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VOL. 46 | NO. 27 | Friday, July 8, 2022

Bidding wars on retreat as local market begins to slow

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Homes continue to sell in the Nashville area, despite the interest rate increase that is slowing sales nationwide, although there are fewer selling for more than list price, especially at the upper end.

There were 408 closed sales last week, some 35 coming in the ZIP codes of 37215 and 37205. Of those, only 11 sold for more than list price, and 10 of those sales were for less than $800,000.

The mother-daughter team Charlotte Ann Edwards and Ann Brackman of Parks fame sold a town house at 348 Elmington for $725,000 they had listed for $625,000. Amy Weiss of Compass won the bidding war for her buyers.

In the Hillwood area, Amy Walker of Poplar Hill Realty listed 4506 Price Circle for $650,000 and sold the property for $760,000 with Shauna Brooks of Zeitlin Sotheby’s International representing the winning buyer.

In the Nations and Sylvan Park, there were 25 sales with 13 coming in at list price, five at less than list price and seven for more than the listed price. Of the five that sold for more than list price, three were $1 million-plus, led by 4003 Utah Avenue, which sold for $1,629,311 after being listed for $1,599,000.

In East Nashville, there were 15 closings with none selling for less than list price. There were eight sales for list price and seven selling for more than list price. The three sales of $1 million-plus sold for the list price.

Overall, there were 397 properties in Davidson County that were designated as pending last week compared to 285 the week prior. Based on these numbers, buyers are still there, and pricing is being determined by buyers rather than sellers.

In years past, the market would begin to cool in July as temperature rose. In today’s climate, it is impossible to determine what will happen, but once again – as it has in years past – Nashville is performing at its own level, bucking national trends.

One surprise has moderately priced homes selling as briskly as before the interest rate increase. It was those buyers who industry professionals worried would be most affected by the rise in interest rates.

With the early numbers in, it appears those buyers are continuing to purchase homes. It is worthy of note that in some listings, especially with new construction, sellers are offering to buy down the interest rates. In these situations, sellers might offer to pay the lender a fee in order to secure an interest rate that is lower than the market rate.

Should inventory continue to rise – and if demand slows – look for lenders to become more creative.

Sale of the Week

5836 Hillsboro Road

Even in an inflated real estate market, a sale of $10 million-plus is rare. Last week’s sale at 5836 Hillsboro Road (or Hillsboro Pike for those new to town) at $10,633,000 marked only the second sale of more than $10 million in the past 12 months.

This home, located on 8.3 acres, has 11,034 square feet plus 798 square foot in the pool house, selling for $964 per square foot. It was listed for even more – $11.9 million – yet sold its first day on the market.

When there is an offer for $10,633,000, it would be wise to take that offer, even if it is $1,263,000 off the list price. As real estate history shows, it could take another year for another $10 million buyer to appear.

Karen Russell of Partners Real Estate, LLC was the listing agent for the property. She also delivered the buyer. Selling a listing for $10 million-plus is no small feat, and there are few who can boast of negotiating a price of $1 million less than the listed price for their buyer.

Russell described the home as “Yellowstone comes to Nashville,” adding the house is built like a fortress and that the entire 8.3 acres is fenced.

The main residence includes five bedrooms, five full bathrooms and four half bathrooms. The four half bathrooms all are on the main level. The 798-square-foot pool house has two bedrooms and two full bathrooms.

The home also includes the three-car garage, standard fare for higher-end homes, and a putting green outside the pool house for the golfing swimmers to hone their putting skills.

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

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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