Fall & Winter Market Activity

Welcome to the fall & winter real estate market, typically a time when business slows drastically. On the contrary we are seeing an upturn and we're staying quite busy! Our local downtown Memphis real estate inventory is slowly decreasing in volume while increasing in average closed sales prices. Our market activity has been positive over the past two weeks with lots of prospects. We have rented 7 downtown Memphis apartment/condos and are working on 5 downtown Memphis real estate sales contracts. Not too shabby for a slowed market.

We are also working on the listing of 4 homes from Harbor Town to the South Bluffs.

If you are considering making a move, contact the Get Sold Memphis sales team and put us to work for YOU!

We Will Prevail

As we continue into the fall and winter months, a time where real estate sales traditionally go soft, may actually serve the downtown Memphis real estate market very well. I predict that this year will be the opposite of years past especially if the past two weeks serve as a current market measuring stick. Has the downtown Memphis real estate market decreased in activity, yes. Has the downtown Memphis real estate decreased in value, no actually our closed sales prices are up 7.9% YTD. We are somewhat of an anomaly in the world of Memphis real estate and continue to strive to increase these downtown Memphis real estate numbers daily.

Like business consultants should do, we at Get Sold Memphis and Henry Turley Realtors have adapted to the market conditions. Our downtown Memphis real estate market has a great deal of interested prospects, both rental and purchase. To coincide with them, we have built up a fantastic inventory of downtown Memphis real estate listings and welcome the opportunity to show you our properties.

If you are interested in buying, selling, leasing or investing you owe it to yourself to contact the Get Sold Memphis real estate sales team. Either Mike Parker, Kris Gavin or myself are happy to assist you in any way.

Remember if it has to be downtown it has to be Henry Turley Realtors and the Get Sold Memphis real estate sales team, the leaders in downtown Memphis real estate.

Best Regards-
Jason Durston
www.GetSoldMemphis.com
jdurston@henryturley.com

Lofts go from gritty to glamorous

I was just reading on Forbes.com a story about Lofts and how they are no longer only chic for starving artist and broke bohemians. Nice read comparing 10 metropolitan areas in the US and a sample of their loft's for sale, up to $10 million in Seattle. Here in our local downtown Memphis real estate market we have lofts starting in the $150,000 up to $1 Million, all with great bells and whistles. It's amazing how once run down and vacant buildings are now much of the countries most desired properties. Speaking for our downtown Memphis real estate and specifically our downtown Memphis lofts there are fantastic buys ready to be had. Exposed brick, timber beams, soaring ceilings and large windows all make our lofts unique. Then add the building amenities such as garage parking, roof top pools, gyms and on site management and you have a community within a building.

If you are looking to buy downtown Memphis real estate including a unique loft give me a call or email.

Thanks,

Jason Durston
Vice President, Director of Sales
Henry Turley Realtors
901-596-3027 Cell
jdurston@henryturley.com

Get Sold Memphis

I am very please to announce that I have decided to expand my business and business practices. I formed Get Sold Memphis in 2004 as my personal real estate sales business under Henry Turley Realtors. Over the past 4 years my business has doubled and nearly tripled in the downtown Memphis real estate market. In business there is often no perfect time to expand but I see this as the perfect time to do so. Now that the right team has been formed, it's time to proudly announce the line up. I have partnered up with long time associate, Mike Parker, who was previously with Henry Turley Realtors and current associate partner/assistant Kris Gavin. Most recently Mike led the $250 million One Beale Development sales efforts and negotiated nearly $40 million in presale condos, a very tough task. Mike and I have worked for several years together, whether under one roof or referrals back and forth while at different companies. None the less, our focus was always on customer satisfaction, expert service and knowledge of the downtown Memphis real estate market. Joining Mike and I is our associate partner and assistant, Kris Gavin. Kris has worked for me for almost two years and has been fantastic at working to increase and enhance our downtown Memphis real estate business.

On behalf of all of us at the Get Sold Memphis sales team, we are thrilled to offer 3 highly experienced and motivated Realtors to serve you as one (and for the price of one). We ask that before you decide to buy, sell, rent or invest in downtown Memphis real estate that you call us for a no obligations interview to see how we could best serve your needs.

We welcome the opportunity to earn your business.

Sincerely,

Jason Durston
Vice President, Director of Sales
Henry Turley Realtors
901-521-1593 Office
901-596-3028 Cell
jdurston@henryturley.com
www.GetSoldMemphis.com

Up, up and time to buy!

The Wall Street Journal posted today that new September homes sales jumped 2.7% but prices fell. Except for downtown Memphis real estate that is. Yesterday I posted how our downtown Memphis real estate average sales price is up 6.9%. Again, this is a great sign of our market's condition. We have a great inventory, not overbuilt like some say; in fact development must continue but a responsible pace. Overall, the South region, according to the WSJ was up .7% which is great news for our market.

