Nashville home sellers give new meaning to empty nest
When he was on the campaign trail for what became a successful run at mayor of Nashville, Freddie O’Connell announced that he would make an effort to keep Nashville residents from leaving. That statement seemed to run counter to reports from the Chamber of Commerce and the Convention and Visitors Corporation that cited Nashville was adding scores of denizens each day – at one time 100 people and lately 87.
One Nashville Realtor recently embarked on a home tour with a potential buyer hoping to buy a four-bedroom, three-bathroom home with a two-car garage in the Belmont, Green Hills, 12South or Lipscomb area. Her price range was from $1 million to $1.5 million.
During the first day out, they visited 11 properties, many new construction. Of the 11 homes shown, 10 were vacant.
Where have all the buyers gone? Where have all the residents gone? Hopefully, not far, far away.
Greater Nashville Realtors data shows inventory is on the rise. Years ago, that meant Nashvillians had decided to sell their homes and buy other homes within the area.
When buyers began the migration to town chasing a land of milk, honey and no individual income tax, perhaps they did not anticipate the summer heat and humidity, traffic issues, unaffordability of home ownership or the madness downtown.
Whatever the case, the Realtor mentioned above has booked four more showings for tomorrow, and all of them are vacant. Home sellers in the $1 million-$1.5 million range will need to offer incentives to sell their products. Happy buyers’ agents would be a good start.
Sale of the Week
Not so long ago, the stretch of Harding Place near Belle Meade’s Lynnwood Boulevard was a location that was often overlooked by developers. Many viewed it as a busy street that buyers might find unattractive.
Everything’s relative, and Harding Place is now a quiet, lazy street compared to the rest of the city.
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In the tranquility of two-laned street, buyers might find respite away from the hustle and bustle of the new developments with their walkability to loud places. Additionally, technology has assisted in the marketability of the houses with soundproof windows and built-in sound systems that softly relax the homeowners with whichever genre recorded performances prove music to their ears.
Chris Harwell of Tarkington and Harwell Company partnered with Richland Builders and pioneered the redevelopment in the area as they began to construct ultramodern homes with ultramodern prices, many listed for more than $4 million and selling for near the list prices.
Harwell now has 3908 Harding Place under contract. That home carried a list price of $5,559,450, and Mary Brown of Parks is cited as the buyer’s agent.
Tarkington and Harwell realize the best way to have a buyer’s broker sell their houses is to pay them. They seem content to swap $5.5 million for $150,000 or so. An ingenious firm, that Tarkington and Harwell. The fact is many builders in today’s slow market are paying 4% commission to buyers’ brokers.
As success breeds success – and since imitation is the sincerest form of flattery –others quickly discovered Harwell’s gold vein on Harding. Last week, Jason Gruner, who hails from one of Nashville’s legendary real estate companies, Coldwell Banker Barnes, closed his listing at 1407 Harding Place.
This home that was not built by Richland, nor does its design follow the Richland model.
The unique offering was listed for $3.65 million and closed for $3.175 million after coming on the market in October, Realtracs reveals. At $515 per square foot, the home was reasonably priced for the area and includes six bedrooms, five full bathrooms, one half bathroom and 6,161 square feet.
Constructed on a 1.1-acre lot, the house includes 10-foot ceilings on the first and second floors. Gruner notes the “five-panel sliding glass door brings the outside in” from the 800-square-foot back porch.
Alexandra Bailey, who was affiliated with Compass RE and was before the historic merger, represented the buyer. Bailey is listed as a member of the Morrell Property Collective on the Compass website. The Morrell Collective was founded by 20-year veteran Katie Morrell and specializes in upper-end homes.
Richard Courtney has been a licensed real estate broker for 45 years and is affiliated with Fridrich and Clark Realty and can be reached at [email protected].