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Old 03-11-2010, 08:58 AM
 
Location: Virginia Beach
522 posts, read 1,768,777 times
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My wife and I are lookin at homes in this particular zipcode. More specifically homes near Shelby Farms.

Can anyone tell me about this area? Is it County or Memphis City? I heard that they had articles about this zipcode stating that its one of the best and affordable places to live.

How are schools in this area and the quality if life?

3-4 years from now I will probably be relocating again and was wondering what you all think about the resale value of homes in this area around that time frame?

The homes we are lookin at are new construction and in the low 200s. Any information would be great, thanks!
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Old 03-11-2010, 09:45 AM
 
Location: East Memphis
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Most of the area around Shelby Farms is still County (east of Whitten is County, west of Whitten is City I think), but it is in Memphis City reserve area, meaning Memphis will annex it in the future. I think the area may actually be up for annexation in 2013. Buying in an area on the annexation short list is a toss up. Once Memphis annexes an area many people move out driving the property value down. The schools in the area are probably OK if they are county schools. Once you are annexed they become city schools. City schools have a horrible reputation, but I think most of the City schools in the Cordova area are pretty OK. Overall Cordova is safe and mostly suburban looking. There are lots of amenities (shopping, restaurants, etc.), but roads in the area are a nightmare. With Shelby Farms separating East Memphis from Cordova there are no real NS thoroughfares other than Germantown Pkwy, which is really congested all the time. This would be OK if you could avoid this road, but most of the above stated amenities are on this road. There are better Zips in the City of Memphis and the surrounding suburbs to live in, but overall this ZIP is good. If you plan on moving in the next 5 years you may want to look elsewhere. Resale in the area is very difficult because of all the houses currently on the market in the area. Are there other reasons for looking in this area? Will you be working out that way?
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Old 03-11-2010, 09:55 AM
 
Location: Virginia Beach
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Thanks for your response TigerTate. Well, I work in at the Naval Base in Millington and we were looking at houses before in Arlington/Bartlett. But we noticed we could afford more in Cordova because of the lower property tax. We went to explore around Shelby Farms and found a new subdivision with new construction homes (being built as they are bought) and my wife really fell in love with an existing home and the Builder is throwing a bunch of perks at us plus a rate of 4.25 (which right now is 4.75 for VA but he would buy down the discount points to 4.25).

So that was very appealing to my wife. And being by Shelby Farms I figure the value of the home would stay in good shape in the future and plus if someone bought our home using the VA they could keep the 4.25% rate.

But of course being annexed into Memphis is a concern for my wife and I; do you think that annexation will really drive prices down? When we are ready to relocate we plan on either selling the home if the price is right or renting it out.


Quote:
Originally Posted by Tigertate View Post
Most of the area around Shelby Farms is still County (east of Whitten is County, west of Whitten is City I think), but it is in Memphis City reserve area, meaning Memphis will annex it in the future. I think the area may actually be up for annexation in 2013. Buying in an area on the annexation short list is a toss up. Once Memphis annexes an area many people move out driving the property value down. The schools in the area are probably OK if they are county schools. Once you are annexed they become city schools. City schools have a horrible reputation, but I think most of the City schools in the Cordova area are pretty OK. Overall Cordova is safe and mostly suburban looking. There are lots of amenities (shopping, restaurants, etc.), but roads in the area are a nightmare. With Shelby Farms separating East Memphis from Cordova there are no real NS thoroughfares other than Germantown Pkwy, which is really congested all the time. This would be OK if you could avoid this road, but most of the above stated amenities are on this road. There are better Zips in the City of Memphis and the surrounding suburbs to live in, but overall this ZIP is good. If you plan on moving in the next 5 years you may want to look elsewhere. Resale in the area is very difficult because of all the houses currently on the market in the area. Are there other reasons for looking in this area? Will you be working out that way?
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Old 03-11-2010, 09:55 AM
 
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I'm just a couple of hundred yards north of 38018 in 38016 - Macon Road is the dividing line. Depending on exactly where you're looking, it could be city or county. Even if it's county, it'll be in the Memphis reserve annexation area - so there's no guarantee it'll remain in the unincorporated area of the county.

I think you get more bang for your buck in most areas of Cordova than you will in most other areas. That's at least partly because there are a LOT of homes there....and there are a LOT of homes on the market. The same house in Germantown or Collierville will be significantly more expensive.

School? Sorry, someone else will have to help you there - I'm too old to have to worry about that! The best thing would be to find out exactly which school district you'd be in and someone here should be able to give you the inside dope.

Quality of life? I'm happy! Pretty much everything I need or want is 5 minutes from home....and I can get pretty much anywhere in Memphis quickly and easily. People complain about traffic on Germantown Parkway, but I don't think it's that bad. At least it moves! You can always find ways around it too, once you learn the side streets. I feel perfectly safe here. My wife and I go for walks at night without fear. You seldom hear about violent crime in the area, and usually then it's domestic - not random. Like any other area, you'll have some home break-ins, stolen cars, stuff stolen from cars, etc., but I don't see it as a problem considering the very large population.

Personally, I think resale in 3-4 years is going to be iffy regardless of where you buy. I don't see the economy recovering anytime soon. Until unemployment gets under control, people won't be buying houses in large numbers, so it'll remain a buyers market for a long time to come. The subprime mortgage boom created a glut of housing that won't be absorbed into the market for a long time. In years past, you'd buy a house expecting it to appreciate fairly quickly. That's not going to happen now...just expect it to maybe hold it's current value at best.

