CityLiving Lunch Tour: Thursday, May 7

Mark your calendars for our next lunch tour! Thursday, May 7 (one week from today) we will meet depart from our Downtown office at noon for a walking tour of new and resale urban lofts and condos. We'll see a couple of new construction units at The Lofts at Noel Court on 3rd Ave N, a resale loft at Church Street Lofts, and a few others. If you RSVP, we'll even serve you lunch afterwards! [Click here to RSVP]

4206 Colorado Avenue

We have a new listing in Sylvan Park at 4206 Colorado Avenue [map]. This ultra-quaint renovated cottage has hardwoods, tile, a separate office, a huge backyard with a great entertaining space, a rocking chair front porch, tons of natural light, a fireplace & so much more. Let us know if you'd like to schedule a showing, or see other properties like this one.

Consumer Confidence Climbs in Middle Tennessee

From the Nashville Business Journal on Friday, April 24:

Consumer confidence in the Nashville area has moved back into positive territory after hitting new lows earlier this year. The overall confidence index rose to 105 from a negative 66 in February. A healthy range would be in the 200 to 300 point range, says Timothy Graeff, director of the Office of Consumer Research at Middle Tennessee State University, which conducts the survey.

The Current Situation Index remained in the negative, where it has been for the past year. Still, the negative 121 score was an improvement from the negative 160 in February. “Most of the gains are just in people’s hope for the future,” Graeff says. “There’s a sense that it’s got to get better, it will get better.”

The poll of 470 adult residents of Davidson, Rutherford and Williamson counties was conducted on the evenings of Tuesday, April 21, and Thursday, April 23. Graeff says consumers likely won’t loosen their spending habits much in the short term, but unless there is a major incident to set back confidence, they will start spending more freely. “If they could just hear some good news, they will slowly become more confident, slowly start spending more money, he says.
The key, he says, is for consumers here to feel better about their personal financial situations, Graeff says. “It won’t happen over night,” he says.

In the current survey, 4 percent said it was a good time to make large purchases in general, with 11 percent saying it was a good time to buy a home and 7 percent saying it was a good time to buy a car.

Private Downtown Retreat at Icon in the Gulch

Nashville Home & Garden also recently featured Icon in the Gulch. The article features gorgeous photography of an owner-occupied condo in the high rise. Check out the photos and uniquly urban decorating by clicking here.

Progressive Urban Development in The Gulch

From April's Nashville Home & Garden Magazine...

Nashville's The Gulch is quickly developing into a new go-to place for creative, responsible real estate design. In the heart of The Gulch you'll find Terrazzo, a LEED pre-certified building incorporating residential, retail and office space. Bill Barkley, president of Crosland Tennessee, is the developer of Terrazzo and a founding developer of The Gulch. With a career that spans more than 25 years in commercial real estate development, Barkley and his company are pioneering efforts to incorporate green building practices into the development of real estate projects, and creating unique urban areas that add to the city of Nashville. Click here to read the full article and interview with Bill Barkley.

The Rhythm at Music Row Featured in NH&G

Nashville Home & Garden recently featured urban living options in Nashville. Rhythm at Music Row on Demonbreun Street was one of the developments featured. Click here to read the full article.

Changing Market - Posted by Casey Zolezzi

There are many indications that the Nashville real estate market is shifting. I recently experienced this with some clients who are looking to buy a house in the Hillsboro/West End neighborhood. Two weeks ago, we sorted through all of the available homes in their price range ($300,000-400,000), with a move-in ready condition (meaning a clean house with kitchen and bathroom updates), and a location that is convenient to Vanderbilt University. We selected eight homes to view while they are in town this upcoming weekend. However, as I was scheduling the showings for them on Monday, I noticed that seven of the eight houses were contracted already!

Additionally, I recently wrote an offer on a condo that had two other offers already. This condo has the right location, correct pricing and move-in ready condition.

I shared this experience with the CityLiving Team and they have similar experiences. Look at what the other CityLiving Realtors are saying...

Marti Klecka
I have clients who found a house that has only been listed for 12 days. When I contacted the listing agent, I found that they have already received one offer and were expecting a second. As always, I think it all comes down to price, location and condition. This home is a renovated ranch in Crieve Hall that is priced competitively for the neighborhood. The renovations were tasteful and not over the top for the neighborhood. I am closing on a similar home this week and I have another buyer looking for the same type of property.

Zach Goodyear
I've been involved in 5 multiple offer situations since December. Prior to that, I don't think I had a multiple offer situation since early 2008. Competition drives multiple offers and competition is a sign of a good market for good homes that are well priced and show well. All of these homes fit that description, just like Marti said. Nothing can be left undone with homes these days. If you have sellers, everything needs to be polished before putting it on the market and it needs to be priced to match the competition.

