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VOL. 39 | NO. 38 | Friday, September 18, 2015

Dean helped Nashville weather many storms

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As the sun sets on Mayor Karl Dean’s administration, we in the real estate community are extremely appreciative of the leadership he and his administration provided during the past eight years.

As Dean took office, the world’s economy was crumbling, although Nashville’s economic diversity allowed the city to endure better than many cities across the land. To the South, Florida’s real estate market had caved long before Nashville felt any effects, as did Michigan to the North and California to the West.

As Dean took his oath of office, the owners of the Sounds were reneging on their commitment to build a ballpark where the Ascend amphitheater is now, and the Predators had packed their bags and were ready to go. Shortly thereafter, there was a break-in and a number of computers were stolen, allowing the thieves access to sensitive citizen information.

All of those issues were mitigated. The Predators stayed, the Sounds headed back to Herschel Greer Stadium and the security issues were put to rest.

Then came the English-only bill that was brought before the Metro Council. Most of us in real estate feel the city would not be experiencing the success it does today if that bill had passed. Mayor Dean and leaders within the Council led the charge to defeat the legislation.

Once this was defeated, the Music City Center was proposed by Mayor Dean, and that idea was met with strong opposition from many in the Council but passed amongst great furor and debate.

Now, the facility rests proudly alongside hundreds of millions, if not billions, in investment from the private sector as hotels and restaurants are pouring into Nashville and the cranes adorn the skyline.

And it doesn’t seem that long ago that Realtors dreaded sunset while entertaining out-of-town clients looking to relocate here. As the dinner hour approached, the clients would often inquire as to where they should dine that evening. The opportunities were limited in the days before the Titans and the Predators came to town, and never has the city seen the growth in culinary services that has occurred in the past eight years.

With the Music City Center battle behind him, Dean stood in the bright sunshine on Riverfront Park and delivered State of Metro address on April 29, 2010, outlining budget cuts across the board, the result of a still-suffering economy. He and his staff had outlined all of the things they were to accomplish the next year.

The next day, it began to rain. The unthinkable soon occurred as the city was swept beneath rising waters.

With leadership from the Mayor’s Office and an overflow of volunteerism, the city not only survived but was brought together and flourished.

Dean ran on a platform of economic growth, safety and public education, and never took his eye off of the ball. All areas are greatly improved, and now Mayor Megan Barry is faced with concerns of transportation, affordable housing and, once again, public education.

Dean left us better than he found us. And some 40 months of record growth later, the real estate community is grateful.

Sale of the Week

While area home sales continue to set records each month, there has been somewhat of a slowdown as inventory is building across the area and the number of multi-offer scenarios has slowed.

Yet, Crieve Hall, the area east of I-65 at the Harding Place exit and west of I-24’s Harding Place exit, remains afire as evidenced by the sale of 305 Wauford Drive last week.

Kyle Felts, who hails from the firm bearing his name – Felts, Jackson, Waggoner Real Estate Services – represented the seller and listed the 2,062-square-foot house for $339,900. He sold it in one day for $345,000.

Felts had sold it to the current owner in 2007 for $177,500, although, at that time, the home was 887 square feet less and the basement unfinished.

The house now boasts four bedrooms and two baths with an extra bedroom and bathroom having been added by the current owner, who performed the perfect makeover for the house, leaving the hardwood floors gleaming like the twilights and providing Felts with plenty of material for his marketing plan. Felts noted the ‘updated kitchen with granite, the big deck, open floor plan and fenced yard.”

Felts, one of the top-performing Realtors in the area, priced the home in a manner to invite the bidding war.

In the past, there was the adage: “You can come down in price but you can’t up.” Now the market dictates the price, even upward, as was the case in this transaction.

Will Reynolds of PARKS represented the buyer, who beat the other offers with the submission of a clean contract slightly in excess of list price.

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

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TNLedger.com Knoxville Editon
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