TOYOTA Plant to come to Tupelo MS

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Real Estate Broker with Jimmy Langley Realty
http://actvra.in/5sR
Recently, Toyota announced that it would locate it's new Highlander plant at the earmarked Wellspring Industrial site in Northeast Mississippi.  It has only been a month since the announcement and already the buzz is hyped!  The location of the new plant is adjacent to the town of Blue Springs, just up the road from Tupelo, Mississippi, aka, Elvis' birthplace. The way folks talk around here you would think they will begin building skyscrapers soon in this sleepy little borough approximately 15 miles northeast of Tupelo.  Blue Springs by the way is so small that it has been overlooked by the editor of the 2006 Rand McNally Road Atlas, Deluxe Edition. Nor is it even easy to find accurate population statistics about this quiet little wide spot in the road.  You can literally drive down US 78 (the future I-22 Corridor) and not even see signs of life as the township of Blue Springs is approximately 1 mile to the north of the freeway.  Since the announcement, surrounding land prices have nearly doubled and what's even more shocking, it is selling!  I for one have no sympathy for the buyers that are sucking up this land thinking that they will get rich.  The ones that will make the money are the smart ones who took advantage of the opportunity, raised their prices and sold!  The local Community Development Foundation has predicted nearly 2,000 new jobs for the area with an import of neary 2/3rd's of that workforce.  There are literally thousands of acres available for developement and most of the demand for housing will continue to be in and around the Tupelo/Saltillo metro area.  The inventory of housing in our market has increased from around 650 single family homes last year to over 1,030 today.  Some demand for housing will occur in other nearby population centers such as New Albany and Pontotoc.  What will happen to our real estate market?   I see equilibrium!  No doubt that what I get from all of this is that once all the dust settles, the new skyscrapers in downtown Blue springs will be good for one thing only....a view.  They will remain mostly empty, excepting for a stray dog, cat, or a rat or two.
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 Randy Landis, Licensed Broker , MS B-15996

  Randy Landis, Licensed MS Real Estate Broker acting in the capacity as Broker Assistant and Real Estate Consultant and Retirement Consultant.

Jimmy Langley Realty and Associates, Tupelo, MS

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Rainmaker
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Randy Landis
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Jimmy Langley Realty

Looking back at this post, I felt obligated to update a few facts. The Toyota plant was halted 1 year into construction for neary a year, recently plugged back in last summer and continues on the path to completion for later this summer. The plant is now scheduled to produce the Corolla after scrapping the Highlander plan. There is an entire transportation infrastructure completed and in place including new roads, bridges, rail system, etc.

However, there are still no skyscrapers in Sherman or Blue Springs. There are no new housing developements. There is still plenty of land for sale. Our housing market did reach a sort of equilibrium with a steady demand for lower cost housing off setting the slowdown in the higher end of the market. Sales numbers are significantly lower than 3 years ago, but steady month over month. The only real change after price declines of single family homes (-10 to -30%) is the absorbtion rate with inventory now hovering around 1,240 units (MLS).

Until that first car rolls off the assembly line, the stray dogs, cats, and rats will continue to wait for their share of luxury housing in the sleepy little burroughs of Toyota town. The local housing market recovery should be realized in the next 2 to 4 years. IMO

February 16, 2011 10:36 PM
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Broker Associate and retirement Consultant at Jimmy Langley Realty and Associates in Tupelo, MS. CAUTION - This blog MAY contain real-time comments and discussions surrounding the real estate industry, locally and beyond.