Newell Anderson
I've had 2 back up offers written on our listings in the last 10 days. They were the first back up offers I've seen in quite some time. I've also noticed (as have my buyers) that good listings are being grabbed up quickly.

Posted by Casey Zolezzi, Realtor on the CityLiving Team.

Showings Up in March

Katherine McKenna here - Realtor on the CityLiving Team. For all you sellers out there, be encouraged! Be very encouraged especially if your property is listed with Village Real Estate Services! According to Centralized Showing Service, which schedules and tracks property showings and feedback, Village had more showing activity than any other company last month. There were 1,317 Village listing showings in March compared to 1,049 in February. That is an increase of 26%!

And if your home or property is priced to sell, sell it will. We shared several multiple offer situations this morning in our CityLiving Team meeting that agents on our team had recently been involved with. I experienced one with a client this past month. So, buyers don't wait and be prepared to bring your best offer. If a home is priced right, it will sell!

The Gulch Featured in USA Today

From yesterday's USA Today...click here to see the original article.

Nashville Works to Liven Gulch
By Larry Copeland
USA Today

For decades it was little more than an eyesore, a sunken warren of freight railroad tracks and run-down brick warehouses that was home mostly to vagrants and a bluegrass bar with boarded windows.

The Gulch, as it is known, is now the focus of a $400 million makeover whose aim is to bring to Music City a trend that planted itself in cities of its size long ago - urban chic.

"The concept of creating an urban village for Nashville was something I wanted to do for a long time," says Bill Barkley, president of Crosland Tennessee developers.

Barkley's company is one of several involved in a master plan to convert the city's low lying backdoor entrance into a hip enclave of mod highrises, loft apartments, trendy shops, cafes and dog walks.

Replacing the parking lots and empty plots are glass-sheathed luxury residences with names such as Terrazzo and Javanco offering lap pools and concierges. Taking over abandoned industrial plants are bistros, clubs and sushi bars. Alleyways have given way to walking paths.

"Nashville is a sprawling city. I felt we needed to strengthen the urban core," Barkley says.

Nashville took its time getting around to the concept of an urban lifestyle catering to active single processionals and younger couples who want to live and play close to where they work.

For years, the liveliest part of town has been Music Row, a stretch of hundreds of businesses related to country, gospel and contemporary Christian music. In the 1970s, the city saw the start of restoration projects of some old buildings, but laws limited the creation of apartments downtown, in part because of lingering worries the units would become flophouses.

As a result, there is practically no housing in the central business district, says Phil Ryan, executive director of the city's Metropolitan Development and Housing Agency.

"It was anemic," he says. "There were just a few condominiums and a scattering of midrise apartments."

Ten years ago, Nashville entrepreneur and philanthropist Steve Turner, who family founded the discount stores Dollar General, and a group of developers began buying land in the Gulch. They wanted to create something new for Nashville - a pedestrian-friendly, mixed-use, mixed-income project - and were appointed by the city to make it happen in the 60-acre spot.

The development plan emphasized easy access to bus rides, more than 6,000 jobs within a half-mile walk and abundant bike and walking paths. Nashville, the nation's 21st-largest city with 650,000 people, anted up $7 million for new streets, landscaping and utilities. Construction cranes have dotted the landscape since 2001, and by the end of 2009, the Gulch will have one-quarter of the housing stock in downtown Nashville, the city says.

"It's a remarkable achievement," Mayor Karl Dean says. "As a city we needed to focus more on our environmental priorities and making the city a place where people would want to live."

Jodilyn Stuart, 29, a personal fitness trainer, and her husband, Jesse, a mountaineer, were thinking about moving from Nashville until they heard about the Gulch.

"We lived at four other locations in the Nashville area," she says. "It's more of an active, progressive energy ere. There are lots of runners, walkers and bicyclists. It's a very active part of town, and the restaurants are fabulous."

The Gulch is even attractive music label executives and a few members of the NFL Tennessee Titans and the NHL Nashville Predators. Housing prices range from $550 a month for a small apartment to condominiums priced at $2 million.

The clientele is mostly locals, many of them suburbanites who want a place in town, says Tom Turner, president and CEO of Nashville Downtown Partnerships, a group focused on business recruitment and retention.

Joe Barker, chairman of MarketStreet Enterprises, lead developer of the Gulch, says the city did not want just a new hot spot.

"We recognized early on that it was important that...we build things in an environmentally positive way," Barker says, adding that Steve Turner wanted people of all income levels to live there.

The Green Building Council, which promotes the construction of energy-saving developments it deems good for the environment, awarded the Gulch a Leadership in Energy and Environmental Design award for Neighborhood Development.

