Condo Boom in Downtown Memphis

March 30, 2006, 12:26 PM

MEMPHIS - For just the second time in 22 years the Memphis Area Home Builders Association is holding the Vesta Home Show downtown. The reason? The sudden boom in the condo market in the south end. Development that shows no signs of slowing down.

The Memphis Area Home Builders Association says there are $250 million dollars worth of condo projects going up downtown and that is expected to double in the next couple of years. The units at the various developments are selling anywhere from $110,000 to a million. The Home Builder's Association says developers are just meeting the demand of baby boomers scaling back and young professionals who want to live downtown.

"I tell you a lot have sold out. A lot are still for sale. There are about 60-70,000 people who work in downtown," said Dalene Wilson, of the Memphis Area Home Builders Association.

"I've never seen anything like it. There are 80 million of us out there at the age where our kids have left the nest," said Gary Garland.

Gary Garland has already put a down payment on two condos in "The Horizon," a 16 story high rise that will soon be going up along Riverside Drive. As general manager of the project, he's also selling the units. A model inside the sales office is giving buyers a chance to see what the condos will look like once they are finished, but he says the view and location are selling the units.

"We are a little over 50 percent pre-sold in the first phase. We just started before the holidays. Around Thanksgiving," said Garland.

There is also lots of new development in the north end of town. If you would like to look inside some of the new condos you can attend the Vesta Home Show. It beings April 15th.