Tag Archives: nashville real estate

5 nashville water cooler conversations for february

2016 was a big year for nashville. 2017 is being set-up for even better.  here are a few take-aways:

fullsizerender1 •the housing market continued on its record setting pace in 2016. median price of a home was $266,408, up from $242,945 in 2015. we saw 38,954 closings, up 5.6% from 2015. also, bucking the trend that it typically slows down near the holidays and in the winter, nashville had the strongest fourth quarter in home sales we have seen in a decade.  continuing the trend, zillow.com named nashville the #1 real estate market in the country to invest in 2017.  emerging trends in real estate puts the city at #6.

2 • the nashville zoo set new attendance records with almost 900,000 visitors in 2016, up 10% from 2015. the zoo is celebrating 20 years at grassmere this year. they have plans to open a white rhinoceros exhibit (march), an andean bear exhibit (may), an expanded tiger exhibit (july) and a new spider monkey exhibit which will feature an elevated boardwalk for guests to enter a treetop viewing platform.nashvillezootiger_exteriorviewing_sm-web

3 • our auto industry is killing it. nissan, who’s north american headquarters is in nashville, had sales of more than 1.5 million in 2016, a company record, up 5% from 2015. also, GM announced plans today to invest $27 million in their spring hill plant to assembly a right-hand version of the acadia to export to australia. the spring hill plant employs almost 4,100 workers. in 2015, 6.3% of all US-made cars, light trucks & SUVs were produced in tennessee.The_Mockingbird.0.0

4 • USA today named nashville’s local foodie scene #3 in the country and zagat has us at #6 on their list for america’s next hot food cities. from adele & justin bieber 2016 middle of the night sightings at east side’s dino’s to a flurry of new much-anticipated openings in 2017 like our third james beard award-winning chef rj cooper’s henley in midtown or top chef maneet chauhan’s mockingbird (both spring 2017), our options for good eats show no sign of slowing down.

fullsizerender5 • the nashville convention & tourism announced last week an estimated 13.9 million tourists visited music city in 2016, up 400,000 from 2015.  that number is up 45% in the last decade. we continue to receive accolades from being one of conde nast’s top five friendliest destinations to being one of travel+leisure’s top places to travel in 2017.

 

 

 

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10 projects changing nashville’s skyline

no doubt you’re probably starting to think the crane is our new state bird.  the downtown skies are swarming with them.  here’s a list of ten reasons you’re seeing them everywhere and what’s next:

635978013222685143-mazda1-the first up is one hot off the presses:  the tennessean reported today that a plan is underway for the former nelson mazda lot at the corner of 12th and broadway.  if the height submitted to the downtown code design review committee gets approved, we’re looking at potentially a 27-story mixed-use tower.  they are making plans to leave the ground level open for an “anchor tenant.” the austin-based developer supposedly has close ties with fellow austin-based grocer, whole foods market, inc.  it’s in the early stages but the team sees great pedestrian and retail emphasis for the corner.

40story

2-chicago-based developers announced earlier this month big plans for a 4 acre lot on the south edge of downtown: 4 mid-rise/high-rise buildings, including a monstrous 40-story, 860,000 office tower.  for now, it will kind of be on an island by itself on the south side of sobro.  if approved, it will rank as one the top 3 tallest buildings in the city. we’re talking over 1.6 million square feet of office, residential and retail space total on the campus if the project moves forward.

future bridgestone headquarters

on the far left sits the future bridgestone americas home

3-bridgestone americas plans to move their corporate offices to an upcoming 30-story high rise in sobro. sandwiched between the encore condo high rise and the country music hall of fame on demonbreun, bridgestone will bring 1,700 employees, including 600 currently out-of-state ones, to downtown. they will be the lone tenant in the building.

4-at the corner of demonbreun and second avenue, tony giarratana’s 33-story luxury apartment project is currently being erected. the aptly named sobro will include 342 luxury apartments, 378 parking spaces and 18,000 square feet of street level retail.

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222 second avenue south

5-one step closer to the river on second avenue, developers are seeking conceptual design approval this month on a pair of buildings (one which could rise 40 stories) at 222 second avenue south.  if it moves forward, they would consist of 420 apartments and condos, a 225-room five-star hotel as well as streel level retail/restaurant spaces along first avenue south.  the image above actually includes the sobro and bridgestones headquarters (both off to the left) as well as the existing pinnacle building.  you can see that pocket of town is filling up quickly.

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on the far left sits the future bridgestone americas home

6-on 8th avenue south and demonbreun street across from the music city center, a 35-story jw marriott hotel and a 35-story residential building are both in the works on a 3.7 acre lot.  the lot has been cleared.  the hotel includes 533-room hotel rooms, conference center and will create 650 jobs for downtown.  starbucks and bourbon steak are on board to go in on the street level of the hotel.

7-the residential tower that will sit beside the marriott will have 8 floors of parking (some below ground level), street retail and 28 floors of residential. originally, the plan was for a 22-floor office building but those plans were later scrapped.

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westin’s L27 rooftop bar

8-next door on the 8th avenue roundabout at 100 clark place, developers are finishing up on nashville’s first westin hotel.  it will include a rooftop bar called L27 which is being touted as music city’s highest rooftop bar.  the 27-story, 454-room hotel will also have 20,000 sqft of adaptable event space, 12 meeting venues and a the rhapsody spa that will be open to the public as well. the westin is open for business october 2016.

