On Nov. 10, Meridian Pacific Properties’ executives recorded their quarterly live webinar for real estate investors. In addition to the regular market and inventory updates, the team unveiled a new incentive program to enhance returns for investors looking to buy between now and year end.
Click on the timestamps below to view highlights.
Corporate Update and National Market Trends – Brian Conlon, Director of Business Development, and Kent Coykendall, President
4:31 Meridian’s business is designed to be nimble. We’re adjusting our plans to accommodate the current economic cycle and ensure we continue to provide sound investments to our clients.
7:33 Memphis is fairing well in comparison to many other metros. We’ve seen double-digit home appreciation the past two years and only modest depreciation. While inventory has crept up slightly, the market remains affordable.
13:20 Commutable to Ford’s BlueOval City, Astoria Square will feature 446 residential units, 65,000 square feet of commercial/retail, a hotel, and a central square. This project will provide much needed housing in the growing city of Millington.
Overview of Memphis Market – Kent Coykendall, President
17:51 We’ve seen tremendous increases in monthly rents since the beginning of the year. Now we’re seeing moderations as the market adjusts to its new normal.
20:43 We’re tracking renewal rates carefully and pursuing appropriate increases to ensure the best returns. Kent cautions investors from believing everything they see online and encourages them to trust Meridian’s on-the-ground leasing experts.
23:08 Evictions remain very low considering the number of properties Meridian Property Management manages. In the majority of cases, pay-and-stay arrangements are made, avoiding resident “put-outs” and economic vacancy.
30:06 The Leasing team is identifying properties in need of maintenance or in “transitioning” neighborhoods. We will be reaching out to owners to discuss the benefits of trading for a new property.
Q3 2022 Sales Overview – Brian Conlon, Director of Business Development
35:28 We are still expecting at or above historical averages for rent appreciation in the Memphis area over the next few years.
37:03 Let’s talk about incentives! Between now and year end, Meridian is offering a $10k-$15k discount off our sales prices, a credit of up to $5k toward closing costs; and a credit of up to $5k toward property management fees and maintenance. We’ll show you how these incentives dramatically affect upfront costs and overall returns.
41:21 There are a number of year-end tax strategies and benefits to discuss with your qualified CPA.
46:31 Hear about current investment opportunities and those coming online in early 2023.