406 South Second Street (Memphis: for sale, condos, house)

[kaeddd]

Hmmm, some different perspectives. Well, I didn't cancel our appt to see it, just got less sold on it. We will walk around the neighborhood on Saturday and see what we think, though again I'm less concerned whether we'd be happy and more so about whether we could ever sell if we needed to. As you guys said, tough call.

[Pearlbob]

I cannot imagine spending that much money on a condo here. Memphis just isn't "that" kind of market. You would have a very hard time selling it later on.

As for the neighborhood, it would be pretty good on one side, pretty bad on the other. Since it's a loft, you wouldn't have to worry about someone breaking into a window (I assume it's at least on the 2nd floor of the building?). But if it's on the ground level, I'd be very worried. Also parking - it would need to be very well gated and locked up.

[kaeddd]

Just to be clear...it is NOT a condo. It is a whole building. It is a one-story building that consists only of this space. The garage is part of the building, too.

The ground-floor issue is/was of concern to me, and it seems that it should be.

[Pearlbob]

I think my main issue would be that the building (from my recollection) is not directly near anything. As in, you walk out the front door...and there is nothing else there, no other homes, no open businesses, just empty and abandoned buildings. That would make me very uncomfortable. Yes, one block away is the busy South Main area, but just the idea of walking out your door where there is no one around....someone could be lurking, knowing they could easily attack you.

I know that makes it sound horrendous! But honestly that would be my worry. Is the Happy Mexican restaurant right there? If so, that would at least be a place where people might be walking to. Otherwise, as far as I can think, it's pretty abandoned right there, especially at night.

[kaeddd]

Yes, I took a look at it last night on google street view and that was exactly my concern. There did not seem to be anything but empty buildings on the whole block. Again not that it bothers ME a ton, but I think it could be hard to get a buyer later unless more development occurred there.

I think I'm particularly sensitive to resale right now as I just sold an apt building in Chicago for which I took a big loss. Not that I'm minimizing the crime/safety aspect for me, as that is certainly a factor, but potential resale is important and this one looks tricky.

The walk score site shows Happy Mexican at 0.07 miles away.

[strumpeace]

I'll break with the crowd and say

GO FOR IT!

[Pearlbob]

Resale is very hard for the top of the market in any city. But in Memphis...you can get a gigantic home for $300k. So, buying a warehouse type home in a semi-abandoned area of dowtown for $600k... I just cannot see anyone doing that. If it were dead center downtown, in a penthouse of a tall building, maybe. But not right there.

I know they are trying to get rid of the riff raff and bulldoze the abandoned areas behind the Fed Ex Forum, but that place you are talking about is a bit further south. Also, that would make me worried...if they are bulldozing the area and trying to build it up, what would happen to your home? You don't want to be forced out, or end up with all commercial buildings around you, or a gigantic parking lot, etc.

the actual unit is gorgeous though. But regardless, I think it is seriously over priced for Memphis.

[kaeddd]

Originally Posted by Pearlbob

...if they are bulldozing the area and trying to build it up, what would happen to your home? You don't want to be forced out, or end up with all commercial buildings around you, or a gigantic parking lot, etc.

Excellent point.

[sldream]

Originally Posted by Pearlbob

Resale is very hard for the top of the market in any city. But in Memphis...you can get a gigantic home for $300k. So, buying a warehouse type home in a semi-abandoned area of dowtown for $600k... I just cannot see anyone doing that. If it were dead center downtown, in a penthouse of a tall building, maybe. But not right there.

I know they are trying to get rid of the riff raff and bulldoze the abandoned areas behind the Fed Ex Forum, but that place you are talking about is a bit further south. Also, that would make me worried...if they are bulldozing the area and trying to build it up, what would happen to your home? You don't want to be forced out, or end up with all commercial buildings around you, or a gigantic parking lot, etc.

the actual unit is gorgeous though. But regardless, I think it is seriously over priced for Memphis.

They would be downtown...in most metrpolitan downtowns, residential space is surrounded by or mixed in with commercial. Like someone else said before, in another post, you'd swear Memphis was the worst place ever to live if you judge from a lot of the comments. This simply isn't true. There aren't that many places that aren't safe to live. Stop listening to the news and drive around to see things for yourself.

As far as resale, I've never seen one home that didn't sell at all. The worst thing most people do is overvalue their home and think it's made of gold. Homes everywhere have problems selling at some point or another...it's called buyer preference. Everyone isn't going to like a particular home for whatever reason, but somebody will,given enough time. If you have the right marketing and realistic expectations, you'll have no problem.

"Seriously overpriced?" According to whom? No one here is the authority on home values...just speculators. I could argue Belle Meade is overpriced,The Highlands overpriced, Bedford Plantation overpriced, Every home in East Memphis overpriced. If you don't like downtown living, then fine don't move downtown. If you don't want to spend 599k then don't. So what you can go in some other part of town and pay 300k for a "gigantic home"? OP wants to live downtown apparently and that particular space seems worth it to them. I would definitely not let a message board determine my lifestyle. Go for it!

[Pearlbob]

I lived downtown in the south main area for many years actually. So, I do know that area well. I don't need to drive down there to see things for myself!

To to OP - go see it for yourself and make your own opinions.