Analysts expect Nashville's housing market to bounce back by fall 2008 and they are not predicting much rise in home prices before then.
Edsel Charles, founder of Nashville-based MarketGraphics Research Group Inc., a new-home market research company, says the market has almost reached bottom, and will bottom out near the end of January.
He says he expects a slight recovery in the spring but that the market will remain flat throughout the summer.
"It doesn't return to a reasonably decent market until fall of 2008 or spring of 2009," Charles says.
Consumers will find the lowest prices today for new homes, he says.
Charles says he expects the market to "firm up" by August and buyers to be paying full price by March of 2009.
"Material costs are down," Charles says. "So today is the lowest you are going to find for home prices. Everybody dropped prices like nuts."
Charles has talked to builders who had excess inventory and slashed prices to get rid of homes, but he says such discounts are only likely to be around for the next two or three months.
"I met with a builder who sold over 100 houses in the last two months," Charles says. "He just cut and run, dumped inventory. He's down to 15 homes that are not sold. He's saying, 'Now we're at the bottom.'"
Bernard Helm, president of Market Opportunity Research Enterprises in Rocky Mount, N.C., agrees that builders are reducing inventory in Nashville, which he says is smart.
The Nashville Business Journal - Dec. 31, 2008
News, interests, info and tips about the Real Estate Market in Middle Tennessee. Our Focus is the Nashville area, both Williamson and Davidson County and the surrounding areas of Franklin, Brentwood, Spring Hill, Thompson's Station, Hendersonville, Leipers Fork, Belle Meade, Nolensville, the Cool Springs area and the Vanderbilt area
December 31, 2007
December 30, 2007
New Shoping Center to be built in LaVergne
Rutherford County will be getting a $20 million shopping center along Interstate 24, spurred by the recent construction of a Super Target nearby.
Centrum SSI of Nashville, a local affiliate of Centrum Properties Inc. of Chicago, recently bought nearly 21 acres from Jack Oman for $2.6 million.
The land, at the northeast corner of the intersection of Interstate 24 and Sam Ridley Parkway West, will make way for a retail center named The Shoppes at La Vergne, says Brad McNutt, commercial development specialist for Centrum.
McNutt says the growth of retail in the La Vergne-Smyrna area helped make the decision easy.
Colonial Properties Trust, a Birmingham, Ala.-based real estate investment trust, has begun building a major retail center close to Centrum's property. The proximity to Colonial's new Target made Oman's property attractive, McNutt says.
"It will be a regional draw," says McNutt.
The Centrum site is located fully in La Vergne, although it borders the city of Smyrna, where Colonial's Target will stand. Target could open by spring 2008. Colonial's other draw, Kohl's, opened in October.
The area is high in population density but has been underserved, says Holly Sears, Rutherford County vice president of economic development. The new center will help generate sales taxes for local schools and city governments, she says.
The developments are also generating hotel activity, Sears says. A Holiday Inn Express is under construction near the I-24 exit.
Nashville Business Journal - December 28, 2008
Centrum SSI of Nashville, a local affiliate of Centrum Properties Inc. of Chicago, recently bought nearly 21 acres from Jack Oman for $2.6 million.
The land, at the northeast corner of the intersection of Interstate 24 and Sam Ridley Parkway West, will make way for a retail center named The Shoppes at La Vergne, says Brad McNutt, commercial development specialist for Centrum.
McNutt says the growth of retail in the La Vergne-Smyrna area helped make the decision easy.
Colonial Properties Trust, a Birmingham, Ala.-based real estate investment trust, has begun building a major retail center close to Centrum's property. The proximity to Colonial's new Target made Oman's property attractive, McNutt says.
"It will be a regional draw," says McNutt.
The Centrum site is located fully in La Vergne, although it borders the city of Smyrna, where Colonial's Target will stand. Target could open by spring 2008. Colonial's other draw, Kohl's, opened in October.
The area is high in population density but has been underserved, says Holly Sears, Rutherford County vice president of economic development. The new center will help generate sales taxes for local schools and city governments, she says.
The developments are also generating hotel activity, Sears says. A Holiday Inn Express is under construction near the I-24 exit.
Nashville Business Journal - December 28, 2008
December 21, 2007
Hendersonville Real Estate is becoming very desirable
Six corporations looking to relocate to Middle Tennessee are considering making Hendersonville's $1 billion Indian Lake Village their new home as the retail, office and residential development heats up its push to be the next Cool Springs.
