Question about the Pie Factory lofts (Memphis: rentals, condos, crime)

[kgh31386]

I've heard on here that Cooper/Young can go from nice to very bad in a short distance. The Pie Factory building is within a quarter mile of the cooper/young intersection. But it's also within a mile of East Parkway and Southern. The building itself seems secure...you have the inside hallway to get to your condo. But would anyone consider these since the surrounding area is bad? I've done the crime map and it seems like the entire area("good" areas included) have a decent amount of "theft, theft from vehicle, simple assault", etc. If you could rent one for under $800/month...would you? I've been looking at mud island too and noticed some crime going on there. Memphis and crime, like peas and carrots for the most part.

[Pearlbob]

These condos have been discussed several times on this board. if you do a search, you can find what people have said about them before.

[kgh31386]

I've searched. But the threads just mentioned buying. But what about renting?

[strumpeace]

You can take certain risks with renting that you can't necessarily take with buying. If you rent there and absolutely hate it, you can leave. You may have to pay a few hundred dollars to break your lease, but you can move. Buyers can't do that. They're invested in their homes.

Personally, I would not buy there. I don't think Pie Factory can hold its value, especially in this economy. Just the fact that rentals are available there tells me that something isn't working out quite right there. Pie Factory was planned to be an owner-occupancy building, not a building with renters. Usually when a building like that starts renting units, it says one of two things: 1) The developer is having problems selling the units, even at the rock-bottom prices they've tried selling them at; or 2) Individual unit owners are upside-down in their loans and can't afford to sell. (There are other possibilities, but those are the two that immediately come to mind.)

But I would consider renting there, knowing that I wouldn't be tied down to the place.

Best wishes.