2016 was a profitable year for Memphis condominium market with sales increasing by 18% from 2015. Brisk sales were experienced by Artesian Metropolitan Residences, a luxury condo on Riverside Drive. It seemed that everyone wanted to own a condo unit but there are no more condos available.
Several months into 2017, the demand for condos is still very apparent but inventory is extremely low. According to Kendall Haney of Downtown Condo Connection, they only have 52 properties available for sale in Downtown. Three buyers walked into their office but only one was able to purchase a unit because there was hardly any inventory to choose from.
The Artesian opened in the later part of 2015 with 143 units. Almost all the units have been sold except for two pricey penthouses. The more affordable units have been sold out faster than the realtors expected. A lot of people checked out the units and looked around but when they finally decided to buy a unit, it was no longer available.
Condo buyers who were slow with their response have never made it off the waitlist and ended up in the offices of other realtors. Normally, the more affordable units are the first to be sold because buyers are looking for something reasonable. In Memphis, people only buy the cheaper units because there was no other option. When Artesian opened, it cornered the condo market.
The Artesian has encouraged demand which other Memphis developers were not able to address. According to Ashley Bonds that works on-site at Artesian, the condo offers amenities that draw in the buyers. Their features include a pet park, yoga room, indoor and outdoor swimming pools, tennis courts and private meeting spaces. The features have attracted people that want to be closer to where they work and where they can play.
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