Tag: real estate

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Hot Properties Real Estate

The Strong Silent Type

This house on Central doesn’t shout, “Look at me!” and yet, when you do cast a glance its way, you notice immediately how well composed it is and how simple but strong its detailing. It was designed in 1916 by the architectural firm of Walk Jones and Max Furbringer, who worked together from 1904 to 1935, the peak of Midtown’s construction boom.

Jones and Furbringer designed nine schools, including Snowden and Peabody. Some of their major residential designs include Beverly Hall at Central and Willett, the Junior League headquarters at Central and Highland, and the Norfleet house off Walnut Grove.

This house is a departure from their usual classically inspired residential work, perhaps at the request of the original owner, who might have wanted something new and modern. It is a bold, large-scale Craftsman bungalow. The entry is tucked into the side of a porch entered via the porte cochère, a design device used a time or two by Frank Lloyd Wright. A broad brick walk elegantly follows the curving drive from street to entry.

The front porch was enclosed at some point. Stealing the porch to create an overscale entry hall diminishes the arrival sequence and robs the house of the deep, shady south-facing veranda that originally addressed the street so well. Should a new owner decide to restore the house to its original and splendid composition, it is documented in photographs.

The porch and porte cochère are ornamented with heavy box-piers, clad, as is the whole house, in shingles. (Furbringer’s own house on Forrest is also shingled but in a Colonial Revival mode.) Similarly detailed brackets support the deep roof overhangs. A large, triple-windowed dormer is the other major architectural element on the street side.

The entry places you at one corner of the large living room with a seating area uninterrupted by traffic flow. The fireplace wall is paneled and has bookcases flanking the chimney breast. The original trim in the living and dining rooms and the staircase and the linen cabinets in the rear hall are all still stained red gum. This local wood with the richness of mahogany was much prized for trim in Midtown houses but has often been lost to paint.

The large rear hall with its grand staircase is a surprise in a bungalow, but it simplified the recent completion of the attic for use as a spacious family/media room. A full bath and fourth bedroom were also added up here.

Downstairs are three original bedrooms and two baths. Closets are all walk-in, also unusual in a bungalow. But obviously Jones and Furbringer included finer detailing because this was a custom-designed house.

The dining room is generously scaled with triple windows on one side for ample natural light. A butler’s pantry and a walk-in pantry separate the dining room and the kitchen. With a rear door from a sun porch, a hall door, a pantry door, and the door to the dining room, the kitchen is cut up and difficult to lay out. Removing the pantries would add a third more area and eliminate one door. This would give more space within which to create the eminently serviceable kitchen this graciously understated house deserves.

1980 Central

Approximately 4,450 square feet

4 bedrooms, 3 baths

$300,000

Realtor: Hobson Co., 761-1622

Agent: Deborah Mays, 312-2939

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Hot Properties Real Estate

An Evergreen Anomaly

Evergreen’s major period of construction was the 1920s. By the 1930s, the neighborhood was built out, and very few lots were available until the bulldozers cleared the right-of-way for the Midtown leg of I-40, which was never to be.

Somehow, four lots were assembled when this house was built. The house and its immediate gardens occupy two lots; the additional lots behind it are a separate parcel. Now, all are for sale.

So, in a neighborhood of four squares and bungalows, this house stands out. The floor plan is based on the center-hall layout of Colonial American houses, with the main stair in the entry. This permanent stair connects only to an attic, but the attic is floored and easily could be finished if more space were desired.

The breakfast, dining room, living room, and den are all arrayed around an open kitchen at one end of the house.

The kitchen has been gutted and light, pickled cabinets installed, with some of the upper cabinet doors accented by stained and leaded glass. The kitchen ceiling is finished in bead-board and also has a pale pickled wash to highlight it. The work island, in contrast, is dark-stained wood. Appliances have been updated, including double ovens, one of which is convection.

At the other end of the house, there are three bedrooms and two baths.

The master suite is at the furthest remove and has a surprisingly large cedar-lined closet with lots of shelves and built-in storage, in addition to hanging rods at various heights.

