Real Estate Recap-December 4, 2012
The Memphis City Council is voting today on a new ordinance that will require owners of rental properties to register each property and pay an annual fee of $200 per property. The Council hopes that this ordinance will help reduce blight across the city by holding property owners responsible for property conditions. Click here to read the latest article from Bill Dries, Sr. Reporter for the Memphis Daily News.
The MED purchased 54.5 acres of vacant land located at 6525 Quince Road for $3.4 million on November 16, 2012. Click here to review the details of the transaction.
According to the Commerce Department, construction spending rose 1.4% in October, housing construction spending jumped 3%. Shelby County continues to see an increase in new housing activity, new home permits were up 89% in October. Click here to read the full story from Sarah Baker, Real Estate Reporter for The Memphis Daily News.
Be sure to register for our complimentary “Pulse Report” to receive the latest updates on local real estate trends. Our November report will be published this week. Click here to register.