Shelby County’s Top 5 Commercial Sales of 2012

January 30th, 2013 Comments off

Commercial sales were up 2.5% from 2011 with 743 sales recorded. Total sales revenue was up 36% from last year with $1 billion in sales compared to $799 million in 2011.

Following are the top 5 commercial transactions:

4660 Collierville Rd , 38017 on May 8, 2012 for $54,000,000-Carriage Avenue Shopping Center

 

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4500 Quality Dr, 38118 on July 9, 2012 for $37,250,000-Lots 4-10 in Southpark Distribution Center

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6750 Poplar Ave, 38138 on March 23, 2012 for $33,000,000-Office Building

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160 Madison Farms, 38017 on June 20, 2012 for $32,100,000-The Madison at Schilling Farms Apartments

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8840 Bristol Park Dr, 38133 on June 14, 2012 for $29,985,375-The Legends at Wolfchase Apartments

 

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NEW Neighborhood Profile Report

January 24th, 2013 Comments off

Chandler Reports is excited to announce the release of our new Neighborhood Profile Report!

This report provides an overview of all sales and foreclosure activity, including bank and non-bank sales, with market trends for the past 4 years.

Accessible online with our Shelby County Residential service under the Property Profile report and our sales comparable tools, this report offers you a snapshot of all real estate activity for your subject neighborhood.

Homeowners can purchase an individual Neighborhood Profile Report for their subdivision at www.mychandlerreports.com.

Click here to review a sample report.

Join us on Wednesday, February 13th from 3:00PM-4:30PM at the Holiday Inn-University of Memphis where we will demonstrate all of our Shelby County Residential features and reporting tools. Click here to register today!

Shelby County’s Top 5 Home Sales of 2012

January 15th, 2013 Comments off

There were 5 home sales recorded in Shelby County in 2012 that were over $2 million. Home sales over $1 million were up 50% from last year with 33 recorded compared to 22 in 2011.

Following are Shelby County’s Top 5 Residential Transactions of 2012:

Chandler Reports 

1335 HERON OAKS CV  – HERON OAKS SUBDIVISION. SOLD FOR $2,000,000($182.40/SQFT) ON 8/31/2012.
6539 COTTINGHAM  – EASTWOOD MANOR SUBDIVISION. SOLD FOR $2,030,000($245.23/SQFT) ON 6/20/2012.

 

231 CLOISTER GREEN  – RIVER OAKS-8 SUBDIVISION. SOLD FOR $2,375,000($239.29/SQFT) ON 6/8/2012.

2344 JOHNSON RD  – DOGWOOD GROVE/M SUBDIVISION. SOLD FOR $2,200,000($219.65/SQFT) ON 4/26/2012.
298 CLOISTER GREEN  – RIVER OAKS-8 SUBDIVISION. SOLD FOR $2,100,000($194.35/SQFT) ON 2/27/2012.

November 2012 Real Estate Update

December 18th, 2012 Comments off

Home Sales

Shelby County had another great month for residential real estate as home sales and sales prices continue to increase.

Sales were up 16% from last November with 1,187 home sales recorded compared to 1,024 last year.

While 56% of home sales were valued under $100,000, average home sales prices were up 5% for the month to $123,756.

Home sales over $500,000 were up 60% from last November with 27 recorded.

Year-to-date virtually every zip code in the county has an increase in sales activity. 18 out of 33 zip codes (55%) have year-over-year improvements in average sales prices.

Overall home sales activity is up 18% year-to-date with 13,772 sales recorded through November and average sales prices are up 2% from the same period last year. 

Bank sales accounted for 20% of all home sales for the month, with 236 recorded, down 15% from last year. Year-to-date bank sales are up 11% from 2011.

Non-bank sales were up 28% from last November with 952 recorded averaging $137,379, an increase of 2% from last year.

Click here to review our November Market Trends reports.

Commercial Sales

Through the end of October commercial sales activity is unchanged from last year with 595 sales recorded compared to 594 recorded during the same period in 2011. 

The average sales prices for commercial properties remain high, up 40% through the end of October at $1.5 million.

Office sales are up 22% from last year with 89 recorded averaging $1.3 million and Industrial sales are up 35% with an average sales price of $2 million.

Vacant Land Over 1 Acre (114), Warehouses (85) and Apartments (63) have the most sales recorded through the first ten months of the year.

