condeminium – Memphis Flyer

Look around. The grass is green, the sun is shining, and summer is definitely here. You can see the difference all over the Mid-South. People are outside enjoying themselves and doing all the things that are typical of summer: working in the yard, grilling outdoors, and scanning the real estate section for open houses.

The climate is right for buying a new home too. Interest rates are near historic lows. A 30-year fixed mortgage at around 6 percent is always attractive, but when you combine that with a strong economy, rising home values, and a projected demand for homes in Memphis well into the future, you’ve got a market that puts you in the driver’s seat.

And the driver’s seat is exactly where you belong. From there you can take the family for a nice weekend drive and explore the new developments in our area that are calling your name. Your ideal model home, lot, or condominium is waiting to be discovered.

As with any trip, it’s best to start with directions. You can map out your day by using A Change of Address magazine, found at the Memphis Area Home Builders Association, Schnucks, Kroger, Wal-Mart, Sam’s, and Blockbuster stores around the Mid-South. The magazine is a great way to learn what local builders and developers have to offer. Make a list of the subdivisions or model homes that appeal to you, and work from there. As you are driving, keep your eyes open for additional developments; you may be pleasantly surprised by what you see.

Take the time to tour a few developments so you can compare what each one has to offer. Remember that most developments have restrictions that will impact things such as the size of your home, its placement on your lot, and the materials used on the exterior. While these restrictions are designed to protect the architectural integrity of homes in the subdivision, and thus protect the resale value of the homes, they also can impact your building costs.

You should also keep in mind that condominium living is different from single-family-home living. The benefits of having someone else maintain the exterior of your home are great for those who are getting older or those who simply do not have the time to dedicate to a yard or a garden. Monthly association fees cover these costs and more.

Touring model homes and condominiums is much like visiting a car lot. You get to “kick the tires” by taking the time to evaluate the floor plan, the attention to detail, and the pros and cons of the house or condominium as it relates to the way your family lives. Only when you tour a model is there is a salesperson on hand who can educate you on the home or condominium you are touring. ■

For the latest copy of A Change of Address, visit one of the stores listed above or call the Memphis Area Home Builders Association at 756-4500.

Keith Grant is president of the Memphis Area Home Builders Association.

One Beale is on the board. In its first week of condominium sales, the $175 million development has netted almost $17 million in unit reservations. Of the 68 “Phase 1” units released for sale by developers Carlisle Corp., 16 have now been spoken for. These units are in the North Tower of One Beale.

Five of the 16 units are penthouses, including all of the three-bedroom penthouses, which range in price from $1,730,000 to $1,840,000. Seven penthouses remain in the North Tower.

Of the units available currently for sale, sizes range from 1,300 to 4,380 square feet, with price tags from $554,000 to $1,840,000. A second phase of condominiums looks to be launched in the next few weeks.

“The success of our initial sales effort reflects the strong interest this project has garnered since it was first announced,” project manager Chance Carlisle said in a statement released by Carlisle Corp. “Residents of One Beale will enjoy an elegant and metropolitan lifestyle with the services of a four-star Hyatt Regency and Spa at their fingertips and a quick walk from all that downtown Memphis has to offer.”

The One Beale sales center, at 263 Wagner Place, right next to the site of the development, gives prospective buyers an idea of the level of comfort and glitz once the building opens its doors, projected for 2010. The sales center features fully designed, gawkable model rooms (see Feature Story, page 26) and an interactive tour. You can also get an idea of the view of the Mississippi River One Beale promises future residents — although the vantage is decidedly earthbound at present.

For more information on One Beale condo sales, call 271-2325 or go to www.onebeale.com.

On Friday, August 3rd, Memphis Light, Gas and Water Division will host the 2007 Neighborhood Leaders Conference at the MLGW Training and Development Facilities at 4949 Raleigh-LaGrange. The conference, called “Protecting Yourself and Your Neighborhood,” will teach concerned citizens a number of strategies for improving their homes, their neighborhoods, and their communities. The opening, plenary session of the conference will examine ways to reclaim neglected and abandoned properties, particularly with the aid of the Memphis Police Department, the Attorney General’s Office, and the Environmental Court.

Workshops planned for the conference include how to start a neighborhood watch program, ways to avoid predatory lending, how neighborhoods can better work with realtors in marketing neighborhood homes, ways to avoid foreclosures in your neighborhood, technology and crime prevention, and tips for energy-saving improvements in the home. There will also be a lunchtime presentation on the new MLGW electronic bill.

The conference is open to the public; registration begins at 8:30 a.m., and sessions run until 3:30 p.m. Breakfast and lunch are provided. Call 528-4322 for reservations and more information. ■ — GA

LivingSpaces@memphisflyer.com