VOL. 132 | NO. 96 | Monday, May 15, 2017
Large Section of Cooper-Young Flourishing
WENDY GREENLAW, Chandler Reports/Special to The Daily News
Click here to view real estate trends in the Mount Arlington neighborhood.
Download a Neighborhood Profile Report for your neighborhood here, or email Wendy Greenlaw for more information.
The Mount Arlington neighborhood located in the eastern section of Cooper-Young in Midtown Memphis has been expanding with new growth. Investors, rehabbers and builders have been cultivating the area, causing average sales prices to jump significantly.
In the last year, six new-home permits have been filed in the neighborhood averaging $166,500, with one builder subdividing a vacant lot and building two new homes on the space.
Many homes have been overhauled by investors who are purchasing, renovating and making large profits on flipping properties.
One home that was recently flipped is 1003 Meda St. which foreclosed in 2009 during the housing crisis. Wells Fargo Bank reclaimed the property and sold it for $42,300. In September 2016, an investor purchased the home for $92,500, made renovations, and sold it three months later for $216,500.
Mount Arlington is assigned 715 homes with an average property tax appraisal value of $146,144. The neighborhood still has quite a bit of foreclosure activity, which allows savvy investors to obtain properties at greatly reduced prices.
Since 2014, average home sales prices have increased 24 percent from $78.57 per square foot to almost $98 per square foot in the first four months of this year. Average prices in Midtown’s 38104 ZIP code have increased 14 percent during the same period.
According to the MLS, there are currently nine homes listed for sale in Mount Arlington averaging $238,000.
Wendy Greenlaw, business development manager for real estate information company Chandler Reports, can be reached at firstname.lastname@example.org.