41.7 F
Oxford

Oxford Real Estate Is Hot

The Retreat on Anderson is nearing completion / Photo By HottyToddy.com
The Retreat on Anderson Road is nearing completion / Photo By HottyToddy.com

A new student housing development of homes, apartments, and town houses to accommodate 753 people is 99 percent sold out.

Another new student complex with 668 bed units is 100 percent sold out, while yet another complex is 80 percent leased.

All three are rushing to complete construction by mid-August. In residential properties, one developer of mid-range homes has pre-sold most of his above ground inventory while houses in one high end development are said to be flying off the market.

But, all agree price levels and sales volumes are not back to the pre-bust 2005 level, and those days probably will not return any time soon, if ever.

Demand Tied To Sports

Oxford Realtor Sue Elmore / Photo Courtesy of Facebook
Oxford Realtor Sue Elmore / Photo Courtesy of Facebook

“The only thing that will get us back to the levels we experienced before the bust would be if Archie, Eli or Peyton joined the coaching staff,” said Sue Elmore with ReMax, one of Oxford’s most successful realtors. “Sports is that important to this community,” she said.

“Sales are great, houses are moving fast, but we will not return to those high levels anytime soon,” Ms. Elmore said.

Developer Todd Paine agrees.

“We have pre-sold 5 out of 8 properties and anything above ground is sold. Most of our sales are made to out of town people looking for second homes. When sports is good, home sales go up as we get more students and more people looking to buy in Oxford,” Paine said.

John Trezevant / Photo Courtesy of Google Images
John Trezevant / Photo Courtesy of Google Images

Memphis-based John Trezevant, who also has offices and developments in Oxford, said “housing is very, very strong. Condos, single family, student housing and apartments are all strong. Driving around Oxford this week doesn’t give me the impression that college is out and gone. I’ll bet Oxford doubles again by 2030,” he added.

Student Housing On A Roll

Major new student housing complexes such as The Hub, located on Anderson Road, with 162 units or 582 bed spaces, are booking up rapidly as they rush to complete construction by August 15.

“We only have four bedroom units available, all others in our mix of l-2-3-4 and 5 bedroom units are leased. Four bedroom units are the largest segment in our mix, “ said Michelle Carswell, general manager. “We will have some early move-ins on August 1, and the remainder will move in August 15,” she said.

TheHubPic
The Hub on Anderson Road will be completed by August 15

Highland Square, with 753 bed units, is “99 percent leased,” said Yvonne Moody, general manager. The development on Molly Barr Road offers houses, cottages, town homes and flats. “We will complete construction by August 12,” she said.

Highland Square under construction on Molly Barr Road / Photo By HottyToddy.com
Highland Square under construction on Molly Barr Road / Photo By HottyToddy.com

The Retreat, also on Anderson Road, is 100 percent leased. “We are taking applications for our waiting list for this fall as spaces do open up, and we are also now booking for 2014,” said Bob Hettherington, with the Retreat development group in Memphis. Campus Creek, owned by the same development group, has 636 bed units and is 80 percent leased.

Residential Market Hot

“The residential market is definitely 100 percent better than last year. Properties that have been on the market for six months, now move in two months, if they are priced right. How a unit is priced determines how quickly it will sell,” said Sue Elmore. “Oxford is unique. We have people coming and going all year. Our market never stops, but we have cycles like everything else. Oxford never declined as much as some areas,” she said.

IMG_0334
Molly Barr Trails on Molly Barr Road

“Demand is highest for homes in the $200-250,000 range, and there just are not enough homes in the $150,000 to $175,000 range. Anything over $300,000 moves slower, she said.

“Right now, it is rolling in Oxford,” said Tina Taylor, also with ReMax. “We have fewer homes on the market now but things are moving along. We are up 25 percent over last year. Condo sales are moving better. “There is a lot more construction underway than in past years. Right now, there are more builders than lots available. There just are not enough available lots,” she said. “South Point, with houses in the $160,000 to $190,000 range, is going again, and homes in the Rosemont development ($300,000) are flying off the market at Grand Oaks.”

