Another Downtown Condo Thread (Memphis: mortgage, highrise, hoa)

[CrazyMary]

Hi all - Recent Memphis transplant here. I grew up in Memphis, but moved away for 13 years and have recently returned. I've been renting since I was unsure how long I'd be here.

Now that I'm sure I'm going to be here at least a couple years, I've been shopping a downtown condo hard. Low int. rates + desperate builders make it a pretty attractive time to buy.

I'm 30 (male) and don't know many people here - I'm looking to move to as close to the heart of downtown as I can for that reason. I'm in harbor town right now and it's just too isolating. I'd like to be able to walk/trolley to restaurants, bars, sporting events, just generally be more exposed to city life.

So I'm looking for advice, tips, etc. My budget is up to 300k, but again I'm single and don't need a lot of room. What I'm looking for is a good buy. Easy to get burned in this RE climate. I work in the mortgage industry so I'm hyper aware of what's going on.

The List:

Claridge - Fantastic (best for my needs?) location (i don't see the homeless congregation others have mentioned), great amenities, almost all of the building sold. Terrific city views from higher floors. Somewhat dated, poor bathrooms, high HOA ($400/mo for 1200 sqft!) marginal parking <-- this is almost #1 priority (esp. for resale). Parking is shared w/ the adjoining Comfort Inn.. and it's $75/mo on TOP of HOA. Ouch. Still, these units seem like a good buy. They are cheap and charming. Also, the new UoM law school is being moved VERY close by. Again, resale.

The Nettleton - Average location, unfinished, very expensive, but interesting and unique. Very luxurious. Personally, I think these guys are going to get burned - just don't think the market will support this kind of luxury living. Marginal location, and 300k for a 1/1 1300-1400sqft.

State House, Carolina, 648, etc - Too far south, no trolley access really - meh community. Too much unsold? Train noise. Generally uninspiring. Convince me otherwise.

Paperworks - Parking. First come/first serve kinda thing. Dealbreaker.

The Lofts Used to like the unfinished loft look a lot more. Now not so much. I don't want to feel like I'm living in a garage. These places are also very expensive - not sure what you're getting for it. Have to spend a fortune to get the places comfortable.

Horizons - Unfinished, probably well out of my budget as well. Risky buy imo (see Nettleton).

Shrine Building (66 Monroe) This is one of the few I've not yet looked at! I think parking is an issue. Garage, shared? Seem like nice units from limited pics I've seen.

RiverTower- Feels like they just slightly converted a Holiday Inn into apartments. Oh, hey wait.. ! Nice local, amenities. Terrible feel.

One Beale - lols, gl on that one. Glad I'm not an investor.

City House - Good location, on the trolley line. 30-31/36 sold. But maybe farther south than I want? Good price here for folks looking. Very nice units, luxury, gas etc. 2BR only available atm. But here you can get 1900 sq ft for ~~250k. Community concerns me. I'm thinking it's probably all married/older folks Good parking/deeded space. If I were married, this might be my choice.

127 Madison - Know very little about. Any opinions?

21 Mina Ave - Another I know nothing about - looks like slick executive-type places.

2 West - Again, location is fairly far south - also, too many units for sale here. Concerned about making a good buy there. Would like some opinions, never been inside.

92 S Main (One One O'Six) - Very interesting, have yet to see. Looks like a phenomenal location. Most have sold. Any opinions?

200 Wagner (Waterford Plaza) - Know nothing about - Lots have sold recently. Are these places dated looking? They aren't cheap, but I get that feeling anyway.

426 N Front - Nice looking, but way too far north.

RiverCrest - Very good location, model unit is fantastic. 11 units, 2 sold 1 under contract. Only model is finished as far as i know. 2 parking spaces here; phenomenal bathrooms + kitchen. 1 Block from a main st. trolley stop. Issue here is the fact that it's unfinished and I feel it's a risky buy for 300k. Especially when I don't really need all that space. Almost 2000 sq ft. This place is next to Gus's

420 South Front - Nice units, parking is a killer. First come/first serve. Lots for sale here, probably parking issue.

421 South Main (Hotline Lofts) - Know nothing about, never been inside. Opinions?

417 South Main - Opinions?


I'm going to edit/update this list as I know more. I'm just looking for some feedback from folks that have lived in these places or know more about them.

