VOL. 42 | NO. 23 | Friday, June 08, 2018
$3M Hill Place sale raises the real estate bar – again
Where is the next hot area for Nashville real estate? That’s kind of like asking a financial advisor which stock is going to have the best return in 2018.
The answer to both questions is no one knows. Any area that has houses for sale for less than $120,000 has a great chance of having the earth move under its feet, or footings.
No one wants to pioneer a blighted area unless they have the financial backing to gentrify the entire area, leaving no blight in sight.
Renovating and restoring dilapidated homes can be and usually is costlier than the demolition and building something new.
Neglect is a home’s worst enemy. Water intrusion leads to so many maladies, with mold being one of the worst, but termites often follow, as well as any critter that may need a shot of H2O from time to time, even organisms and micro-organisms.
A new fad on Facebook is the photography of reptiles with snakes appearing most prominently. The Middle Tennessee area could use a visit from St. Patrick. Until the Saint’s arrival, the public should beware as poisonous snakes are no trivial matter.
Lately it seems more home inspectors are emerging from crawl spaces with the skin of snakes that has been shed as the serpents grew.
While there is debate over various photos as to whether the snakes are venomous or not, one thing that permeates the debate is that most people do not know they should run away. And fast.
Corn snakes are our friends, but copperheads can disguise themselves as corn snakes.
Oh sure, there are the eyes, the shapes of the heads, the scales on the bellies and other characteristics that allow the differentiation between the harmless and harmful, but the best bet is to impersonate the Monty Python troupe and run away.
Sale of the Week
In 1995, the family of H.G. Hill made the decision to sell the land now known as Hill Place that borders Hillwood Country Club, Post Road, Davidson Road and Hillwood Boulevard. A lottery was held, and reservations awarded to lucky buyers.
In December of 1995, the late Clayton McWhorter, the health care giant, purchased the lot at 2046 Fransworth for $266,000.
McWhorter had served as CEO for Hospital Corporation of America from 1985 to 1987 and left to co-found HealthTrust, where he served as chairman and CEO from its inception in 1987 until April of 1995.
Never one to sit on his hands, he then founded Life Trust America and served there from 1996 to 2004. At some point during that period, he decided to sell the property, and the lot changed hands in 1998 for $285,000.
When the 8,405-square-foot home that was erected on the land sold for $2 million in 2012, the transaction provided evidence that the residential real estate market had returned.
Now in 2018, the home is setting precedent once again as it is the only property with less than two acres to sell for $3 million this year.
The house was marketed by upper-end, luxury home guru Rick French, who described the residence as a “bold, stunning and exuberant modern villa by architect Robert Anderson.”
He elaborated, calling the home a “sprawling five-bedroom with the master and two bedroom suites on the main level.”
The residence overlooks the Hillwood Country Club golf course, and French requires financial qualification in order to show the house. As is the case with any broker that has upper-end listings, French is aware of the delusional pseudo buyers stalking expensive properties.
Unfortunately, many of those practicing real estate are more filled with hope than rationale and taxi the crazies from manse to manse as visions of sugarplums and greenbacks dance in their naïve heads.
The Fransworth property includes an in-ground pool, two woodburning fireplaces, a three-car garage and exceeded the $10,000 property tax reduction in the new tax bill as the home weighs in with a tax price tag of $16,494.
The floors sport finishes of all types with some marble, carpet, bamboo and cork amid some finished wood. The kitchen includes the obligatory double oven and gas cooktop.
Set on 1.19 acres, the house has seven full bathrooms and a half-bath to go with its five bedrooms.
H.G. Hill could have bought quite a bit of groceries for $3 million, or this house.
Richard Courtney is a licensed real estate broker with Christianson, Patterson, Courtney, and Associates and can be reached at email@example.com.