5-23-15 “Memphis Real Estate: What’s Hot, What’s Not & What’s Coming”
HIGHLIGHTS FROM TODAY’S PODCAST:
MARKET NEWS
LOOK BACK MEMPHIS TRIVIA CONTEST
QUESTIONS ANSWERED BY MEAGAN NICHOLS
QUESTIONS ANSWERED BY TIM VAN HORN
QUESTIONS ANSWERED BY JO GARNER
REAL ESTATE TIP OF THE WEEK
ANNOUNCMENTS
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Good morning Memphis, Good morning across the country on iHeart Radio and BOCI Radio! You’re on the Real Estate Mortgage Shoppe program. I’m your host, Jo Garner, Mortgage Officer with Evolve Bank and Trust. Our show today is sponsored by Alliance Title and Escrow. Give Joe Rojas a call at 901 333-7999. Do YOU have a real estate question, a comment or a good real estate story? We want to hear it. Give us a call at 901 535-WREC 901 535-9732. Today our general topic is “Memphis Real Estate: What’s Hot, What’s Not & What’s Coming” We have the perfect people around the coffee table today to keep the discussion interesting—people you have probably heard of —Sitting across the table from me we have Meagan Nichols, news reporter from the Memphis Business Journal. Meagan graduated from University of Memphis –Go Tigers—and has gotten her feet wet in the newspaper industry a number of places including where I go started in real estate-up in Westbrook, Maine. Meagan, tell us a little bit about yourself and what you do at the Memphis Business Journal. <Meagan shares about herself and what she covers at the Memphis Business Journal.>
Our other distinguished guest you probably know from WMC-TV, former meteorologist who now host the News Radio 600 Memphis News, Traffic and Weather show from 6A to 8A weekdays and who is also a realtor with Crye-Leike here in Memphis—the one and only Tim van Horn. <Tim van Horn talks about himself and what he does at WREC and Crye-Leike— Tim briefly tells the story about why he made the change to real estate and radio—>
(Jo) We’re talking about Memphis Real Estate: What’s Hot, What’s Not & What’s Coming. The mortgage market wasn’t hot OR not this week. Even though based on Janet Yellen’s speech it appears inflation may be raising its ugly head—all the reason for the bond market to react taking mortgage rates up—- but the price on rates didn’t move too much. Even though bond yields moved up slightly, the 30 yr conventional rates with no points are still coming in around 4%, with the 15 year fixed rates around the low to mid 3’s. Government program rates are still around the same levels. Rates in the 3’s and 4’s—I would say that’s still a hot bargain. Home purchase loan applications are starting to out-number refinance applications—but it’s still time to restructure your higher interest debt to lower rates, lower your mortgage payment, shorten the term on your mortgage, or set up a plan to get rid of ALL of your debt at lower interest costs. Call me directly at 901 482-0354 901 482-0354, connect with me on the blog at www.JOGarner.com or if you want to talk on the air call us at (901) 535-WREC 901 535 9732
<Tim makes comments>
(Jo asks Tim—Tim, what are you seeing as far as trends in the residential real estate market? ) (Tim answers)
(Jo asked Meagan—Meagan, what kind of trends to YOU see in Memphis commercial real estate? Meagan answers)
(Jo) My assistant, Susan and I are seeing more competition with our clients who are making offers to buy homes. More and more we are seeing multiple offers on the same property by competing families. In response to that trend, I am offering my customers a chance to go ahead and send to me right away their income and asset documents so we can review them and state on the preapproval letter that credit, income and assets have been reviewed by the lender. This strengthens the preapproval letter, making it clearer to the property seller that our client is a strong buyer. One of our buyer’s sellers told us the other day that he took our client’s offer over a higher priced offer because he was looking for –not for the highest offer, but for the surest offer. Let’s make YOUR preapproval as strong as possible.
(Jo) . What is coming though is a major change in government mortgage disclosure requirements. Effective August 1st, 2015 there will still be the requirement for borrowers to wait 3 days or so after receiving loan disclosures from their lenders, but as of August 1st the final closing statement from the attorney or title company will have to be delivered 3 days prior to the actual closing . Once the borrower gets the final closing statement from the attorney or title company, changes cannot be made without taking a chance of incurring an additional 3 day waiting period from the time the statement is delivered to the borrower. Here’s a tip– Email will be a quicker way of sending and receiving documents from the mortgage company and starting the countdown vs having to give a few days for the document to be delivered by snail mail. If you or someone you know is about to embark on their mortgage journey to buy a house or refinance one, let’s talk. My assistant and I have some solutions for our mortgage clients to help you get from loan application to loan closing more smoothly now and after the new real estate lending regulations go into effect August 1, 2015. You can reach me directly off the air at 901 482-0354 901 482-0354 or connect with me on the blog at www.JoGarner.com If YOU have a question or comment or want to share YOUR brief thoughts about what you feel is hot or not in the real estate or real financing markets, give us a call on the air at 901 535-WREC 901 535-9732.
