Only a few years ago 5th and Main was one of the most anticipated condo developments in East Nashville. Unfortunately, it was completed right before the housing market got the wind knocked out of it and ended up in receivership.
However, there was an announcement several weeks ago that this wonderful urban Nashville condo development has come out of receivership. The new owner of 5th & Main in East Nashville placed 25 units on the auction block at the astounding price $95,000 and, as of this week, have sold those, which is fantastic! And, this was without the much coveted FHA financing.
If you don’t know what FHA financing is it is worth your time to explore this type because it allows an owner-occupant borrower to purchase with as little at 3.5% down plus closing costs. It is my understanding that while FHA financing approval is in the works, the lender is offering initial portfolio loans to qualified buyers. This does require a 20% down-payment.
Though the initial auction was held on November 5th, you can still go in and set appointments to see the units left that are currently selling for $119,000 and up. The rules state that you must be accompanied by a licensed realtor on your first visit. I would be happy to set this up for you if you are interested in a wonderful urban condo in East Nashville.
If you are not familiar with East Nashville and would like to explore this area of town, let me know. I would love the opportunity to introduce to one of my favorite areas in the Middle Tennessee area. If you go to the East Nashville section on the website, you will listings for the varied 4 and 5 start restaurants as well as the many quaint coffee stops and other shops. If you want additional entertainment all you have to do is cross the river and go downtown where you can see just about everything from concerts to sporting events.
Just one look at East Nashville and you will know why so many are drawn to this ever growing unique area.
55 plus communities are gaining in popularity as the “Baby Boom” generation further ages. With this age group becoming one of the fastest growing groups in the country, the places we live when we grow old are beginning to change. Instead of living in the same house for the rest of their life, many newly minted “seniors” are looking to downsize their home. It makes a lot of sense, after all, because with many of this generation living in an empty nest, the extra space just isn’t necessary.
It is important to remember that these 55 plus communities are not necessarily retirement communities, nor are they assisted living facilities. While those are necessary in some cases, many people find there to be a stigma with living in a community that is strictly for seniors. However, if you take some time to look at what these facilities can provide, you just might change your mind.
Many of these communities offer spacious pools for their residents to relax and unwind. Another common feature among these communities is a top notch weight and fitness facility and community activity room. Many are situated right on a golf course, where a nine or eighteen hole round is just around the corner. The bottom line is these are not your grandmother’s retirement living spaces. These are top notch communities that amount to a great neighborhood of people that are in the same age and stage in life.
So, when you or your parents are beginning to enter their 55 plus years, don’t dismiss the thought of living in a 55 plus community out of hand. It can be just what you or your family member needs, and it is also a great investment. Remember, as our population ages, the demand for such residences is only going to go up. If you have any questions about these types of communities in the Middle Tennessee area, don’t hesitate to contact me. I’ll be happy to answer any questions you may have.
You might be wondering whether buying a home at real estate auctions is a great option or not. This is especially true when we watch news of the economy and the way it is evolving each day. You might feel discouraged due to the high prices. However, buying a home at real estate auctions is the way to go for some of us. Banks and other financial institutions put properties that they have seized on the auction block all the time. They are trying to recoup any losses and sometimes you can get a great deal. You might be able to purchase a condo, home or apartment below its appraised value.
Real estate agents and developers often go to these auctions to pick up some good investment properties because they are in tune with the market. You can buy foreclosed properties and these can have some advantages as well as disadvantages because you don’t always have an insight into what the property currently looks like. These properties are sold “as is” most of the time so buyer beware. You can also get some tax credits if you buy a home that has some historic interest. The savings can be used for the restoration of the property. You can find the information you need for these types of auctions. There are many real estate search engines online or you can go through a Realtor. You also need to know As Much of the details of the property before taking it into consideration. As long as you go about it with your eyes wide open, buying a home with real estate auctions is a great option.
You can sometimes get a very low price if you buy your home in an auction. The deep discounts that you can find here are not often found anywhere else. You can also find auctions without a reserve price if you are looking for that. With these types of auctions, you will have more odds to get a cheaper property. Some foreclosure auctions will allow you to inspect the property. If you can you need to inspect the property before bidding. This is very important because there are auctions where there is no time to inspect the property and you get what you get. You should avoid bidding on these types of properties if at all possible.
