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VOL. 46 | NO. 15 | Friday, April 15, 2022

Electric Avenue sale shocking; interest rates curbing frenzy

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1503 Electric Avenue

If a person decided to rock down to Electric Avenue in order to buy a home, said person might be shocked to find the cost of Electric had jumped even more than the price of gasoline.

Last week, Robert Drimmer – often referred to as Robbie – listed and sold 1503 Electric Avenue, getting $1.2 million for the 2,758-square-foot home.

At $435 per square foot, the house price is similar to others on the north bank of the Cumberland in the Shelby Park area. In the current real estate market, the price is considered a deal as the home was only recently constructed with new wiring, plumbing, HVAC, appliances and materials.

For those unfamiliar with the locale of Electric Avenue, it is a short walk from the Vinny Links Golf Course. The house, Drimmer says, features picturesque views of Shelby Park from its windows and balcony.

The home has four bedrooms and three full baths along with one half bath on a 0.15-acres lot. Drimmer himself is an agent with Compass and has been a power broker since entering the market several years ago.

Mortgage Interest Rates

Angela Martin of Movement Mortgage says interest rates have risen 1.5 points during the past three months and are hovering at 4.72%. Martin notes that this is the fastest three-month climb since May 1994.

In her newsletter, Martin noted that data from the Mortgage Banker’s Association showed mortgage demand has fallen 41% compared to 2021 with refinances leading the way, down 62%, and purchases were down 9%.

Many of those relocating to Nashville have been financing the purchases since money has been so cheap, but there are more using cash than in the recent past. Fortunately for the housing market, there is quite a bit of cash flowing into the Nashville market, although the Russian money has dwindled.

Inventory remains low with demand high. Even another 1.5% in interest rates will not slow this market.

Mary Sue Dietrich dies

Dietrich

Mary Sue Dietrich, one of the most popular and successful Realtors in the Nashville area, has died. Mary Sue, a founding member and owner of the highly regarded Worth Properties, died of a heart attack Friday evening while visiting her daughter.

Known as much for her wit as her wisdom, Mary Sue had been affiliated with the Second City, an improvisational comedy enterprise in Chicago, a club that helped spawn the careers of such notables as Dan Akroyd, Alan Alda, Bill Murray, John Belushi, Tina Fey, John Candy and a host of others. Second City’s loss was Nashville real estate’s gain.

Using her comedic flair as a tool, Dietrich was able to guide real estate transactions comfortably and in a manner that could be best described as fun. Her fun-loving personality never interfered with her professionalism, as she was firm and demanding when representing her clients.

Long recognized as an industry leader, she was elected to serve on the board of directors of the Greater Nashville Association of Realtors, where she also served on numerous committees. Her name was consistently found on the list of the top 25 Realtors in the city, and she held leadership positions on the Southern Land Company Advisory Board and the Nashville Predators Advisory Board.

One of the favorite stories she would tell on herself was based on a telephone call she received after running and advertisement in local print media. As is the case with many Realtors, some time had passed between headshots, and her ad feature a photo that had been taken several years earlier.

The person who had called spoke broken English and told Mary Sue she would like her to list her house as she found Mary Sue’s photograph to be warm and positive. She said she had a pretty face that exuded positive energy.

Mary Sue drove to the home of the seller, who opened the door halfway and exclaimed “You no look like your picture!” and slammed the door in her face.

Perhaps Mary Sue’s face did not favor that photograph, but her face and her laughter launched hundreds of real estate deals. Her death is mourned by the industry.

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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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