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According to Wayne Risher at the Commercial Appeal, the developer of the Horizon luxury condos at Riverside and Channel 3 Drive is converting the units to luxury apartments. Part of the announcement is a request to the City and County for a 10 year property tax freeze, worth about $10…

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You tweeters should get a kick out of this:

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weinermobile (4)
Originally uploaded by joespakeDriving down Poplar, I spotted this miniature Weinermobile. Read more about it at http://www.autoblog.com/2008/03/18/wienermobile-downsized-to-a-mini-cooper-w-video/.
Big Hat Tip to Oscar Meyer for keeping the American tradition alive. The fleet of…

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The Memphis Area Association of REALTORS has released the Memphis Area Home Sales numbers for January, 2009.  The format of the Report has been changed to reflect the impact of foreclosed home sales on the market.

Overall, total sales were down 38.8% in January vs. January 2008, with 1,138 sales (compared to 2,300 sales in January of 2007). 
New home sales were down 60.2% with 37 units sold.
Foreclosure sales were down 41.7% from 2008 and accounted for 31% of total sales.
 Average sales price was off 11.3%. 
Active listings continue to drop and are now at 10,306. 
Click to view and download the full report.

The report contains neighborhood sales details as in the past, but not the breakdown by sales in particular price ranges. Hopefully that feature will be returned.

What does all this mean?  It depends on who you talk to.  I don’t see anything that suggests an uptick in real estate; however, I am rather shocked that more buyers aren’t taking advantage of this strong BUYERS’ Market.  There are still loans available, and interest rates will not stay this low while buyers wait for the bottom of the market.  Since all real estate is local (one of the NAR lines I do agree with) we may have already hit bottom here.  We won’t know until we have passed it.  So if you are a buyer waiting for the perfect storm of the lowest possible price + the lowest interest rates, you will probably be disappointed.  If you are a first time buyer, the $8,000 tax credit should really be an incentive to get out there and find a house.

Rodney_Crowell and friends (1)
Originally uploaded by joespakeNot the greatest photo; it was taken with my cell phone, but I wanted to at least capture the world-class atmosphere of Folk Alliance. In this picture: Rodney Crowell, Jim Lauderdale and James Burton and Albert Lee. There were hundred…

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