What are some concessions people....... (Memphis: HOA fees, condos, appliances)

[juiceman]

have received from builders on new properties. My wife and I are going to move to Memphis and we were looking at houses and condos in the 200-300K price range. We really are thinking about Downtown to live initially. What are some of the deals people have received in the last six months on condos and/or homes? Thanks in advance.

[juiceman]

Has anyone not purchased a home on this board recently?

[Pearlbob]

Everyone I have seen post on here lately have bought houses out in the burbs, not new condos downtown.

They have built way too many condos downtown, and there are a ton of them empty or half-built because there have not been enough buyers. However, from what I have heard, they have not been lowering prices to lure in buyers, for whatever reason. So they stand empty. I do not know that first-hand though, so it's something to ask about. I do know, however, that I have driven thru the areas in South End and month after month, it looks like construction had been halted and nothing new done on a lot of buildings. I know also that a couple buildings planned did not have enough buyers and plans were stopped.

Originally Posted by juiceman

Has anyone not purchased a home on this board recently?

[newplace1]

If you need assistance purchasing a condo or if you would like to move elsewhere in Memphis I can help you. It is what I do as an agent. If you want I can work with you to make you transition much smoother! Let me know if you would like my expertise!

[OrgasmicSVT]

Originally Posted by juiceman

Has anyone not purchased a home on this board recently?

I saw a sign on the side walk that said 6 months of mortage payments made. 3 units left river views. I belive it was the Shrine building.

[Pearlbob]

Shrine was bought up really quick though....that's a very old, historic building with GORGEOUS views, high-rise, pool, security, etc. The units are spectacular. I bet it's the most expensive ones they can't sell (some were near $500k for a one bedroom, if I recall). The new construction condos are the ones that aren't being sold...cheaply made, over-priced, next to rail yards, not walkable to anything, no views....

[juiceman]

Thanks for the responses. I just went to Memphis and saw condos/townhomes from 200-275K. It seemed like if you put ANY money down, builders were willing to work with you. I saw a couple of nice buildings and the views were nice. I agree that a lot of what I saw were next to railyards and the views were of empty lots for the most part. Are people getting 20K off of asking price, waive of HOA fees, etc. That is more or less what I was looking for.

[Pearlbob]

It doesn't sound like anyone on this forum knows the answer you are looking for; I think we've commented as much as we know. Like I said, from what I have heard 3rd-hand, they are not lowering prices at all, which is a big reason they are staying empty. $200k for a quickly built one-bedroom next to train tracks is a bit too much to pay.

[juiceman]

Thanks Pearlbob,

I was just trying to see if anyone had any experiences. Oh well, I guess when we go out in February we will find out.

[chuck1229]

Originally Posted by juiceman

Thanks Pearlbob,

I was just trying to see if anyone had any experiences. Oh well, I guess when we go out in February we will find out.

Ask for everything. Appliances, closing costs, etc. Buyers market, take advantage of it.