Tuesday, January 31, 2023

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.

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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.”

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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

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