Nashville Real Estate » Homes

Edwin Keeble Designed Home in Hillwood, Cheap!

admin — Thu, 03 Feb 2011 16:11:52 +0000

As many readers know, I like to point out homes that have intrinsic value and intrigue from time to time (not to mention you have the opportunity to purchase a 4,154 square foot home for under $130 per foot). An example of his early work, this 1947 Edwin Keeble designed home in the Hillwood area of Nashville is one of the first homes designed after Keeble struck out on his own. It is during this period that Keeble famously designed Nashville’s first modern skyscraper, the L&C Tower. The home does need some care, but with a new high-tech commercial roof, Trane air conditioning system and spectacular kitchen, I cannot imagine not jumping all over the chance to live in such a historically significant home.

Edwin A. Keeble, Nashville Architectural Icon

Edwin Keeble was born into a distinguished Tennessee family. His father was an attorney and later the dean of the law school at Vanderbilt University. His paternal grandfather was a State Representative from Tennessee during the second Congress held in Richmond, Virginia, 1864-1865. Keeble attended Montgomery Bell Academy and enrolled in Vanderbilt University at the age of sixteen. After receiving his engineering degree from Vanderbilt in 1924, he studied architecture at University of Pennsylvania followed by France and finally Italy. He received his architectural degree from the University of Pennsylvania in 1928, at the age of twenty-three.

Keeble began practicing architecture in Nashville, and in 1929 his association with architect and engineer Francis B. Warfield established the firm of Warfield and Keeble, which existed until 1944. After a two-year term of service as a lieutenant in the United States Navy, Keeble established a private architectural practice in Nashville and designed many notable structures, including the Life & Casualty Tower, Woodmont Christian Church and Vine Street Christian Church.

We're sorry, but we couldn't find MLS # 1156683 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

This is a post from Grant Hammond's Nashville Real Estate Blog.

Nashville Real Estate Data October 2010

admin — Thu, 11 Nov 2010 22:36:38 +0000

There were 1,495 home closings in Nashville reported for the month of October 2010, according to figures provided by GNAR. This figure is down 30.3% from the 2,145 closings reported for the same period in 2009. Year-to-date closings through October 2010 are 17,424, representing a 1% decrease from the 17,598 closings reported through October 2009.

The median residential price for a single-family home during October was $173,525, and for a condo it was $152,950. This compares with last year’s median single family home and condo prices of $160,000 and $144,000, respectively. Total inventory at the end of October was 22,826, compared to 23,398 in October 2009, a moderate, yet encouraging 2.5% decrease.

There were 1,439 sales pending at the end of the October 2010, compared with 2,106 pending sales at this time last year. The average number of days on the market for a single-family home was 94 days, 9 days longer than October 2009.

Micro-analyzing Monthly Real Estate Data

The practice of micro-analysis can produce somewhat harmful buying and selling decisions. I have always maintained that a larger data focus is necessary in order to more fully understand how to better prepare yourself for a real estate transaction. It is with this principle in mind that I fear a false positive for rising home prices in Nashville (although, I did predict an increase in Nashville home prices in May).

On the graph below, the red trend line represents the total housing inventory. The green line is the average median home price and the blue line is the total number of home closings in Nashville. One glance at the trend lines shows a rather drastic upward trend in pricing based upon a rather small decline in inventory coupled with a small increase in the total number of closings. This is a pricing trend that seems wholly unsustainable based upon the past 6 years of data for the Nashville housing market.

Unsustainable Nashville Real Estate Trend

Clearly, there are an infinite number of additional market forces that affect the direction of the Nashville housing market, but indulge me in this oversimplified analysis for a few more minutes. Based upon the trends, it seems as if real estate prices reacted extremely favorably once the total housing inventory began to only plateau or stabilize. Via a miniature quarterly increase in closings and certainly a decrease in new housing starts, the pricing component of the Nashville market is completely out of whack. What could explain this increase? Did the Federal Housing Stimuli artificially hold prices lower beginning in Q3 2009 and ending in Q2 2010? Are Nashvillians so susceptible to positive news that we’ll run right out and pay more for real estate? Only time will tell.

Nashville Housing Market Prediction

It is my opinion that median home prices will ultimately fall into the $164,000 neighborhood by Q1 2011 as total inventory continues a modest decrease. The gains from increased closings in 2011 will be negated by the return of shadow inventory to the market as renters cycle off leases. This leads 2011 to become a rather blah year in terms of sustained recovery. I do not believe 2011 will become the year we look back upon and say, “that was the bottom of the market”. Rather, I believe we’ll look back and say, “2009-2011 was the bottom of the Nashville real estate market”.

