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VOL. 43 | NO. 46 | Friday, November 15, 2019

It’s another record sales year barring December collapse

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Unit 1016, Icon in the Gulch

Despite low inventory, the area reported a 16% increase in total transactions in October compared to October 2018, Greater Nashville Realtors sales data reveals. Unit sales hit 3,742 last month, an increase from 3,216 during the previous October.

Those sales bring year-to-date sales to a staggering 35,645, and October closed the month with 3,127 pending sales.

Normally, there are more sales for the following month than pending sales at the end of the previous month. But even if the number holds steady, there will be 38,772 sales through November.

The record for the most sales in a single year is 40,482, leaving only 1,710 December sales needed to break the record. Therefore, we are predicting that 2019 will be another record year for total sales in the area covered by the Greater Nashville Realtors.

Newly elected Mayor John Cooper will be able to boast that the city reported its highest sales ever under his watch. And we can hope, at some point, to be able to report that he had a record year for sales in the workforce housing sector.

As inventory fell – again – and sales rose – again – prices increased. Again.

The median price for a home was $316,702 for October, an increase from $296,355 last year. Condos followed suit with a median price of $233,900 compared with $220,000 last year.

With no predictable bumps in sight, things should continue as they have in Nashville.

Skip Woolwine

Nashville lost yet another storied Realtor last week with the death of Skip Woolwine, who died of heart-related issues. Skip has been a fixture in Nashville radio since the age of 15 when he secured his first fulltime job.

He was a graduate of Montgomery Bell Academy and Vanderbilt University, he joined WSM at age 17. There he became the youngest paid announcer in the company’s history.

Later, he was a founding member of the Radio Hall of Fame.

Skip’s wife, Trish, is a highly successful Realtor at Fridrich and Clark Realty. Skip had worked with her at Fridrich and Clark for the past 20 years. In addition to his radio and real estate talents, Woolwine was a skilled guitar player and founded the popular 1960s cover band Fade to Black.

He will be missed on so many levels having listeners, clients and fans.

Sale of the Week

Unit #1016 set the record for the highest non-Penthouse sale in the Icon in the Gulch when it closed for $3.35 million last week. A penthouse at Icon, which towers 22 floors over The Gulch, sold last year for $4.71 million.

Remember, many “experts” wrote Icon in the Gulch off as a failure when the Great Recession made its way into Nashville.

Confident owners of this unit spared no expense and left no upgrade unturned. The 4,000-square-foot home includes four HVAC systems and three storage rooms, all of which were accessible from the condo – a rarity.

With floating vanities and solid marble backsplashes set atop wide-plank oak floors, the condo reeks of style and quality. Now that there is a precedent for a $3 million price tag, look for more condos across the city to swallow their adjacent units.

Listing agent David Haverkamp is a veteran renovator, having sold his home at 714 Russell Street for $2.35 million in 2017. While that home is an historic masterpiece, the Icon is a mere 11 years old and offered different challenges. By combining several units, the owner was able to design the dwelling so that it features separate master bedroom wings.

The kitchen includes walnut cabinets, Wolf and SubZero appliances, and the view is 270 degrees from its perch 10 floors above the bustling neighborhood.

The water is heated without benefit of a tank, and there are four balconies. Of course, there is the hidden library with secret door. If only there were a Murphy bed to complete the 1930s movies comedic arsenal.

Haverkamp has his license parked at Crye-Leike, which, by the way, is pronounced like the Box Tops hit, “Cry Like a Baby,” as both the real estate firm and the song have Memphis roots. Laura Stroud – no stranger to the music biz herself – of French King Fine Properties sold this fine property. Interestingly, Haverkamp defined the view as “Bluff/City” in the MLS listing.

Even a $3.35 million condo doesn’t last long in Nashville. It was sold during its first and only day on the market. The maintenance fee is $20,000, and taxes could reach $33,000 when this sale is absorbed in the assessors’ office. So the unit is not for the faint of pocketbook.

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

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RECORD TOTALS DAY WEEK YEAR
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