"We're talking with users from 20,000 square feet to 200,000 square feet so we're getting a broad range of interest," says Danny Hale, who is developing Indian Lake as managing partner of Halo Properties.
Indian Lake developers also are courting a high-end car dealership, Costco and trying to lure 10 stores from nearby Rivergate Mall - including department stores - to add to their list of high-end retail stores, which open in March.
Millions of dollars in parks and walking trails, a new library and the walkability of the mixed-use village have brought in out-of-state relocating companies with 100 to 1,800 employees, says Don Long, mayoral assistant and director of economic and community development for the city of Hendersonville. Long and Hale wouldn't name the companies looking to relocate to Hendersonville, but say they've landed a spot on the relocation map.
"A couple of years ago we were not even on the radar screen (for corporations). Now we're one of the first stops," Long says.
In October, the National Association of Office and Industrial Properties carted three bus loads of developers, site selectors, architects and real estate professionals to the site to tour the first office building.
Sumner County officials want to bring big business to the area, giving the 40 percent of people who commute to Nashville from Sumner County to work another option.
The retail component of the walkable mixed-use live, work, play development by Halo Properties is larger than the Nashville area's two newest lifestyle centers - The Avenues at Murfreesboro and Providence Marketplace in Mt. Juliet.
Those 810,000- and 830,000-square-foot developments will be dwarfed by the 1.5 million square feet of retail at Indian Lake, which includes high-end stores like Ann Taylor LOFT, Regal Cinema, Ann Taylor, Eddie Bauer, Talbot's, Aveda, Gymboree and Jos. A. Bank. That's also larger than retail space at Cool Springs Galleria and nearby Rivergate Mall.
Indian Lake's first office tenants are moving in now. R.W. Beck and Forward Sumner Economic Council are moving into Indian Lake's first completed office building.
Another benefit of Hendersonville, developers say, is that it offers housing for all pay ranges, from executives to secretaries, which is lacking in Cool Springs. High home prices there have kept many middle-income workers out.
Relocating companies are attracted to areas where all of their employees can afford to live, says Matt Largen, director of business recruitment at the Nashville Area Chamber of Commerce.
And Indian Lake Village's addition to the menu of office offerings in Nashville means more enticements for business relocations.
"You have options outside of Davidson and Williamson counties now. It's better for the client to have options, especially when we're competing with other markets that do have options," Largen says.
"We're talking with users from 20,000 square feet to 200,000 square feet so we're getting a broad range of interest," says Danny Hale, who is developing Indian Lake as managing partner of Halo Properties.
Indian Lake developers also are courting a high-end car dealership, Costco and trying to lure 10 stores from nearby Rivergate Mall - including department stores - to add to their list of high-end retail stores, which open in March.
Millions of dollars in parks and walking trails, a new library and the walkability of the mixed-use village have brought in out-of-state relocating companies with 100 to 1,800 employees, says Don Long, mayoral assistant and director of economic and community development for the city of Hendersonville. Long and Hale wouldn't name the companies looking to relocate to Hendersonville, but say they've landed a spot on the relocation map.
"A couple of years ago we were not even on the radar screen (for corporations). Now we're one of the first stops," Long says.
In October, the National Association of Office and Industrial Properties carted three bus loads of developers, site selectors, architects and real estate professionals to the site to tour the first office building.
Sumner County officials want to bring big business to the area, giving the 40 percent of people who commute to Nashville from Sumner County to work another option.
The retail component of the walkable mixed-use live, work, play development by Halo Properties is larger than the Nashville area's two newest lifestyle centers - The Avenues at Murfreesboro and Providence Marketplace in Mt. Juliet.
Those 810,000- and 830,000-square-foot developments will be dwarfed by the 1.5 million square feet of retail at Indian Lake, which includes high-end stores like Ann Taylor LOFT, Regal Cinema, Ann Taylor, Eddie Bauer, Talbot's, Aveda, Gymboree and Jos. A. Bank. That's also larger than retail space at Cool Springs Galleria and nearby Rivergate Mall.
Indian Lake's first office tenants are moving in now. R.W. Beck and Forward Sumner Economic Council are moving into Indian Lake's first completed office building.
Another benefit of Hendersonville, developers say, is that it offers housing for all pay ranges, from executives to secretaries, which is lacking in Cool Springs. High home prices there have kept many middle-income workers out.
