VOL. 41 | NO. 52 | Friday, December 29, 2017
Midstate real estate hitting right notes heading into ’18
Historically, real estate begins to slow about this time of year as the community falls into the festivity of the seasons. Not this year.
A ghost of Nashville Christmas past would not recognize the place today; hence, I suppose, the necessity to have a different ghost for Christmas present and yet another for Christmases yet to come.
If we were to receive a visit from a ghost of Christmases yet to come, what would it show us? Would there be fewer cars, even with more people? Would they be autonomous, really? Would the crane still be the city’s bird?
A five-year plan for real estate seems no more difficult than that of a bank with Brexit and Bitcoin or a manufacturer wondering if retail will fall altogether or even the media with social and digital racing through the establishment.
Of course, Ronald Reagan’s quote: “The nine most terrifying words in the English language are: ‘I’m from the government and I’m here to help,” could come into play.
If the National Association of Realtors is accurate, there could be some blood let. Although, the Association was relieved to see the property tax – even if it is capped at $10,000 – and the mortgage interest deduction with its $750,000 cap included in part of the tax bill.
The deductibility of some real estate expenses will change the way many Realtors market properties and their practices. Time will tell how these initiatives affect the real estate world, or if they have any effect at all.
Andrew Kintz, executive vice-president of the music industry group at First Tennessee, says the music business is on the upswing.
With the music industry being part of the foundation of the local economy, Kintz offered some surprising and encouraging words saying the “music industry has great reason to hope,” noting a 10 percent increase in the sale of recorded music in 2016 and a similar increase expected for 2017. This after the industry had been depressed from 2000 through 2015.
Additionally, Kintz cites “really strong growth in the live performance segment” of the business and predicts growth in the publishing or rights business with significant copyright reform coming in 2018.
In all three segments – recorded music, live performances and publishing – he expects growth of high-single to low-double digits for the next year.
Let’s hope they buy some real estate.
Sale of the Week
When Parks’ Ivy Arnold listed 4517 Belmont Park Terrace in mid-October, many noticed the listing and remembered the house had sold just last year.
Sporting an adventurous $1.35 million price tag, some were agog to see how the house would fare in this outing since the $1,159,465 price the current owner had paid seemed lofty, to say the least.
Arnold, in her promotion of the property, wrote the home was designed by renowned architect Michael Goorevich and is “Nashville’s most talked about property.’’
Being renowned in her own right and having mastered the art of oral discourse, most took Arnold at her word.
In order to re-introduce the property to the real estate world, Arnold spared no expense, throwing a monster bash replete with a DJ, caterer and a display of paintings by the brilliant artist Ed Nash.
To further complement Nash’s art, she had Nash himself appear.
With no creative stone unturned in the marketing, the price still baffled some at the party.
When the third stodgy, naysayer uttered the phrase of the night, “They were lucky to sell this the first time,” Arnold was approached to see if there was any interest in the property.
“None other than I have a contract on it, and at least three of backups on the way,” she politely scoffed with overflowing confidence.
Ivy Arnold gets it. She gets the “It” in “It City.”
Her father was the music legend Denny Purcell, a fellow who shared the Castle with Neil Young, et al. She is as talented as her father, channeling it through a different medium.
This house that many thought would not sell had more than 100 showing requests with “tons of people flying in from California to see it,” Arnold shared.
With 3,400 square feet and selling for $1.285 million, the house brought $378 per square foot.
Architect Michael Goorevich and Realtor Ivy Arnold have the formula. It is so easy, it is brilliant.
Ryan Rygmyr, Scrabble players’ favorite Realtor, represented the buyer who beat hundreds to the punch.
Look for it to sell next year for $1.4 million.
Richard Courtney is a real estate broker with Christianson, Patterson, Courtney, and Associates and can be reached at firstname.lastname@example.org.