IMG_0593
Campus Creek is 80 percent leased / Photo By HottyToddy.com

Developer David Blackburn is planning 500-1000 homes on 350 acres that surrounds the new Oxford High School at the end of Sisk Avenue, across Highway 7. “We have not finalized our plan, but we think this is going to be an excellent development with it being next to the new Oxford High School, Della Davison School, and the new Malco complex,” he said.

The area also is home to the Oxford Convention Center and two new hotels. “It is probably premature for me to say, but we are in active discussion with a major Oxford Church to move into this community as well, “ he added.

Annette Lee, who does much of the appraisal work in Oxford, said there is definitely a rise in the Oxford market. “Values are not rising that much, but are more in keeping with what they have been for the past few years. Single family sales are strong; the May Multi Listing Service (MLS) recorded 57 closed residential sales with a median sale price of $183,000.

“The average days on the market (DOM) was 113 days,” she said. “I had calculated 457 sold residential units for 2012 with a median sale price of $192,500 and DOM of 123,” she said.

City records indicate Oxford issued 224 permits for new single family homes valued at $25.8 million during 2012 and issued 64 permits totaling $6.9 million during the first five months of this year.

High End Homes Slower To Sell

Tom Davis, a local State Farm Insurance agent, said, “It appears that sales in the $250,000 and under range seem to be pretty strong. “But we have not seen the market come back as strong in the really high end houses. The high end has improved, but it is not back to what it was a few years ago,” Davis said.

John McCurdy is the developer of the Highlands, located on Highway 6 about three miles west of Oxford. The Highlands features a 75-acre lake and is considered to the one of the top high end developments in the county.

“Right now, we are experiencing a boom in Oxford like I have never seen before. My commercial property that was constructed in 2007 sat empty until this year, it filled up, and we had to build more. My residential property sat still with no lookers or buyers from 2009 to 2011, we are selling faster than ever now,” he said.

“In the past year and a half, we have finished Phases 7 and 8, and Phase 9 is in the design stage. I am cautiously optimistic … we are moving forward,” McCurdy said. –– Jim Roberts, HottyToddy.com staff writer