The other bath is conveniently close to the entry hall and functions as the powder room, too. The room is pristinely white, with a long, double vanity that has a very fine crackle-paint finish on the cabinet.

The yard is a delight from every angle. Tall crape myrtles and panicle hydrangeas are abloom at the moment out front on the street. Large flowering indica azaleas are the primary foundation planting and provide a magnificent floral display in the spring.

The rear yard is far shadier, being under the canopy of several large oaks. A gazebo covers the far end of a spacious deck that is easily reached from the kitchen and breakfast rooms. This gazebo looks down on a naturalistic pond inhabited by gold and orange koi. More azaleas enclose the pond.

This is a well-maintained, low-maintenance house in the center of Evergreen. The landscaping is well laid-out and beautifully grown in.

The house might be years younger than its neighbors, but now, with the completion of the rebuilding of the I-40 corridor, it is no longer the new kid on the block.

369 Hawthorne St.

2,100 square feet

3 bedrooms, 2 baths

$409,900

Realtor: Crye-Leike, 276-8800

Agent: Bill Malone, 359-4000

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Hot Properties Real Estate

Simply Timeless

The thrill of a home tour is to see how someone else assembles the everyday items we live with: a sofa and two chairs, art on the walls, a dining table and sideboard.

Some people play to type, filling a Mission-style house with Arts and Crafts oak furniture and rich, earth-toned colors. An equally deft, but more fanciful, hand might arrange discarded school furniture with cutting-edge art that alters how you see the building.

This is yet another bungalow: oak floors, Midtown trim, blah, blah, blah. Stripped bare of the current artist’s furnishings, the house won’t have the same impact that it does at the moment, but the interior treatments prove how distinctively you can live in even the most predictable of floor plans.

The screened door has been planked. Narrow cedar boards left over from building the rear fence have been planed to expose their grain and applied horizontally, making the screen door a very modern shutter, which adds privacy to the interior while allowing air flow. This not only enhances the street appeal but also playfully acknowledges the Craftsman or natural materials.

In typical bungalow style, the living and dining rooms open one behind the other, making a large public space. Most of the windows have white plantation shutters. The walls and trim are painted neutral colors. The ceilings, however, have a little splash of color that suggests we’re not in Kansas anymore.

The kitchen has been updated with white cabinets to the ceiling to maximize storage. Good under-cabinet lighting makes food prep easier. But the zing here is the small black tiles of the countertops played against a large black-and-white checkerboard floor.

There are two bedrooms and a bath on the opposite side of the house. The large pedestal sink and white, one-inch hex-tile floor look perfectly original. A large storage cabinet has been refaced with a single planked door, and an equally large framed mirror was installed over a new white-wood wainscot. Recessed can lights and high-tech dimmers show it off well.

A spacious family room has been added across the rear of the house. It has lots of windows and a great, European wood-burning stove. A laundry closet with extra storage is right by the rear entry.

Out back is a private, fenced yard with a large double carport. Behind that, a deck is partially covered by a triangular sun shade. The backyard has a Zen-like composition of river rock between deck and yard.

Just like inside, the yard is composed simply, but all this elegant artistry makes this classic bungalow feel timeless.

575 S. Holmes

1,344 square feet

2 bedrooms, 1 bath; $172,000

FSBO; will co-op

Michael Carpenter, 230-0888

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Hot Properties Real Estate

Contempo Condo

How many residences are there overlooking the Mississippi? “Not enough” is the obvious answer. They don’t come up for sale often, and when they do, they are not cheap. For the price, this residence has a lot of amenities, and the views, both inside and out, are spectacular.

Chickasaw Bluffs is a small, gated, 12-unit condo development. It runs along the South Bluffs overlooking Tom Lee Park, just north of Huling at Tennessee Street. A trolley stop is just outside the entry, making it only a hop and a skip to anywhere downtown.

This is a second-floor unit, with the third bedroom suite on the third level. But don’t despair about the one-story flight of steps. The current owner, in residence for 12 years, has done quite a few major updates, including an elevator. Doesn’t that lift your spirits?

