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The Ledger - EST. 1978 - Nashville Edition
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VOL. 43 | NO. 41 | Friday, October 11, 2019

Outsiders are pouring in to neighborhoods, stadiums

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Buyers in the Nashville real estate market are angry and frustrated, especially the buyers who have decided to relocate here from other cities.

They feel there is no inventory, and houses that meets their specifications and parameters receive multiple offers when they hit the market.

If the buyers had wanted an auction, they would have gone to an auction. Multiple offers irritate them.

Some surrender and decide to rent. To heck with looking for homes to buy. They succumb. For about two days. Then they learn, there is nothing to rent.

At that point they are steaming. Some throw in the towel and remain in their current cities, while others come anyway and settle for something.

This boom was supposed to end. In fact, it was not forecast to have happened in the first place and began even before the Great Recession ended in some places. Now, other cities are beginning to sense some stagnation in the real estate market.

Economist mention an impending recession with as much concern as trying to decide on what they may have for lunch. In Nashville, there is no sign of anything other than what has become business as usual – a robust market.

If everyone in Metro government would tell the truth, they would admit they are nonplussed by the continued migration into the city. The popularity of the city is evidenced by pedal tavern traffic, the mobs on Broadway every night and the explosion of the short-term rental market.

However, there is no better example than the attendance at the football games. The opposing teams are traveling en masse to Nashville now, and they are robbing the sports teams of their home field advantage.

For years, other teams in the Southeastern Conference matched or slightly exceeded the Vanderbilt fans and that had become accepted. Things are different this season.

Most estimations had the Georgia crowd filling 75% of Vanderbilt stadium. Some suggested 80%. Yet when Nissan Stadium had more Buffalo fans than Titan fans, it became eerie, worse than Poe’s midnight dreary.

The city is under siege. There is no money is the budget to build a wall, and the migrants are well documented. The question is “When does the growth kill the growth?” When does Yogi Berra’s “Nobody goes there anymore, it’s too crowded” quote come into play?

There was some growth before the Great Recession, but Nashville real estate sales were mainly Nashvillians who were renting and deciding to buy, graduates from the various colleges and universities deciding to call Nashville their permanent home and residents downsizing or upsizing.

Many homeowners today are waiting to put their homes on the market until such time as they find decent housing for themselves. They, like those relocating, soon find there is nothing out there to buy.

If all of those looking for houses put their houses on the market rather than waiting, it could solve the problem. Set a time, perhaps midnight Halloween night. A switch is pulled, and all of the houses hit the market simultaneously. Hundreds of homes and thousands of buyers running through the streets on Halloween night.

The downside is that it could turn into a game of musical homes. And when the music stops, there could be some homeless buyers floating through the neighborhoods.

Sale of the Week

With the baseball playoffs in full swing and the World Series fast approaching, there likely will be several records broken by teams and individuals.

  612 Belle Meade Blvd

There are some records that cannot be broken or feats that will remain unsurpassed. For example, Yogi Berra hit the first home run as a pinch hitter in World Series history. That statistic will stand for all time.

The house at 612 Belle Meade Boulevard holds a similar record. It was the first one-story house to sell for more than $1 million in Belle Meade, accomplishing that feat in the summer of 1999. Aug. 9, to be exact. The property went under contract Aug. 2 this year, just short of 20 years to the day of hitting that historic price.

The home appreciated by $700,000 during those 20 years, selling for $1.7 million this summer, closing Oct. 1, the first day of the playoffs.

During that time, the owner made numerous trades. She realized her kitchen was over the hill and replaced it with a fresh, new product that could go the distance.

While the bathroom had experienced a remarkable run and performed well in its reliever role, the owner felt it was time to bring in some talent from outside her organization. The bathrooms, both the master and the bathrooms that serviced the other bedrooms, were overhauled.

Somewhat the sentimentalist, she retained the original hardwood floors throughout the house, and they formed the foundation upon which the rebuilding of the team was constructed.

While lacking any sand, the lot is immense at 1.64 acres of grass that stayed green through most of the 126 days on the market, finally succumbing to the intense heat and lack of water as the summer continued into the playoff season.

Tom Hoover and Casey Hoover of Hoover Realty listed the home. Darin Cunningham was the agent for the buyer, who paid $409 per square foot for the 4,154-square-foot home that was built in 1953.

Richard Courtney is a licensed real estate broker with Fridrich and Clark Realty, LLC and can be reached at richard@richardcourtney.com.

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