I welcome the opportunity to help you with any of your downtown Memphis real estate questions. Let me show you haw this can become your view.

-Jason Durston

Extreme Makeover

Yesterday I blogged about how downtown Memphis real estate is on the rise and today there are two articles in the Commercial Appeal that echo what I was stating. First and most specific to downtown Memphis real estate is the new "Extreme Makeover" of the old U.S. Customs House, Court House and Post Office on Front Street. It is currently undergoing a $42 million makeover, again a $42 million makeover. Quite impressive. Add to this that the Center City Commission website www.downtownmemphis.com is stating "$3 billion and change" invested in current downtown Memphis real estate developments and city improvements. In my eyes, downtown Memphis will never revert back to the vacant Memphis of years past, thus the urgency to invest your money and even lifestyle in downtown Memphis. Currently our real estate is very affordable, downtown Memphis is very easy to get around-in fact we have zero traffic congestion and we're only moving up in value. The second article, "Memphis awaiting housing upswing" compares us nationally. On a national level September 2008 housing sales increased by 5.5% locally we were down by 3.1%. This is a very marginal percentage to be down in our whole market. Like I stated yesterday, downtown Memphis real estate average sales prices are up 6.9%.

My suggestion is get buying why the buying is good. This is still both a buyers and sellers market but as a buyer you have more of an advantage, for the moment! Mortgage rates are low and not difficult to get (regardless of what the national media states), inventory is fruitful and prices are still low. Some sellers are even willing to contribute to your closing cost and open to price negotiations. If your on the fence of to buy or not to buy, weigh your options and if buying is right for you than now is probably the best time to do so. If not, then continue renting, there's nothing wrong with that! What you need for sure either way is a trusted real estate advisor and I certainly can be that person to you.

If you are interested in exploring your options, call or email me anytime. I welcome the opportunity to assist you.

Jason

Memphis Real Estate Statistics

I reviewed some very interesting statistics about the Memphis real estate market this morning and want to share the findings. According to the Memphis Area Association of Realtors (MAAR) September analytics downtown Memphis real estate is appreciating, just as my personal stats show. All of these stats are YTD January through September, as October numbers are due out in November. MAAR divides the entire Memphis real estate market into 19 area categories such as East Memphis, Germantown, Downtown etc...... Of these 19 areas: 16 areas have declined on the average sales price, 1 is unchanged and 1 has increased the average sales price. According to MAAR's data downtown Memphis real estate is still appreciating and has a 6.9% increase of average sales prices for homes and condos. While on the whole, Memphis real estate has lost some ground, however, not at the alarming values that the nation has seen in cities such as Miami and Las Vegas. I always consult with my clients and associate Realtors to know the facts and numbers are facts. Downtown Memphis while not impervious to a decline, is a great investment platform for primary and secondary residences as well as investment generating properties.

The average sales price in downtown Memphis real estate has appreciated an average of 6.9% so far in 2008. This shows that properties, on average, are not only holding value but increasing in value. Think about it this way, if you bought a $200,000 property with 5% down ($10,000) and it has increased in value by 6.9% you are making a good, safe investment, especially if you are using it as your home. Your getting value from you investment plus you are getting shelter as a home which also provides a tremendous value of lifestyle. I'm not saying that you just made a $13,800 (6.9%) increase in your property's value this year, but you haven't lost either. A property's true value is determined by how much a willing buyer will pay on the open market, a true sale. So, you made a $10,000 initial investment to buy, depending on your mortgage loan type and amount of time in the property you may have made some equity. If your property has appreciated at 6.9% this year your $10,000 has made a hypothetical return of $690. If you live in this property for 5 years and continue to make 6.9% per year you've made a $3,450 or a 35% return on investment (ROI). Not too shabby! Now factor your property value increase and built up equity and you've made a wise investment.

If you want more details on how to get started investing in downtown Memphis real estate contact me at your convenience.

The Truth of the Market

Downtown Memphis real estate has a lot to offer and in my opinion should be considered as "Opportunity Street". The real estate market is similar to all other financial markets; there are ups and downs but always buyers and sellers in the market. So, regardless of market conditions, reactions and perceptions, excuses will always be made and heard. I always make a point to listen very carefully when networking and discussing the real estate market and industry to see what others are thinking, saying and projecting. It never fails, there are always people who pass the buck for their lack of productivity. All sales jobs are based on knowledge of the product, how the process works and how to close the deal but the biggest cause of failure is not adapting to current market conditions and giving off negative impressions. One of the best things anyone can do is stay positive in the bleakest of situations. I have attached an article that I think is spot on and just proves the old, "If there's a will, there's a way" adage the has been around for ages.

Take a look and see how it relates to your position. What category does your Realtor fall into?
http://www.inman.com/opinion/guest-perspective/2008/10/2/opportunity-street-still-knocking

I firmly believe that in order to survive and excel one must constantly be ahead of the curve. If you are looking for downtown Memphis real estate consultation please don't hesitate to contact me so we can formulate a plan for your needs.

