Memphis Reappraisal Logic

We are researching commercial property sales for our clients to help them get their reappraisals where they NEED to be.

Here's what we're finding.

In 2005 many properties seem to have been appraised BELOW the market. In fact we're seeing many appraisals at 80% - 85% below market sales in 2005.

Now in 2009 we're seeing appraisals coming in AT or ABOVE the market. Not a good time to tell people their properties are worth more than they really are nor is it a good time to use a different standard of valuation.

The assessor's office has provided a system to resolve these issues.

Are you unhappy with your reappraisal? Take the first step, file for an informal review as soon as possible. If you need the comparable sale data go to www.memphiscomps.com

Great! My Commercial Property Appreciated 25%!

Isn't it great when you can sit back and make LOTS of money just by owning a measley commercial property? No renters. Just owning. Rocking back and forth in your rocking chair, making money.

According to the most recent Shelby County Reappraisal some commercial property owners saw their properties had gone up in value while EVERYONE else's all around them had gone DOWN!

How fortunate to be one of the chosen.

The reappraisal is supposed to evaluate the "market". Isn't it interesting how the "market" doesn't agree with the reappraisals?

Enough of the satire. Nobody is perfect and there is something you can do.

It is called an Informal Review. You can do it online. All you need is documentation on recent commercial sales in your immediate area.

Here is a link to the Shelby County Assessor for more information on the process.

Stay tuned...Monday we will be launching a new website to get you the Commercial Comparable Sales you need. www.memphiscomps.com This online tool will save you the $2,500 it will cost to get a full-blown, private appraisal.

Related links -

www.wreg.com

www.wmcstations.com

www.memphisdailynews.com

www.myeyewitnessnews.com

Memphis - 19th Strongest Housing Market

Housing = A key indicator of the health of the underlying economy.

The Memphis Area Association of REALTORS reported today of a 22% increase in December over November home sales.

Thursday the Memphis Business Journal reported on a Forbes.com article which ranked the US housing markets.

Here's a blurb.

"Memphis is the 19th strongest housing market in the nation, according to Forbes.com which ranked America’s 25 strongest housing markets.

Forbes used numbers from Moody’s Economy.com to determine which of the country’s real estate markets are closest to recovery."

Click here for access to the complete article from the MBJ.

It's not all roses though...Memphis housing market is not expected to bottom out until the end of 2009 according to the report.

Real Estate Outlook - Memphis

During the good times everyone talks about how Memphis is somewhat resistant to the big swings up.

And down.

Now the rest of the country is in a pretty big "down" and we hear about it every time we turn on the news.

Fortunately for us the economic thinkers still feel the same way. Check out this article with an appropriate title,

Real estate outlook calms Memphians

Dismal 2009 won't be quite as bad here

Hey! That's my car!

Remember maps? Remember when you used to reach under your seat and pull out the dog-eared version of ol' Rand McNally? He was a trusty (and perhaps ketchup-stained) faithful friend that you would call on at a moments notice to get you out of a jam. If you ever needed him he was there, right on top of the now-furry, petrified banana in your trunk.

Google Street View, have you heard of it?

Now, from Google Maps you can zoom in a little further than before and wa-la you're down at Street View. Now we're REALLY on the map per se.

http://maps.google.com/

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Jingle Bell Rock - Your Best Bet

Everyone likes a bargain and right now they're everywhere. Commercial foreclosures are popping up right and left.

Right now we have a contract on a commercial foreclosure (good deal), a buyer with 20% down and excellent credit.

What's the problem you may ask.

We can't get funding. Banks are now hinting about 25% down and looking cross-eyed at properties that don't perform like a Rolex watch.

Here's a little tip - Find the Jingle Bell Rock in the WRVR 104.5 contest and sell the van. It will be faster than waiting on bank financing these days.

Just Invented - Town Squares & Mixed Use Developments

Everywhere you turn in the commercial developing world you hear jibber jabber about "mixed use developments" and "town centers". Like it was something new. Like the developer, Mr. Smarty pants invented the term.

'just a little tip...Mixed Use is not a new concept. Remember Main Street USA with retail down and residential up? Remember the town square? That's where the old guys used to sit and talk about cows and hay and rhubarb pie. That's where you went on Memorial Day to watch the VFW color guard. That's the place your where your mom would let you ride and not worry about being hit by a logging truck.

I guess the nice thing for us is that developers are finally figuring out that we liked that stuff.