This is a post from Grant Hammond's Nashville Real Estate Blog.

$5 Million Tyne Boulevard Mansion Auction

admin — Wed, 01 Sep 2010 22:35:15 +0000

Just when the average multi-millionaire allowed herself to slip into a melancholy real estate state of mind, RealtyTrust steps in and lifts the mood. The 16,090 square foot Oak Hill masterpiece that high-end builder Kelvin Pennington has been pouring over for several years hits the auction blocks on Friday September the 10th, 2010 at 6:30pm.

Located at 943 Tyne Boulevard, resting between countless estate homes and one of the highest concentrations of wealth in Nashville, this English style manor sits on 3.9 acres. Completed a year ago and originally listed for $4.9 million, this is an excellent opportunity to purchase a legacy property below cost.

Should you choose to work with me during the auction, the seller is responsible for compensation, not the winning bidder. Contact me privately to learn more about my ability to aid you during this auction event.

943 Tyne Boulevard Mansion Features

16,090 sq. ft. (6) bedroom, (6.5) bath – Main Level Master suite with private study & morning kitchen
Exquisite, well appointed master bath with soaring 22’ ceiling, marble floors and countertops, custom millwork, Jacuzzi tub, large tiled shower, multiple showerheads and massive walk-in closets
All Guest rooms feature private bathrooms
Mahogany paneled elevator servicing all four floors
Two (2) Gourmet Kitchens featuring Wolf * Asko * Sub-Zero appliances
Garage parking for four (4) vehicles plus additional storage
Soaring 12 and 22 foot interior ceilings, and 8 foot doors enhance the open interior
Huge custom windows flood the home with natural light
Several terraces extend the outdoors inside the home
Home theatre featuring an 11 foot screen and hand painted murals of movie classics
Formal Billiard Room with Game/Family area and Full Kitchen
Custom Millwork * Wide-Plank Hardwood and solid-surface countertops throughout
Over 2,000 sq. ft of open entertaining space on fourth level that can accommodate approx. 100 seated guests with room left over for the band and catering staff

Buying a Mansion at Auction in Nashville

Individuals who possess the wherewithal to purchase said piece of real estate are without doubt, intelligent and savvy. However, it never hurts to obtain a second opinion from a person who intimately understands not only the Nashville real estate market, but also the real estate auction business. As founding partner in a local auction company, allow my experience to serve to your advantage. I will provide you with a comprehensive bid analysis (see West End condo auction prep sheet) as well as with insight into Pinnacle Bank’s motivations, reservations and modus operandi for recent auctions.

3.9 Acre Parcel Aerial of Oak Hill Bid Prep Sheet

Important Auction Dates and Notes

Auction takes place onsite promptly on Friday September 10th, 2010 at 6:30pm CDT
Property previews are Tuesday September 7th, 2010 from 10am through 4pm CDT and again on Friday September 10th, 2010 from 12:00pm through 6:30pm CDT
This real estate auction is being offered with a reserve. This is not an absolute auction.
You must register in order to participate in this auction. You may register on the day of the auction.
This auction is selling with a 5% buyer’s premium.
The winning bidder is expected to immediately pay 10% of the winning bid as deposit for the purchase
The winning bidder must close within 30 days of Friday September 10th, 2010
Should you choose to work with me during the auction, the seller is responsible for compensation, not the winning bidder

Tyne Boulevard Auction Media and Pictures

See the auction listing on the RealtyTrust Auction website
View the virtual tour on the RealtyTrust Auction website
Private contact form for questions concerning this auction

This is a post from Grant Hammond's Nashville Real Estate Blog.

Brentwood Housing Inventory – August 2010

admin — Mon, 02 Aug 2010 20:17:55 +0000

While having 532 single family homes for sale in Brentwood may seem like a rather large unsold inventory, that number only represents 6.7% of the total homes in Brentwood. According to the 2008 estimated census, there are 7,934 single family homes in Brentwood. However, looking at the statistics below, the housing segment that does appear to be struggling in Brentwood is the over $1 million mansion market.

	Homes under $500,000	Homes $500,000 – $1 mil	Homes $1 million +
Total For Sale	162	282	88
# Distressed	10	15	5
Average List Price	$408,159	$685,286	$1,604,408
Median List Price	$419,900	$659,950	$1,399,900
Days on Market	73	100	151

Contract and Closing Activity

It appears as if both Brentwood housing segments under $1 million are experiencing better than expected activity, but the over $1 million properties are sitting on the market longer than usual and selling for much less than original asking price.