The entry on the main level has a marble floor. The kitchen and dining and living rooms all open to the view in a loft-like space. Kitchen and dining have tall ceilings, but the living room rises to a two-story height with a high arched window above glass doors. The river, half of Arkansas, and sunsets entertain daily right out front.

The master suite, also on the main level, shares the same views, and both it and the living room flow out to a terrace with views of all three bridges. An exterior alcove with two storage closets adds a touch of late-afternoon shade to the interior spaces. A retractable awning covers the terrace in front of the alcove. In addition, a motorized screen can enclose the alcove to keep heat, glare, and flying critters out.

The master bedroom has a well-appointed bath. On the rear of the main floor is the second bedroom suite. The third suite is on an open loft above the dining room, with views across the living room to the river. The elevator goes all the way to the third floor, where a large, floored attic could be finished if additional living space was desired.

The kitchen was recently redone with all new cabinets and appliances. Dark cabinets are offset by shiny granite and new wood floors. A wine cooler and large pantry cabinets allow stocking up for any eventuality. A breakfast bar faces the kitchen from the dining room. A wall of mirrors in the dining area bounces natural light deep into the space.

This downtown residence is well-supplied with amenities. The interior of this contempo condo is the equal even of its spectacular views.

387 Tennessee Street

1,900 square feet

3 bedroom, 3 baths; $715,000

Realtor: Community Realty, 543-5088

Agent: Alicia Willis, 619-0098

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Hot Properties Real Estate

Garden Party

This house is centrally located in Central Gardens on a large corner lot, with a wooden fence on the street side that encloses a wonderfully private courtyard for entertaining. French doors lead from the kitchen out to a patio covered by a cypress arbor. The arbor is quite tall, but a climbing vine knocks off the midday sun and a ceiling fan stirs the summer breeze. Perennials and herbs inside the fence provide seasonal interest. A curving hedge screens the rear drive and garage.

The other rear quadrant is more open and has a low, rose-covered picket fence, a play yard, and a crisply laid-out vegetable garden with raised planting beds and fine gravel walks. Several old figs, a mock orange, and “Pride of Mobile” azaleas add Southern flavor. The kitchen and mudroom connect to this yard, and that makes it easy to clean kids and veggies. Irrigation makes it easy to water the lawn.

Out back is the original two-story garage with two parking bays down and two rooms up. The groundfloor rooms are currently used for storage and a workshop. Upstairs has potential as a great guest suite or handy detached home office. An electric gate on the rear alley controls access to the drive and garage. The front yard has a grand sweep of lawn with one immense oak and an equally laudable sasanqua camellia as big as any in town.

The house is a four-square with Arts and Crafts touches. Stucco is used between the upper windows. Brick covers the exterior below the second-floor windows. It’s often the case that the upper stucco level is painted a darker color to emphasize the deep shade into which it is cast by the immense roof overhang. This overhang, usually found only in houses from the 1910s and 1920s, is underappreciated. It permits the second-floor windows to stay dry in a gentle rain and prevents the high summer sun from heating up the second floor — no small job!

The current owners have been in residence for seven busy years. Besides all that yardwork, they’ve overhauled the house, too. In addition to storm windows, two deep, bracketed canopies were added at both the front and west-side entries. These are copper-roofed and provide elegant shelter for guests.

Inside is a grand foyer that, with the living room, stretches across the front of the house. An equally spacious dining room has a cozy, glassed-in sunroom to the east and a renovated kitchen to the west. A large island topped with hard-rock maple butcher block dominates the oak-floored kitchen, which was created by removing a wall between two rooms. The island fronts two walls of white marble counters and painted cabinets that hold sink, cooktop, double ovens, and refrigerator. There is also a desk with lots of bookcases above it and still room for a couple of easy chairs or a big breakfast table in this expanded layout. The mudroom behind has lots of pantry cabinets, an extra sink, and laundry facilities. Dual central heat and air systems were installed, and plumbing and electrical services upgraded.