Email Jim Roberts at hottytoddynews@gmail.com

Most Popular

Recent Comments

scamasdscamith on News Watch Ole Miss
Frances Phillips on A Bigger, Better Student Union
Grace Hudditon on A Bigger, Better Student Union
Millie Johnston on A Bigger, Better Student Union
Binary options + Bitcoin = $ 1643 per week: https://8000-usd-per-day.blogspot.com.tr?b=46 on Beta Upsilon Chi: A Christian Brotherhood
Jay Mitchell on Reflections: The Square
Terry Wilcox SFCV USA RET on Oxford's Five Guys Announces Opening Date
Stephanie on Throwback Summer
organized religion is mans downfall on VP of Palmer Home Devotes Life to Finding Homes for Children
Paige Williams on Boyer: Best 10 Books of 2018
Keith mansel on Cleveland On Medgar Evans
Debbie Nader McManus on Cofield on Oxford — Lest We Forget
Bettye H. Galloway on Galloway: The Last of His Kind
Richard Burns on A William Faulkner Sighting
Bettye H. Galloway on Galloway: Faulkner's Small World
Bettye H Galloway on Galloway: Faulkner's Small World
Bettye H Galloway on Galloway: Faulkner's Small World
Bettye H. Galloway on Galloway: Faulkner's Small World
Ruby Begonia on Family Catching Rebel Fever
Greg Millar on The Hoka
Greg Millar on The Hoka
Greg Millar on The Hoka
Greg Millar on The Hoka
jeff the busy eater on Cooking With Kimme: Baked Brie
Travis Yarborough on Reflections: The Square
BAD TASTE IN MY MOUTH on Oxford is About to Receive a Sweet Treat
baby travel systems australia on Heaton: 8 Southern Ways to Heckle in SEC Baseball
Rajka Radenkovich on Eating Oxford: Restaurant Watch
Richard Burns on Reflections: The Square
Guillermo Perez Arguello on Mississippi Quote Of The Day
A Friend with a Heavy Heart on Remembering Dr. Stacy Davidson
Harold M. "Hal" Frost, Ph.D. on UM Physical Acoustics Research Center Turns 30
Educated Citizen on Buzzed Driving is Drunk Driving
Debbie Crenshaw on Trump’s Tough Road Ahead
Treadway Strickland on Wicker Looks Ahead to New Congress
Tony Ryals on parking
Heather Lee Hitchcock on ‘Pray for Oxford’ by Shane Brown
Heather Lee Hitchcock on ‘Pray for Oxford’ by Shane Brown
Dr Donald and Priscilla Powell on Deadly Plane Crash Leaves Eleven Children Behind
Dr Donald and Priscilla Powell on Deadly Plane Crash Leaves Eleven Children Behind
C. Scott Fischer on I Stand With Coach Hugh Freeze
Sylvia Williams on I Stand With Coach Hugh Freeze
Will Patterson on I Stand With Coach Hugh Freeze
Rick Henderson on I Stand With Coach Hugh Freeze
George L Price on I Stand With Coach Hugh Freeze
on
Morgan Shands on Cleveland: On Ed Reed
Richard McGraw on Cleveland: On Cissye Gallagher
Branan Southerland on Gameday RV Parking at HottyToddy.com
Tom and Randa Baddley on Vassallo: Ole Miss Alum Finds His Niche
26 years and continuously learning on Ole Miss Puts History In Context With Plaque
a Paterson on Beyond Barton v. Barnett
Phil Higginbotham on ‘Unpublished’ by Shane Brown
Bettina Willie@www.yahoo.com.102Martinez St.Batesville,Ms.38606 on Bomb Threat: South Panola High School Evacuated This Morning
Anita M Fellenz, (Emilly Hoffman's CA grandmother on Ole Miss Spirit Groups Rank High in National Finals
Marilyn Moore Hughes on Vassallo: Ole Miss Alum Finds His Niche
Jaqundacotten@gmail williams on HottyToddy Hometown: Hollandale, Mississippi
Finney moore on Can Ole Miss Grow Too Big?
diane faulkner cawlley on Oxford’s Olden Days: Miss Annie’s Yard
Phil Higginbotham on ‘November 24’ by Shane Brown
Maralyn Bullion on Neely-Dorsey: Hog Killing Time
Beth Carr on A Letter To Mom
Becky on A Letter To Mom
Marilyn Tinnnin on A Letter To Mom
Roger ulmer on UM Takes Down State Flag
Chris Pool on UM Takes Down State Flag
TampaRebel on UM Takes Down State Flag
david smith on UM Takes Down State Flag
Boyd Harris on UM Takes Down State Flag
Jim (Herc @ UM) on Cleveland: Fall Vacations
Robert Hollingsworth on Rebels on the Road: Memphis Eateries