Relocating companies are attracted to areas where all of their employees can afford to live, says Matt Largen, director of business recruitment at the Nashville Area Chamber of Commerce.
And Indian Lake Village's addition to the menu of office offerings in Nashville means more enticements for business relocations.
"You have options outside of Davidson and Williamson counties now. It's better for the client to have options, especially when we're competing with other markets that do have options," Largen says.
December 13, 2007
Williamson County Nov. 2007 Home Sales
Williamson County Association of Realtors® Announces November 2007 Home Sales
Williamson County Association of REALTORS® Announces November Housing Numbers
December 10, 2007 (Franklin, TN)-The Williamson County Association of REALTORS® today announces the sale of homes statistics for Williamson County, Tn. for the month of November 2007. There were 278 residential and condominium closings reported for the month of November, according to figures provided by RealTracs Solutions, the multiple listing service used by REALTORS® in the Middle-Tennessee area.
Compared to November of 2006, the single family residential closings decreased 20 percent and the median price decreased by 9 percent. Condominiums closings have increased by 30 percent and the median price increased by 16 percent. The decrease in the median price appears to be tied to a decrease in the number of homes in the over $1 million range closing in November. The average days on the market (DOM) for residential homes have increased by 14 days and condominiums have increased by 17 days. Days on the market have been consistent since the onset of 2007, with the days ranging from 58 - 68 days. Median prices have remained consistent since January 2007, ranging from $365,000 to $391,200. The median is a typical market price where half of the homes sold for more and half sold for less.
November 2007
Residential
247 Closings $365,000 Median Price $427,205 Average Price 69 Days on Market
Condominium
31 Closings $219,990 Median Price $227,241 Average Price 40 Days on Market
November 2006
Residential
308 Closings $401,700 Median Price $466,644 Average Price 55 Days on Market
Condominium
24 Closings $189,890 Median Price $219,234 Average Price 23 Days on Market
November 2005
Residential
398 Closings $296,072 Median Price $370,150 Average Price 50 Days on Market
Condominium
52 Closings $152,920 Median Price $167,229 Average Price 27 Days on Market
"The National subprime mortgage crisis peaked in September when many of the sales closed in November were being negotiated, which may explain some of the market change. Dr. Lawrence Yun, chief economist with the National Association of Realtors recently predicated that high-cost markets with many jumbo loans would show a slow down due to the mortgage crisis. That certainly seems to be the case in Williamson County where the downward distortion of the median and average price seems to be due to a slow-down in the higher-priced market. After the holidays, the pent up demand for homes is expected to break so that sellers should be ready for buyers with sparkling clean, updated homes and appealing prices." said Kathie Moore, 2008 President of the Williamson County Association of REALTORS®.
(Williamson County Board of Realtors - December 2007)
Williamson County Association of REALTORS® Announces November Housing Numbers
December 10, 2007 (Franklin, TN)-The Williamson County Association of REALTORS® today announces the sale of homes statistics for Williamson County, Tn. for the month of November 2007. There were 278 residential and condominium closings reported for the month of November, according to figures provided by RealTracs Solutions, the multiple listing service used by REALTORS® in the Middle-Tennessee area.
Compared to November of 2006, the single family residential closings decreased 20 percent and the median price decreased by 9 percent. Condominiums closings have increased by 30 percent and the median price increased by 16 percent. The decrease in the median price appears to be tied to a decrease in the number of homes in the over $1 million range closing in November. The average days on the market (DOM) for residential homes have increased by 14 days and condominiums have increased by 17 days. Days on the market have been consistent since the onset of 2007, with the days ranging from 58 - 68 days. Median prices have remained consistent since January 2007, ranging from $365,000 to $391,200. The median is a typical market price where half of the homes sold for more and half sold for less.
November 2007
Residential
247 Closings $365,000 Median Price $427,205 Average Price 69 Days on Market
Condominium
31 Closings $219,990 Median Price $227,241 Average Price 40 Days on Market
November 2006
Residential
308 Closings $401,700 Median Price $466,644 Average Price 55 Days on Market
Condominium
24 Closings $189,890 Median Price $219,234 Average Price 23 Days on Market
November 2005
Residential
398 Closings $296,072 Median Price $370,150 Average Price 50 Days on Market
Condominium
52 Closings $152,920 Median Price $167,229 Average Price 27 Days on Market
"The National subprime mortgage crisis peaked in September when many of the sales closed in November were being negotiated, which may explain some of the market change. Dr. Lawrence Yun, chief economist with the National Association of Realtors recently predicated that high-cost markets with many jumbo loans would show a slow down due to the mortgage crisis. That certainly seems to be the case in Williamson County where the downward distortion of the median and average price seems to be due to a slow-down in the higher-priced market. After the holidays, the pent up demand for homes is expected to break so that sellers should be ready for buyers with sparkling clean, updated homes and appealing prices." said Kathie Moore, 2008 President of the Williamson County Association of REALTORS®.
