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VOL. 44 | NO. 37 | Friday, September 11, 2020

High-end homes carrying area market to new heights

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Davidson County real estate is weathering the storm as COVID-19 cases continue to cloud the community. This week, the Greater Nashville Realtors should release a healthy report for the entire Midstate area as pending sales had soared at the end of last month and, from all appearances, the area will break its record for transactions.

With 1,215 closed sales last month, Davidson County was close to the record 1,342 sales of August 2019. Of note is that August 2020 boasted 52 sales of $1 million or more, basically holding serve with 2019’s 53 sales of $1 million-plus.

A peek inside those numbers reveals a more surprising statistic.

Of the 52 sales $1 million-plus sales August 2019, one was for $5 million, one was for $4 million-plus, one was for $3 million-plus, and five fell between $2 million-$3 million.

This August, there were 18 sales between $2 million-$3 million. While the total number of sales surpassing $1 million is holding firm, the prices are increasing at an enormous rate.

Look for sales in the $5 million-$6 million to begin to dot the real estate landscape as those listings are currently percolating with drone photographers booked solid shooting the high-end properties, many in the $15 million-$20 million range.

Seemingly, if we list it, they will come.

One interesting trait the prospective buyers of these house share is that they want to be as comfortable in their Nashville homes as they are in their current locales. While they do not want to make ridiculous investments, they are prepared to lose a few million when they move.

They are not familiar with Dave Ramsey’s “baby step” plan to financial freedom.

There are many homeowners who have their homes listed who are eager to sell before the election as they are fearful of what might happen after the results are in and the winner of the presidential election prepares for the next term.

After some intense research into this election – as compared to all the presidential elections since Dwight Eisenhower – I have uncovered some irrefutable data as to how either of the outcomes would affect the Nashville market.

It will take some time to assemble this and mold it into readable form, but I should have the paper written by late February, and I will share the information with you at that time.

Sale of the Week

In real estate, less can mean more when pricing a home. The adage “You can always come down on price, but you can’t go up” has gone the way of fax machine,

Recently, Teresa Harshman listed a house for $605,000 at 2704 Sunset Place near Vanderbilt.

Originally, the house was priced for a short time at $605,000, a number that sounds much higher than $599,999 and misses the radar of those who decide $600,000 is the maximum they wish to spend. Harshman alertly changed the price to $599,999 and received multiple offers with the house, selling for $625,000, a number she might not have hit had the $605,000 starting price been left in place.

Harshman, a Realtor with Exit Real Estate Solutions, described the property as a “charming Hillsboro cottage” with four bedrooms, two full bathrooms and 1,653 square feet. She also disclosed she is related to the seller, which always makes it interesting, and warned the seller would make no repairs.

Many sellers proclaim their houses are being sold in “as-is” condition and declare they will make no repairs. Yet, if the inspector finds raw sewage flowing into the crawl space or a sparking electrical panel, repairs will soon follow. Additionally, such statements often deter buyers.

None of that happened in this transaction, but they have occurred.

Harshman’s descriptive prose was presented in a way to lure the perfect buyer, or buyers in this case. “Kitchen with farmhouse sink, granite, large island with antique countertop, vintage chandelier, subway tile and open shelves, creating a contrast between old and new… a big, shady fenced backyard with outdoor fireplace and deck,” she wrote.

Such language would relieve the house of showings from those seeking the sleek, white, stark homes that are quite popular for many shopping for homes in the Hillsboro-West End neighborhood and would open the barn door for those who seek shades of yesteryear.

To Harshman’s credit, she flushed a number of buyers and their agents.

Of all of those trying to purchase the home, Virginia Rogan prevailed. One of the thoroughbreds in the Village stable, Rogan delivered the perfect offer with the right price with acceptable terms all the while walking the slippery slope to ensure that her client did not overpay.

The mission was accomplished, and Rogan and her buyer emerged victorious with the spoils.

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

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PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0