Did You Know You Can Appeal Your 2014 Property Tax Appraisal Value?

May 8th, 2014
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Memphis and Shelby County homeowners can appeal their property tax appraisal values each year by filing an appeal with the Board of Equalization.

Have home values decreased in your area? Do you know the current fair market value of your home? Are foreclosures and bank sales effecting your property values?

With our 2014 Tax Appeal Kit homeowners are armed with comprehensive reports in easy-to-ready formats to easily determine if their home’s appraisal value is too high.

For just $49 homeowners receive the following reports:

  • Comparable Sales: A mapped report showing recent sales activity over the past 2 years that most closely matches the subject property.
  • Neighborhood Profile Report: An overview of all sales and foreclosure activity with market trends for the past 4 years.
  • Foreclosure Effect Report: Shows the total potential effect of foreclosures within a 1/4 mile of the property on appraisal values.
  • Instructions for Appealing: Step-by-step instructions for using the reports and for filing an appeal.
  • Tips & Tricks for a Successful Appeal

Visit www.shelbytaxappeal.com or call (901) 458-6419 to learn more. The deadline to appeal is July 31, 2014.

 

 

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Memphis & Shelby County New Housing Inventory Lowest Since 2011

April 29th, 2014
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New housing was off to a slow start for the first quarter of the year. New home permits and new home sales were both down while dwindling new housing inventory and the decreasing availability of lots is causing new home sales prices to increase.

Builders pulled 189 new home permits compared to 233 in the first quarter of 2013, a decrease of 19%. New home sales were down slightly for the quarter with 181 new home sales recorded compared to 184 in Q1 2013.

Based on the total number of new home closings in the past 12 months, the 812 homes currently in unsold inventory account for 10.6 months of supply. The last time that inventory levels were this low was in the 4th quarter of 2011.

Click here to download our Q1 2014 New Housing Analysis & Charts for a summary of new housing activity by the most active zip codes. Review new housing data by subdivision including: platted lots, vacant lots, houses in inventory, 1st quarter starts, 1st quarter closings and average sales price.

 

New Housing Inventory Analysis & Charts - Shelby County

 

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Memphis & Shelby County Commercial Sales up 14% in 1st Quarter

April 24th, 2014
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There were 223 commercial property sales recorded in the first quarter of 2014 compared to 196 in the first quarter of 2013, a 14% increase in total sales volume. Average sales prices were up 13% to $1.5 million compared to $1.3 million in Q1 2013.

Multi-family properties had the largest increase in sales activity with 33 recorded for the quarter, up 83% from last year. Apartments made up most of these sales with 30 recorded averaging $2.9 million per transaction.

Retail, Office and Land sales all showed improvements over last year while Industrial, Entertainment and the sales of Churches & Schools were down.

Vacant land over 1 acre had 42 sales claiming the most sales for the quarter followed by neighborhood single tenant commercial properties with 34 sales, apartments with 30 sales and warehouses with 27 sales.

Midtown’s 38104 recorded the most commercial sales for the quarter with 19 total averaging $805,000.

The largest commercial transaction recorded for the quarter was the sale of  Miller Creek of Germantown apartments located in Southeast Shelby County. The 330-unit complex sold for $44 million on January 21st. Click here for a full report of the transaction from The Daily News.

Download our complete collection of commercial market trends for the 1st Quarter including:

  • Commercial Foreclosures by Zip Code
  • Commercial Sales by Property Groups (Office, Retail, Industrial, etc.)
  • Commercial Sales by Property Type (Apartment, Warehouse, Church, etc.)
  • Commercial Sales by Zip Code – Bank vs. Non-Bank
  • Commercial Sales by Property Type – Bank vs. Non-Bank

Commercial Market Conditions - Shelby County

 

 

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Memphis & Shelby County November Foreclosure Analysis

December 10th, 2013
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Residential foreclosures were down 18% in November with 225 recorded compared to 274 recorded last year.  

The average amount of a foreclosed property was $82,829 and the average tax appraisal value was $112,519, both down from November 2012.  

Year-to-date foreclosures are down 14% from the same period last year. The decline in foreclosure activity has impacted bank sales which are down 21% YTD compared to the same period in 2012.

November foreclosure activity was down for every municipality except for Bartlett which had a slight increase. Foreclosures in the city of Memphis were down 23% from last November.  

Foreclosure notices were down 25% for the month with 437 recorded compared to 575 recorded in November 2012.  

Westwood (38109) had the most properties in foreclosure inventory at the end of the month with 227 homes valued at $11.2 million.  

Southeast Shelby County (38125) had the most foreclosure inventory revenue with $21 million followed closely by Cordova North (38016) with $20 million. 

Fannie Mae owned the most foreclosed properties with 350 total valued at $42 million.  

Click here to download our Detailed Foreclosure Analysis reports.

Residential Foreclosure Analysis - Shelby County

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3rd Quarter New Housing Update for Memphis & Shelby County

November 20th, 2013
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Despite a strong first half of the year, Shelby County’s new housing market appears to have hit a bump in the road in the 3rd quarter of the year with new home sales falling by 17%. During 2013’s third quarter the market saw just 197 new home sales compared to 2012’s third quarter with 238 new home sales. With the drop in sales and with builders continuing to try to balance unsold inventory1 levels, the market also saw a 14% drop in new home starts for the quarter with 199 new home starts in this year’s third quarter compared to 231 in last year’s third quarter. On a positive note, new home sales prices continue to outpace last year’s prices with 2013’s third quarter price of $267,400 being up 5% from 2012’s third quarter price of $253,882. Unsold inventory levels have remained relatively steady through out the year with the 3rd quarter being no exception. There were 883 houses in inventory as of 9/30/2013, compared to 882 houses as of 9/30/2012. The current unsold inventory accounts for 3.3 quarters, or 11.1 months, supply2 of new housing. At the end of last year’s third quarter, there were 4.5 quarters, or 11.7 months, supply of new housing. Regency Homes continues to be Shelby County’s top builder with 50 new home starts and 56 new home sales during this year’s third quarter. 