(Williamson County Board of Realtors - December 2007)
Nashville Home Sales Decline, Prices Bounce Back
Home sales in Nashville continued to decline compared to last year, but median home prices bounced back in November after falling in October.
Total home closings fell 21 percent in November to 2,260 from 2,867 last year. Year-to-date closings are down 13 percent, according to numbers released Monday by the Greater Nashville Association of Realtors.
The median price of a single family home in November was up 3 percent to $179,900 from $174,900 last year. The median price of a condominium was up 4 percent to $167,035 from $159,900.
The current inventory of homes has also grown since last year, up to 22,301 from 17,175 last year. (Nashville Business Journal- December 2008)
Total home closings fell 21 percent in November to 2,260 from 2,867 last year. Year-to-date closings are down 13 percent, according to numbers released Monday by the Greater Nashville Association of Realtors.
The median price of a single family home in November was up 3 percent to $179,900 from $174,900 last year. The median price of a condominium was up 4 percent to $167,035 from $159,900.
The current inventory of homes has also grown since last year, up to 22,301 from 17,175 last year. (Nashville Business Journal- December 2008)
November 27, 2007
Tanya Tucker's 500-acre Estate to become a Golf Community
An Ohio developer plans to turn country music star Tanya Tucker's former estate into a 500-home, golf course community.
Eagle Ridge Investments LLC bought the 500-acre tract in Williamson County for $11.5 million on April 27, according to county records.
The developer plans to build nearly 500 homes and an 18-hole public golf course on land that spans 743 acres in Arrington, says Matt Bryant, operations leader for Atwell-Hicks, the project's land development consultants. Arrington is 20 miles south of downtown Nashville.
The community is called Stillwater, and Tucker's home will be kept as the community clubhouse.
Developer D.J. Keehan has filed preliminary plans in Williamson County to give county planners a general idea about the community.
Detailed plans have not been filed and Keehan declined to comment.
The plans show 494 lots, ranging from 15,000 square feet to about 2.5 acres. At least half of the site will be preserved as open space.
Because the plan is in the concept stage, planning director Mike Matteson says his staff has not reviewed them to see if they meet county regulations.
Atwell-Hicks is also working with the developer to design an on-site wastewater treatment plant to serve the community. Entrances to the community will be off Patton Road, Cox Road and Horton Highway.
(Nashville Business Journal - November 16th)
Eagle Ridge Investments LLC bought the 500-acre tract in Williamson County for $11.5 million on April 27, according to county records.
The developer plans to build nearly 500 homes and an 18-hole public golf course on land that spans 743 acres in Arrington, says Matt Bryant, operations leader for Atwell-Hicks, the project's land development consultants. Arrington is 20 miles south of downtown Nashville.
The community is called Stillwater, and Tucker's home will be kept as the community clubhouse.
Developer D.J. Keehan has filed preliminary plans in Williamson County to give county planners a general idea about the community.
Detailed plans have not been filed and Keehan declined to comment.
The plans show 494 lots, ranging from 15,000 square feet to about 2.5 acres. At least half of the site will be preserved as open space.
Because the plan is in the concept stage, planning director Mike Matteson says his staff has not reviewed them to see if they meet county regulations.
Atwell-Hicks is also working with the developer to design an on-site wastewater treatment plant to serve the community. Entrances to the community will be off Patton Road, Cox Road and Horton Highway.
(Nashville Business Journal - November 16th)
November 26, 2007
November 25, 2007
Study shows Commercial Real Estate added $1.5B to Local Economy Last Year
The Middle Tennessee chapter of the National Association of Industrial and Office Properties touted its latest study of commercial real estate and its impact on the economy.
Tom Harwell, a principal with Eakin Partners LLC and a top NAIOP official, at a news conference Tuesday at Roundabout Plaza said that commercial real estate added $1.5 billion to the regional economy in 2006 .
