VOL. 131 | NO. 251 | Monday, December 19, 2016
Cordova-North Making a Comeback
WENDY GREENLAW, Chandler Reports/Special to The Daily News
Click here to review real estate market trends for Cordova’s Lee Line Farms from 2013 to date.
Purchase a Neighborhood Profile Report for your neighborhood here, or email Wendy Greenlaw for more information.
One of the hardest-hit areas of the recent foreclosure crisis is seeing major improvements this year.
Once dominated by foreclosures and bank sales, Cordova’s 38016 ZIP code is recording its highest level of home sales activity in almost 10 years.
Through the first 11 months of 2016, there have been 1,016 home sales recorded averaging $160,837. That represents a 9 percent increase in the number of sales and an 8 percent increase in average sale price from the same period in 2015, levels not seen since 2007.
With only 90 foreclosures recorded in the ZIP code this year – the fewest recorded since 2004 – bank sales continue to decline and are down 20 percent from 2015, with 82 recorded averaging $133,220.
While investor activity in the area remains relevant, with companies like FREO Tennessee and American Homes 4 Rent buying up large portions of neighborhoods, owner-occupied sales appear to be up from last year.
Roughly 10 percent of Lee Line Farms is owned by these larger investment companies. The subdivision, located off North Houston Levee Road just north of Macon Road, has seen a decline in foreclosure activity and a 16 percent increase in average home sales prices since 2013, with 48 sales recorded this year averaging $158,033. The neighborhood, established in 2001, contains 555 homes with an average tax appraisal value of $141,274.
9903 Sisken Cove (Chandler Reports)
A Texas-based investor purchased 9903 Siskin Cove within the neighborhood on Oct. 11 for $174,000. The 2,666-square-foot home has a tax appraisal value of $141,000.
Click here to review real estate market trends for the neighborhood from 2013 to date.
Of the home sales recorded in 38016 this year, the average sale price versus the average tax appraisal value is 112 percent. Shelby County’s 2017 property tax reappraisal is expected to result in an increase of tax appraisal values in many areas across the county.
Wendy Greenlaw, business development manager for real estate information company Chandler Reports, can be reached at firstname.lastname@example.org.