Click here to download our complete 3rd Quarter analysis of new housing data for the most active zip codes in Memphis & Shelby County including new housing charts with trends for the past 10 years.

New Housing Inventory Analysis & Charts - Shelby County

 

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2013 Commercial Real Estate Review: Seminar Recap

November 14th, 2013
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Commercial Real Estate Market Reawakens

Article by: Amos Maki, The Daily News

After suffering through a prolonged slump, the Memphis commercial real estate market this year began to shake off the rust that gathered during the “Great Recession,” and brighter days could be ahead for the prime markets in the apartment, retail, office and industrial sectors, according to local experts.

However, to make sure the commercial real estate market continues its rebound, civic and business leaders must maintain a laser focus on job creation.

Those themes emerged during the 2013 Commercial Real Estate Review & Forecast hosted by The Daily News on Thursday, Nov. 7, at the Memphis Brooks Museum of Art.

Click here to read the full article from The Daily News.

You may review the presentations delivered by speakers Wyatt Aiken, Brad Kornegay, Blake Pera and Jason Polley by clicking the links below:

Office Real Estate  – Wyatt Aiken, Commercial Advisors 

Industrial Real Estate - Brad Kornegay, Colliers International

Multifamily Real Estate - Blake Pera, CB Richard Ellis

Retail Real Estate- Jason Polley, Stonecrest Investments

 

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Memphis & Shelby County New Housing Activity Through 3Q 2013

October 31st, 2013
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Through the first 3 quarters of 2013, we have seen a 7.3% increase in new home sales and a 2% decrease in new home starts from the same period in 2012.

The Top Subdivisions Based on New Home Sales Through 9/30/2013

  • Kensington in Arlington: 34 sales averaging $219,620
  • Schilling Farms in Collierville: 32 sales averaging $308,565
  • Fountain Brook in Cordova North: 31 sales averaging $190,842
  • Gerland Creek in Southeast Shelby County: 26 sales averaging $145,856
  • Wolf River Ranch in Collierville: 20 sales averaging $448,711

The Top Subdivisions Based on New Home Starts Through 9/30/2013

  • Wolf River Ranch in Collierville: 43 permits averaging $371,244
  • Gerland Creek in Southeast Shelby County: 31 permits averaging $170,615
  • Kensington in Arlington: 30 permits averaging $199,736
  • Woodgrove in Collierville: 23 permits averaging $252,939
  • Fountain Brook in Cordova North: 22 permits averaging $192,552

Regency Home Builders is the Top Builder in Shelby County with 163 new home sales and 176 new home starts recorded in the first 9 months of the year.

Download our 3rd Quarter New Housing Analysis & Charts to review the most active new housing zip codes in the county with new housing trends for the past 10 years.

New Housing Inventory Analysis & Charts - Shelby County

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3rd Qtr Commercial Market Trends for Memphis & Shelby County

October 14th, 2013
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3rd Quarter commercial sales were up 35% compared to the 3rd Quarter of 2012. Average sales prices for commercial properties were down 33% to $716K.

Download our complete collection of 3rd Quarter 2013 Commercial Market Trends reports at: http://bit.ly/1gEPtT4 to review all commercial sales and foreclosure activity in Memphis & Shelby County.

Our Commercial Market Conditions reports provide you insight into local commercial market activity and trends.

Included in your purchase:

  • Commercial Foreclosures by Zip Code
  • Commercial Sales by Property Groups (Office, Retail, Industrial, etc.)
  • Commercial Sales by Property Type (Apartment, Warehouse, Church, etc.)
  • Commercial Sales by Zip Code – Bank vs. Non-Bank
  • Commercial Sales by Property Type – Bank vs. Non-Bank

Available in PDF format by specific month, quarter or year.

Commercial Market Conditions - Shelby County

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New Subdivision Plats Issued in Memphis & Shelby County

September 25th, 2013
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We have recently received several new address assignment plats from MLG&W for new single family and multi-family developments indicating that the new housing market is coming back to life.  We haven’t seen this much activity since the crash of the housing market in 2007
when new construction came to a screeching halt.

Address assignment plats issued by MLG&W are one of the first indications of new developments starting to take shape. Once developers are able to get address assignments through MLG&W for new lots or units, they can move forward on filing final recorded subdivision plats with the Shelby County Registers Office and start pulling building permits for new construction.

Following are some of the new subdivision plats that have been issued:

  • Criss Cross Village Phase 2 (Collierville) – 10 Lots
  • Windsor Place Phase 3 (Arlington) – 29 Lots
  • Enclave Phase 5 (Germantown) – 41 Lots
  • Twinings of Collierville (Collierville) – 9 Lots
  • Rolling Meadows Phase 3 (Collierville) – 16 Lots
  • The Villages at Porter Farms Phase 8 (Collierville) – 11 Lots

We have received additional plats for 4 apartment complexes including South Junction Apartments and Harbor Island in downtown Memphis.

Please contact wendy@chandlerreports.com for additional information about these plats or to register to receive new building permits as they are filed for the development of these subdivisions.

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“Master Your Market” Presentations Available Online

September 16th, 2013
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If you missed our latest “Master Your Market” event on June 25th you can still receive all of the valuable information covered in our mid-year market trends seminar. Download our latest presentation with extensive trends and analysis for all of Memphis and Shelby County going back to 2003! Highlights are noted for residential and commercial sales activity, foreclosures, new housing, mortgages and more!

Master Your Market Presentations

Click here to read about the event on The Daily News Online.

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