Memphis real estate investors pay the price for a boom in luxury properties

Memphis real property investors are paying the price of a boom that has led to the creation of more than a dozen luxury properties.

The city has long had a reputation for its high-end real estate but it has struggled to attract the type of buyers who are willing to pay big bucks to live and work in the city.

The growth of the luxury market is having a direct impact on the affordability of homes, particularly in the South and west of the city, which has had its share of gentrification and rising rents.

“You see it in the new restaurants, new hotels, all of those types of things,” said David Cote, the owner of the Westgate Residences, which recently opened a new location on West Sixth Street.

“It’s been a bit of a roller coaster.

People have been able to afford to buy more expensive properties, but they’re not willing to do that.”

The Westgate move into the newly renovated Westgate Center in downtown Memphis has added a few more luxury amenities, including a rooftop terrace overlooking the city’s skyline.

But it also presents an additional challenge.

The $2.8 million project, built by Cote and developer Chris Barger, includes a rooftop restaurant, a spa, a gym, a sauna, and a bar.

The city also has begun a campaign to encourage developers to build more affordable, mixed-use developments in the area, including the construction of luxury apartments in the West Memphis area, which stretches from Interstate 45 to the Arkansas River.

But some of the more expensive homes are priced out of reach of many of the middle-class residents who make up the majority of the area’s residents, including retirees and young families.

“The trend is to build bigger condos and lower-end homes, which are going to be more affordable,” said Richard Aiken, the director of the Memphis Housing Institute.

“But if you look at what’s happening in Memphis, if you go to some of these areas, like West Memphis, it’s the upper-middle class, the working class, and the poor people, and that’s a very different picture than the one we see in many cities around the country.”

Aiken said the city has not yet identified a specific housing policy to address the affordability problem.

He said Memphis is in the middle of a housing crisis, with low vacancy rates, and affordable housing in general being a priority.

The state’s Housing and Community Development department, for example, has proposed creating an office program for affordable housing developers.

Cote said he hopes to see more development in the surrounding areas.

“If you look down West Memphis on I-45, it is kind of a ghost town,” he said.

“We need to put something in place for the future.”