Last week’s Chandler Reports’ “Master Your Market” event highlighted 2011 housing activity, from traditional sales to bank sales and everything in between.
The average sales price last year was at the lowest level since 1998. In fact, 57 percent of all home sales in Shelby County were less than $100,000.
What’s more, home sales more than $1 million were down 40 percent with 22 recorded for the year.
The largest home sale last year was the $4.1 million sale at 9279 Forest Downs in Germantown’s 38138 ZIP code on Oct. 14. It was an approved sale from real estate developer William “Rusty” Hyneman to Forest Downs Properties LLC as part of his Chapter 7 bankruptcy.
In a Chapter 7 – or “liquidation” bankruptcy – debtors often get to wipe away much of what they owe. Assets are sold to repay creditors.
Hyneman and his family’s associated companies once represented the largest homebuilders in Shelby County.