The Gulch is one of the hippest up and coming areas in Nashville. The area is home to trendy shops and great restaurants that bring people from all areas of Middle Tennessee.
Velocity, located in the Gulch, is home to hundreds of condominium units. In order to fill up the units quickly and efficiently, Velocity has sold 220 units to a real estate company in Atlanta. The company plans on leasing the condos out as apartments. While the move will undoubtedly bring a lot more residents to the Gulch, it may lower property values as the value of the specific condominiums will be lowered too. The move is a great way to sell units in the building quickly, and it will be interesting to see the effect this sell has on Velocity, and on the Gulch in general. Either way, the Gulch will likely continue to thrive as more shops and popular restaurants pop up in the area. This is also a testament to the dynamic nature of all sectors of the real estate market in Middle Tennessee.
We focus mainly on residential real estate in Nashville on this blog, but it is helpful to note the commercial real estate market in Middle Tennessee as well. As we know, all aspects of the real estate market affect each other dependently.
According to the Nashville Business Journal, subleases are down throughout Middle Tennessee. This means that the number of renters doling out their rental spaces for cheaper rates has significantly dropped. More specifically, this number has been cut by almost half. This is good news for Nashville’s commercial real estate market, as it means that rental rates will continue to increase, and the commercial market can hopefully expand. Diminishing subleasing takes a lot of pressure off of the commercial real estate market. The Nashville residential real estate market enjoyed solid selling numbers over the winter, and these subleasing numbers are optimistic for Nashville’s commercial real estate market as well. With the real estate market improving, we can hopefully look forward to a better economic outlook for Nashville and the surrounding areas in Middle Tennessee.
If you’ve ever considered living in a lush and beautiful country club community, consider Fairvue Plantation. Located in Gallatin, Tennessee, this community features all the beauty of rural Middle Tennessee, with the wonderful amenities of country club life.
This development contains two expansive golf courses for fun and leisure. Many of the homes in this community are located right on Old Hickory Lake, allowing for wonderful water scenery in your own backyard. Cutting edge dining experiences, fitness centers, and even a pool and grill area outline the community for you and your family to enjoy. Featured properties include expansive floor layouts with multiple bedrooms, baths, and breathtaking views. Country club community living offers the utmost in comfort and style, while enjoying lake living and golf course proximity. Experience the different neighborhoods inside Fairvue Plantation including Foxland Estates, and The Cove, and Gracie Lake located right on Old Hickory Lake. Explore Fairvue Plantation, and all its amenities. Come see why families are taking in the sights, scenery, and all the extras at this luxurious residential community.
For those of us who live in the Nashville and surrounding areas it will not be a surprise to learn that Nashville has been selected as one of America’s top 100 places to live for 2010. What can I say but to admit that the Middle Tennessee Area IS a great place to live! You cannot beat the schools, healthcare, restaurants or entertainment that is available in and around Nashville.
To be considered for the list, a community is nominated at RelocateAmerica.com. From the thousands of submissions, RelocateAmerica.com’s editorial team reviews the nominations and selects the Top 100 Places to Live, as well as the Top 10 for each smaller category, based on interviews with local leaders; feedback from residents; and economic, environmental, education, crime, employment and housing data for the past year. All this simply backs up the claim that this is a great place to live and with the economic development from Clarksville to the north, Hendersonville, Nashville, Franklin, Smyrna and Murfreesboro we will continue to make these kind of lists over and over again.
We keep hearing all about the lack of jobs but there is some great news on the horizon for Middle TN; the addition of over 2000 new jobs! Nissan leads the way with the expected plant in Smyrna that could bring over 1300 new jobs to the area. This is exciting not only for the jobs but also because the plant will be making electric cars, which seems to be one of the cars of the future. That means these jobs should be here to stay.
Two other companies have recently announced their intent to move to Nashville and surrounding areas; Lowes Hotels and MI-based Jackson National Life Insurance Company. Lowes has already started hiring for 200 accounting and HR positions as it is relocating the Lowes Hotel Financial Services Center Downtown and Jackson National Life Insurance Company expects to hire up to 750 new workers for the opening of their new regional headquarters in Cool Springs.
As Middle Tennessee adds jobs to the marketplace it only strengthens our local economy. That economy translates into more jobs that lead to a more robust outlook to bring even more companies our way. It really is a win-win situation and we are fortunate to live in an area and state where things are happening and not stagnate.
I know, I know. I have heard all the negative talk about employment figures and its most likely going to get worse before it gets better. However, houses are selling at a very good pace in and around the Nashville and surrounding areas. We are not at the heyday pace that we were and the home prices have leveled and in some places dropped. But did you know that there are also places where prices have risen, if only a little bit. That means that there are some pockets where prices have held and there is a demand from people to buy in those areas.
It’s hard to see a silver lining when the clouds are overhead and at their darkest but I believe if we can just hang on through this, Nashville will be back in full force. We always need great places to live and work and I can’t think of another area as wonderful for both as Middle Tennessee. If you’re ready to buy, it’s a great time but if you aren’t, don’t fret, things will change for the better so hold on until it does.
I recently had a client that lived out of state and was moving to the Middle Tennessee area to be near their family. They had a mortgage approval from an out of state mortgage company and was determined to use that company, which, in the beginning, was okay with me. We found a home that was just perfect and started the process. Everything was going great with the exception of the mortgage and I encouraged them to look at a couple of local companies that I had worked with before that I felt could get the job done in a timely manner.
For over a month and a half this drug on until the seller set a deadline for the buyers. Another week went by until the buyer finally agreed to talk to a lender here in town. This lender was able to get the loan done in a little over a week! We met the seller’s deadline and both the buyers and sellers were happy and relieved. This deal would not have closed if not for the relationships that I have formed over the years in the real estate business. Realtors do much more than “show houses”. We help with negotiations, contracts and bring professionals in to do good and valuable work on your behalf. We have a team of people behind us as well as years of dedicated experience. That’s why you need to work with a Realtor!
It’s true, home prices continued to fall during the month of November though the main areas hit hardest are still out west; California, Arizona; and in Florida. These are the areas that had the huge increases in prices and they are now suffering through the largest decreases in home values.
Though we have seen home prices fall in the Middle Tennessee areas, they have not fallen here like they have in other areas of the country. So what does it mean to you when home prices fall? The answer to that question is dependent upon where you sit in the market. Are you currently selling a house or want to sell a house? If so, falling prices will either be viewed as a negative; you may not get what you need out of the sale of your current home or positively; I can be competitive in the market and need to either slash my prices or give seller concessions for a quicker sale.
If you are currently purchasing or thinking about purchasing a home, then you will also either find this a negative; I can’t buy now because my house may continue to loose value; or positively; this is the perfect time to buy because I will get a great price and some seller concessions along with a great interest rate.
The markets will always be what you make of them, and either way, I will be here ready to help you sell or buy your next home.
In a recent study done by Global Insight and National City Corp accessing home values in U.S metropolitan areas for the first quarter of 2008, the home prices in the Middle Tennessee area were found to be fairly valued. This is compared to other metropolitan areas around the country where the study found an overvaluation of up to 55.6% in Atlantic City, N.J. and some undervalued areas in the -33% range in Houma, LA and Houston, TX. The study took into consideration current and historic home prices, household income, population rates and interest rates.
This valuation, along with the report that foreclosures in TN are far behind the national average, is very good news for the Middle Tennessee area. Home prices continue to rise at moderate levels and inventories are up; it is still a great time to buy in Middle Tennessee.