Thanks- Jason

Downtown Memphis Real Estate is Appreciating

Downtown Memphis real estate sales volume may be down but prices are appreciating. I did a TV interview earlier this week with Lauren Lee at Fox News Memphis about downtown condo sales and prices. Downtown Memphis real estate is getting a lot of positive press lately as it should, being that we are such a value. Inventory is at a very healthy level, mortgage rates are still near historical lows and prices are climbing. I hope that you have an opportunity to view the video link which is below.

http://www.myfoxmemphis.com/myfox/pages/News/Detail?contentId=7638838&version=1&locale=EN-US&layoutCode=VSTY&pageId=3.2.1

Eco Building in downtown Memphis

Downtown Memphis real estate has been headed in this new environmentally friendly direction in Uptown for over 3 years. Henry Turley Realtors will show you how an EcoBuild home can be yours at an affordable price. Such a great program that the University of Memphis joined on to educate their students with hands on work.

read more | digg story

Wall Street Journal / Smart Money Magazine Article @ Memphis Real Estate

I just received the November 2008, The Wall Street Journal Mag, Smart Money and the cover reads


Surprise! 25 Housing Markets Ready To Rebound.
Even as the nation reels from the housing crisis, we find 25 Markets ready to rebound.
"Some of these cities saw home values soar during the boom; others sat it out. But they all show signs of life on the job and home sales fronts suggesting that their worst days are behind them.


Number 16 Memphis "A super affordable housing market has meant little volatility."
5 Year Price Change '02-'07 +17.6% (where are your stock values right now?)
YTD Price Change +.70%


So, this has been and will continue to be the theory that I work and advise from until I see differently. As I posted yesterday, Memphis never had the huge price swings and speculators that other cities had that caused their massive depreciation's. Memphis real estate is a very stable environment and particularly downtown Memphis real estate is a very solid and wise investment for personal and rental investment uses as I posted yesterday.


Next time you hear gloom and doom don't believe the hype, hype sells newspapers and stirs media buzz. The reality of this situation is yes, we are in a sluggish economy but mortgage rates are low, inventory is great and prices are stable to appreciating. Fact is, downtown Memphis real estate is selling at a lower volume but our average prices are up from previous years.


The way I see and advise is such. Based on the WSJ/SM article of a 17.6% Memphis appreciation and using a $200,000 home value that equals equity of $35,200 over 5 years or 3.5% appreciation per year (like a bond) but in this scenario you get the pleasure of living in your investment! Not a bad wealth building tool.

Why now is the perfect time to buy

If you read the newspaper, surf the net and watch tv then you like everybody else has been tidal waved with negative economic news. Our economy is based on investments and in my view investments are long term; fast cash is an easy way to economic disaster (personally and nationally)! Whether it's stocks, bonds, mutual funds or real estate investments they should all be long term investments. I'm not talking about flipping properties, I'm talking about true real estate investments, the ones you live in or make a return on; single family residences, condo residences and multi family properties. Purchasing a home or condo for self use is a fantastic way to start your personal wealth building. Currently, mortgage loans are available with as little as 3.5% down through FHA with rates under 6%. This is a great deal. I'm not talking about sub-prime deals, I'm talking about people buying well within their means for the purpose of having a roof over their head and letting the property appreciate over the long term. Conventional mortgages are also available with as little as 5% down. So, when you think about it 3.5-5% is a great good faith amount that works for you in two way: One, you start your wealth building and two, you get the pleasure of using your investment. Imagine that you invest $10,000 on a housing down payment today, in 5 years (long term) what will your investment be worth? Factor property appreciation, mortgage pay down, tax & interest deductions plus your personal benefits of living in the property and you have built up a solid investment.

Downtown Memphis real estate is, in my opinion, a very solid investment for many reasons. We never had the huge peaks and valley's in our market's appreciation. We never had mass amount of speculators buying and flipping properties. Our sales prices are relatively low as compared to other major cities and we have many major draws to our city, both entertainment and financially.

Don't let the news get you down, our local downtown Memphis real estate market is a solid investment and if you have questions or comments contact me or feel free to post.

Inaugural Blog

Welcome to my Inaugural Blog posting! What do I know about blogging? That is a question that I asked myself but like other things I will soon find out the true meaning or purpose.

I hope that people interested in downtown Memphis real estate will feel comfortable learning and understanding about our local market. I have spent many years in the urban real estate industry; good times and bad. Knowledge and understanding are keys to making wise decisions, also crucial to this is trusting the right consultant. As an industry leader and trusted informational source to the Memphis Business Journal and the Commercial Appeal I hope to achieve the role of the source for downtown Memphis real estate for you too.

Your source for all downtown Memphis real estate questions and concerns is here.