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VOL. 45 | NO. 43 | Friday, October 22, 2021

‘Go away’ isn’t a viable strategy for handling influx

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There are those who are irritated by the growth the Nashville area is experiencing, and their concerns are well-founded. Some of the accusations flowing are somewhat scathing. Is it greed that drives Realtors to sell real estate to those employees of firms moving to town?

Other than the 545,902 people living here in 2000, everyone moved to Nashville, most because they like it here. So now businesses like it here. Should they be told to go away?

Should developers ignore the masses who are relocating into the area or should they provide housing, goods and services?

What about the schools? Where will the students go to school? Will the students improve the test scores or hurt them?

And, of course, politics seems to works its way into all conversations these days. People worry that those people leaving California because they can no longer tolerate it will move to Nashville with hopes of changing the city and the state into a clone of their former state.

Or, are the people leaving California, Chicago and New York actually Republicans who are leaving liberal cities and states or, as some worry, are the migrants really liberals invading conservative areas hoping to liberalize them?

The workforce is experiencing an extreme shortage. Apparently, there are not enough people to staff the businesses in town, and the hospitality industry is particularly suffering. Does the city need more bodies in those positions? Where are they now? Where will they live?

Submit your answers to these questions to your favorite Metro Council member, and this will be solved by the time the next column is due.

Sale of the Week

Dana Jorgensen with Recurve Real Estate sold 4506 Belmont Park Terrace for $1.855 million or $455 per square foot. The current owner bought the home for $1.3 million in 2019 or $319 per square foot.

In slow markets, buyers say, “I’m not paying $455 per square foot when the owner only paid $319 per square foot.”

In this market, they say, “What will it take for me to get it?”

Rebecca Norris DiNapoli, the savvy Realtor from Compass, knew what it would take to get it and made it happen for her buyer. Jorgensen, who is a singer and a songwriter when he is not selling real estate, listed the house for $1,699,999, a number rarely mentioned in country music lyrics.

DiNapoli, whose husband, Christy DiNapoli, sold 1,699,999 records several times over while producing Little Texas, has been around the block in upper-end real estate and knew what might have been if the buyers offered less than the $1.855 million.

There’s a first time for everything, and buyers in this market and buyers usually fail on their first attempt to buy houses. They are playing like it’s 1999.

Appraisal contingency? Humbug! Financing contingency? Are you going to fax it to me? LOTFLOL.

Sellers are fine with an inspection. “But don’t you dare ask for anything or I will sell it to someone else.” Then the buyer fixes what is wrong and sells it to someone else, maybe for slightly less, but their pride is intact.

Even with the dramatic increase in property taxes, the tax rate here is low as compared to other cities. And interest deduction is still in place on home loans up to $950,000, so there is an incentive to buy.

Additionally, there is a tax break for selling. When a married couple sells a home for $500,000 or less and the gain is $250,000 or less, the gain is not taxed, says wise sage Jerry Patterson with First Title and Escrow.

Perhaps the title of the song should be changed from “God Blessed Texas” to “God Bless Low Taxes.”

This house that allowed a $550,000 profit in two years was described by Jorgensen as an extraordinary home that captures the true essence of modern luxury. The kitchen, he noted, is “state of the art” with a 12-foot waterfall chef’s island. That alone is worth a few hundred thousand.

The high-end Thor appliances and “tasteful blend of stone elements” add to the ambiance. The house includes three upstairs guest bedrooms, intimating this is a house for those hosting numerous guests.

There are two laundry rooms to accommodate those who invade the home and a Sonos whole-house speaker system capable of blaring Little Texas or Dana Jorgensen into the ears of those enjoying the 4,074-square-foot abode.

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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