallen in the area, which is not good if you are looking to move out within 5 years. That is the reason you may be seeing some great prices in the area right now. This drop in property value is made worse by the oversaturation of the RE market in the area.

[Coop01]

Originally Posted by Tigertate

Honestly, Cordova is fine. Many people feel that the area is overdeveloped and may succumb to the same things that destroyed Hickory Hill. I feel that this opinion is unwarranted because much of Hickory Hill demise stemmed from City annexation. Parts of Cordova were annexed back in the early 90's with spot annexations in 2002 and 2006. The area has held pretty strong despite annexation, so I think it will be fine in the future. The only problem I would have with Cordova is the fact that property values have fallen in the area, which is not good if you are looking to move out within 5 years. That is the reason you may be seeing some great prices in the area right now. This drop in property value is made worse by the oversaturation of the RE market in the area.

Thank you for the response and explanation of your reasoning. Prices have dropped dramatically in the vast majority of the country - especially where raw land is available for development and the developers don't need to ante in their share of the additional burden on the infra structure. Annexation would be a concern. I'm not looking to invest per se, I plan to settle in a community. I don't expect to be a burden on the community. I expect I will be a net contributer to the community through volunteer work. Likewise, I don't want to unexpectedly assume the cities problems without having the opportunity to vote up or down on the issue.

Annexation is only possible by a petition by the residents of an unincorporated area to the city with the blessings of a regional planning agency in my area and acceptance of the petition.
Apparently things are different in Tennessee. I don't think that it is right to have a city knock on your door and extend a hand with the greeting "Welcome to the family. Here's your new tax bill."

I've got to do some more research on this before I make a move. Fortunately, I'm on my own timetable and can do a thorough investigation.

All in all - I don't think we will have another housing bubble in my lifetime. Prices will settle to the point where the majority of working families can afford them again and we've got a little more to go IMO.
I appreciate your comments.
Thank you.

[weisenheist]

Cordova is FINE ?? whoa...I'll take bets on its eventual demise....certainly in pockets..it's already started if you can realize what you SEE

[Tigertate]

Ohh, I see that the area has gone down somewhat in certain areas, but the area by in large (and this is a very large area comparatively speaking) is fine. It is still safe and suburban, with several good property owners. Go take a drive down Sanga and Bazemore and then come back and tell me that area is not doing fine.

[Coop01]

Originally Posted by Tigertate

Ohh, I see that the area has gone down somewhat in certain areas, but the area by in large (and this is a very large area comparatively speaking) is fine. It is still safe and suburban, with several good property owners. Go take a drive down Sanga and Bazemore and then come back and tell me that area is not doing fine.

Thanks for your input. I appreciate posts that offer more than just an unsupported opinion with specious offers to bet on future events with no specific end time.

[Smtchll]

Originally Posted by Tigertate

Ohh, I see that the area has gone down somewhat in certain areas, but the area by in large (and this is a very large area comparatively speaking) is fine. It is still safe and suburban, with several good property owners. Go take a drive down Sanga and Bazemore and then come back and tell me that area is not doing fine.

Seriously, that area has some of the biggest houses in Memphis. It's as nice as Shady Grove in East Memphis

[thomasloganinman]

My family has lived in Atoka for years and the economy has really hit the housing market hard. Right now we are trying to sell our 4br/3bth house and it is very hard to find buyers in this market. However, while we have had no luck selling we have had numerous friends, neighbors, and strangers ask us about the possibility of renting or leasing the home. Apparantly there are many military families like yours looking for larger houses to rent for a few years but not many looking to buy. You might consider buying a home in Atoka/Munford because the taxes in Tipton County are cheaper than Shelby County and, necause of its close proximity to Memphis and the Naval Base, it is a prime place to have a good rental house. Let me know what you decide!