Memphis real estate trends (sales, real estate market, movers)

[memphis2]

I posted about Fayette County in the middle of last year, but now the real estate trends heading into 2008 are even more evident, especially when you consider how middle class areas of the Memphis metro are always in transition.

While Shelby County and DeSoto County are way down in real estate sales and building starts, Fayette County is about even, which is amazing given how bad the real estate market is.

If you look at the December 2007 housing starts- Shelby has 160, DeSoto County has 40, and Fayette County has 33. It is incredible that Fayette County is almost catching DeSoto in total home starts, even though it is much smaller and has no decent public high schools. Even more stark, if you look at the total valuation, Deosto has less than 6 million while Fayette blows DeSoto away and appraoches 10 million.

On a related note, the largest hoembuilder in DeSoto, Reeves Willliams, symbolized the DeSoto boom by building cheap tract houses in cookie cutter subdivisions to the middle class. The company sold ZERO houses in Dec. 2007 and rumors are will shut down completely. It is amazing how fast things change.

Fayette County is now the new "hot" area, while DeSoto was proclaimed the new hot area in the early 2000s. My overall point, why run? Shelby County is struggling but has all the natural advantages of being at the center of the metro region with the lions share of businesses, retail and enternainment options. That will not change. You may as well stay in the center of the metro area, where a majority of income, professionals, and movers and shakers will always be and hopefully improve the entire region. Even in the outlying areas, things can change very quickly, not just in Cordova or Hickory Hill.

[tigergal]

Originally Posted by memphis2

I posted about Fayette County in the middle of last year, but now the real estate trends heading into 2008 are even more evident, especially when you consider how middle class areas of the Memphis metro are always in transition.

While Shelby County and DeSoto County are way down in real estate sales and building starts, Fayette County is about even, which is amazing given how bad the real estate market is.

If you look at the December 2007 housing starts- Shelby has 160, DeSoto County has 40, and Fayette County has 33. It is incredible that Fayette County is almost catching DeSoto in total home starts, even though it is much smaller and has no decent public high schools. Even more stark, if you look at the total valuation, Deosto has less than 6 million while Fayette blows DeSoto away and appraoches 10 million.

On a related note, the largest hoembuilder in DeSoto, Reeves Willliams, symbolized the DeSoto boom by building cheap tract houses in cookie cutter subdivisions to the middle class. The company sold ZERO houses in Dec. 2007 and rumors are will shut down completely. It is amazing how fast things change.

Fayette County is now the new "hot" area, while DeSoto was proclaimed the new hot area in the early 2000s. My overall point, why run? Shelby County is struggling but has all the natural advantages of being at the center of the metro region with the lions share of businesses, retail and enternainment options. That will not change. You may as well stay in the center of the metro area, where a majority of income, professionals, and movers and shakers will always be and hopefully improve the entire region. Even in the outlying areas, things can change very quickly, not just in Cordova or Hickory Hill.

"the natural advantages of being at the center of the metro region with the lions share of businesses, retail and enternainment options."

For some reason, there is a resistance on the part of many to accept that the above mentioned features are not "natural advantages" to many of us. For many of us, the "natural" advantages to be desired are indeed "Natural" - you know, like space, nature, and the like. The further one gets from the metro area, the closer one gets to "natural"advantages".

[memphis2]

But it's not like the outlying areas have any "nature". You can find more trees and such in the nice areas of East Memphis and Chickasaw Gardens, although granted not all can afford those areas. They are basically flat and ugly compared to the lakes and the mountains you find in the booming areas of Middle and East TN. I will conceed that you have more space.

[tigergal]

Originally Posted by memphis2

But it's not like the outlying areas have any "nature". You can find more trees and such in the nice areas of East Memphis and Chickasaw Gardens, although granted not all can afford those areas. They are basically flat and ugly compared to the lakes and the mountains you find in the booming areas of Middle and East TN. I will conceed that you have more space.

Nature's about more than trees - it's about getting away from highrise buildings, concrete and the like. When you can drive past cow pastures and ponds to get to work (or whereever you're going), you get "nature". When there are deer tracks across your yard, that's nature. There are no deer tracks across yards in city proper by any means.