David McCullough on Shepard Leaves Ole Miss Football
Gayle G. Henry on Meet Your 2015 Miss Ole Miss
Guillermo F. Perez-Argüello on Neely-Dorsey: Elvis Presley’s Big Homecoming
Jennifer Mooneyham on ESPN: Ole Miss No. 1 in Nation
Wes McIngvale on Ole Miss Defeats Alabama
BARRY MCCAMMON on Ole Miss Defeats Alabama
Laughing out Loud on ESPN: Ole Miss No. 1 in Nation
Dr.Bill Priester on Cleveland: On Bob Priester
A woman who has no WHITE PRIVILEGE on Oxford Removes Mississippi Flag from City Property
A woman who has no WHITE PRIVILEGE on Oxford Removes Mississippi Flag from City Property
paulette holmes langbecker on Cofield on Oxford – Rising Ole Miss Rookie
Ruth Shipp Yarbrough on Cofield on Oxford — Lest We Forget
Karllen Smith on ‘Rilee’ by Shane Brown
Jean Baker Pinion on ‘The Cool Pad’ by Shane Brown
Janet Hollingsworth (Cavanaugh) on John Cofield on Oxford: A Beacon
Proud Mississippi Voter on Gunn Calls for Change in Mississippi Flag
Deloris Brown-Thompson on Bebe’s Letters: A WWII Love Story
Sue Ellen Parker Stubbs on Bebe’s Letters: A WWII Love Story
Tim Heaton on Heaton: Who is Southern?
Tim Heaton on Heaton: Who is Southern?
Karen fowler on Heaton: Who is Southern?
Don't Go to Law School on Four Legal Rebels Rising in the Real World
bernadette on Feeding the Blues
bernadette on Feeding the Blues
Joanne and Mark Wilkinson on Ron Vernon: a Fellowship of Music
Mary Ellen (Dring) Gamble on Ron Vernon: a Fellowship of Music
Cyndy Carroll on Filming it Up in Mississippi
Dottie Dewberry on Top 10 Secret Southern Sayings
Brother Everett Childers on ‘The Shack’ by Shane Brown
Mark McElreath on ‘The Shack’ by Shane Brown
Bill Wilkes, UM '57, '58, '63 on A Letter from Chancellor Dan Jones
Sandra Caffey Neal on Mississippi Has Proud Irish Heritage
Teresa Enyeart, and Terry Enyeat on Death of Ole Miss Grad, U.S. Vet Stuns Rebel Nation
P. D. Fyke on Wells: Steelhead Run
Johnny Neumann on Freeze Staying with Rebels
Maralyn Bullion on On Cooking Southern: Chess Pie
Kaye Bryant on Henry: E. for Congress
charles Eichorn on Hotty Tamales, Gosh Almighty
Jack of All Trades on Roll Over Bear Bryant
w nadler on Roll Over Bear Bryant
Stacey Berryhill on Oxford Man Dies in Crash
John Appleton on Grovin' Gameday Memories
Charlotte Lamb on Grovin' Gameday Memories
Guillermo F. Perez-Argüello on Two True Mississippi Icons
Morgan Williamson on A College Education is a MUST
Morgan Williamson on A College Education is a MUST
Jeanette Berryhill Wells on HottyToddy Hometown: Senatobia, Mississippi
Tire of the same ole news on 3 "Must Eat" Breakfast Spots in Oxford
gonna be a rebelution on Walking Rebel Fans Back Off the Ledge
Nora Jaccaud on Rickshaws in Oxford
Martha Marshall on Educating the Delta — Or Not
Nita McVeigh on 'I'm So Oxford' Goes Viral
Guillermo F. Perez-Argüello on How a Visit to the Magnolia State Can Inspire You
Charlie Fowler Jr. on Prawns? In the Mississippi Delta?
Martha Marshall on A Salute to 37 Years of Sparky
Sylvia Hartness Williams on Oxford Approves Diversity Resolution
Jerry Greenfield on Wine Tip: Problem Corks
Cheryl Obrentz on I Won the Lottery! Now What?
Bnogas on Food for the Soul
Barbeque Memphis on History of Tennessee Barbecue
Josephine Bass on The Delta and the Civil War
Nicolas Morrison on The Walking Man
Pete Williams on Blog: MPACT’s Future
Laurie Triplette on On Cooking Southern: Fall Veggies
Harvey Faust on The Kream Kup of the Krop
StarReb on The Hoka
Scott Whodatty Keetereaux Keet on Hip Hop — Yo or No, What’s Your Call
Johnathan Doeman on Oxford Man Dies in Crash
Andy McWilliams on The Warden & The Chief
Kathryn McElroy on Think Like A Writer
Claire Duff Sullivan on Alert Dogs Give Diabetics Peace of Mind
Jesse Yancy on The Hoka
Jennifer Thompson Walker on Ole Miss, Gameday From The Eyes of a Freshman
HottyToddy.com