Click here to review our November Market Trends reports.

Foreclosure Analysis

Foreclosures of residential properties were down 14% from last November with 280 recorded compared to 327 last year.

The average amount of a foreclosed home was $86,706 and the average tax appraisal value was $121,233.

The majority of foreclosures were within the city limits with 204 total, a decrease of 21% from November 2011. Foreclosures in unincorporated areas were down 13% from last year with 41 recorded.

Year-to-date residential foreclosures are up 9% from last year and average foreclosure amounts are down 3% to $85,147.

Foreclosure notices were up 25% in November with 564 recorded compared to 749 last year.

Click here to review our November Market Trends reports.

New Housing & Builder Activity

New housing continues to show signs of improvement. Nationally,  housing construction spending was up 3% in October. 

New home sales were up 1% in November with 75 sales recorded compared to 74 in November 2011.

The average sales price of a new home was up 39% to $293,415. 

Year-to-date new home sales are up 3% and average sales prices are up 15%.

Collierville had the most new home sales for the month with 21 total averaging $396,263.

762 new home permits have been filed through the end of October, up 28% from the same period last year. Arlington has the most new home permits filed with 178 total averaging $228,634.

Regency Homebuilders continue to rank as Shelby County’s top builder with 172 new home starts and 133 new home sales through the end of October averaging $220,223.

Click here to review our November Market Trends reports.

Mortgage Trends & Lending

594 residential loans were filed at time of sale, up 5% from last November.

The average mortgage amount was $155,590 with an average sales price of $177,344 making the average loan to value ratio 88%.

306 loans filed were conventional fixed rate, 166 were FHA fixed rate, 29 were VA fixed rate and 22 were short term loans, due within one year.

The top lenders based on the total number of residential loans filed at time of sale were Community Mortgage with 61 loans followed by Magna Bank with 49 and Patriot Bank with 33 loans. 

Click here to review our November Market Trends reports.

Read the latest article on local housing from Sarah Baker with The Daily News here.

Real Estate Recap-December 4, 2012

December 4th, 2012 Comments off

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.

Thanksgiving Wishes from Chandler Reports

November 21st, 2012 Comments off

At Chandler Reports we always have a lot to be grateful for and this year we are especially thankful. 

We have wonderful friends and clients, many that have been with us since our inception in 1968, and many more that have joined us over the years.

We are fortunate to have an organization with individuals dedicated to providing the best data available. The Chandler Reports family is grateful for one another and all that we have to contribute to our clients and community. Taking pride in our work and delivering the best customer service is something we are extremely thankful for. If it weren’t for all of you, we wouldn’t be here doing what we love.

The housing market is stabilizing and we are excited that our client’s businesses have picked up! With the unstable economy, many real estate professionals had to hang up their hats and we are seeing more and more coming back to the industry and to those we say “Welcome back and how can we help you?” To those that weathered the storm over the last few years, we say thank you for your continued business and we are excited to watch you grow your business as the market improves.

As we look ahead to 2013, we will continue to be thankful for all of those that work with us on a daily basis. Next year we celebrate 45 years of providing quality real estate data and we hope that you celebrate with us.

From the entire Chandler Reports family, we wish you a very Happy Thanksgiving! We hope that you continue to be blessed!

October Pulse Report

November 15th, 2012 Comments off

Home Sales

The housing market continues to improve with 1,406 home sales recorded in Shelby County, up 36% from last year. 

Average home sales prices were up 1% for the month to $123,399.

Year-to-date home sales activity is up 18% with 12,584 sales recorded through October and average sales prices are up 2% from the same period last year. 

22% of home sales for the month were bank sales, up 21% from last year. The average price of a bank sale was $68,371, up 14% from October 2011. Year-to-date bank sales are up 26% from 2011.

Non-bank sales were up 41% from last October with 1,092 recorded averaging $139,221, a decrease in sales price of 2% from last year.

While there is an abundance of short sales activity and investor purchases, average home sales prices are hanging on, a positive indicator that the housing market continues to move in the right direction. Some local real estate offices report that 20-50% of their monthly sales are short sales.

Click here to review our October Market Trends reports.

Commercial Sales

Commercial sales are down 3% through the end of September with 530 recorded.

September’s commercial sales were off by 36% effecting 3rd quarter and year-to-date totals.