The industry of office, retail and industrial real estate created 35,000 jobs, $1.1 billion in earnings and an overall impact of $4.9 billion in the 10-county area around Nashville, Harwell said.
To highlight commercial real estate's impact, Harwell said the NAIOP report found that such properties make up $294.8 million in annual property taxes alone in Davidson County, while those properties only make up 9.5 percent of taxable Davidson County properties.
Harwell said that annual revenue was half of Davidson County's yearly public schools budget.
Overall, the 277.4 million square feet of commercial real estate generated tax revenues that make up 47.7 percent of the Nashville region's property tax collection, the study found.
The properties have an assessed value of $11.9 billion.
Mayor Karl Dean attended the news conference, and said he recognizes the contribution of commercial real estate to the region's economy and its tax coffers.
Harwell is the president-elect of the local NAIOP, replacing Axson West of Southeast Venture.
Students from Vanderbilt University's Owen Graduate School of Management helped collect data for the study.
The Nashville Business Journal - November 2008
Tom Harwell, a principal with Eakin Partners LLC and a top NAIOP official, at a news conference Tuesday at Roundabout Plaza said that commercial real estate added $1.5 billion to the regional economy in 2006 .
The industry of office, retail and industrial real estate created 35,000 jobs, $1.1 billion in earnings and an overall impact of $4.9 billion in the 10-county area around Nashville, Harwell said.
To highlight commercial real estate's impact, Harwell said the NAIOP report found that such properties make up $294.8 million in annual property taxes alone in Davidson County, while those properties only make up 9.5 percent of taxable Davidson County properties.
Harwell said that annual revenue was half of Davidson County's yearly public schools budget.
Overall, the 277.4 million square feet of commercial real estate generated tax revenues that make up 47.7 percent of the Nashville region's property tax collection, the study found.
The properties have an assessed value of $11.9 billion.
Mayor Karl Dean attended the news conference, and said he recognizes the contribution of commercial real estate to the region's economy and its tax coffers.
Harwell is the president-elect of the local NAIOP, replacing Axson West of Southeast Venture.
Students from Vanderbilt University's Owen Graduate School of Management helped collect data for the study.
The Nashville Business Journal - November 2008
More restaurants slated for the Nashville Area
Atlanta-based upscale sandwich maker Rising Roll Gourmet is opening five restaurants in Nashville and possibly adding three to five more stores in outlying areas.
The shop that boasts 50 different gourmet sandwiches has signed an agreement with franchisee Mark Streich who will open restaurants in the downtown area, West End, Brentwood, Franklin and Belle Meade.
Founded in Atlanta in 1996, Rising Roll is a quick-service chain that competes with companies such as Panera Bread and the Atlanta Bread Co. for the gourmet lunch sandwich crowd.
Rising Roll President Mike Lassiter says the first Nashville eatery is expected to open in the first quarter of 2008. Each restaurant will require an investment of $250,000 to $350,000.
"Nashville has been on our radar for some time," Lassiter says.
Lassiter, who described Nashville's real estate market as "tight," says his company is in the process of site selection but would like to open its first Nashville location in Brentwood.
He's targeting areas with large day-time populations.
Quick service casual dining chains have grown significantly in recent years.
Panera Bread has 10 locations in the Nashville area, with the latest opening on West End Avenue just more than a week ago, says spokesman Andrew Carlson. An additional Panera location is scheduled to open on Commerce street in December.
"We have had success with the markets we have in the Greater Nashville market and there is room for additional locations," Carlson says.
Rising Roll serves soups and salads in addition to its sandwiches such as its Mad Italian (with salami, pepperoni, ham and Italian dressing).
Lassiter says his company has a unique opportunity in Nashville to capitalize on the breakfast and lunch catering business. In some markets more than 50 percent of the revenue from Rising Roll stores come from its catering business.
The shop that boasts 50 different gourmet sandwiches has signed an agreement with franchisee Mark Streich who will open restaurants in the downtown area, West End, Brentwood, Franklin and Belle Meade.
Founded in Atlanta in 1996, Rising Roll is a quick-service chain that competes with companies such as Panera Bread and the Atlanta Bread Co. for the gourmet lunch sandwich crowd.
Rising Roll President Mike Lassiter says the first Nashville eatery is expected to open in the first quarter of 2008. Each restaurant will require an investment of $250,000 to $350,000.
"Nashville has been on our radar for some time," Lassiter says.
