Archive for August, 2010

August 2010 Notable Sales

August 26th, 2010 Comments off

While we are patiently awaiting a close to the month and hoping for major improvements from July, here are some of the most notable sales we have seen so far this month.

4031 Galloway Drive S sold for $1.69 million on 8/13/2010. This property was foreclosed back in May by Community Bank for $1.7 million. Morris Family Real Estate LLC purchased the property.

6275 Shady Grove E sold on 8/9/2010 for $910,000, 3545 Shea Road sold for $950,000 on 8/18/2010 and 9778 Lipsey Cove sold for $765,000 on 8/11/2010. All of these transactions were non-bank sales.

Drivetime Car Sales Co LLC purchased 2177 Covington Pike on 8/13/2010 from First Tennessee Bank for $1.26 million. The 2-story car dealership was built in 1986 and sits at the southwest corner of Covington Pike and Elmore.

3417, 3435 and 3443 Spotswood Avenue all sold on 8/23/2010 for a total $680,000. University Highlands purchased the properties that were previously foreclosed by InSouth Bank and Sycamore Bank. Click here to read The Daily News Online’s coverage of the sale.

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July Commercial Sales Recap

August 19th, 2010 Comments off

Shelby County had 45 commercial sales in July valued at $95.3 million.

While overall sales were down 24% from July 2009, the total sales volume was up 274% and average sales prices were up 391% to $2.1 million!

The largest commercial sale was the Crescent Center located at 6075 Poplar Avenue in East Memphis. The property sold for $52.6 million on July 27, 2010. Highwoods Properties Inc. purchased the property from IPC Crescent Center. It is reported that the building was at 85% occupancy at the time of sale. Click here for full coverage on the sale from The Daily News.

There were 24 commercial foreclosures for the month, up 140% from the prior year. The largest foreclosure was The Preserve at Southwind Apartments that were built in 2000. The property contains 306 units and was foreclosed on July 27, 2010 for $19.9 million.

Commercial bank sales were up 50% from July 2009 with 6 reported for the month valued at $378,450.

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July New Housing Analysis

August 12th, 2010 Comments off
There were 98 new home sales in Shelby County in July with an average sales price of $229,936.
Areas with the most new home sales include: Arlington (30), Cordova North (27) and Collierville (10).
The top Builder by new home permits for July was Regency Homes with 8 permits pulled averaging $165,973.
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Shelby County Building Permit Report
July 30-August 5


  • 18 New Home Sales
  • 5 Lot Sales valued at $182,000
  • 11 New Home Permits
  • 35 Remodel Permits
Contact me today for a FREE copy of our Hot Sheet permit reports to view contractor/builder and property information!
Fayette and Tipton County Permits

July 2010

  • 4 Fayette County New Home Permits
  • 36 Fayette County Remodel Permits
  • 6 Tipton County New Home Permits
  • 21 Tipton County Remodel Permits
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July Home Sales Results

August 5th, 2010 Comments off

After astounding results in the second quarter of the year, July fell flat with only 1,161 home sales, down 21% from July 2009 and down 26% from the prior month.   

Average sales prices were only down slightly by 1% from the prior year to $130,782 and were down 2% from June. 

On a postive note, Bank Sales were down 33% from July 2009 and down 23% from June with only 359 recorded for the month.
New Homes Sales were up 11% with 98 closed in July compared to 88 closed in July 2009.
Foreclosures were down for the month with only 437 recorded, an 18% decrease from July 2009.
There was a decrease in foreclosure notices as well, down 30% from the prior year.
While many will see the dip in July’s home sales as a negative indicator that perhaps the market hasn’t quite turned around, total sales revenues are still up 3% for the first 7 months of this year from 2009. Year-to-date sales sit at just over $1 billion compared to the same time last year when we were at $996 million.
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