Young graduate looking for a home (Memphis, Bartlett: condo, selling a home, established neighborhood)

[tigercpa]

I just recently completed grad school and I am looking to build/buy in either the Cordova/Barlett or Olive Branch/Southaven area. I do not have any children so school zones are not an issue. I'm looking for something in the 130-175k range. Which area would be best and how will this affect me tax wise?

[UofMGrad92]

Lots of stuff in the price range in Bartlett. I'm sure there is in Cordova and Southaven/Olive Branch as well. Just depends on what you are looking for. Cordova is still settling out price wise, and I don't know how easy it would be to get your money back out of a house in that area. I'm not sure about Olive Branch and Southaven, but I'm sure they would be better than Cordova for resale purposes in the near term.

How big of a house are you looking for?

[tigergal]

Originally Posted by tigercpa

I just recently completed grad school and I am looking to build/buy in either the Cordova/Barlett or Olive Branch/Southaven area. I do not have any children so school zones are not an issue. I'm looking for something in the 130-175k range. Which area would be best and how will this affect me tax wise?

I'd look toward Bartlett for a home in that price-range. Even without kids, school-zones are important in terms of resale value. It'll be easier later to sell a home in a good school district than it will be one that is not.

[tigercpa]

Originally Posted by UofMGrad92

Lots of stuff in the price range in Bartlett. I'm sure there is in Cordova and Southaven/Olive Branch as well. Just depends on what you are looking for. Cordova is still settling out price wise, and I don't know how easy it would be to get your money back out of a house in that area. I'm not sure about Olive Branch and Southaven, but I'm sure they would be better than Cordova for resale purposes in the near term.

How big of a house are you looking for?

1500-1800 sq. feet

[UofMGrad92]

You can certainly find a house that size in that price range in Bartlett or Cordova. I don't know enough about Southaven/Olive Branch to say definitively, but I'm sure you can find something in that size/price range there as well.

You won't find much in the way of new construction actually in Bartlett in that size range. It seems most of the new stuff they are building is 2200 to 3500 sq feet and priced from the low $200,000 to $350,000 (not too many at the high end of the range). In the established neighborhoods in Bartlett (20 years old +) and in a few that were built in the mid to late 90's there are lots of houses that size and in your price range.

Taxes (both city and county property taxes) in Bartlett would probably run you between $2,200 to $3,000 for the price range you are looking for. Most of that is county, with about a quarter of it being Bartlett City taxes.

I will echo what Tigergal said about school districts. Even if you don't have kids yourself, it matters when you are selling a home. Of course, you will pay a bit of a premium on the front end to get in a better school district, but in theory, you should get it back when you sell.

[Pearlbob]

Agreed about the school districts - only if you buy in the burbs. One of the main reasons (if not the main reason) that families move out to the suburbs is so their kids can be in good school districts. So if you live in the burbs....but not in a good school district...you'll have a hard time selling your home.

Now, if you were to buy a home in the city, everyone already knows that city schools are horrible and so no one goes in wanting to find a house in a good school zone; they already know private will be necessary. People who buy in the city are more concerned with a good house in a safe area close to things they want...not about the school district.

[tigergal]

Originally Posted by Pearlbob

Agreed about the school districts - only if you buy in the burbs. One of the main reasons (if not the main reason) that families move out to the suburbs is so their kids can be in good school districts. So if you live in the burbs....but not in a good school district...you'll have a hard time selling your home.

Now, if you were to buy a home in the city, everyone already knows that city schools are horrible and so no one goes in wanting to find a house in a good school zone; they already know private will be necessary. People who buy in the city are more concerned with a good house in a safe area close to things they want...not about the school district.

I agree with the exception of two school districts in the city. It's fairly easy to sell a home in the Grahamwood Elementary or White Station High School districts, since that's a shortcut to the school without having to wait in line. Granted, it doesn't automatically get a kid in the optional programs, but it cuts out a few steps if they're qualified.

[Pearlbob]

True, there are a couple good districts. It's easy to sell homes in tons of areas of Memphis, but only to buyers who are already under the understanding that their kids will probably not be going to those schools (ie Central Gardens, Idlewild, Evergreen, etc).

[mzloolue]

I would not buy a house in Cordova.
You can get a lot of house for the money there, but it will be hard to sell it.

If I was looking for a home in Bartlett, I would check out the Elmore Park and East Hill subdivisions. These are older neighborhoods on the "right" side of Bartlett.

Of those two, Elmore Park is the oldest and some of the homes have great big yards. Some of them are also old custom builts, so it really depends on what you want. It is in a really good school district. I believe its Elmore Park/Bartlett/Bartlett

East Hill is about 25-30 years old and you can geta nice house at a good price. It is also in a really good school zone. It's Ellendale/Shadowlawn/Bolton, I think.

[tennreb]

Why not look in Midtown? You can find a great house or condo in your price range on a relatively safe street. You'll be much closer to other young professionals, restaurants, bars, and entertainment. Suburbs are for families.