Lassiter, who described Nashville's real estate market as "tight," says his company is in the process of site selection but would like to open its first Nashville location in Brentwood.
He's targeting areas with large day-time populations.
Quick service casual dining chains have grown significantly in recent years.
Panera Bread has 10 locations in the Nashville area, with the latest opening on West End Avenue just more than a week ago, says spokesman Andrew Carlson. An additional Panera location is scheduled to open on Commerce street in December.
"We have had success with the markets we have in the Greater Nashville market and there is room for additional locations," Carlson says.
Rising Roll serves soups and salads in addition to its sandwiches such as its Mad Italian (with salami, pepperoni, ham and Italian dressing).
Lassiter says his company has a unique opportunity in Nashville to capitalize on the breakfast and lunch catering business. In some markets more than 50 percent of the revenue from Rising Roll stores come from its catering business.
New Spring Hill Community Announced
Echelon Development Coming to Spring Hill over next decade
A new traditional neighborhood development coming to Spring Hill will dramatically increase the number of residents there in the next 13 years and bring a live-work village to a growing suburban town.
The 3,400-unit development called Echelon will bring 10,000 residents to the exploding 25,000-resident community of Spring Hill by 2020, says Huntly Gordon, the attorney representing the developers, Rock Creek Development LLC.
The plan has almost completed the concept stage in Spring Hill's planning process and will enter the master development stage next.
Gordon says Echelon will bring the first major development to the east side of Interstate 65 in Spring Hill at Jim Warren Road.
Developers chose to build the development in a walkable neighborhood design after Spring Hill changed its zoning to allow for this mixed-use, dense type of development.
"I think the market will drive this type of development. It has been well-received so far. Three [in the area] already have done well," Gordon says. "Market forces will determine where people want to live."
Traditional neighborhood developments, or TNDs, have a town center with retail and living space in a dense core surrounded by houses. Homes in this style have porches and rear garages with alleys to create a sense of community.
Echelon will have a 30-acre commercial town center, with a city park and school connected to 2,100 single family homes, 200 live/work units, 436 condos and 600 townhomes.
After a different developer suggested the town add the zoning, developers of Echelon retooled their plan design to be a TND once the zoning became available.
Many communities don't have zoning that allows for villages such as Nashville's Lenox Village and Westhaven, Gordon says, making it difficult for developers to build this development style.
Gary Vogrin, principal at LandDesign, says few communities outside of Franklin and Metro Nashville offer the zoning needed for TNDs and suggests more communities look into adding it.
"It just comes down to a good, smart planning technique as opposed to urban sprawl," Vogrin says.
Echelon's developers traveled to North Carolina and Mississippi to study other neotraditional neighborhoods. "I hope it catches on here. It's an expensive endeavor," Gordon says. "Most dwellings are rear entry and there is quite a bit of design criteria. Done right [the TND] can be a very special amenity."
Developers for another Nashville area TND, Carothers Crossing, traveled to South Carolina, Florida, Alabama, St. Louis and the West Coast to get ideas for their community. Carothers Crossing is a 700-acre neotraditional neighborhood in Nolensville that will bring 3,400 units and 300,000 square feet of commercial space in 10 to 15 years.
Carothers has just started selling homes. Marketers there say a third of their potential buyers are people from out of state who have found them by searching Web sites such as www.tndtownpaper.com that list TND communities.
"These potential homebuyers could not tell you on a map where we are and they don't care," says Sheri Hamilton, marketing director at Carothers Crossing. "A lot of these people already are enjoying a community like this somewhere else."
The upfront cost for roads, engineering and design is higher than a typical development, but Gordon says developers don't have to spend as much on marketing a TND because the concept sells itself.
"People will be drawn there," he says.
Developers at Echelon aim to build affordable homes in all price ranges. They plan to add a community lake and a street under the interstate to let residents ride their bikes to the YMCA and city parks.
"This is the first [TND[ in the city. I think there are a lot of people that are curious to see how it will do. I truly am. It's not going to be a short term project," Gordon says.
The Nashville Business Journal - November, 2008
A new traditional neighborhood development coming to Spring Hill will dramatically increase the number of residents there in the next 13 years and bring a live-work village to a growing suburban town.
The 3,400-unit development called Echelon will bring 10,000 residents to the exploding 25,000-resident community of Spring Hill by 2020, says Huntly Gordon, the attorney representing the developers, Rock Creek Development LLC.