I'd be VERY hesitant to buy a newly constructed home unless the subdivision is virtually 100% complete. If you do, you may be in an uncompleted subdivision for many years - and that kills the property value.
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Old 03-11-2010, 10:05 AM
 
Location: A Yankee in northeast TN
14,888 posts, read 18,673,200 times
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http://www.mcsk12.net/maps/cordova%20high%20single.pdf
Map for Cordova High district (City schools) for 2007/2008
Might want to check with MCS board of education to make sure boundaries haven't changed.
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Old 03-11-2010, 10:23 AM
 
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If the subdivision you're looking at is just north of Shelby Farms, you need to drive around that area and check out the nearby subdivisions. Most of them are homes priced well below what you're looking at, and that will hold down the value of yours. It will definately affect your value if it's annexed since, if for no other reason, property taxes will increase significantly.
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Old 03-11-2010, 10:48 AM
 
Location: Virginia Beach
522 posts, read 1,768,777 times
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Quote:
Originally Posted by JoeCartpath View Post
If the subdivision you're looking at is just north of Shelby Farms, you need to drive around that area and check out the nearby subdivisions. Most of them are homes priced well below what you're looking at, and that will hold down the value of yours. It will definately affect your value if it's annexed since, if for no other reason, property taxes will increase significantly.

Thanks Joe,

Yea the current subdivision is not complete. I think they have room for like 80+ homes and maybe they have 20 built. The subdivision I believe is called The PReserves which is across from another subdivision called Shelby Park.

We looked at another subdivision in your area code, I think called Glen Lake, that is pretty much 100% complete but many homes are on sale there and the homes are sooo close together.

Lots of thinking we'll have to do.
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Old 03-11-2010, 12:40 PM
 
1,277 posts, read 4,709,344 times
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Is that the subdivision on the east side of Appling between Raliegh-LaGrange and Mullins Station? If so, take a drive from there around the Mullins Station/Whitten Road/Macon Road/Raliegh Lagrange loop and you'll see what I mean about the lower priced homes in the area. Not that they're bad, or that it's a bad area....it's just that you'd probably be in one of the highest priced homes in the area apart from nearby Mirror Lakes and Cordova Club. I've never wanted to be in that position. I feel that buying on the lower end of the price range in an area is the way to go. My house is worth around $150K....but homes surrounding my little subdivision are mostly worth at least $100K more than that.

I can understand wanting a brand new home in a new subdivision....I bought my last three that way. It's been 35 years since I've lived in a house that had been previously lived in by someone else. If I were to sell and move now, though, I'd find a nice existing home in an established neighborhood. There are just SO many on the market that the selection is huge - and very good deals are to be had.

Being in walking distance to Shelby Farms would be nice but, in that area, I'd rather be a bit farther away. There are nice subdivisions that are just a very short drive away. South of Dexter between Appling and Germantown Parkway....or take Trinity across Germantown - there are a number of houses north of Trinity between Germantown and Sanga for sale, for example. Even Riverwood a bit further north is only a few minutes from Shelby Farms - and they have their own lake and walking trails.
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Old 03-11-2010, 05:40 PM
 
Location: Virginia Beach
522 posts, read 1,768,777 times
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Thanks Joe,

I took your advice and drove around the Trinity Area, very beautiful area; we saw some homes for sale and looked at it and it seems that area is in Memphis City...so i guess since we would have to pay city tax we wouldnt be able to afford the same amount as if we would purchase in Cordova. My wife thinks all the homes there are to expensive, what is the median home price range?

Quote:
Originally Posted by JoeCartpath View Post
Is that the subdivision on the east side of Appling between Raliegh-LaGrange and Mullins Station? If so, take a drive from there around the Mullins Station/Whitten Road/Macon Road/Raliegh Lagrange loop and you'll see what I mean about the lower priced homes in the area. Not that they're bad, or that it's a bad area....it's just that you'd probably be in one of the highest priced homes in the area apart from nearby Mirror Lakes and Cordova Club. I've never wanted to be in that position. I feel that buying on the lower end of the price range in an area is the way to go. My house is worth around $150K....but homes surrounding my little subdivision are mostly worth at least $100K more than that.

I can understand wanting a brand new home in a new subdivision....I bought my last three that way. It's been 35 years since I've lived in a house that had been previously lived in by someone else. If I were to sell and move now, though, I'd find a nice existing home in an established neighborhood. There are just SO many on the market that the selection is huge - and very good deals are to be had.

Being in walking distance to Shelby Farms would be nice but, in that area, I'd rather be a bit farther away. There are nice subdivisions that are just a very short drive away. South of Dexter between Appling and Germantown Parkway....or take Trinity across Germantown - there are a number of houses north of Trinity between Germantown and Sanga for sale, for example. Even Riverwood a bit further north is only a few minutes from Shelby Farms - and they have their own lake and walking trails.
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Old 03-11-2010, 06:56 PM
 
232 posts, read 944,252 times
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Why not consider Lakeland? No city tax, great schools, super easy access to 385 and Millington and tons of families. Lots of new construction @ $200k, safe, no annexation issues and I bet property values will hold steady or improve in the future, unlike annex areas of Memphis We really love it here....be sure to look at 38002.
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