Owning vs. Renting mem

[eastmemphisguy]

I don't believe there are any condos on HarborTown/Mud Island. Lots of apts and single family homes that run a wide range of budgets. But if it's just a question of buying vs selling, that's nothing specific to Memphis and you may want to have a chat with the people on the real estate forum. There are many, many variables to consider. I think that the downtown market is stable though. There's an enormous amount of commercial investment going in down there. Just be sure you understand what living downtown entails regarding parking, distance to shopping, traffic, etc. Downtown Nashville is centrally located in the metro area. Downtown Memphis is not.

[Comingtomemphis]

There are condos on Mud Island, although many of them are more expensive than the single family houses. I know someone who sold one recently, and it got snapped up by a neighbor before it even hit the market.

Like anywhere else, if you buy wisely Downtown your investment should be secure. Even properties that seemed peripheral five years ago - like the ones on Toulouse - have benefitted from the enormous amount of infill development.

A lot of people got burned during the downturn, especially those who bought high-spec new builds, but even those are back up in price. There are very few moderately-priced houses for sale on the Bluff, but plenty of choice if your budget is $1.5-2 million.

Two things to bear in mind: parking and taxes. I would not buy any property Downtown which does not have designated parking. The days of easily finding something on the street are largely over. As for taxes, check the Assessor's web site to see what the taxes are at your purchase price, don't rely on the current tax bill.

[ccdel]

I encourage renting. With your budget, you'll get more bang for your buck with renting in the areas you are considering. Condos in Downtown and Harbortown are overpriced, IMO.

Also, it's just best to rent for a little while just in case you decide to move. Memphis isn't for everybody. I love it here. But I wouldn't necessarily recommend to everybody.

But, if you get here and love it and decide you just really, really want to buy - do it quick. Real estate in Memphis is really on the upswing - at a slightly higher rate than the rest of the country. So prices are going to be getting stupid high in a few years.

I also think you're better off Downtown rather than Harbortown. Harbortown is a bit removed from the rest of Downtown (even though it seems very close). I've also heard that the apartments there are kind of shady. But I don't have personal experience with that - I'm just going by different reviews and things I've read online.
There's a bunch of new apartments in the South Main area of Downtown. Personally, that's probably where I would want to live. It's easy access to all the cool stuff downtown Memphis has to offer, but also pretty easy access to the rest of the city. And that area is getting ready to really blow up with development.

[carolinafriendster01]

I am another believer in renting for a few months first. Find a short term lease or a landlord that will let you go month to month. Stay closer to mud island if living in Harbor Town. I much prefer a home over a condo and just like others have said it is harder to sell.

[southernK]

Ok guys thanks a bunch for your replies. I'm leaning towards rental. My next question is...which apt complex?? I found one that is a mix of low-income people and those who pay market rate (price range about 750 - 900.) The other is a newer complex where prices begin ~ 1100 - 1500. I can afford the latter too but is it worth it? What do you all think? *Sigh* rental dilemma...

[CristenS]

If it's only for a few months, why not pay more to get a likely nicer experience? Then you can really determine what your price range can be long-term. In Memphis, money often equals safety, so paying more isn't just a matter of amenities.

[shpgrl1001]

I'm a local real estate agent and even I think you should rent first, at least 6-12 months before considering investing to get more familiar with not just neighborhoods but home styles. Great advice in this entire thread. How much you decide to spend on rent also plays into how much you can save if you decide you do want to buy. What is your reason for wanting to be in downtown/Harbor town as opposed to say Midtown or even Germantown/Collierville or Southwind? That would help in helping you choose. Is it for convenience or aesthetics/amenities?

[MissKayeElle7]

Originally Posted by shpgrl1001

I'm a local real estate agent and even I think you should rent first, at least 6-12 months before considering investing to get more familiar with not just neighborhoods but home styles. Great advice in this entire thread. How much you decide to spend on rent also plays into how much you can save if you decide you do want to buy. What is your reason for wanting to be in downtown/Harbor town as opposed to say Midtown or even Germantown/Collierville or Southwind? That would help in helping you choose. Is it for convenience or aesthetics/amenities?

From what I've heard and read those are the safest areas. Also, I'd prefer to live in something newer and it seems the homes on Midtown are older.

[CristenS]

"Low income people" paying abnormally low rents ($700-ish) doesn't sound like a real downtown apartment complex. They are all pretty high priced these days. There are some complexes that claim to be "downtown" but are on the outskirts and not in the safest areas - be aware of the difference when looking around.

[CCaDL]

I'm finding home prices in Memphis to be very low. The market doesn't seem to have recovered yet from the downfall. So, it's a good time to buy, but that said, there's not a whole lot available, you don't know the area well, and aren't there, which might mean you're setting yourself up for more regrets if you buy.
Like others have said, I'd rent for a year. And make sure it's a condo or apt., not a house. I've noticed that the majority of management/rental companies have little to NO information about themselves with their listings. Some have no website at all, and of those who do, very few have any information pertaining to how long they've been in business, who are their staff, who owns the properties, who owns the management agency...and so on.