January 2010

May Town Center Development Chatter Resumes

January 26, 2010 by admin · View Comments  

Today, Tennessean reporter Nate Rau, wrote an article explaining that Metro Council discussions of the decidedly utopian 500 acre West Nashville May Town Center development could be revived as early as March. Councilman Matthews, whose district includes the potential site, is considering putting the development proposal on a March public hearing agenda. The Councilman was quick to point out that the... [Read the entire article…]

Embattled 5th & Main Condos Earn FHA Approval

January 20, 2010 by admin · View Comments  

The 5th & Main condo project in East Nashville, the first large condo project to enter receivership in February 2009, has received approval to issue FHA insured loans (according to the HUD website). The project has qualified under the new, lower FHA guidelines that only require a project to be 30% presold in order to qualify for the government backed loans. The FHA loan concentration has also been... [Read the entire article…]

9 Against, 29 in Favor of New Nashville Convention Center

January 19, 2010 by admin · View Comments  

The Metro Nashville City Council has voted 29 to 9 to move forward with funding the new $585 million downtown Nashville convention center also known as the Music City Center. The financing package approved by council tonight allows for a maximum of $650 million. That covers both the price of the project and financing costs such as the establishment of a $40 million debt service reserve fund. The... [Read the entire article…]

Mortgage Rates Lower, Stable in Q1 2010

January 11, 2010 by admin · View Comments  

The average interest on long-term mortgage rates fell this past week, after rising for four consecutive weeks. Freddie Mac reports that 30-year fixed mortgage rates averaged 5.09 percent, down from 5.14 percent a week ago and compared with 5.01 percent in 2009. Also, 15-year, fixed loans fell 0.4 percent to 4.5 percent; five-year adjustable-rate mortgages were unchanged; and one-year ARMs declined... [Read the entire article…]

Nashville Plans Free Wireless Internet for City

January 9, 2010 by admin · View Comments  

Nashville Technology Council President Todd Fetherling has told the Nashville Post that the organization plans to implement a free wireless Internet network in downtown Nashville. The group plans on placing its first transmitter in the central business district and believes that a strong wireless signal should emanate within a 0.9 mile radius. The location of this first transmitter will be the Nashville... [Read the entire article…]

Griffin Plaza Condo Site in Gulch Gets Reprieve

January 8, 2010 by admin · View Comments  

In 2007, Crosland Tennessee President Bill Barkley announced plans to develop a 2 acre parcel of land in the Gulch into Griffin Plaza, a $35 million 10 story project with 140 apartments and 32,000 square feet of ground-floor retail space. With that announcement, the website went live and the buzz began to build with mentions of urban revitalization, green spaces, LEED certifications and urban pocket... [Read the entire article…]

Icon in the Gulch Big Winner or Buyers?

January 6, 2010 by admin · View Comments  

2009 was supposed to be a horrible year for Nashville condo sales, yet the Icon in the Gulch was able to sell and close 84 new condo contracts. By the pure number of closings, the Icon in the Gulch was certainly the big winner in terms of gross number of sales, but many may be surprised to learn that 84 condos only represents about 20% of the 419 unit building, the biggest residential condo building... [Read the entire article…]

2010 Mortgage Rate Predictions

January 5, 2010 by admin · View Comments  

Nashville mortgage rates ended 2009 above 5 percent, with Freddie Mac reporting 30-year fixed rates at an average 5.14 percent, still very affordable by historical standards. Although higher long-term borrowing costs late in the year could signal further increases for 2010, new data from Wells Fargo, JPMorgan Chase, and the Mortgage Bankers Association indicates more borrowers are refinancing into... [Read the entire article…]

World’s Worst Predictions – Famously Wrong Predictions

January 4, 2010 by admin · View Comments  

While just a few of these predictions pertain to the real estate world, it is important to remember that even the most trusted sources can be completely wrong. These predictions are a reminder that we constantly need to perform due diligence in a best effort to make accurate predictions. I always strive to provide Nashville will the best real estate information available and to make calculated predictions... [Read the entire article…]