I also realize i'm going to have to compromise on features - living in the heart of downtown may mean less condo for the money - less luxuries, parking may be inconvenient.

I've been looking for a couple months now - maybe hard for about 4 weeks. I've yet to employ a realtor, but may have to since I haven't found the right place yet.

Claridge has been #1 for me for awhile since the location/community and amenities are great. I also found a well priced charming unit within. Old building, very dated bathrooms, parking, and HOA concern me here.. even if I make a good buy.

Sooo.. anyone else looking downtown?

[Pearlbob]

There have been a couple for sale at 413 S Main too, I've noticed.

My only thought right off-hand is that it seems like downtown is developing more towards the South, not the North. The Claridge House is to the north. Apparently lately they've hired security to get rid of the bums in that area, which is why you may not see many anymore. Security is hired thru June I believe. Before that, however, the north area right near Claridge was the prime location for bums. That is something I'd worry about again.

South Main is just a few blocks from the core of downtown (Main and Peabody let's say). It's not much, if any, further away than Claridge.

Also look at the lofts that overlook the ballpark. The new building at Main and 2nd is selling now too, although they seem to be prety expensive. I can't think of the name right now, but it's a tall building that has been renovated.

[Pearlbob]

Also, the Shrine Building uses the parking garage around the corner on Front. The building is very, very nice. I think it may be a tad over-priced, but I'm sure those prices reflect the views from the taller floors.

[Pearlbob]

And another -Waterford Plaza was probably the first condo building downtown. It's rather old, and I'm sure it's only as updated as the individual owners have made their own units. It's definitely more for older folks. The units i have seen for sale look very outdated to me, but I'm sure there are people there who have renovated their places.

[CrazyMary]

Thanks Pearlbob - figured you reply to this fairly promptly

This is the kind of feedback I'm looking for

I don't know anything about the places overlooking the ballpark. Or 2nd & Main? Aren't those streets parallel? I'm having a hard time visualizing where you mean.

Do you mean that tall white highrise @ Court Square? I think that building used to be luxury apartments many years ago?

Anyway, keep the suggestions coming - I really appreciate it.

[Pearlbob]

Oops. 2nd and Madison. Sorry! Heck, maybe it's 3rd and Madison now that I think of it....


The ballpark ones I think are 245 Madison. They are mainly lofts, with concrete floors, brick walls, and open floorplans.

[Pearlbob]

Here is a link...it's Goodwyn at 127 Madison. There are a bunch listed there...also a few at the ballpark complex at 245 Madison.

Crye-Leike, REALTORS®:: Property Search Results

[CrazyMary]

Also, my attraction to the Claridge House is its location + resale. Also, it's one of the lesser expensive places downtown and I think I could steal one. Yes, it's north - but so is most of downtown. Bars, restaurants, Easy Way, coffee shops basically on the ground floor.

But meh, it's hard not to like some of the luxury/space the south end offers. I'm just concerned about the timing of buying that stuff - sooo much for sale, and who knows which developments will ultimately thrive.

[CrazyMary]

Ah, yeah 127 Madison. Have it on my list - it's pricey, but I'm interested in having a look. thanks!

[Pearlbob]

I suppose personally, I knew Claridge when it was rental, and it was pretty low-scale compared to most rentals downtown. Very cheap, not taken care of very well. Due to the cheap rent and smaller units, you had some iffy people living there. I'm sure they have renovated it well, however it's probably still one of the cheapest buys downtown. I'm not sure if that is a good or a bad thing. It's good for now, but who knows what the market will be like in 5-10 years.