No spring break vacation from our housing frenzy
Spring break has been considered sacred in the world of residential real estate. During the seven days – nine, really, as there are four weekend days of spring break – real estate rested.
Buyers and sellers were gone, as were most Realtors.
In recent years, thousands flocked south to the 30A area, while some headed west to Vail or maybe Jackson Hole to hit the slopes one last time and crack some bones.
Most years the various school boards cooperate and schedule the vacations during the same time frame. However, one year they played a cruel joke with Nashville and Franklin private schools having a week off, followed by Metro Public Schools taking the next week and Williamson County Public schools the third week.
The real estate community was dazed and confused.
Middle Tennessee usually begins to turn green again as spring break begins, then explodes into full bloom by its end. That’s when most Realtors suggest introducing a home to the market. Photos last forever on the internet, and a barren tree growing over dead grass can put a damper on a buyer, especially when compared to lush greenery of the home of a neighbor.
Historically, as in three years ago, the end of spring break signaled sellers to be on their mark, with more homes coming online for sale then than at any other time of the year. Even with all that inventory, there was a finite number of buyers seeking shelter, resulting in only a slight uptick in prices.
Things are different now.
With buyers outweighing sellers, Realtors are curious to see if the multiple-offer scenarios will continue to unfold. If so, many wonder if the homes will see the offers coming in for hundreds of thousands of dollars more than list price with those offers often numbering in the high twenties.
In speaking with several brokers and visiting “Buyer Need” and “Coming Soon” websites, the answer is a resounding “Yes.” There will continue to be more buyers than sellers, and the bidding wars will continue.
The casualties of these wars are the people who surrender and decide to retreat and observe as spectators “until things settle down.”
With an estimated 600,000 people relocating into the area over the next 20 years, settling down does not seem to be a reality.
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Sale of the Week
When a home designed by acclaimed interior designer Branan White hits the market, there are always buyers and Realtors clamoring to visit the listing, even if neither party is shopping for a home.
White’s exquisite talent has no bounds, and he is quick to surprise those viewing his work with various touches he pulls from is infinite mind. Those familiar with his work often make efforts to see his properties in order to borrow his ideas for their own homes.
He has developed a loyalty and a longtime listing relationship with Mary Beth Thomas and John Brittle, two of Nashville’s leading Realtors who have immense experience in new construction.
Thomas cites Village as her real estate firm, while Brittle hails from Parks. Depending on what day it is, Parks and Village are often the same company. As of late, they have devoured Pilkerton Realtors.
White’s most recent project, 601 Vosswood Drive, sold for $4,343,276, some $143,276 more than list price after the Thomas/Brittle team received several offers.
With 6,819 square feet, White had the space to show his wares, and his listing brokers wrote the house was loaded with “architectural significance” and featured “collected antique doors, wood accents and vintage lighting.”
In addition, the outdoor space features a spa, pool, covered cabana and fire pit, all situated on a one-acre lot.
Knowing there would be a gaggle of gawkers, Thomas and Brittle attempted to slow the crowd by requiring proof of funds for those seeking admittance to the five-bedroom, five-bathroom home that also has a couple of half bathrooms.
Courtney Jenrath, the veteran broker and a leader in the real estate industry, represented the buyer of the museum-like residence and sold the home for $637 per square foot. The original home on the property was sold in 2017 for $410,000.
In the current real estate craziness, the teardown would sell for at least $550,000 with some breaking $650,000 in the area.
In West Meade’s neighbor, Belle Meade, houses selling for as much as $5 million have succumbed to the bulldozer.
Richard Courtney is a licensed real estate broker with Fridrich and Clark Realty and can be reached at?[email protected] .