	Homes under $500,000	Homes $500,000 – $1 mil	Homes $1 million +
Have Offers	20	18	4
Currently Pending	9	35	4
Sold last 3 Months	94	113	12
Avg Sold Price	$383,703	$642,229	$1,143,164
% Less Than List	5.99%	6.28%	28.74%

Brentwood Housing Market Conclusions

With only 5.17 months of inventory currently on the market, the under $500,000 housing market is the healthiest in Brentwood, TN. The $500,000 – $1 million housing segment follows with 7.48 months of inventory on the market. Finally, the over $1 million housing market has quite a bit of absorbing to do with almost 2 years worth of inventory currently for sale.

Also very troubling for multi-million dollar mansions is the fact that sellers are having to take rather large discounts in order to sell their houses. According to the statistics, the average price for homes listed in this market segment is $1,604,408 while the average sale is $1,1143,164. This 28.74% differential is telling us that either only the lower priced homes in this segment are selling or that sellers are having to reduce their expectations significantly.

A little worrisome for both mansions and more reasonably priced homes in Brentwood is that 5.63% of all home owners are distressed; meaning, listed as a foreclosure or short sale in the MLS. This number is up almost 2 percentage points since the beginning of 2010.

Overall, the news is simply not that bad. Yes, homes are taking longer to sell than in years past and yes, they are selling for less. But, the Brentwood housing market remains one of the most active in Middle Tennessee as well as one of the most stable. Based upon this evidence, I would expect Brentwood to be within 22 months of returning to a completely unencumbered market.

An experienced agent can become the difference between successfully selling your home in 2010 or having to wait until 2013. Do not hestiate to contact me regarding any price range home in Brentwood.

This is a post from Grant Hammond's Nashville Real Estate Blog.

Multi-Million Dollar Short Sale in Brentwood

admin — Thu, 10 Jun 2010 20:05:29 +0000

This is clearly a phrase we have not become all that accustomed with in Brentwood, Tennessee. Nonetheless, it is a phrase that we must utter occasionally when describing brand new homes which have had difficulty in selling to a new owner. Even impeccably constructed, designed and located mansions like this one in the Annandale subdivision.

I am not advocating that this particular Brentwood mansion is the best buy on the market. I am simply pointing out that even homes in awarding winning Annandale are not immune to the new selectiveness brought by a new type of purchaser, the empowered buyer.

Note – this home is a short sale and not a foreclosure. This means that the original construction lender will be a party to the negotiations.

We're sorry, but we couldn't find MLS # 1084629 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

This is a post from Grant Hammond's Nashville Real Estate Blog.

Real Estate Tax Credit Causes Nashville Homes Sales to Soar

admin — Fri, 09 Apr 2010 18:27:26 +0000

Most real estate professionals would agree that the extended first-time home buyer credit has led to an increased level of purchase activity in Nashville. However, most tend to also believe that this activity has led us to a point when you can call the Nashville real estate market ‘recovered’. I can see why you may feel that way considering the combined optimism of a better than last Spring selling season and the fading memory of bank collapses and insurance company overextension. In fact, I have even seen many sellers stiffen their backs when lower than asking price offers have been presented in hopes that the 2010 market will net a higher offer a few months down the road.

Don’t be Foolish!

History is a great professor and it’s time to go back to class. Yes, March 2010 closing are 20.6% higher than those of 2009, but they are also still 16.3% lower than in 2008, a recessionary year, which did not see any government incentive induced real estate sales. Yes, it is also true that we have seen 6 straight months of year over year gains in closings, but the first-time buyer credit concludes at the end of April with little indication that the program will be extended. At one point during this run, year over of year sales were trending 59% above the previous year’s, it is no coincidence that this spike directly coincided with the end of the government’s initial first-time buyer credit program. I suspect that we’ll see this same phenomena repeated this Spring.

Click image to Enlarge

April 2010 Closed Homes Prediction for Nashville

I am going to go out on a limb and make a prediction that I am going to guarantee. The number of closings in April 2010 will exceed those of 2008. In March of 2010 there were 1,757 closings, April of 2008 recorded 1,994. I am predicting that the Nashville market will experience at minimum another 13.5% month over month increase in the number of closings or 237 more closings. This increase in sales is so closely tied to the first-time buyer credit that I will also make another bold prediction. Should the government not extend the credit for a third time or reestablish a mortgage backed securities buying program, by August 2010, closings will back below 10 year lows. The dotted green line represents that probability based upon an extrapolation of combined inventory predictions and fixed 30 year mortgage rates.