The plan has almost completed the concept stage in Spring Hill's planning process and will enter the master development stage next.
Gordon says Echelon will bring the first major development to the east side of Interstate 65 in Spring Hill at Jim Warren Road.
Developers chose to build the development in a walkable neighborhood design after Spring Hill changed its zoning to allow for this mixed-use, dense type of development.
"I think the market will drive this type of development. It has been well-received so far. Three [in the area] already have done well," Gordon says. "Market forces will determine where people want to live."
Traditional neighborhood developments, or TNDs, have a town center with retail and living space in a dense core surrounded by houses. Homes in this style have porches and rear garages with alleys to create a sense of community.
Echelon will have a 30-acre commercial town center, with a city park and school connected to 2,100 single family homes, 200 live/work units, 436 condos and 600 townhomes.
After a different developer suggested the town add the zoning, developers of Echelon retooled their plan design to be a TND once the zoning became available.
Many communities don't have zoning that allows for villages such as Nashville's Lenox Village and Westhaven, Gordon says, making it difficult for developers to build this development style.
Gary Vogrin, principal at LandDesign, says few communities outside of Franklin and Metro Nashville offer the zoning needed for TNDs and suggests more communities look into adding it.
"It just comes down to a good, smart planning technique as opposed to urban sprawl," Vogrin says.
Echelon's developers traveled to North Carolina and Mississippi to study other neotraditional neighborhoods. "I hope it catches on here. It's an expensive endeavor," Gordon says. "Most dwellings are rear entry and there is quite a bit of design criteria. Done right [the TND] can be a very special amenity."
Developers for another Nashville area TND, Carothers Crossing, traveled to South Carolina, Florida, Alabama, St. Louis and the West Coast to get ideas for their community. Carothers Crossing is a 700-acre neotraditional neighborhood in Nolensville that will bring 3,400 units and 300,000 square feet of commercial space in 10 to 15 years.
Carothers has just started selling homes. Marketers there say a third of their potential buyers are people from out of state who have found them by searching Web sites such as www.tndtownpaper.com that list TND communities.
"These potential homebuyers could not tell you on a map where we are and they don't care," says Sheri Hamilton, marketing director at Carothers Crossing. "A lot of these people already are enjoying a community like this somewhere else."
The upfront cost for roads, engineering and design is higher than a typical development, but Gordon says developers don't have to spend as much on marketing a TND because the concept sells itself.
"People will be drawn there," he says.
Developers at Echelon aim to build affordable homes in all price ranges. They plan to add a community lake and a street under the interstate to let residents ride their bikes to the YMCA and city parks.
"This is the first [TND[ in the city. I think there are a lot of people that are curious to see how it will do. I truly am. It's not going to be a short term project," Gordon says.
The Nashville Business Journal - November, 2008
Nov 30th celebrates the Battle of Franklin
Battle of Franklin Anniversary
The 143rd anniversary of the Battle of Franklin is being observed on November 30th. The City of Franklin Battlefield Preservation Plan Task Force is planning a Commemorative Illumination and Ceremony at the Eastern Flank Battlefield Park at 5 PM.
The timing of the ceremony roughly corresponds to the timing of the battle in 1864. Ten Thousand luminaries will represent the number of casualties (killed, wounded, captured or missing) in the battle and bands representing both the Union and Confederate Armies will participate. Following the ceremony, attendees can enjoy living history vignettes including a field hospital setup nearby. Refreshments will be available and local authors will be on hand to sign books related to Franklin and the battle.
Other events on the 30th include an unveiling by the State of Tennessee of the plans for the new visitors center at the Carter House. This will take place at 1:00pm on the 30th. The Carter House will also have special programming throughout the day.
The 143rd anniversary of the Battle of Franklin is being observed on November 30th. The City of Franklin Battlefield Preservation Plan Task Force is planning a Commemorative Illumination and Ceremony at the Eastern Flank Battlefield Park at 5 PM.
The timing of the ceremony roughly corresponds to the timing of the battle in 1864. Ten Thousand luminaries will represent the number of casualties (killed, wounded, captured or missing) in the battle and bands representing both the Union and Confederate Armies will participate. Following the ceremony, attendees can enjoy living history vignettes including a field hospital setup nearby. Refreshments will be available and local authors will be on hand to sign books related to Franklin and the battle.
Other events on the 30th include an unveiling by the State of Tennessee of the plans for the new visitors center at the Carter House. This will take place at 1:00pm on the 30th. The Carter House will also have special programming throughout the day.