There are three large bedrooms and a small sitting/playroom upstairs. Both bathrooms here have been gutted and rebuilt. The hall bath retains its cast-iron tub, original pedestal sink, and toilet. A comfortable shower was added. The master bath has a long, white marble-topped vanity and a tub/shower combo. Subway tile on the walls and one-inch hexagonal tile on the floors give both baths a period feeling. Several closets were combinedto make a walk in closet with lots of built-ins for the master bedroom.

This house is certainly well set up both for raising a family and entertaining. Few homes are as well integrated with their exterior spaces. The real delight here is how readily family and friends can spill out to play and party in garden spaces that are cozy and welcoming in any season.

1442 Goodbar Avenue

Approximately 3,400 square feet

3 bedrooms, 2-1/2 baths: $599,000

Realtor: Coleman-Etter, Fontaine

767-4100

Agents: Fontaine Brown
and Fontaine Taylor

Categories
News The Fly-By

House (of Worship) For Sale

Since 1997, the stately mansion at 1440 Central Avenue has been the city’s only Church of Scientology. But it may soon become home to another church or a new family.

A “For Sale” sign has taken the place of the stone “Church of Scientology” sign that once graced the building’s front lawn. The mansion has been on the market for about two months, according to ReMax realtor Dean Graves.

“We’re exploring moving farther east,” said David Slaughter, who holds the local charter issued by Los Angeles’ Church of Scientology headquarters. “Having to drive all the way in from Collierville has become a situation for a lot of our parishioners.”

Scientology, founded by science-fiction author L. Ron Hubbard in 1952, is characterized by a belief in the power of a person’s spirit to clear itself of past painful experiences through self-knowledge and spiritual fulfillment.

Locally, Slaughter said a church in East Memphis, preferably near Poplar and I-240, would be more convenient for the church’s members. Slaughter said parishioners come from all over the city, but he could not provide an estimate of local church membership.

“We’ve looked around and found several prospects, but we haven’t settled on any,” Slaughter said. “We want to sell our building first.”

The area is zoned residential, and Graves says it could easily be converted into a single-family home or townhomes. It also could house another church without going through a zoning change.

The 11,500-square-foot building has six bedrooms, three-and-a-half baths, and a 2,000-square-foot carriage house. It’s currently listed for $895,000. The church purchased the building in 1997 for $475,000.

A 3,000-square-foot basement, currently used as a purification center to help people detox from drugs, features a sauna and changing rooms.

“The building has some gorgeous stained glass that is original to when the house was constructed [in the early 1900s],” Graves said. “It has hardwood floors and a large winding staircase.”

Local scientologists have been toying with a move for more than a year. “They’ve never put it on the market until now,” said Graves. “They’ve contemplated selling, so they can move to a location that better suits their needs.”

Central Gardens residents say that the Church of Scientology has been a quiet neighbor.

“I’ve never seen a human go in there,” said Peter Donovan, who manages the nearby University Club of Memphis.

Donovan says he’s not picky about who or what moves into the building, so long as “it’s not a McDonald’s.” “From the club’s standpoint, we would like to see something come in that’s in line with the historic feel of the neighborhood,” Donovan said.

As for the scientologists, whose local membership includes Lisa Marie Presley and Isaac Hayes, Slaughter said they will retain a presence in Memphis. “We are definitely not leaving the city,” he said.

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News

Church of Scientology House in Memphis For Sale

Here’s a real bargain for those of you looking for a nice homey place in Central Gardens: The Church of Scientology is offering to sell its Memphis headquarters at 1440 Central for a mere $895,000.

Sure, it may sound a little pricey, but the amenities are pretty sweet: There are 17 rooms, including six bedrooms, 3 1/2 baths, a game room, a 750-sq. ft. den, three fireplaces, and a “finished” basement.

And that basement, by the way, is really a 3,000-sq. ft. “purification center,” which would certainly be a handy spot for sleeping off a hangover, if nothing else. Or creeping out your friends.

Not to mention, you could tell all your guests, “Lisa Marie slept here.”

Check out the listing at Realtor.com.