(Jo) Tim van Horn, what do YOU see coming in the real estate market—the Memphis market specifically? <Tim shares his thoughts on where he sees the Memphis residential real estate market moving? >
(Jo) Meagan Nichols, where do YOU see the Memphis commercial real estate market moving. <Meagan shares her thoughts>
THANK YOU TO ALLIANCE TITLE AND ESCROW FOR SPONSORING THE SHOW. TO SET UP YOUR REAL ESTATE CLOSING, CALL JOE ROJAS AT 901 333-7999.
2nd segment after 9:15 break—It’s time for the Look Back Memphis Trivia Contest. Our Look Back Memphis Trivia contest is sponsored by John and Jennifer Lawhon of Lawhon Landscape (901) 754-7474 the Lawhon’s can help you plan your landscaping even if you’re on a budget and they would like to help you if your crepe myrtles are showing signs of the mysterious fungal disease that is hitting Shelby County TN. The Lawhons are giving away a $25 gift card to the first person with the correct trivia answer. If you know the answer to one of our trivia questions, call us at 901 535 WREC 901 535-9732.
Our Trivia Question: WHO AM I?
Garner # 52 05/21/15
Hotel Chisca
Question: For Who am I?
Hint: I am built on the site of the former Bijou Theatre in Downtown.
Hint: I was once owned by the Church of God in Christ International.
Hint: I was involved in one of the most memorable moments in American Music History in 1954!
Final Hint: My name comes from a Chickasaw village south of Memphis.
Answer: Hotel Chisca. Opened in 1913 at the southeast corner of South Main Street and Linden Avenue (now Dr. Martin Luther King, Jr. Avenue), Hotel Chisca. Many of the rooms in the Chisca were originally built without baths, since it was assumed that the mule dealers, salesmen, and actors who stayed there were generally not interested in bathing!
At various stages of its life, Hotel Chisca contained a barber shop, a liquor store, a beauty shop, a cigar shop, the Yellow Cab Company, and the office of rock’n’roll legend and pioneer, Sam Phillips. It was also the broadcasting home of WHBQ radio, world famous for the Red, Hot & Blue program hosted by Dewey Phillips. From this location on July 8, 1954 occurred the first-ever broadcast by recordof Elvis Presley singing “That’s Alright Mama” which alter the course of music forever. Dewey had to play that song over 15 times that evening, as the kids kept calling in for it!
Purchased for just $10 in 1975 by the Church of God in Christ denomination and used for housing for about two more decades, Hotel Chisca was closed and laid fallow for almost another 20 years, until plans developed for residential re-use. The modern annex (built in 1961) will open this Summer, and the eight-story main building will open by the end of the year; the two buildings will boast 161 apartment units and ground-floor commercial space, including a Lyfe Kitchen restaurant.
Last Week: The University of Memphis Cecil C. Humphreys School of Law!
Opened in 1885 as the United States Custom House, Court House and Post Office in 1885 at the corner of Front Street and Madison Avenue, the building was the first public use building in The Promenade section of the Memphis riverfront. The original building was three stories tall, with a five-story tower on the northeast and southeast corners. The Cossitt-Goodwyn Library opened next door in 1893. The activities of the Federal government grew substantially after the turn of the 20th century, so an additional was built in 1930 that wraps the north, east and south sides of the site and removing the two five-story towers. This building was added to the National Register of Historic Places in 1980.
In the 1960s, the courthouse moved to the new Federal building in Civic Center Plaza in 1963 and the customs function relocated to the Airport. The 38103 Post Office branch remained in about 20% of the building, until the January, 2010 opening of the Cecil C. Humphreys School of Law by the University of Memphis. The extensive renovation retained much of the historic structure and architectural details: original Pony Express emblems, etched glass, brass window cages, wood beams with intricate hand-stenciled designs, door knobs engraved with the scales of justice, crown molding, and Tennessee marble floors and columns. The main lobby remains unchanged from its original design, except for upgraded safety requirements.
Jimmy Ogle gives free walking tours in Downtown Memphis during the Spring and Autumn, with the Spring, 2015 tours with the next Riverfron Parks Tour being Sunday, May 31 (Martyrs Park to Ashburn-Coppock Park), the next TUESDAY TOUR being May 26 (Pinch District) and the next Bridge Walk being June 21. Go to jimmyogle.com for the 2015 Spring season schedule and locations.