Click image to Enlarge

Take-Away Points for Buyers and Sellers

If you are a seller who has received a reasonable offer for your home or condo, negotiate judiciously then take the money and run.
If you are a buyer who is in the market for a steal, wait. Unless your buying power is dependent upon the today’s mortgage rate, wait.
If you are a cash buyer for an individual home or condo, your day has not yet come. Wait until the end of Summer and you are guaranteed to rip a seller’s heart out by their wallet.
If you are a casual seller who is only trying to sell your property in order to be able to take advantage of a distressed seller, stock up on patience. However, the best homes do sell, so make your property the best it can be.

This is a post from Grant Hammond's Nashville Real Estate Blog.

Al Gore’s Home or George Bush’s Ranch

admin — Mon, 22 Mar 2010 01:56:49 +0000

Okay, so many of you have seen a similar email containing similar information, but I felt it was time to break from my typical serious article and insert a little housing irony. Which of the following two home descriptions belong to Environmentalist Al Gore’s house? BTW – Liz and I certainly could shore up the energy efficiency of our own home, not attempting to throw stones here.

House #1

A 20 room, 10,000 square foot mansion (not including 8 bathrooms) heated by natural gas. Add on a pool (and a pool house) and a separate guest house, all heated by gas. In one month this residence consumes more energy than the average American household does in a year. The average bill for electricity and natural gas runs over $2,400 per month. In natural gas alone, this property consumes more than 20 times the national average for an American home. This house is not situated in a Northern ‘snow belt’ area.

House #2

Designed by an architecture professor at a leading national university. This house incorporates every ‘green’ feature current home construction can provide. The house is 4,000 square feet (4 bedrooms) and is nestled on a high prairie. A central closet in the house holds geothermal heat-pumps drawing ground water through pipes sunk 300 feet into the ground.

The water (usually 67 degrees F) heats the house in the winter and cools it in the summer. The system uses no fossil fuels such as oil or natural gas and it consumes one-quarter electricity required for a conventional heating/cooling system. Rainwater from the roof is collected and funneled into a 25,000 gallon underground cistern. Wastewater from showers, sinks and toilets goes into underground purifying tanks and then into the cistern. The collected water then irrigates the land surrounding the house. Surrounding flowers and shrubs native to the area enable the property to blend into the surrounding rural landscape.

House #1 is located in the ultra-wealthy enclave of Nashville called Belle Meade; it is Al Gore’s house. House #2 is on a ranch near Crawford, Texas ; it is the residence of George W. Bush.

A couple of photos of George Bush’s Ranch

Photos and Tax Record for Al Gore’s Nashville House

This is a post from Grant Hammond's Nashville Real Estate Blog.

Williamson County is one of America’s Wealthiest Counties

admin — Wed, 10 Mar 2010 16:28:56 +0000

Forbes outlined the 25 wealthiest counties and interestingly enough, the east coast dominates the list and shows that the urban areas are not where the biggest paychecks are landing in the new decade. Ah, but look who else is climbing up the list…Williamson County. Thanks to a healthcare business that continues to grow and a stable executive base, Brentwood and Franklin are leading the charge up the wealth ladder. This news is surprising to many except for those of us who live here.

25 Richest Counties in the United States in 2010

1. Loudoun County, VA
2. Fairfax County, VA
3. Howard County, MD
4. Hunterdon County, NJ
5. Somerset County, NJ
6. Fairfax City, VA
7. Morris County, NJ
8. Douglas County, CO
9. Arlington County, VA
10. Montgomery County, MD
11. Nassau County, NY
12. Stafford County, VA
13. Calvert County, MD
14. Prince William County, VA
15. Putnam County, NY
16. Goochland County, VA
17. Williamson County, TN
18. Marin County, CA
19. Santa Clara County, CA
20. Forsyth County, GA
21. Charles County, MD
22. Summit County, UT
23. Alexandria City, VA
24. Chester County, PA
25. Suffolk County, NY

According to the author, “It makes sense that suburban median incomes tend to beat out big cities; workers earning big metropolitan incomes look for top-tier schools and space to settle with their families, thus pulling up median incomes in small bedroom communities.” Brentwood and Franklin are no exception. The Williamson County school system has been the top ranked public school system in the state of Tennessee for more than 2 decades.