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News

CNN.Money Names Memphis “Most Affordable Place to Retire”

Well, thank God. Yes, it’s another damn survey of American cities in which Memphis places first, but this time it’s actually good.

CNN.Money.com says Memphis is the most affordable place in America to retire. Other factors include air quality, number of restaurants, diversity of culture, tax structures, weather, health-care facilities, etc. But hey, we’re number one when it comes affordability. So there.

Read it all at CNN.Money.com and see how Memphis kicks Louisville, Nashville, and Austin butt. C’mon, geezers. Memphis is calling!

Categories
News The Fly-By

Sex and Real Estate

CREDIT: AGG | dreamstime.com

Urban Land Institute trend-watcher Chuck DiRocco says everything comes down to real estate.

“If an adjustable-rate mortgage resets from $600 a month to $900 a month, that’s $300 in disposable income that people are not spending elsewhere,” DiRocco said. “It’s going to affect commercial real estate down the line.”

As one of the authors of the land institute’s Emerging Trends in Real Estate, DiRocco was in Memphis last week to present the study’s findings and to discuss which markets are the “ones to watch.”

And, frankly, Memphis wasn’t one of them.

In terms of commercial and multi-family development potential, the study ranked Memphis 38th out of 45 metropolitan areas. Topping the list were Seattle, New York, Washington, D.C., Los Angeles, San Francisco, and Boston.

“The top markets to watch fall on the coast,” DiRocco said. “It all comes down to global pathways.”

That and what the study calls “24-hour cities.”

“For years, Emerging Trends has extolled the handful of America’s 24-hour cities — multifaceted markets with desirable, walkable residential neighborhoods near commercial cores: New York [City], Washington, D.C., San Francisco, Boston, and Chicago. These markets — along with Southern California’s suburban agglomeration and more recently Seattle — have gained further status as the preeminent U.S. global gateways,” read the report.

With the economy on a downswing, investors want to be safe, not sorry. But DiRocco noted that logistics experts are beginning to look inland for global gateways. And that is where local panelists think Memphis could succeed.

“Though we’re not a port city,” said local panelist Jim Mercer of CB Richard Ellis, “I think we’re probably the next best thing.”

With FedEx’s hub and the busiest cargo airport in the nation, Memphis is uniquely situated to become what experts call an “aerotropolis,” a city built around a bustling airport and aviation-intensive businesses.

But, as DiRocco says, everything depends on real estate.

Which might explain why, later that same day at a public hearing, representatives from airport area businesses and the Memphis medical community spoke against the city’s proposed sexually oriented business ordinance.

The area around the airport includes an unlikely combination of Smith & Nephew, Medtronic, Elvis Presley Enterprises, FedEx, and various adult businesses.

If enacted, the city ordinance would replace a new county ordinance that outlaws topless dancing and prohibits alcohol in the clubs. The city ordinance would allow beer sales and topless dancing.

If the City Council decides to do nothing, the county ordinance will go into effect countywide January 1st.

“We would prefer to adopt stricter guidelines,” said Bill Griffin, a senior vice president with Smith & Nephew. “We want to make the area around the airport a nice place to do business.”

John Lawrence, head of the Airport Area Development Corporation, said member businesses were concerned about the secondary effects of sexually oriented businesses, such as crime and falling property values.

“Today, it’s an area where industry is bringing in prospect after prospect. They’re bringing in doctors, researchers. Do we value these businesses?” Lawrence asked.

It seems strippers are standing (or dancing) in the way of Memphis’ potential in the global economy. But that’s not quite fair. As a representative for the sexually oriented businesses, attorney Edward Bearman pointed out that nothing in the new ordinance makes sexually oriented businesses safer or reduces crime.

“The reason the clubs are located near the airport is because that’s where the zoning will allow them,” he said. “They have money invested in this town, just the same as other businesses.”

I’m not going to get into whether clubs should close at 3 a.m. or midnight or whether they should allow beer sales or brown-bagging, nude dancing or semi-nude dancing.

But if the city’s goal is to encourage global pathways through Memphis, then the airport area is a precious commodity. Elvis Presley Enterprises, for instance, has a $250 million plan to transform the area around Graceland much like Disney did in Anaheim, California.

