What’s yours is mine, at least for a couple of months

Friday, December 17, 2021, Vol. 45, No. 51

Nashville real estate sales increased 9% in November compared to November 2021, Greater Nashville Realtors sales data shows. That happened with fewer homes to sell, 4,732 properties in inventory compared to 6,200 the previous November.

Brain Copeland, who serves as president for the Greater Nashville Realtors, noted there was a significant number of pending sales at the end of November, which should mean another uptick in sales for December, even with the vanishing inventory.

Of interest is that many homeowners on the receiving end of multiple-offer scenarios are demanding they be allowed to retain possession of the home after closing, receiving what amounts to months of free rent.

The reason? Copeland says many want their home under contract before finding their next home. And many want their money in the bank before they go shopping for the next home.

Sale of the Week

With properties selling for astronomical prices and smaller homes that are loaded with charm and character being demolished to make way for the enormous, trend-filled manses, it is reassuring to many to see a renovation sell for a big number.

Such was the case last week when 2715 Wortham Avenue sold for $1,687,500. Not only was the wonderment of a 1940 home kept in place, the renovation was done while retaining the 1940s feel.

The owner’s suite is there, of course, and it is sparkling new, and the other bedrooms feature the ensuite, as is now required. The green, blue and pink tile are long gone. The 1940s were not perfect, but this house is.

There are 4,795 square feet in this edition, which is some 1,400 more than the tax records reflect, and more than likely three times the size of the home when it was originally constructed. It would have been considered extravagant to have less than a minimum of two children in a bedroom, and to give each a child a separate bathroom would have been flat-out arrogant.

The phone compartment in the hallway was sacrificed to allow for the open kitchen/family room design. No need for that nook since everyone has their own phone now.

Three of the four bedrooms have walk-in closets to accommodate expanded wardrobes.

There is a two-car, attached garage since everyone needs at least two cars in 2021. That would not have been the case in 1940, a scant 37 years after the founding of Ford Motor Company.

Allen Huggins, the buyer’s agent in the transaction, has a keen sense of Nashville history, as he is named for his namesake and grandfather, Edgar Allen, who began his career at The Nashville Banner in 1941. Allen, the grandfather, was inducted into the Tennessee Sportswriter’s Hall of Fame in 2006, the inaugural year of the award.

Additionally, Edgar Allen covered the first 13 Super Bowls and served as president of both the National Basketball Writers Association and the National Football Writers Association. He would be proud of the work of his grandson and namesake, for Allen Huggins is to real estate what his grandfather was to sportswriting.

The screened porch on the house has a fireplace, a feature mandated in the 2021 market, and there are hardwood floors throughout the house. Many of those were carpeted over in years past to save the floors from day-to-day wear and tear. It is unknown from what the owners were saving them.

In the 1960s and early 1970s, some shag carpet worked its way into these homes from time to time.

Susan Glasser of Worth Properties was the listing agent. Susan and her husband, Brian, have been in Nashville for 20 years, moving to town after graduation from LSU. She and Brian have five children, the perfect family for a three-bedroom, one and one-half bathroom home in 1940.

Glasser listed the house for $1,795,000, and it rested peacefully on the market for 23 days before Huggins’ clients purchased the home.

With all the hubbub about multiple offers, no appraisals, no inspections and no financing contingencies, a property lasting 10 days on the market in 2021 is the equivalent of 90 days in 2015.

Therefore, the sellers were aware they needed to negotiate on the offer. Regardless of the list price, which is anyone’s guess these days, the sellers fared well, as did the buyers. All’s well that ends in a closed sale.

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