Shelby County Courthouse Tour: Third Thursday each month at 12:00 noon – next is Thursday, June 18.
QUESTIONS ANSWERED BY Meagan Nichols:
- What are your thoughts on where our Memphis residential market is going?
- What are some of the hottest areas for Memphis commercial real estate and what other types of businesses do these hot areas attract?
- Talk about IKEA and what businesses are drawn in and around that area.
- What do you think of PILOTS?
- What’s hot, what’s not, what’s coming, in Memphis Real Estate, Meagan?
CRE Developments:
–Highland Row ($58 million mixed-use project)
-Milhaus Development LLC/Poag Shopping Centers LLC
-They have been trying to do this since 2006
-Lots of activity ion Highland-Loeb is renovating former Newby’s/New McDonalds (millions going into a small stretch of road by several investors)
–Crosstown Concourse ($200million +)
-1.1 million square feet
-Will be it’s own city
-restaurants (Kimbal Musk-yes, Elon’s brother)/lofts/businesses/retail
http://www.bizjournals.com/memphis/news/2015/01/26/groundbreaking-party-announced-for-crosstown.html
–Broad Avenue Warehouse ($4 million)
-Loeb properties plans to turn the warehouse into a 45,500-square-foot retail/restaurant
-Broad Ave real estate is hard to get and very popular right now
-South side of Street is basically 100 percent occupancy
http://www.bizjournals.com/memphis/print-edition/2015/02/13/a-new-day-for-broad-avenue.html
-IKEA ($64.2 million)
-34.57-acre parcel at Southwest corner of I-40/Germantown Pkwy
-estimated to attract 1.5 million visitors (33 percent from outside Memphis)
-175 full-time/50 part-time jobs
http://www.bizjournals.com/memphis/news/2015/01/21/memphis-ikea-store-approved-for-tax-breaks.html
-Tennessee Brewery ($27.5 million)
-Mixed-use project/150 apartments
-Billy Orgel-developer
-The Revival beer garden series now wrapping up
Residential:
-Cautious optimism for housing market in Memphis
-Foreclosures are down
-Home price averages are increasing
-Low mortgage rates are allowing people who haven’t considered buying to think about it as a viable option
-Little more inventory, people have some options
-The number of sales decreased a little from April 2015 compared to April 2014, but the quality of those sales continues to increase
QUESTIONS ANSWERED BY Tim van Horn:
- Tim, you have been well-known around Memphis as the trusted WMC-TV Meteorologist. Now you are talking with Memphis radio listeners every weekday morning here on News Radio 600 about News, Traffic and Weather and after the show, you are a realtor out in the wonderful world of real estate. Tell us about your change from television over to radio and real estate?
- We have been talking about your decision to relocate from television to radio and real estate. I bet you are seeing a lot of families relocating in the real estate market. Tell us about Relocation as it relates to real estate.
- What real estate trends do you see coming across your desk at Crye-Leike?
- What are some tips you would give sellers who are listing their homes right now and for buyers who are on the hunt for a home?
- What tips do you give your clients who are thinking about listing their homes for sale?
- What tips do you give Buyers who are preparing to buy a home?
QUESTIONS ANSWERED BY JO GARNER :
- What advice to you give YOUR clients who are trying to buy or refinance in this market?
- If you’re an investor and your buying rental property in a HOT market, you may have to pay a little more than you did a year ago. Just make sure you are making an adequate cash flow. When you’re buying rental property in a NOT-SO-HOT area, make sure you buy at a low enough price that you can make a profit on the rent each month but also have enough equity in the property that you could resell the property in short order for a high enough price to make a decent profit. MAKE YOUR PLAN, WORK YOUR PLAN, IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY
- Once you apply for the mortgage, do not change jobs, do not QUIT your job, do not change the method of how you are paid until AFTER closing. Do not open new credit accounts—certainly NOT a 12 months same as cash deal, do not add to borrowed balances. Do not move money around. Don’t change your marital status until AFTER you close.
C The monthly payment needs to fit comfortably within your budget. The down payment needs to leave ample funds accessible to you for emergencies. If you want to go over YOUR mortgage financing plans, call me at 901 482-034
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REAL ESTATE TIP OF THE WEEK: (practical, money-saving, time-saving real estate related tip by Tim or Meagan About 1.5 minutes)
Announcements: Talk Shoppe offers free education and networking to anyone interested in real estate or business. This Wednesday May 27th, 2015 9A-10A come participate in the Master Mind Principle based on the book Think and Grow Rich by Napoleon Hill. Talk Shoppe meets at the University of Phoenix 65 Germantown Court 1st floor Cordova, TN 38018. For more information about Talk Shoppe, go to www.TalkShoppe.com
- To hear today’s podcast of the Real Estate Mortgage Shoppe and others, go to JoGarner.com
- THANK YOU TO ALLIANCE TITLE AND ESCROW FOR SPONSORING OUR SHOW TODAY. TO SET UP YOUR REAL ESTATE CLOSING, CALL JOE ROJAS AT 901 333-7999
- Thank you to our military veterans and the families of those who have made the sacrifices.