Average sales prices for commercial properties remain high, up 52% through the end of September at $1.6 million.

Sales of churches and schools are seeing the most improvement, up 40% from the same time last year with 24 sales recorded. Industrial sales are up 23% with 91 sales.

Average prices for Retail ($1.5M), Office ($1.1M) and Entertainment ($1M) properties are all up over 75%.

Vacant Land Over 1 Acre (103), Warehouses (78) and Apartments (57) have the most sales recorded through the first nine months of the year.

Click here to review our October Market Trends reports.

Foreclosure Analysis

Residential foreclosures were up 11% with 351 recorded compared to 316 last October. 

The average amount of a foreclosed home was $86,495 and the average tax appraisal value was $119,290.

The majority of foreclosures were within the city limits with 250 total, an increase of 13% from October 2011. 

While their overall foreclosure totals were comparatively low, Arlington and Germantown had an increase in activity while Bartlett and Millington foreclosures were down from last October.  

Year-to-date residential foreclosures are up 11% and average foreclosure amounts are down 4%.

Foreclosure notices were up 40% in October with 796 recorded. Year-to-date foreclosure notices are down 14%.

Click here to review our October Market Trends reports.

New Housing & Builder Activity

New housing continues to gain momentum. 

New home sales were up 25% with 81 sales recorded compared to 65 in October 2011.

The average sales price of a new home was up 15% to $255,442. 

Year-to-date new home sales are up 3% and average sales prices are up 12%.

Arlington had the most new home sales for the month with 23 total averaging $239,870.

679 new home permits have been filed through the end of September, up 22% from the same period last year. Arlington has the most new home permits filed with 155 total averaging $226,645.

At the end of the 3rd Quarter there were 911 homes in unsold inventory, up slightly from 3Q 2011. 

Regency Homebuilders continue as Shelby County’s top builder with 151 new home starts and 116 new home sales through the end of September.

Click here to review our October Market Trends reports.

Mortgage Trends & Lending

732 residential loans were filed at time of sale, up 36% from last October.

The average mortgage amount was $154,080 with an average sales price of $172,065 making the average loan to value ratio 90%.

The majority of mortgages taken at time of sale, 398, were conventional fixed rate loans averaging $169,521. 210 loans were FHA fixed rate loans averaging $139,557.

The top lenders based on the total number of residential loans filed at time of sale were Community Mortgage with 85 loans followed by Magna Bank with 59 and Regions Bank with 41 loans. 

Click here to review our October Market Trends reports.

September Pulse Report

October 23rd, 2012 Comments off

Home Sales

1,273 home sales were recorded in Shelby County up 19% from last year, closing out the 3rd quarter with a 17% increase in sales compared to the 3rd quarter of 2011. 

Average home sales prices in September were $127,912 up 2% from $125,114 in September 2011.

Year-to-date sales activity is up 16% and average sales prices are up 2% from the same period last year.

23% of total home sales in September were bank sales, up 12% from last year.

Non-bank sales were up 21% from last year and averaged $147,533, an increase of 3% from $142,626.

Investors continue to increase home sales activity while keeping average prices low with properties changing hands multiple times on one day.

Commercial Sales

Commercial sales activity is up 2% through the end of August with 479 sales recorded. Average sales prices for commercial properties are up 54% to $1.62 million.

So far this year, Industrial sales are seeing the most improvement, up 40% from the same time last year with 87 sales recorded.

Average prices for Retail ($1.6M) and Office ($1.2M) properties are both up over 175%.

Vacant Land Over 1 Acre (91), Warehouses (75) and Apartments (49) have the most sales recorded through the first eight months of the year.

Foreclosure Analysis

Residential foreclosures were down 16% with 294 recorded compared to 351 last September. 

The average amount of a foreclosed home was $92,932 and the average tax appraisal value was $124,254.

The majority of foreclosures were within the city limits with 204 total, a decrease of 18% from last September. Properties located in the unincorporated areas had 71 foreclosures, down 23% from last year.

Year-to-date residential foreclosures are up 12% and commercial foreclosures are down 19%.

New Housing Activity

New home sales were down 7% in September with 66 sales recorded compared to 71 in September 2011.

The average sale price of a new home was up 16% to $251,437. 

Arlington had the most new home sales for the month with 14 total averaging $223,468.