Williamson County Demographics

Population: 165,336

Median Household Income: $88,316.00

Percent of Residents 25 or Older with Bachelor’s Degree or Higher: 53%

This is a post from Grant Hammond's Nashville Real Estate Blog.

Video: 10 Biggest Mistakes Home Sellers Make

admin — Tue, 02 Mar 2010 16:41:58 +0000

Most of you know that I am not the type of real estate agent who typically reposts and regurgitates a bunch of videos, but I have to make an exception. This video is very well done, points out all of the obvious mistakes that some sellers continually make and is entertaining all at the same time. That is not an easy feat.

Takeaway: In a less than favorable market for sellers, it is even more important than ever to make sure your home is 100% ready for showings. It’s no longer a difference between getting the highest and best price, but the difference between being able to sell or not at whatever price the real estate market can/will/could/should bear.

This is a post from Grant Hammond's Nashville Real Estate Blog.

Warren Buffett Predicts End of Housing Crisis

admin — Mon, 01 Mar 2010 19:45:45 +0000

According to Bloomberg News, Billionaire Warren Buffett said the U.S. residential real estate slump will end by about 2011, predicting that’s how long it will take demand for homes to catch up with the supply. “Within a year or so, residential housing problems should largely be behind us,” Buffett wrote on February 27 in his annual letter to shareholders of Berkshire Hathaway Inc. “Prices will remain far below ‘bubble’ levels, of course, but for every seller or lender hurt by this there will be a buyer who benefits.”

I’d like to say that this statement is comforting, but as I analyzed the exact meaning, I became a little more skeptical. Let’s suppose we take the above quote as most housing industry participants are and run with the positive side first: It’s somehow comforting that Warren Buffett has predicted the end of the housing crisis and we now have a date to look forward to as the time we exist the dark housing tunnel. It’s also comforting to know that enough buyers will be back in the market that properties won’t languish in perpetual purgatory while housing demand continues to build.

Let’s now take Warren Buffett’s quote and look at it from the new skeptical and cynical point of view that has now become the initial response to any real estate or financial news: There appears to be another 12 months of real estate inequity that would seem to point to continued falling prices. This in the face of a federal housing credit program ending, banks continuing to foreclose at breakneck paces, measurable unemployment near 10% and a general public who feels defeated by their homes. How’s that for a counterpoint?

The Truth is Somewhere In-Between

As I have said for more than 2 years now, the national housing market can have nothing to do with your local market other than to wear on your psyche during the 6 o’clock news. That being said, where the real national effects are truly felt is at your local bank or credit union that is now unable or simply unwilling to take the risk of writing a new residential loan on a certain product type or in a certain part of your town. In Nashville’s case, this selective lending practice was clearly discriminating against the condo market. There was a period of 14 months when several local and region lenders would write a new purchase loan on a condo, but would also raise their rates in order to “cover their risk” of lending on what they considered to be a volatile real estate product. They called it a “condo rate hit”.

Fast forward to 2010 and most of these lenders have dropped their “condo rate hit”. In fact, one lender, Bank of America, appears to be giving below market rates to new condo purchasers in an effort to gain lost market share after a period of selective lending. When I ask a couple of originators what had changed in the past year, there really wasn’t a uniform response until I spoke to an underwriter who has processed loans for more than two decades. She stated that since condo inventory in Nashville had burned off rapidly in 2008 and 2009 coupled with very little new construction that her bank felt like the period of mass oversupply had ended. This sounds a whole lot like what Warren Buffett just said, doesn’t it?

The Nashville Real Estate Market Moving Forward

There is no reason to fear the Nashville real estate market as a buyer, but only if you are being smart about it. You should consider all types of properties, both distressed and non-distressed and not jump on the first deal you see. You can still overpay for a foreclosure or short sale. You should also consider the fact that not all sellers are distressed or have to sell their properties. Less than 18% of homeowners in Nashville are underwater and most are just like you, well capitalized and smart. Don’t badger these folks, but don’t hold back any punches either. Be swift, but respectful with your offers that are testing the waters.

Consider the fact that the Nashville market did not take the massive hit that other markets did, mostly because we did not receive the massive run up either. Banks, lenders, builders and distressed sellers still offer the greatest potential for a phenomenal deal, but those deals are not like the ones you read about in Florida or Las Vegas so be realistic. Do your market analysis and buy at a price level that beats the 5 year average.

This is a post from Grant Hammond's Nashville Real Estate Blog.