Issue: 1, February 2008 Winter Break Senior Associate Dennis Mitchell, clowns on the beach in late January as he and his wife took a vacation to Hawaii. Buy Low, Sell High Still Works With housing sales moving slowly, there is increased opportunity for the custom home market. Homeowners not relying on the sale of a current home to begin on their dream home are not adversely affected by slow housing sales. In fact, they stand to save time and money by moving ahead while the existing supply of homes has yet to be absorbed. "We are getting more calls for custom homes than usual, and because of general market slowdowns, our builder partners are offering very competitive pricing structures. A year ago we might have asked for bids from five builders on a project, and because they were all so busy, we might have gotten only three to respond; now it is 100%," said Brad Shapiro, principal of Shapiro & Company Architects. He elaborated that savings were to be had now on builders' fees, subcontractors' fees, and even building materials. "You won't get a house for half price but you may be able to add some finer finishes for the same money or perhaps increase size somewhat," Shapiro explained. In a recent Commercial Appeal article regarding the sales of penthouse units in the One Beale highrise, the idea is reinforced. The high-end condos are moving quickly "like high-end retailers and brands that survive and thrive during economic slow times because of the buying power of their customers." With customers more likely to be able to get their choice of builders and to get competitive fees, now is the right time to move forward. "It's about timing," said Shapiro, "and a better time than right now would be hard to imagine." Quick Links www.rivertownontheisland.com www.kennesawfarms.com In Next Month's Issue: *New in-fill office park Interiors at Oaksedge Shapiro and Company Architects, Inc. 4646 Poplar, Suite 517 Memphis, TN 38117 Phone: 901.685.9001 Fax: 901.685.9054 www.shapiroandco.com Email: bshapiro@shapiroandco.com Click here to unsubscribe from this newsletter. Hello Truly, information is currency in this amazing era of communications. From our corner of the world, Shapiro and Company Architects will periodically pass along news — from our projects, from industry information, from your feedback, from the word on the job site — that may come in handy. We think of our relationships with vendors, builders, developers, and homeowners as partnerships. We value two-way communication and feedback. So tell us what you think, what you hear, and what you'd like to read a bit more about in our spirited little e-newsletter. We look forward to hearing from you. Email: Ken Hall Marketing Director No Tweed Jacket Required You can almost picture C.S. Lewis smoking a pipe and reading at the fireside. Rich wood wainscot panels and more come together to bring a bit of the English countryside to East Memphis. This custom designed home was our second commission for a satisfied client. The family wanted a cottage feel that had adequate space for a modern family, an office, and occasional guests. Respecting the character of the neighborhood and its home sizes, the design called for three elements to be built on a deep lot and connected by an L-shaped breezeway, thus creating the sense of a courtyard. See more of this home at our web site. We Do More Than Custom Residences! Traditional Neighborhood Development in Gallatin, TN Whole communities in fact are part of the Shapiro portfolio now, from mixed use properties to traditional neighborhood developments to multi-family developments. Shapiro and Company Architects was the firm selected to creat a vision for Kennesaw Farms in Gallatin, Tennessee, a traditional neighborhood development which includes cottages, town homes, a clubhouse, and a core commercial center. Kennesaw Farms Take Me to the River Rivertown on the Island is the exciting and luxurious condominium development rising on Mud Island south of the Auction Street Bridge. Working with David and Keith Grant, the Shapiro team designed four building types which included residences ranging from 1,300 sq.ft. flats to 2,500 sq.ft. high-end city homes. With stunning views on all sides - of the Mississippi, of the Wolf, of the city skyline - the development is a jewel nestled in a unique and prime location. Rivertown on the Island