The real estate bubble has burst. The housing market is in shambles. The economy is in recession. There's panic in the streets!
Tell that to downtown Memphis residential developers. The downtown condo market, which was booming the last several years, leveled off by the end of 2007.
In 2007, 488 home units sold in the downtown zip code, down from 750 the year before. That's a drop of 34.9 percent, the most in any zip code in the county. But average home prices remained steady: $241,871 in 2007 compared to $241,830 in 2006. So, is the decrease a function of people not buying, the supply of units being bought up, or just the normalization of a market that had been outperforming for a few years?
In the first months of 2008, closing prices have increased an average of $32,000 from the same figures last year.
And developers in the South End district of downtown have decided that the best defense is a good offense. The third Downtown Home Show at South End is set to kick off Friday, April 11th.
The home show will showcase a number of diverse developments, including high-rises, gated condo communities, single-family homes, and converted warehouses.
The show runs Fridays, Saturdays, and Sundays, April 11th to 28th, from noon to 6 p.m. each day. Parking and admission are free, and shuttles will be provided at no charge on Saturdays and Sundays.
For those with their eye on buying, the Downtown Home Show may be a good time to do so; some developers are offering incentives for those who sign a contract during the event.
The Downtown Home Show is co-sponsored by Henco Furniture, out of Selmer, Tennessee. Henco is decorating models for the developers.
There are six properties featured in the home show. They are:
• The Machine Shop Condos at 465 S. Main, a triangle-shaped development across from the National Civil Rights Museum. The property was developed by Porter Kerr Investments.
• The Nettleton, at 435 S. Front, a reworking of the Piggly Wiggly warehouse built in 1915. The luxury condos feature 24-inch heart-pine columns and beams, and some units have 17-foot ceilings.
• St. Charles on Main, a gated condominium community being sold by Kendall Haney Realtors and Re/Max on the River.
• State Place, a $49 million development on Georgia Street a block from Riverside Drive.
• The Horizon, an elegant tower overlooking the Mississippi River. Under construction, the Horizon has a well-appointed model unit and sales center at 717 Riverside Drive.
• River Tower, the neighbor of the Horizon on Riverside Drive, a 14-story high-rise with direct access to the River Walk and views of the Mississippi River. ■
Downtown Home Show at South End
Fridays, Saturdays, and Sundays, April 11th-28th, noon to 6 p.m.
Free admission and parking
Free shuttles on Saturdays and Sundays
Go to southendmemphis.com for more information.