586 new home permits have been filed through the end of August with Arlington claiming the most with 140.

Subdivisions with the most new home permits filed this year include: Gerland Creek in Southeast Shelby County with 31, Kensington in Arlington with 26 and Wolf River Ranch in Collierville with 25.

There were 37 lot sales recorded in September, with the majority being sold in Schilling Farms in Collierville.

Mortgage Trends & Lending

691 residential loans were filed at time of sale, up 23% from last September.

51% of the mortgages filed were between $100,000-$250,000.

The average mortgage amount was $152,182 with an average sale price of $177,265 making the average loan to value ratio 86%.

The majority of mortgages taken at time of sale were conventional fixed rate loans averaging $171,219. 194 loans were FHA fixed rate loans averaging $140,804.

The top lender based on the total number of residential loans filed at time of sale was Community Mortgage with 81 loans followed by Magna Bank and Guild Mortgage Company with 43 loans each. 

Click here to review our September and 3rd Quarter Market Trends reports.

Join us Thursday, November 8th from 3:00PM-4:30PM as we review all of our third quarter Market Trends reports. Guest speaker Dr. Phyllis Betts, with the University of Memphis Center for Community Building and Neighborhood Action will share her department’s latest study on lending activity in Shelby County with an analysis of loan activity from 2004-2010 showing how foreclosures and investor purchases have impacted neighborhoods. Click here to register!

Announcing our New “Pulse Report”!

September 7th, 2012 Comments off

Pulse Report Header-Large

We are excited to announce the premiere of our new “Pulse Report”, hitting Inboxes Monday, September 10th!

This complimentary report provides a snapshot of local real estate activity keeping you informed of trends across Memphis and Shelby County.

Derived from our Market Trends reports, this monthly report provides you an update on residential and commercial sales activity, foreclosure trends, new housing analysis and mortgage and lending trends.

You can subscribe to this free report on our homepage, www.chandlerreports.com.

“Master Your Market” Seminar Overview

August 3rd, 2012 Comments off

“Chandler Seminar To Cover Housing”

An article by Sarah Baker of The Daily News

Real estate information company Chandler Reports is hosting its “Master Your Market: Second Quarter Update” event for local agents, appraisers, builders, investors and bankers Thursday, Aug. 9.

The event is slated for Thursday from 3 p.m. to 4:30 p.m. at The Great Hall of Germantown’s Media Room, 1900 S. Germantown Road, behind City Hall next to the tennis courts.

Topics of discussion will include Shelby County residential and commercial sales, foreclosure analysis, new housing activity and mortgages.

The keynote presentation will be from Shelby County Trustee David Lenoir, who will discuss the economic impact of vacant, foreclosed and tax-delinquent properties and what kind of solutions can be provided to the problem.

“There have been a few studies out there in terms of the economic drag, if you will, on how these properties impact neighborhoods and the prices in those neighborhoods,” Lenoir said. “So (discussing) whether it’s just maintaining Shelby County, keeping it financially strong and reducing some of the debt, but then also talking about some of the down payment assistance programs, what the Land Bank is doing and how a tax sale works.”

In the trustee’s office, Lenoir deals with real estate and tax collections of real estate property and personal business property. His presentation will serve as a precursor to several “real estate road shows” the trustee’s office is rolling out in the coming weeks, which will talk about how the tax sale process works and the current inventory of Shelby County property that the Land Bank owns.

Lenoir said defining the state of the county’s foreclosure inventory is a difficult task.

“I don’t think we have a ways to go, but I’m not willing to step out and say that we’ve hit the bottom, ” he said. “It’s a challenge, just due to the reporting process, to really know where we are in foreclosures. (It depends on) how aggressive are the banks, and they seem to change monthly in terms of what they’re doing with foreclosures.”

Following Lenoir’s presentation will be remarks by Eric Furhman, president and managing broker of Crye-Leike Commercial. He will be speaking about the local commercial market and what his office is experiencing with sales and leasing activity.

The cost to attend the seminar is $10 for Chandler Reports subscribers and $15 for non-subscribers. Attendees will receive copies of the most popular market trend reports and will be emailed the full presentation.

To register, visit www.chandlerreports.com. For questions, contact Wendy Greenlaw, Chandler Reports business development manager, at 528-5273 or wendy@chandlerreports.com.