VOL. 41 | NO. 19 | Friday, May 12, 2017
Looking for a bargain? You’ll need to pack a lunch
This is now happening with increased frequency: An agent calls – a new, inexperienced agent – and asks if a particular listing is available? If the listing agent replies in the affirmative, the new agent gushes and tells of all the reasons that his buyer is the perfect buyer for the house.
He knows that he will deliver an offer straightaway. “That’s odd,” the listing agent responds, “I don’t see any record of you ever showing the house?”
“I haven’t yet,” the green agent retorts, “but I know it is perfect for my buyers (“my” being their favorite word).
The agent finally shows the house and calls: “I can’t get the house to comp and I am not going to let my buyers pay too much for the house.”
Your buyers need to move to Perry County. There are some deals there and hundreds of great people and beautiful land. The public schools are good, and there is a keen sense of community.
The contract that all real estate firms have been forced to require their agents to use was constructed by the Tennessee Association of Realtors.
All firms across the state must use this form because it is perfect in every way. Anything else, and lawsuits will fly. And, ultimately, if any other contract was used, the party using the wrong contract will lose in the courts.
Then in two years, they change it to even the perfecter, perhaps the perfectest, yes, the most perfect contract ever. That is until two years later when they change it. Then it’s perfect for at least two years.
They should take a lesson from the Catholic Church and wait 40 or 50 years to change things.
Sale of the Week
Nashville is changing on a daily basis, a fact that is well-known internationally, maybe even on an interplanetary level.
There is great debate among many, especially the natives, as to whether or not the growth and consequent change is a good thing.
Certainly there are growing pains, highlighted by traffic and education, but at least the issues have been acknowledged and are being addressed.
If there were half as many students, the public school system may be twice as good as it is now. The same is the case with automobiles. Remove 15 percent of the cars and there is no traffic issue, especially, if there are no street closures or obstacles caused by the constant construction of moderately sized buildings of 15 or 16 stories, nothing too tall.
Those involved in the practice of residential real estate sales have continued to adapt to all that is changing, as was noted in this column several weeks ago. Yet, even in those weeks, more and more change has descended upon the area.
One such phenomenon occurred last week when Jamie Helms, the marketing wizard from Village Real Estate Services, sold 1405 Elmwood Avenue.
At the turn of the century, following the Y2K debacle that never was, homes on Elmwood sold for less than $200,000. A completely renovated 3,000-square-foot house could break $300,000.
Last week, 1405 Elmwood sold for $1,750,000.
Even in today’s world, anything more than $1.5 million is an enormous number, and $1.75 million, well that’s a price once reserved for Belle Meade properties. New construction with 4,389 square feet of living space, the house sold for $398.72 per square foot.
Where is 1405 Elmwood, some would ask. A few years ago, the response would be close to Belmont Boulevard, as that would provide some stability and legitimacy to the address.
The next question would have been “which side of Belmont?” as few would dare trample the sidewalks of the 12South side of Belmont.
As there was at least one restaurant in the area frequented by those living to the West, Mirror, a listing agent of an Elmwood house might have remarked that the house was near Mirror.
All that has changed now, of course. and 12South stands on its own.
Jamie Helms, always ahead of the curve, has marketed the home using the all of the buzzwords of the day. As now the norm, cubby is the drop zone and the chef’s kitchen has preplaced the gourmet kitchen as there are more chefs than gourmets anyway.
Metro zoning does not permit separate apartments over detached garages in most areas. Helm and his builder were quite aware of this, so they have constructed a “dwelling” over the three-car garage. A person may dwell there, but they may not reside there.
Having three cars below allows for 200-plus more square feet of dwellingness.
Patricia Straus of RE/MAX Masters represented the buyer in this transaction. A few years back, she was Patti Strauss with Fridrich and Clark, but she has a different vibe now and selling big ticket items in hip, cool neighborhoods.
Richard Courtney is a real estate broker with Christianson, Patterson, Courtney, and Associates and can be reached at firstname.lastname@example.org