If the city doesn’t enact an ordinance, the county ordinance might regulate the strip clubs right out of business. I’m not sure that’s right, but lap dances and back rooms don’t seem to fit with a global commercial hub and an international tourist destination.

Adult businesses may offer something to see, but they won’t make Memphis a market to watch.

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News

Memphis Selling For Less

CREDIT: image: venturacountystar.com

From South Memphis to Southwind, Memphis is losing value. Two people who ought to know say so. Both are professionals, and neither is an alarmist or a naysayer.

One of them is Shelby County asssessor Rita Clark, whose job is putting a dollar value on houses, buildings, and land for tax purposes. The other is auctioneer John Roebuck of Roebuck Auctions, one of the leading real estate auction firms in the South.

They calculate value differently. Clark and her staff use computer models, comparables, sales histories, and first-hand “windshield” inspections. Roebuck wields a microphone and a gavel and stands in front of a group of buyers and opens the bidding.

But they’ve come to the same conclusion: Real estate prices are declining, which reverses a long trend of increasing values.

“Memphis is a strange city that does not dip and rise like other parts of the country,” Roebuck said. “Right now, Memphis is down about as far as I can remember in 30 years.”

He said people are leaving the city, demand for housing is low, and there is a surplus of new homes and condos. Even the owners of some million-dollar homes are turning to auctions as a way to unload their property.

“Auctions get a bad rap,” Roebuck said. “An auction typically brings the true market value that day. Appraisals are just one man’s opinion.”

He expects to see “a substantial reduction” in home values in the next countywide reappraisal in 2009, leading to an overall decline in the tax base.

Clark doesn’t disagree with that evaluation.
“Absolutely,” she said, when asked if the tax base in Memphis could be shrinking, although she declined to put a number on it at this time. “We follow the market. We don’t predict the market.”

Clark will leave office next September after serving 10 years. In the 1998, 2001, and 2005 reappraisals, the total value of assessed property in Memphis increased an average of 14 percent each period. The suburbs were up even more, led by Collierville (up 24 percent in 2005) and Lakeland (up 30 percent in 2005).

Higher property appraisals are an indication of a healthy economy and provide a cushion for Memphis and Shelby County governments, which operate primarily on property taxes and sales tax. If housing prices continue to fall, lower appraisals will mean lower tax collections and less money for schools, police and teacher salaries, sports facilities, parks, and debt service.

There is also the prospect of no tax collections at all from some property owners. Memphis is one of the top foreclosure markets in the country. Foreclosures are expected to get worse in 2008 as subprime mortgages are reset at higher rates.

The usual way to balance the budget in Memphis and Shelby County is with a tax increase, but Memphians already pay the highest property tax rate in Tennessee. The smell of scandal is in the air. Houses aren’t selling. Values are declining. Mayor Herenton got only 43 percent of the vote. The 2008 City Council will have nine new members. And they’re going to increase taxes? Don’t think so.

Other signs point to a stagnant city that is getting poorer, not richer. In banking as in real estate, it looks like the big money has been made for a while. This has been an awful year for banks. The stock price of First Horizon, the last of the big Memphis-based banks, is $21 a share compared to $43 a year ago. The share prices of other regional banks with a big presence in Memphis, including Regions, Renasant, Trustmark, and Cadence, are all down at least 30 percent this year and are at or near five-year lows. FedEx, our corporate jewel, is off 15 percent so far this year.

At the risk of piling on, there is an unsettling tone in the public relations campaign to “liberate” the National Civil Rights Museum from “corporate interest domination.” Unsettling because it sounds like the preelection rhetoric of our soon-to-be fifth-term mayor who as much as wrote off the white vote. So much for public-private partnerships.

The $30 dinner entrée, the $570 a night hotel suite, the $140 Grizzlies ticket, the $45,000 SUV, the $40,000 a year college tuition, and a $30 million public boat landing look like relics of a golden age. Let’s hope Memphis can still support them a year from now, but I wonder.