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Low price point, yields exceeding 10% in Memphis

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guest | 12 Jul 2011, 02:01 PM Agree 0

MemphisInvest.com, a family-owned real estate investment company, said it had 128% growth in sales volume over 2010, despite a down economy, and is preparing for more this year. “The biggest draws for our area are price point, ease of entry for investors and the opportunity to diversify by purchasing more units,” Christopher Clothier, of MemphisInvest.com, told CRE Online. “Investors who have been purchasing properties on the coast realize they can purchase two or three properties in Memphis for the same price, yet with a higher return.”Investors are also drawn to the more steady growth in Memphis, versus the riskier wild price swings in some other U.S. markets. Zillow.com reports the median home price in Memphis is now $98,500, down 21.4% year-over-year. At its peak, the median in Memphis was $139,000 in 2009. Median rents are at $850, up 3% year-over-year.“Today, investors are snapping up properties that were built in the last 20 to 25 years with three bedrooms, more than one bath, and large fenced yards on big lots,” said Clothier. Yields have been exceeding 11% in many cases, he said, and cash flow ascending above $300 on most leveraged properties.A number of new luxury condos have also slashed prices to boost sales. According to the Commercial Appeal, one new development cut prices on two bedrooms from $375,000 to $279,900, and three bedrooms from $470,000 to $367,900.Memphis Invest is the largest privately owned home seller in Memphis, a city with nearly 1.3 million people, and services clients from as far as Canada and Australia. Clothier said customer service has been the primary reason for the company’s latest sales success.
  • Chris D Clothier | 01 Aug 2011, 04:41 PM Agree 0
    It's been a great year here in Memphis, Tennessee with investors coming from around the world including Canada to take advantage of our fantastic investment opportunities. Give us a call or better yet, check out the website and get familiar with who we are - and when you are ready - we'll be happy to work with you building a cash flow producing portfolio.
  • chris d clothier | 01 Aug 2011, 04:42 PM Agree 0
    Sorry - the website is http://www.memphisinvest.com!

    Talk to you soon.

    Chris
  • Chris D Clothier | 01 Aug 2011, 05:41 PM Agree 0
    It's been a great year here in Memphis, Tennessee with investors coming from around the world including Canada to take advantage of our fantastic investment opportunities. Give us a call or better yet, check out the website and get familiar with who we are - and when you are ready - we'll be happy to work with you building a cash flow producing portfolio.
  • chris d clothier | 01 Aug 2011, 05:42 PM Agree 0
    Sorry - the website is http://www.memphisinvest.com!

    Talk to you soon.

    Chris
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