- Thank you to Annette Gavin for her marketing support of our program today. She has her masters in Marketing from the University of Phoenix here in Memphis and is available to talk about what she can do for your business marketing analysis. You can reach her at ____________.
“MAKE YOUR PLAN, WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.”
Transitional Music: “Memphis In The Meantime” by John Hiatt and the Goners; “Walking In Memphis” by David Cohn; “Memphis Train” by Rufus Thomas; “Memphis” by Johnny Rivers for Trivia Contest
ABOUT ANNETTE GAVIN:
Annette Gavin has a Masters in Marketing from the University of Phoenix Memphis campus. She is volunteering temporarily for Talk Shoppe and the Real Estate Mortgage Shoppe program. Her specialty is in Marketing Analysis. To contact Annette about making a difference in your marketing numbers at YOUR company, contact her at Annette.47gavin@yahoo.com
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ABOUT TIM VAN HORN, REALTOR WITH CRYE-LEIKE REALTORS, INC:
name trusted by Mid-South families for over 15 years.
Licensed in Tennessee & Mississippi
- LeadingRE Sales Specialist Certification– Regardless of where you’re moving- around the block or even around the world- I can help you with your relocation needs!
- Born and raised in the Memphis area.
- Graduate of Kirby High School, The University of Memphis and Mississippi State University
- Full-time agent dedicated to outstanding service, striving to make buying or selling your home and experience that exceeds your expectations.
- Married with one daughter
- Active members of Highpoint Church
- We love the Memphis Zoo, playing soccer and running in the St. Jude Memphis marathon weekend each year.
You can find out more about local real estate, my family and me at blog.timvanhorn.com. Follow me @MyTimVanHorn
ABOUT MEAGAN NICHOLS, STAFF REPORTER, MEMPHIS BUSINESS JOURNAL
Meagan Nichols is a staff reporter at the Memphis Business Journal covering multiple beats including residential real estate, the retail and restaurant side of commercial real estate, banking and law. She joined MBJ in December 2014.
Prior to that Nichols worked as a freelance food writer for the Memphis Flyer and as an intern at a publishing company in Westbrook, Maine called Current Publishing where she wrote for one of the company’s papers called The Lakes Region Weekly. She is also the founder of www.runforecaster.com an all-purpose online resource for the running community.
Nichols graduated in three-and-a-half years with a cumulative 4.0 GPA from the University of Memphis in December 2013. While in college she ran cross country and track & field for the University of Memphis and worked at the independently run student newspaper The Dailey Helmsman. While there she served as a news reporter, sports reporter and eventually was appointed sports editor.
ABOUT JO GARNER, MORTGAGE PROFESSIONAL WITH EVOLVE BANK & TRUST
www.JoGarner.com (901) 482 0354 jo@192.232.195.219 twitter @jogarner
Jo Garner is a mortgage officer with extensive knowledge in tailoring mortgages to her customers who are refinancing or purchasing homes all over the country. She offers conventional, FHA, VA or other loan programs for refinancing and purchases.
Jo can help you look at rent vs buy, when it makes sense to refinance, how to get the best deal on your home purchase financing.
Jo Garner has been in the real estate/financing business for over 20 years. She got her start in Portland, Maine where she first began her real estate career. She received her real estate education from the University of Southern Maine and was personally mentored in San Diego, California by Robert G. Allen, author of Nothing Down, Creating Wealth and The Challenge.
On moving back to West Tennessee in 1987, she went into business buying and selling discounted owner-financed notes secured on real estate. In 1990 Jo went to work for a residential mortgage company and has been a mortgage loan officer for over 20 years. Her goal is to offer excellent, affordable service to her customers, tailoring the loan programs to the specific needs of her clients.
In addition to her work in the mortgage field, Jo Garner is the primary sponsor and founder of Talk Shoppe in Memphis. www.TalkShoppe.BIZ She was also the editor of Power Shoppe, a free weekly e-zine designed for real estate professionals and others indirectly connected to the real estate industry and currently publishes on her blog www.JoGarner.com .
For real estate financing solutions, plug into the Real Estate Mortgage Shoppe program. You can find mortgage rates, FHA Streamline refinance with no out-of-pocket costs, refinancing options, home purchase loan programs, answers and real estate, money-saving tips and more.