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VOL. 44 | NO. 52 | Friday, December 25, 2020

Skyrocketing prices can’t be good for Nashville’s future

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The flood of those migrating to Nashville remains unfathomable, many having sold their homes in what they consider expensive markets. And then, like Michael Keaton in Batman, the Nashville market says “Wait’ll they get a load of me.”

For those who wish to live in Green Hills, West Meade or Belle Meade in a nicely appointed, move-in ready, single-family home on a full lot, the ante is $2 million. In Sylvan Park, Historic Richland-West End or 12South, they should prepare to drop more than $1 million.

Those living in those areas in homes that have not been updated can sell them to builders for prices ranging from $550,000 to $650,000. With those prices for teardowns, buyers simply wanting a house in the $550,000 to $650,000 range to live in are out of luck unless they have a couple of hundred thousand lying around for improvements.

The $650,000 might sound nice for those who paid less than $100,000 for homes 50 years ago, but then what do they do? Where do they go? Uproot and move into a different county? Find new friends?

It’s a bad, sad situation.

Even with prices skyrocketing, newcomers are flocking in, and homes selling quickly. It is not healthy.

To make matters worse, some builders say, Metro is adopting the 2018 building code that requires more insulation in the walls and studs to increase in size from 2x4 to 2x6 inches for exterior walls.

This comes at a time when international trade is at a standstill and COVID-19 causing starts and stops in South American lumber production. Lumber prices have increased 70%, some builders say.

Advocates of affordable housing have been dealt a severe blow since the price of a house is now 20% more than in January. That’s before the impact of the new codes and increases in lot prices.

Teachers, firefighters, police officers and others will be moving to surrounding. Commerce follows the population, and jobs follow commerce.

Nashville had better watch out. It better not pout. It’s about to cry. I just told you why. Santa Claus ain’t coming to the rescue.

Sale of the Week

Brad Reynolds of Synergy Realty Network is a Realtor for all seasons, including pandemic season.

The opening line of his description for his listing at 3700 Benham Avenue reads: “This is a great home for quarantine.” He further explains his comment by noting the home features a “gorgeous office to work from home.”

The property is located across the street from Sally Beaman Park and Green Hills Public Library, a library that doubles as a voting precinct and, by all accounts was devoid of voter fraud in the past election. Such behavior is all the more reason to move to Benham Avenue.

The house has 4,209 square feet, but its high ceilings give the appearance of a much larger home. The owner’s suite/main bedroom/principal/larger than the others suite is on the main level.

There also are three full bathrooms and one half-bathroom, defined as half as it has no bathing facilities. The designation is not due to the half bathroom lacking in stature. In fact, many have referred to it as a powder room over the years, but that term will soon be eliminated as it referred to the powdering of the visitor’s face, in particular the nose, and many do not choose to participate in those activities.

And if the masks hang around, no one would need to powder the schnoz.

There are custom cabinets in the kitchen, and they are not vetted by committees or political houses but usually chosen by the builder, unless the future owner contracts for the house in time for them to make the selection.

Selling for $1,105,000, the buyer was obviously not financially impacted by COVID. Probably not a hotel or restaurant owner. With all the room and height, there is a chance the family could gather there and escape a surge – or re-surge – in a superb manner.

Dean Williams of The Ashton Real Estate Group of ReMax Advantage represented the buyer, and the aforementioned Brad Reynolds of Synergy Realty Network listed the house.

His work on the listing was unprecedented, as he left no stone unturned, no face unmasked and no hand unwashed in battling the elements to sell the property.

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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