Funding for South Memphis projects takes big step forward
Article by: Julia Baker
Published by the Daily Memphian
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There was excitement in the warm 70-degree air Friday afternoon at the site of the future 38126 Innovation and Technology Center in Soulsville as neighborhood leaders and residents announced the approval of a South Memphis TIF that morning.
The proposal for the TIF, dubbed “The People’s TIF,” will now head to the Memphis City Council and the Shelby County Commission for consideration.
Neighborhoods that would receive the tax-increment financing from the Community Redevelopment Agency would include Soulsville/South Bellevue and South Third/Gaston Park area.
French Fort and the South Main/South End area were in the original proposals but were rejected by the CRA.
“This is a great day in the neighborhood,” said Rebecca Matlock Hutchinson, president of the Soulsville Neighborhoods Development District. “This is a historic day.”
“We have lived here,” she said. “We have been educated here. We have graduates of LeMoyne-Owen College here. We have all worked in the community and have nonprofit organizations that serve this area. And we have been doing this work for well over 20 years individually.”
Around 2016 or 2017, the collective of neighborhood leaders and residents began discussing plans for the proposed TIF. Then, in 2019, they began the process of developing their proposal to the CRA.
The South Memphis neighborhoods are home to the rebuilt Stax Museum of American Soul Music, LeMoyne-Owen College, Booker T. Washington High School, The Four Way Grill, and much more.
Click here to read the full article from the Daily Memphian.
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Derived from our extensive collection of Market Trends reports, and public record information from The Daily News, the "Pulse Report" offers you a comprehensive overview of residential and commercial sales activity, foreclosure analysis, new housing trends and mortgage activity.
This complimentary report is your monthly snapshot of the local real estate market.
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Chandler Reports, a division of The Daily News and the most trusted source in real estate, releases the latest installment of the "Pulse Report", a publication to keep you informed of local market trends for Memphis and Shelby County.
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November Real Estate Update
Home Sales
Shelby County home sales were up 5% in November with 1,685 home sales recorded compared to 1,606 home sales recorded in November 2020.
Home sale prices rose 17% in November with an average price of $239,706 for the month compared to November 2020's average home
sale price of $204,461.
The total sales volume for the county was $404 million for November up 23% from last November with a total sales volume of $328 million.
The median sales price was $208,500.
24% of home sales recorded in November were valued under $100,000.
Home sales valued over $300,000 were up 27% in November with 454 sales recorded compared to 357 last year.
There were 10 home sales over $1M for the month and 12 sales over $1M recorded in November 2020.
Year-to-date, the number of homes sales recorded is up 16% and average sale prices are up 11% compared to the same time period in 2020.
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Commercial Sales (October)
Commercial sales activity for October was up 35% with 119 sales recorded for the month totaling $238M compared to 88 sales recorded in October 2020 totaling $128M.
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The largest commercial transaction recorded in October was the $9.5M sale of Big Creek Apartments located at 6155 Woodstock Hills in ZIP 38053. The 104 unit apartment complex was built in 2000 and sits on
7 acres. The property sold on October 8th from Big Creek Apartment Partnership to SC Millington Investors LLC.
Click here to download our latest Commercial Market Conditions reports.
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Residential Foreclosure Analysis
Foreclosure activity in November was up with 23 foreclosures recorded for the month compared to 17 recorded in November 2020.
On the properties foreclosed this November, the average foreclosure amount was $73,490 and the average tax appraisal value for the properties was $91,852.
The City of Memphis recorded the most foreclosures for the month with 20 total averaging $64,672.
There were 50 foreclosure notices published in November, down 27% from 68 notices in November 2020.
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New Housing & Builder Activity (October)
New home sales was up 14% this October with 50 sales recorded for the month compared to 44 sales in October 2020.
Average new home sales prices rose 9% for the month to $503,152 compared to $461,759 in October 2020.
The Collierville area (38017) claimed the most new home sales with 27 recorded averaging $642,974.
Regency Homes had the most new home sales for October with 8 sales averaging $528,284.
New home starts for October were up with 48 permits filed for the month averaging $465,846 compared to 42 filed in October 2020 averaging $442,551.
The Arlington/Lakeland area (38002) claimed the most new home permits for the month recording 16 permits.
Eagle Builder was the top builder for October with 5 new home permits recorded for the month averaging $370,000.
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Mortgage Trends & Lending Analysis
Residential mortgages filed at the time of sale fell 4% in November with 948 loans recorded for the month compared to 988 recorded in
November 2020.
The average mortgage amount was $253,757 with an average sales price of $291,704 making the average loan to value ratio 87%.
The Collierville area (38017) had the most residential loans recorded at the time of sale with 86 mortgages averaging $418,717.
The top lenders for November based on the total number of residential
mortgages filed at the time of sale were Community Mortgage Corp. with 96 loans, Patriot Bank with 35 loans and Mortgage Investors Group with
31 loans.
Click here to download our Residential Lender Analysis reports.
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Fayette & Tipton County Market Trends
Fayette County home sales activity was up 12% in November with 105 home sales recorded for the month compared to 94 recorded in November 2020. Average home sales prices were up 16% from last year to $358,872.
Oakland (38060) recorded the most home sales for the month with 56 total averaging $328,938.
Year-to-date in Fayette County, the number of homes sales recorded is up 14% and average sale prices are up 17% compared to the same time period in 2020.
Tipton County sales were up 37% in November with 112 sales recorded for the month compared to 84 recorded in November 2020. Average home sales prices were up 7% for the month to $217,501.
The Covington area (38019) recorded the most home sales for the month with 33 sales averaging $108,608.
Year-to-date in Tipton County, the number of homes sales recorded is up 17% and average sale prices are up 13% compared to the same time period in 2020.
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