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VOL. 38 | NO. 14 | Friday, April 4, 2014

Top Realtor shares insider view of market

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Richard Bryan was honored recently by the Greater Nashville Association of Realtors for having more listings and more closed sales in 2013 than anyone else in the association.

So who would know more about the real estate market than he?

In a recent conversation, Bryan made several observations about the current condition of the Nashville area market. Bryan sells a number of homes in Sumner, Williamson, Robertson, Wilson, Rutherford and Cheatham counties as well as Davidson.

Here is what he had to say:

Transactions are more difficult to close than ever. Bryan notes that even after the price is negotiated, the negotiation process continues through closing.

Transactions that do not close, even after being under contract, are on the rise. Reasons are related to inspections, appraisals and buyers receiving bad advice.

If a listing does not receive an offer in its first 14 days on the market, there is something wrong.

Bryan says the first two weeks are critical and set the tone.

The abundance of hungry, inventory-starved buyers leads to enormous activity in all segments of the market, he says, adding a recent listing for $1.2 million had 31 showings during its first three days on the market.

With all of those showings, there was only one offer.

When he says something is wrong, it could be anything form price, condition, design, materials, quality or location.

Properties that have significant acreage in counties adjacent to Davidson are selling extremely well.

Bryan says homes with acreage are more attractive than ever. Out-of-towners want some land if they are going to pay what they feel to be exorbitant prices.

He says any tract of more than 20 acres is significant.

Buyers relocating to Nashville are unable to comprehend the celerity of the market.

Even with all of the “It City” hype, most of those new to Nashville find it unimaginable that many houses sell the first day on the market for a number in excess – often well in excess – of the list price.

Bryan says most buyers must witness the matter first-hand, usually by losing a house or two before they completely understand.

In fairness, it is difficult for seasoned agents that are fulltime participants to believe some of the prices.

Before buying a condo in Nashville, run a comparative market analysis on the Adelicia.

Bryan admits that even he was amazed to see the numbers in black and white since the average sale price is considerably more than the average list price and astronomically more than what the original buyers paid for the units.

It is impossible to find a two-bedroom condo with a flex room for less than $1 million.

To recap, he says the market is stronger than ever and sees no end in sight with more and more of his buyers being families relocating to Nashville.

Still, it is more difficult to get to the closing table.

Sale of the Week

This week’s sale is in Oak Hill and closed for $1,495,000, the second this year in Oak Hill to close for more than $1 million.

This bodes well for the community, since $1 million sales in 2014 are lagging well behind 2013 luxury home sales.

In 2013, there were 28 closing by the end of this time.

This year, there are 15.

Another difference on the upper-end sales stats is that most of the higher sales stayed in Belle Meade last year, while, although sparse, this year’s sales are more diverse with one in Elysian Fields.

The home at 939 Oak Valley was listed by Carline Cook at Worth Properties and sold for $1,450,000 after having been listed for $1,495,000.

Cook is the wife and Realtor of choice of the renowned builder West Cook, and that makes for a serene household.

In her remarks, Caroline notes the list price was “well below the cost to build” and that the home was constructed by Cook Builders “with architectural appointments by Mark Simmons.”

Simmons is one of the most sought-after interior designers in the South, and his taste is exquisite.

Someone got a deal.

It is not surprising that the buyer was represented by the legendary Lee Williams, one of the best in the city’s real estate history.

Lee’s buyers paid $253 per square foot for the 5,896-square-foot manse situated on a lot a tad bigger than an acre.

Williams is with Williams and Company.

Richard Courtney is a partner with Christianson, Patterson, Courtney, and Associates and can be reached at richard@richardcourtney.com.

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