Curious About Midtown (Memphis, Germantown, Collierville: for sale, real estate, apartments)

[fittoac]

I'll be moving to Memphis from Los Angeles in a few months. I'd like to buy a condo, and I'm strongly considering the Pie Factory Lofts, which are on Young, 2 blocks from the intersection w/Cooper. I have a few questions though:
- The diversity and character of Midtown is appealing to me. I'm a 23-year-old friendly, outgoing, adventurous female. Would you recommend Midtown for me? What are the pluses of Midtown living? The minuses?
- Specifically concerning the Pie Factory Lofts, does anyone know anyone who lives there? Are they happy with their homes/the location/etc.?
- Any advice you can think to give me concerning Midtown living in general?

Basically I'm trying to decide between Midtown and the east Memphis area (Cordova, Germantown, etc.), which I am already familiar with. I really appreciate any input you all can give me! Thanks!

[Streetchie]

The Pie Factory condos look pretty nice and will surely be a popular place. That part of CY can still be a bit sketchy at times however. For the same money you could have a whole house in CY on a better street, with a backyard.

Also, if you're in the condo market, why not try downtown. There are hundreds of condos for sale in every shape and size. You can get a really good deal right now because the market is pretty soft. Downtown is the safest zip code in all of Memphis.

[Pearlbob]

Streechie's got it right: for the $$ they are charging for the Pie Factory places, you could buy a whole house in CY. They are WAY overcharging for those condos. They are nice and new, but overpriced. Like mentioned, they are towards (not in, but towards) an edge of CY that is still a bit iffy.

I live in midtown, and I love it. I love the diversity, like you mentioned. There are tons of GREAT restaurants and bars right at CY where you will find young and old people all day and night. It's a great area for locals, without the constant crowds, tourists, and yuppies of downtown.

[speedbump123]

Originally Posted by fittoac

I'll be moving to Memphis from Los Angeles in a few months. I'd like to buy a condo, and I'm strongly considering the Pie Factory Lofts, which are on Young, 2 blocks from the intersection w/Cooper. I have a few questions though:
- The diversity and character of Midtown is appealing to me. I'm a 23-year-old friendly, outgoing, adventurous female. Would you recommend Midtown for me? What are the pluses of Midtown living? The minuses?
- Specifically concerning the Pie Factory Lofts, does anyone know anyone who lives there? Are they happy with their homes/the location/etc.?
- Any advice you can think to give me concerning Midtown living in general?

Basically I'm trying to decide between Midtown and the east Memphis area (Cordova, Germantown, etc.), which I am already familiar with. I really appreciate any input you all can give me! Thanks!

I'd say at 23 years old, it's good to consider buying anywhere, but you should consider how long you're going to be in Memphis or any other city FIRST.

I would recommend buying a smaller suburban single family house before buying any condo.....why? easy ! there are more buyers of SF houses than condos, the condo market is generally more narrow, and lenders still prefer lending money on LAND, not airspace in a structure.

I don't have a dog in this fight, but I'd say first look at the smallest and cheapest house in the best residential neighborhood, remember its LOCATION first in any choice to purchase a home- it's desirability and location !

So, first look in stable areas- my advice would be Collierville, Germantown, Older areas around S. Perkins- Walnut grove, Chickasaw- even some brand new very very east areas and subdivisions where young families are buying to get away from Memphis 'stuff', there's a REASON why these areas are still selling very well and will continue to do so in the future, the future is the key in Memphis real estate and understanding population shifts for the next five years, the migration for single family homes has always been EAST and will contiue to shift in the future because that's where the land is ! it's NOT downtown or midtown, or on mud island !

[Pearlbob]

At 23, you don't want to live in the burbs with the 40 year olds, their 2.3 kids, and their dog and 2 cats. If that's the type of lifestyle y ou want (mowing the grass, watching kids play in the yard, driving 2 miles to get to a grocery store, shopping at Wal Mart) then the burbs are great for you. But from what I gather, you are young and more interested in being in a fun area with other people your age, and not out in the burbs away from night life.

[fittoac]

Thanks for the input everyone! Though I am aware of the value of a condo vs. that of a single family home, I'm also not at a place in my life where I want to have the responsibility of owning a full-on house. (Though a yard would be great, I don't want to take care of it!) I've noticed many of the cheaper homes in Midtown are also "fixer-uppers," which isn't a task I'm ready to take on right now. And Pearlbob, I think you hit the nail on the head with your post. The suburbs are great, but right now I'm not quite ready to settle into that life. It sounds like Midtown might be a good fit for me. My only concern was that I might be moving into the "danger zone" or something, but it sounds like that's not the case. As for finding a condo downtown, maybe I'm just looking in the wrong places, but everything I've seen is either right around the same price or a lot more expensive than the Pie Factory. The search is still on though... I've got 8 more months to decide!

[fittoac]

Know anything about Central Ave.? I've found another condo I like on Central & Boston. Looking on Mapquest, it's very close to Tobey Park. How is this area of Midtown?

[Pearlbob]

Yes, everything downtown will be much more expensive than anything in midtown. Downtown is brand new condos and priced for the upper class or at least the middle class that doesn't mind paying an arm and leg for an 800 sq ft condo.

No to those condos you found. As you can see on the map they are literally UNDER the busiest railroad track in town. It's insane. You would not be sleeping. When I saw they switched these from apts to condos a few months ago, I almost died. Who wants to pay money to live under a train track? That's also not really midtown. It's nearby, not really what midtowners would consider midtown.

Search for zip codes 38104 and 38112 for midtown.

[Pearlbob]

Just looking thru crye-leike.com really quick:

Crye-Leike, REALTORS®:: Property Search Detail

Crye-Leike, REALTORS®:: Property Search Detail

Crye-Leike, REALTORS®:: Property Search Detail (i would recommend these..they are apts that are currently being remodeled into condos....ultimately the most beautiful neighborhood in town....million $$ homes on Belvedere and you're across from the most beautiful church/elementary school in town, Immaculate Conception)

Crye-Leike, REALTORS®:: Property Search Detail

Crye-Leike, REALTORS®:: Property Search Detail

Crye-Leike, REALTORS®:: Property Search Detail

Crye-Leike, REALTORS®:: Property Search Detail

Crye-Leike, REALTORS®:: Property Search Detail

[strumpeace]

The redevelopment on Central across from Immaculate Conception is pretty cool. When those buildings were rental apartments, they were hideous. I toured one as recently as February. They were converting to condos at that time, so they were only allowing 6-month leases at the time. I did get a sneak peek at the model condo (which is pictured in the link posted by Pearlbob); it was stunning, especially for the price being asked -- which is beyond reasonable for that area.

I'm considering buying there myself when my current lease expires.