fountain square condos germantown tn (Memphis, Collierville: for sale, real estate, apartment complex)

[lupfau]

Does anyone live in this area? My wife and i are considering relocating to Memphis and like what we see on the computer for these condos. Any insight would be appreciate, crime, ethnic make, ages, quiet or loud neighborhood, etc.
Thanks all Ed and Lou

[CristenS]

I've noticed lately they have some very cheap condos for sale there. Shockingly cheap for Germantown (one is listed for $40,000, others are $60,000!). Just based on that, I would guess the condos are not on the very high end. I would be wary of any condo complex anywhere in Memphis, let alone Germantown, that has such cheap units. I know nothing about the complex, but that sounds very fishy to me.

I say this all the time - if you are relocating to Memphis, rent first. Don't buy. It can take a long time to really understand how the neighborhoods and cities here are made up and where you truly want to live. You don't want to buy a cheap condo and then realize you hate the place, you are miserable, and you can't sell it because you bought in the wrong area and no one else wants it.

[lupfau]

Thank you for your response. My son lives in Memphis and is the area director for the Memorial Gardens just down Poplar from the Fountain Square complex.we visit him in Cordov . He recently bought a nice home in Collierville. so I am somewhat familiar with Memphis. I know where to get good barbeque, donuts and fried chicken. LOL
I did a crime search and the crime is very low within 2 miles of the complex. I know the traffic is heavy there. I will be visiting soon once again and will do some drive throughs in various areas and speak to managers as well as residents. However, before I visit it would be nice to hear form someone living there what their experience is.how the HOA responds to needs, the noise level,etc.
Again thank you and the renting is always a good idea. I have advised many people to do the same, It can save a possible problem down the road. Have a beautiful day in lovely Memphis.
Ed and Lou

[brentwoodgirl]

Fountain Square is a good, basic, older condominium complex. The units are pretty much no frills. They are mostly rentals owned by investors. I'm pretty sure that the units are less than 50% owner occupied which means you can't purchase one with an FHA loan. That keeps the prices lower as many people can't afford to pay cash for real estate.
I know there are several middle aged and older women living in some of the units. The responsiveness will be up to your landlord more than the HOA, unless you are planning to buy. The management company is responsive, but if you are renting, the responsiveness of your landlord would be the bigger concern.
The complex is quiet. Hope that helps.

[Comingtomemphis]

Be sure to check out the financials of the condo (not the unit) and who serves on the Board. Ascertain if there is deferred maintenance, like needing a new roof, and how large the reserves are. We own an investment condo - not in that complex - where there are some big maintenance needs, but the unit owners don't want to pay, either in the form of a special assessment or higher monthly fees. Our building is FHA approved, which means some of the owners have limited cash and modest incomes. Maybe investors would have more working capital and a better appreciation for preserving an asset.

[eastmemphisguy]

My cousin lives there with her man and their kids. They seem to like it ok. It's not a luxurious place, but it's safe and near everything on Poplar. Gtown schools are excellent too.

[CristenS]

This is a really good point, I have noticed a lot of rental listings in the complex and typically an HOA does not allow rentals - if they do, that is very bad for the actual owners who live there in terms of financing and being able to sell. If this is true about the rentals, I would suggest definitely not purchasing there. That explains the low prices.

Originally Posted by brentwoodgirl

Fountain Square is a good, basic, older condominium complex. The units are pretty much no frills. They are mostly rentals owned by investors. I'm pretty sure that the units are less than 50% owner occupied which means you can't purchase one with an FHA loan. That keeps the prices lower as many people can't afford to pay cash for real estate.
I know there are several middle aged and older women living in some of the units. The responsiveness will be up to your landlord more than the HOA, unless you are planning to buy. The management company is responsive, but if you are renting, the responsiveness of your landlord would be the bigger concern.
The complex is quiet. Hope that helps.

[JoeCartpath]

My sister lives there...she bought her unit 3 or 4 years ago. She is very happy there. No way she could have afforded to live elsewhere in Germantown. It's very quiet at her home - she lives pretty much in the center of the complex, so she doesn't get traffic noise from Poplar and very little noise from the railroad that runs next to the southern border of the complex. She loves the location. Being an older, single woman it meets her needs perfectly. A couple of her friends are also hoping to buy there.

As you'd expect with a 40+ year old complex that started life as an apartment complex, the individual units vary greatly. Some have been upgraded/redecorated and are quite nice....others haven't - just like homes in any other 40+ year old neighborhood.

The previous management didn't maintain the property very well, and that's one reason the prices on many units are so low. The lower prices are also on the smallest units. The sizes vary quite a bit from 1 bedroom units to 3 bedroom units with 1900 square feet. A new management company took over about a year ago and has made a lot of progress toward improving the complex, but it takes some time to get everything done. They did have a assessment last year to raise the funds for the needed repairs and improvements.