VOL. 133 | NO. 157 | Thursday, August 9, 2018
Large Subdivision Planned In De-annexed Area
With plans submitted for a nearly 400-home subdivision, the city of Memphis could be missing out on more tax revenue than it originally anticipated when it recently de-annexed an area of Eads.
PFMT Holdings, a Tennessee limited liability company, is planning a 398-home subdivision on 130 acres at the southeast corner of Highway 64 and Cobb Road.
“The developer is proposing a 398-lot development that will fit with the surrounding uses and will have minimal visual impact on the surrounding properties,” Tim Dagastino, a planner with Memphis-based surveying and engineering firm W.H. Porter Consultants PLLC, said in PFMT’s application seeking site plan approval.
The application goes before the Memphis and Shelby County Land Use Control Board Sept. 13.
The subdivision is set to include 52 acres of “common open space,” which equates to 40 percent of the total site.
The site is part of a 3.4-square-mile area the Memphis City Council voted to de-annex in June, effective Jan. 1, 2020.
At the time of the vote, the 3.4-square-mile area had a population of about 170 people across 70 houses, which brought in about $219,800 in tax revenue, according to a presentation from the Strategic Footprint Review Task Force, recommending de-annexation.
With operating and debt service costs, nixing the area from the city limits resulted in net savings of about $142,500 a year, according to the task force.
The site is surrounded by the Cobb Road Planned Development on the north, a 25-acre commercial development yet to be constructed; the Shelby County Board of Education bus maintenance facility to the east; a large vacant parcel to the south; and the Franklin Farms Planned Development on the west, a large residential subdivision with lot sizes ranging from 4,000 to 8,000 square feet.
– Daily News staff
Home Sales Volume Up 8 Percent From Last July
The average home sale price for July was $186,292, up 7 percent from July 2017 when the average price was $173,610, according to new data from Chandler Reports, a division of The Daily News Publishing Co.
Total home sales across Shelby County increased 1 percent in July to 1,826, up from 1,807 recorded in July 2017, but sales volume rose 8 percent to $340 million, compared to total sales volume of $313 million a year ago.
Year-to-date, the number of homes sold is up 2 percent; the average home sale price is up 9 percent; and residential sales volume is up 11 percent from the same period last year.
Home sales exceeding $500,000 were up 17 percent in July, according to Chandler Reports, with 83 recorded compared to 71 in July 2017.
More than a third – 35 percent – of homes sold in Shelby County were valued at less than $100,000.
Fayette County home sales were up 22 percent this July and the average sales price up 11 percent. Oakland, a city in Fayette County located in 38060 ZIP code, recorded the most home sales with 46, averaging $217,271.
Tipton County home sales, by contrast, were down 31 percent, but the average sales price was up 6 percent. Atoka, located in 38004 ZIP code, recorded the most home sales for the month with 18, averaging $221,335.
New home sales in Shelby County were down 11 percent in July with 79 recorded for the month, compared to 89 a year ago.
The average sale price of a new home fell slightly, 1 percent, to $364,134, compared to $368,641 last July.
Collierville claimed the most building permits for new homes with 20 filed in June, averaging $433,294.
Regency Homebuilders sold 20 new homes in June, with sales averaging $344,330, and filed 21 new build permits, averaging $281,528, making the residential construction company the top builder for new home starts and new home sales.
Residential mortgages filed at the time of home sales were up 7 percent in July to 1,184, compared to 1,107 in July 2017.
The average mortgage amount was $199,259, with an average sale price of $229,548, making the average loan to value ratio 87 percent.
Top lenders in July, based on total residential mortgages filed at the time of sale, were Community Mortgage Corp. with 82 loans; Pinnacle Bank with 70 loans; and BancorpSouth Bank with 52 loans.
Foreclosure activity continues to decline, down 8 percent in July with 110 recorded foreclosures, compared to 119 in July 2017.
Westwood, located in the 38109 zip code, had the most homes in foreclosure at the end of July with 160 properties valued at $6.9 million. The 38125 ZIP code of southeast Shelby County had the foreclosure inventory with the highest value of $15 million across 86 properties.
Of the homes foreclosed on in July, the average amount was $80,887 and the average tax appraisal value was $109,659.
Fannie Mae had the most homes in foreclosure with 129 properties valued at $13 million at the end of July.
– Daily News staff
Q2 Retail, Office Sales Outpace Last Year
The number of retail and office property sales in Memphis and Shelby County was up more than 30 percent compared to the second quarter of 2017.
Comparing sales data from Q2 2017, office property sales are up 31 percent and retail property sales are up 39 percent, according to new data from Chandler Reports, a division of The Daily News Publishing Co.
While the number of office sales were up, the average sale price fell 59 percent, with the 42 recorded sales averaging $608,000 compared to 32 sales averaging $1.5 million in Q2 2017.
With 21 percent less industrial property sales and 9 percent less multifamily property sales, the overall commercial property sales volume fell 1 percent in Q2 2018 with $461 million in total sales recorded, compared to $466 million in Q2 last year, according to Chandler Reports.
The largest commercial transaction of the quarter was multifamily – Country Squire Apartments, a 972-unit complex at 340 N. Germantown Parkway in Cordova sold to Indianapolis-based Birge & Held for $62 million on June 19.
– Daily News staff
Memphis-based TruGreen Lands National Culture Award
The National Association of Landscape Professionals has awarded Memphis-based TruGreen a Community Partnership Award.
TruGreen received the “Community Partnership for Outstanding Company Culture Award” for its national TruNeighbor program, which grants communities up to $15,000 – in partnership with national nonprofit Keep America Beautiful – for projects that remedy blight and increase access to green space.
The award also recognized TruGreen’s Lawn Stars program, in which top performing branches donate to charities of their choice.
NALP Community Partnership Awards honor companies that demonstrate exceptional leadership in helping restore or revive their local communities or communities nationwide.
“We’re extremely proud to win this prestigious community partnership award celebrating our leadership in helping enhance and restore communities,” Jeff Fedorchak, TruGreen’s vice president of community affairs, said in a statement. “At TruGreen, we’re extremely focused on making positive contributions to help communities enhance their environmental space or quality of life – especially when it helps them live more life outside.”
Fedorchak recently won NALP’s Advocacy Award, which honors individuals who have demonstrated exceptional efforts helping NALP promote and defend the interests of the industry on either the state or federal level.
The organization recognized Fedorchak for his work managing NALP’s Public Affairs Advisory Council, the Pesticide Preemption and his focus on state and local regulatory issues.
– Daily News staff
Mrs. Winner’s Could Return to Memphis
Memphis could soon have a Mrs. Winner’s Chicken and Biscuits restaurant again.
The Memphis and Shelby County Office of Planning and Development’s Land Use Control Board is scheduled to hear a site plan application for Mrs. Winner’s Holdings Inc. at 7060 Winchester Road, near Riverdale Road.
The Minnesota-based fried chicken restaurant currently has locations in Cleveland, Tennessee, as well as Georgia and North Carolina, according to its website. According to Forbes, the company, which once operated nearly 200 restaurants, filed for bankruptcy in 2010 and closed all its company-owned stores.
The LUCB meeting will be held at 10 a.m. on Sept. 13 in the Memphis City Council Chambers, 125 N. Main St.
– Daily News staff