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gulch’s upcoming 38-story residential tower at 12th avenue south + division street

9-in february, developer buckingham cos finalized the purchase of a half acre lot across the street from gulch condo high rises terrazzo and icon.  even though it’s a couple of years from a groundbreaking, the developer plans to build a 38-story residential tower. in the fall, the metro board of zoning did approve the height exception of 38 stories which is 14 stories higher than what is normally allowed in the gulch.

10-on the north side of broadway near the ryman auditorium, developer tony girratana has been sitting on the infamous 505 church street lot for awhile. dreaming. waiting for the right time. now is that time for his big plan: a 45-story, 543ft tall high rise called 505 CST. the development will include 500 apartments (with the option to convert the top 175 to condos available for purchase), 1,500 square feet of retail space on the street level, 690 parking spaces, and a 45,000 square feet amenity level.

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505 CST

it’s worth noting for comparison purposes, the very visible twelve twelve high rise which was completed last year in the gulch is 23 stories.  the at&t building downtown, most commonly known as the “batman building,” is 33 stories.

curious who rounds out the current top 10?

  1. at&t building-33 stories, 617 ft
  2. fifth third center-30 stories, 490 ft
  3. william r snodgrass tennessee tower-31 stories, 452 ft
  4. pinnacle-29 stories, 417 ft
  5. l&c tower-30 stories, 409 ft
  6. nashville city center-27 stories, 402 ft
  7. james k polk office building-24 stories,392 ft
  8. renaissance hotel-35 stories, 385 ft
  9. viridian high rise-31 stories, 378 ft
  10. one nashville place-23 stories, 359 ft

 

 

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record breaking summer in nashville real estate

by now, everyone has probably heard justin timberlake bought 126 acres in williamson county for $4 million. it’s fun news. it’s really become a family affair since his mom and stepfather also bought here last december.2015-04-28-1430211937-4731823-timberlak and sure, it’s also fun that the kings of leon guys purchased the historic merritt mansion (built in the mid 1800s) earlier this year for $1.3 million in the up-and-coming weho neighborhood (although no plans have been announced for its use).

truth is though, it’s been a scorcher of a real estate market this summer in nashville all around.  for those keeping score, here’s a few other points worth mentioning:

1328101942_Arrow-Upbuilding permits-everyone is building. we had a record breaking 2013-2014 with $1.87 billion in building permits which was a pretty substantial statistic to throw out last year.  nashville’s fiscal year ended in june and we finished the 2014-2015 up 30% from that record at $2.4 billion in new buildings and renovations.  an astounding 11,708 total permits.  which is also a record (up 82 from our previous record breaking 2006-2007 year).

1328101942_Arrow-Uphousing market-declared the 3rd hottest housing market in the country in april by auction.com, nashville shows no sign of slowing down anytime soon.  home sales have also been up for the first half of the year.  june alone was up 14.4%.  it’s been over a decade since we’ve seen june numbers this strong.  second quarter home sales were up 12.3% from second quarter 2014.  at the halftime mark, we are up 12.2% year-to-date from 2014.

1328101942_Arrow-Uprents-rents are up.  edge midtown, a new midtown apartment set for completion in august 2015, is raising the ceiling on rent for the city to the tune of $3.20/sqft.  a 504-square-foot micro unit there will fetch $1611/month.

justin timberlake may be bringing sexy back but even justin will probably tell you it comes with a price.

merritt mansion- the nashville civic design center  places the home as early as 1840. | 441 humphreys st

merritt mansion- the nashville civic design center places the home as early as 1840. | 441 humphreys st

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nashville’s 2013 real estate review

nashville home sales were up 18.5% for the year, selling 30,917 homes & condos in 2013.  this marks the first time since 2007 homes sales exceeded 30,000.  there were also 2,032 pending home sales at the end of december in the pipeline compared to 1,857 pending home sales at the end of december 2012.  this is positioning our market for a strong january 2014 as well.

nashville homes

condoreport (1)

bilde…it was.  with the lack of downtown high rise inventory to purchase at the end of 2013 (only 64 resale units and no developer-owned units), the prices have continued to trend upwards.  if twelve twelve, the newest 288-unit high rise in the gulch, which is currently being built as luxury apartments switches gears and officially becomes condos for purchase in mid-march, that could be a much needed game changer for the spring.

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nashville home sales continue upswing

photonashville home sales for march were up 30.5% compared to closings in march 2012.  there were 2,562 home closings reported for march 2013.  number of closings for the first quarter of 2013 were also up 23% from first quarter 2012.

the number of closings for march was the highest it has been since spring of 2007.  pending sales for march  (2,727) are also the highest since january 2007 which is a good indicator of how april and may are shaping up.  median prices for both residential homes & condos are both up.

inventory continues to be a hurdle as we move into spring.    the market is becoming very competitive.  price lechleiter, president of the greater nashville association of realtors says “good properties, properly prepared and priced, are moving very quickly.  the market is very competitive.  buyers are always resistant to consider available homes that are in bad repair or priced incorrectly.”

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