MEMPHIS, Tenn., March 22, 2017 (Newswire.com) - Joshua Spotts, the top-producing individual real estate agent for Crye-Leike, Realtors's regional headquarters, today announced the record-breaking sale of 449 Tennessee Street. The 4,624-square-foot residence sold for $1.7 million, making it the highest-selling home in the Greater Memphis area so far for 2017, and the fifth most expensive home to close in the Mid-South over the last year.
"This house is truly a work of art and, frankly, a structural engineering masterpiece," said Spotts. "It was an honor to represent both the buyer and seller on this property, and it's exciting to see so much real estate movement in Memphis right now."
It's exciting to see so much real estate movement in Memphis right now.
Joshua Spotts, Crye-Leike, Realtors
Spotts currently represents several homes of similar caliber, including another Tennessee Street residence. Listed at $1.885 million, 477 Tennessee Street sits at 4,940 square feet and has four bedrooms and three and a half bathrooms. This three-story, well-appointed home overlooks the Mississippi River and boasts Caribbean Pine Floors throughout. The amenities include a gourmet kitchen, theater room, elevator, property-wide designer finishes and a grilling porch with full ventilation.
With the development of the Tennessee Brewery, ongoing improvements around the South Main area, and plentiful scenery along the Mississippi River, it's no surprise that this downtown area has become a hot spot for buyers in Memphis. This time of year has proven to be attractive for the real estate market nationwide, and Spotts's office reported its best February closings in 10 years. Job transitions and families moving during the warmer months play a role in this trend. Additionally, due to potential rising interest rates, buyers have been extremely active the past few months.
Although the market is experiencing high popularity, there is a lack of inventory to support it. According to a recent report by the Memphis Area Association of Realtors, there are currently almost 1,000 fewer homes on the market than there were in February 2016. Updated homes are in high demand, and these areas of Memphis, as well as Germantown and Collierville, are continuing to experience significant growth.
About Joshua Spotts, Crye-Leike, Realtors
As Crye-Leike, Realtors' regional headquarters top-producing individual agent, Spotts continues to be driven by helping buyers and sellers meet and exceed their real estate goals. As a passionate Memphian, Spotts looks forward to advancing the Memphis market with an innovative and fresh perspective, while serving his clients at all stages of the home buying and selling process. For more information, visit joshuaspotts.com.
Source: Joshua Spotts, Crye-Leike, Realtors