Nashville Real Estate Blog - Blog Archive: July, 2010

information relating to real estate in Nashville Tennessee

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July 2010

Found 11 blog entries for July 2010.

Unlike some other parts of the United States, such as Dallas or New York and most famously Beverly Hills the high-end luxury real estate market tends to hover around the $3M to $5M mark.

These home are often described as estate homes and typically they are found on a minimum of 5 acres or in exclusive gated communities. Nashville itself does tend to have homes in that price range with slightly less acreage in the slightly older areas of Nashville such as Belle Meade, Green Hills, West End etc.

Nashville TN Luxury Homes

This link will show you the homes that are currently for sale in Nashville in the $3-$5M price range. Even though this article is being written at the end of July 2010, it will always show the actual homes for sale whenever you are

4,263 Views, 1 Comment

The Greater Nashville Association of Realtors (GNAR) recently announed that home sales for the month of June 2010 were up 15.5% to 2,416 closings compared to June 2009 (2,091). For the second quarter 2010, closings increased 24.7% over the same period in 2009, from 5,478 closings to 6,831. Following a similar pattern, the mid-year results for 2010 showed a jump of 19.3% in closings vs. the first 6 months of 2009 (11,023 closings from 9,240).

Single Family Home Sales Statistics for June 2010

 

  Closed  648 Properties Found for Areas 1-8 (Nashville)
  Square Feet Bedrooms Full Baths Half Baths List Price Sales Price Days on Market
MIN 630 0 0
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I was invited by Scott McIntosh of MusikPitch (a new start up company for generating original music for businesses and individuals) to see a presentation about improving your presentations by Scotty Schwertly. His company is based in Nashville and recently moved here and has helped fuel the recent growth in tech related businesses based in Nashville. His company is called Ethos3 and I would highly recommend going to see his presentation if you get the opportunity. It's definitely an eye opener and a great way to approach and revise your own presentations.

ESpaces.com in Nashville TN

The venue for the event was at a new concept for the business world called ESpaces, which really brings the concept of the virtual business world up to date with a

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Cool Springs is one of those areas that is part of the Nashville locals library of places to live and work as well as spend most of the weekend shopping, but try to find it on a map or search for homes using "Cool Springs" as the city name and you are going to be out of luck.

Cool Springs is an area that is really part of Brentwood and Franklin. It's well know to residents of the Nashville area as the home to Cool Springs Galleria which is the local shopping attraction for the Brentwood/Franklin area. There are also some residential homes for sale in the immediate area, which are known either as Franklin or Brentwood, which is how they are listed in the MLS, but locals would say they are in Cool Springs.

Perhaps the best way to overcome this virtual

2,817 Views, 1 Comment

Residential Statistics

The table below shows you the statistics for all the homes listed for sale in Nashville since Monday the 19th to today the 22nd of July 2010

                                               Active  214 Properties Found
  Sq Feet Bedrooms Full Baths Half Baths List Price Sales Price Days on Market
MIN 648 1 1 0 $11,500 $0 0
AVG 2,022 3 1 0 $230,651 $0 1
MEDIAN 1,757 3 2 1 $164,900 $0 2
MAX 8,685 5 5 3 $1,400,000 $0 4

 

You can see that there is quite a price range in the Nashville real estate market, with homes starting at the entry level of just $11,500, which is the

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Nashville and Southern Land Set Yet Another St. Jude Fundraising Record
The Middle Tennessee Dream Home campaign has raised a record-breaking $1,699,500 for the internationally recognized children’s research hospital. Thanks again to all who have supported this terrific cause. Given the challenges presented by the recent floods, it’s an accomplishment of which everyone involved can feel very proud of.
Pearre Creek will open this August, welcoming a whole host of West Franklin students.
  Pearre Creek Elementary
It’s almost back to school time, and Pearre Creek Elementary is scheduled to open this fall, welcoming students from across West Franklin. A school in Westhaven has been an
1,806 Views, 0 Comments

There were 2,416 homes sold in the month of June, according to figures provided by the Greater Nashville Association of REALTORS®.  This is a figure that is up 15.5 percent compared to the results for sales in June 2009 of 2,09.

The 2nd quarter numbers are also up showing an invrease of just under 25% which equates to  6,831 closings compared to the precious period last year which had 5,478 closings. 

The actual closings from January 2010 to the end of June 2010 in the Greater Nashville area show an increase of 19.3 percent with equals 11,023  as compared to 9,240 closings for the same period last year.

“The current home sales data for Greater Nashville and Middle Tennessee show encouraging signs for our market,” said GNAR* President Lucy Smith.

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Important information on condominium requirements.

Investors are now requiring condo purchases to carry both building insurance (usually covered by the HOA) and content insurance.  It is called an HO6 policy or better known as a renter’s insurance policy.

The reason for this is, the insurance provided by the HOA will only replace the unit to its original quality per specifications.  It WILL NOT cover any upgrades (such as hard wood floors, granite counter tops, etc) that the owner may have added or may add at a later date. 

Renter’s insurance can run anywhere from $25 to $75 a month (or more) depending on the personal property the individual has.

The good news is most people get this anyways because they want their furniture, electronics, etc

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There was a report just released that shows the effect of over investment in condo developments in the Miami area had disastrous results for some investors but every cloud can have a silver lining!

In the boom time for real estate, much like the rest of the USA and the world, the supply of 'qualified' buyers was seemingly endless. With this unprecedented demand for property, developers and investors realized that if they build it, they will buy. Things were going well and developments were being approved and built all over the country. Nashville TN was different in this regard. The traditionally under appreciated downtown area in Nashville, in terms of residential occupancy, was seen as huge potential for the emerging condo market.

The Gulch

In

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With the advent of the web it became clear that there were certain products that really did lend themselves to becoming very popular with the public.

Searching for homes online soon became the easiest way for a buyer to search for a new home and area information. Being able to sit in front of your computer in say Atlanta and consider a move to Nashville and be able to view the homes available is the major factor in bringing the number of people starting their search online for homes to close to 95%!

As the technology of the home search functionality increases it has become easier and easier to buy a home with out ever seeing the home. An example of the depth of research you can do on just one property can be seen HERE

From the video you can see

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