Whether the Gulch will meet hopes is debatable.

Five of the 14 new stores opening or announced to open downtown through March 31 are in the Gulch, Tom Turner says. There were none through the same period last year, he says. Urban Outfitters, the trendy apparel store chain, opened its first Tennessee store in the Gulch.

Yet the recession has slowed momentum. some stores and restaurants closed; others postponed plans.

"Things haven't been what we hoped for," says Jonathan Barnes, general manager of Sambuca, a Dallas-based restaurant chain that opened its fifth location here in 2002.

"But things are only going to get better," he says. "This is a city on the rise amid one of the worst depressions we've had in a long time."

Barker agrees. "You have to be a patient developer to do this type of project," he says. "You can't just blow in and blow out."

Village Releases 2008 Annual Report

Village Real Estate Services has released our first comprehensive report on Village highlights for 2008. We accomplished many great things last year. Click here to view the full report.

Tennessee Voices

From the March 31st edition of the Tennessean...


Now is a Great Time to Get a Loan to Buy a Home
By Mark Deutschmann

Knowing when to step into the real estate market is a challenging and difficult decision for many buyers. The market constantly shifts and many wait until interest rates and home prices are at an all-time low.

How do you know when the market is at the bottom? Did you know that 22 percent of our buyer pool has been waiting on the sidelines, trying to make the perfect guess. You probably can't time it perfectly, but that's okay. In fact, you might have already missed it! Many buyers are now on the move.

As you know, all real estate is local. Prices in many of our core neighborhoods have remained flat for the past couple of years. Some neighborhoods which have been overbuilt have experienced a decline in value. Given that inventory is up, the selection is as good as it gets. We have experienced a 35 percent increase in home showings in the past month, and it seems that formerly sidelined Nashvillians are out to make a deal.

The best news is that the interest rates are as low as they've been in the past 30 years. If you need a loan to purchase, getting a low long-term mortgage rate is even better than a low price. That said, the combo of great prices and low interest rates makes this the best time to buy in many, many years.

Our market is well-balanced and offers great options for people to consider. The urban core provides a variety of inventory options from mixed-use communities, to urban infill, to condos with green features. Dwellers in the core have the advantage of convenience, while maintaining a low carbon footprint and living minutes away from great restaurants, the Nashville Symphony, the Sommet Center, the riverfront and TPAC.

But home prices, the quality of inventory and great interest rates are not the only reasons to consider buying a home. Recent legislation passed by Congress gives first-time homebuyers a tax credit of up to $8,000 toward their new home. The government defines a first-time homebuyer as someone who has not owned a principal residence in the last three years. The best part is that the credit does not have to be repaid. To qualify, homes must be purchased during the 2009 calendar year. Find more information here.

In addition to the credit, the American Recovery and Reinvestment Act of 2009 allows state finance agencies to help buyers at closing by using proceeds from tax-exempt bonds to advance credit as a loan. Click here to learn about the legislation.

For those happy with their current home, there is new legislation which increased tax incentives through 2010 for green-living improvements and purchases. TVA and NES are now offering a $150 home energy evaluation, which is rebated if you actually do energy saving work on the home. Benefits of greening your home include reduced energy bills and increased home value.

Lower home prices, available tax credits, legislation and incentives make this the perfect time to consider purchasing a new home in Nashville. Talk to your financial institution to find out for which loans and credits you qualify.

Downtown Residential Report - Part IV

Condo Market
Downtown has had “slow-growth”, and does not necessarily follow the same trends as the national economy. Economics Research Association identified a deficit of 4400 residential units in the Greater Downtown area in 2003. ERA estimated that downtown could expect to absorb 7500 new residents by 2010 without over-suturing the downtown market. This equates to approximately 628 units per year for seven years.

It is important to note that when measured by ERA’s projection of the number of units that could be absorbed in downtown between 2003-2010, each year except 2008 has a deficit of potential units delivered to the market. Although demand is being met and exceeded in 2008, the deficits from the other years illustrate that there is more room for absorption. If all the projects are completed there will still be room for absorption of 2836 more units in the Greater Downtown by 2010.

Several residential projects—new construction and rehabs—have been put on hold due to market conditions and tightening of lending practices. In 2007, when looking at projects planned for delivery through 2010, there was a cumulative deficit of 1115 units. Current calculations show that the deficit of units that could be absorbed by 2010 will be 2836, more than double the 2007 deficit.

Although a handful of projects are planning to move forward when the national market recovers, the construction timelines will not allow for most deliveries until at least 2011. The statements that downtown Nashville may become overbuilt is not relevant at this time or in the foreseeable future. If all projects on the drawing board are built, they will only bring 962 units to the downtown market.

Downtown Home Tour