Advise Please ! Buying 1st Home (Memphis, Bartlett: city hall, crime, houses)

[CarnivalofSins]

Before I come to the issue I would just like to put in a word about how impressed I am about the way some of you go about helping others by taking out your time and giving free advise, especially strumpeace and pearlbob.

Coming to the issue. I am about to start my Graduate Studies at the University of Memphis in the fall session while my wife has a very good job in the downtown area. We are new to Memphis and are looking to buy our first house. We are both relatively young and dont have any kids and hence are not too concerned about the schooling aspect of things. We would like to purchase a house which we can resell in 2-3 years, at the time of my graduation, without loosing money on it. We plan on staying in Memphis for the long haul but currently want a starter home till I get done with my studies. Our range is in the region of $70,000-150,000.

Can anybody offer me advise in regards with the area to buy the prospective house ? Bartlett ? Cordova ? LakeLand, Collierville etc ?

Your help will be greatly appreciated.


P.S:- If possible please mention the Specific sub region (i.e Stage Road etc) when advising since I am complete stranger to Memphis and dont want to get stuck in a crime infested neighbor hood.)

[Pearlbob]

You are going to have to spend more along $150k+ to get a safe house in Memphis. Not sure where you are moving from, but $70k...I can't fathom what that would buy you here. Nothing in Collierville, that's for sure

Cordova is thought of as going downhill now, but it would probably be okay for your needs. Any of the suburbs would be fine for you, I think your main issue will be your price range. You can probably get more for your money in Cordova.

That is, if you have to be in the suburbs. Why not live in town? You'll be at UM, your spouse downtown...you could buy a small home in midtown, maybe around Cooper Young, for closer to your price range plus you'll be closer to work/school.

[DubbleT]

I agree with Pearlbob about living in town. Just for fun I googled Chickasaw Gardens area and found 29 listings in the 100-150K range.

[Pearlbob]

My gosh, where is there a house in Chickasaw for $100k??? I'll take that if the OP doesn't want it.

Midtown can be iffy, I know this as a resident, but for a temporary starter home and for someone young with no kids who may not have a huge budget, I think it's your best bet.

[DubbleT]

Originally Posted by Pearlbob

My gosh, where is there a house in Chickasaw for $100k??? I'll take that if the OP doesn't want it.

Mind, I said the Chickasaw Gardens area, and I didn't say all of them were great!
I'm an old house nut so I really like the first one.
Single Family Home - 500 ELLSWORTH ST, MEMPHIS, TN, 38111 - Realtor.com (http://www.realtor.com/search/listingdetail.aspx?cmid=1101557&ml=3&mnp=18&mxp=18 &typ=3&sid=6962c29e4ba1498ebecaa9c29a0c05fc&pg=3&l id=1101347993&lsn=27&srcnt=29#Detail - broken link)
Single Family Home - 221 PALISADE STREET, MEMPHIS, TN, 38111 - Realtor.com (http://www.realtor.com/search/listingdetail.aspx?cmid=1101557&ml=3&mnp=18&mxp=18 &typ=3&sid=6962c29e4ba1498ebecaa9c29a0c05fc&pg=3&l id=1101720929&lsn=29&srcnt=29#Detail - broken link)

View 'em quick before the moderator cuts the links.

I also saw some houses on Greer and on Joffre that were in the OP's price range.

[Pearlbob]

Those do seem like good options!

There is that area between the Pink Palace and Chickasaw that offers some nice older homes, but are obviously a lot smaller than Chickasaw and don't offer the "prestige" of Chickasaw, but are still basically the same area. (South of Poplar, north of Central, east of Pink Palace, west of Chickasaw). You're right, that would be a great area for the OP.

Originally Posted by DubbleT

Mind, I said the Chickasaw Gardens area, and I didn't say all of them were great!
I'm an old house nut so I really like the first one.
Single Family Home - 500 ELLSWORTH ST, MEMPHIS, TN, 38111 - Realtor.com (http://www.realtor.com/search/listingdetail.aspx?cmid=1101557&ml=3&mnp=18&mxp=18 &typ=3&sid=6962c29e4ba1498ebecaa9c29a0c05fc&pg=3&l id=1101347993&lsn=27&srcnt=29#Detail - broken link)
Single Family Home - 221 PALISADE STREET, MEMPHIS, TN, 38111 - Realtor.com (http://www.realtor.com/search/listingdetail.aspx?cmid=1101557&ml=3&mnp=18&mxp=18 &typ=3&sid=6962c29e4ba1498ebecaa9c29a0c05fc&pg=3&l id=1101720929&lsn=29&srcnt=29#Detail - broken link)

View 'em quick before the moderator cuts the links.

I also saw some houses on Greer and on Joffre that were in the OP's price range.

[strumpeace]

That neighborhood is called Joffre.

Carnivalofsins -- Thanks for the compliment. I don't live in Memphis anymore, but I'm still fascinated by the city and spend a considerable amount of time there. If you can find your place, your niche, you'll like it. I completed a graduate program at the U of M last year myself. What are you studying, if I may ask?

The criteria you listed make it difficult for me to recommend any particular suburban neighborhoods. Those neighborhoods change rapidly, so it's a stretch to guess what will still be solid in a few years. As my own personal guesstimate, your best bet for finding something in your price range that should hold its value is probably Bartlett. I would try Bartlett Creek, Bartlett Estates, and Bartlett Hills subdivisions. Housing in Bartlett has held a pretty consistent value for the last decade or so. (Of course, that's not guaranteed to continue.)

Within the city, the aforementioned Joffre neighborhood and the East Buntyn neighborhood are both good, both centrally located, and both very convenient to the U of M. If you're a risk-taker and want to play the speculation game, look at Normal Station just south of the U of M campus. That neighborhood has held its value well for some time now.

Best wishes.

[Bowyer]

Definitely look in the 38117 ZIP. This would be considered East Memphis and is an area that is appreciating, while other areas are stagnant or declining.School districs make a huge difference when it come time to sell. My best advice is to look in the White Station district (38117, 38120 ZIP). Avoid Cordova if you want to not lose money in a few years. There is a current mass-exodus from that area and it is driving down the price of homes, big time.East Memphis is a great area, full of young people and close to everything the city has to offer.Good luck!

[UofMGrad92]

You can certainly get into lots of neighborhoods in Bartlett for $120,000 to $150,000. Selling in 2 to 3 years in any area is not a good way not to lose money (when you factor in closing costs, realtor fees, etc.), but the dollar value of the house probably won't decline (unless the overall, nationwide housing decline continues and interest rates increase).

The neighborhoods Strumpeace mentioned would all work, as would many others in the Bartlett area. Some in the north part of Bartlett (off Old Brownsville) have had a harder time holding in value lately due to the massive amount of building, but most of those neighborhoods would run more than $150,000 anyway (more in the $200,000 to $300,000 range).

Just make sure you are in the Bartlett city limits or Bartlett annexation reserve before you buy. Some builders claim Bartlett for county areas in the Memphis annexation reserve because the kids in those areas go to County schools in Bartlett. But those areas haven't held their value, and annexation by Memphis would likely mean a decline in values after it happens. Check with Bartlett city hall before you buy, and they should be able to tell you the house is for sure in Bartlett or the Bartlett annexation reserve. The same goes for any other suburban municipalities in Shelby County.

[jstring0704]

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