November 15, 2007
Construction of Hill Center in Belle Meade will begin soon!
Nashville-based H.G. Hill Realty Company has awarded its construction contract to J.E. Crain & Son Inc. for the new Hill Center at Belle Meade.
J.E. Crain officials say the 117,000-square-foot, mixed-use development will be located on Harding Pike near White Bridge Road and across from Belle Meade Towne Center, which is also under construction by J.E. Crain.
Hill Center at Belle Meade will be anchored by a 45,600-square-foot Publix grocery store.
J.E. Crain says additional retail and office space of 59,650 square feet will span more than four levels, with retail on the first level and office above.
A retail outparcel building will consist of 9,800 square feet.
Parking will be available at street level and in a 64,400-square-foot garage.
Construction is to begin immediately with completion estimated for fall of 2008, J.E. Crain officials say.
JE Crain & Son is a commercial general contractor based in Nashville with more than 70 years in business. (Nashville Business Journal)
J.E. Crain officials say the 117,000-square-foot, mixed-use development will be located on Harding Pike near White Bridge Road and across from Belle Meade Towne Center, which is also under construction by J.E. Crain.
Hill Center at Belle Meade will be anchored by a 45,600-square-foot Publix grocery store.
J.E. Crain says additional retail and office space of 59,650 square feet will span more than four levels, with retail on the first level and office above.
A retail outparcel building will consist of 9,800 square feet.
Parking will be available at street level and in a 64,400-square-foot garage.
Construction is to begin immediately with completion estimated for fall of 2008, J.E. Crain officials say.
JE Crain & Son is a commercial general contractor based in Nashville with more than 70 years in business. (Nashville Business Journal)
November 9, 2007
Top End Housing Market in Nashville Area is still Growing
Top end of housing market weathers subprime
$400K-plus home sales remain strong
Nashville Business Journal - by Jenny Burns Nashville Business Journal
There's a silver lining in the lack-luster numbers that show the woes of local home sales - the top end of the market is demonstrating its resilience.
Sales increased in most price ranges above $400,000 between last year and this year - illustrating the effect that the subprime meltdown and lender tightening has had on middle income buyers, according to an analysis of Multiple Listing Service home sales by price range.
"The lower priced homes are where we've seen the most tightening in the mortgage market," says Mark Vitner, Wachovia economist. "It's become much more difficult to qualify for a home."
But homes affordable to middle income families and first time buyers have taken a hit.
Home sales dropped 10 percent in the $100,000 to $199,999 range - from 17,091 sales during Jan. 1 through Oct. 30 of last year to 15,396 sales in the same time period this year. Sales dropped 12 percent in the $200,000 to $299,999 range.
The $300,000 to $399,999 range saw a decline of 6 percent. The higher ranges show sales increases or sales at the same level. The largest increase was in the $800,000 to $899,999 range with an 8 percent increase in sales. The $1 million plus market also had a 7 percent jump.
$400K-plus home sales remain strong
Nashville Business Journal - by Jenny Burns Nashville Business Journal
There's a silver lining in the lack-luster numbers that show the woes of local home sales - the top end of the market is demonstrating its resilience.
Sales increased in most price ranges above $400,000 between last year and this year - illustrating the effect that the subprime meltdown and lender tightening has had on middle income buyers, according to an analysis of Multiple Listing Service home sales by price range.
"The lower priced homes are where we've seen the most tightening in the mortgage market," says Mark Vitner, Wachovia economist. "It's become much more difficult to qualify for a home."
But homes affordable to middle income families and first time buyers have taken a hit.
Home sales dropped 10 percent in the $100,000 to $199,999 range - from 17,091 sales during Jan. 1 through Oct. 30 of last year to 15,396 sales in the same time period this year. Sales dropped 12 percent in the $200,000 to $299,999 range.
The $300,000 to $399,999 range saw a decline of 6 percent. The higher ranges show sales increases or sales at the same level. The largest increase was in the $800,000 to $899,999 range with an 8 percent increase in sales. The $1 million plus market also had a 7 percent jump.
November 6, 2007
Urban Living is very popular
A culture of walkers is forming in Nashville's downtown core.
As more housing units come on the market each year, the number of residents walking to work from their downtown condos, lofts or apartments increases.
The "walkability" factor is a top reason why residents choose to live downtown to begin with, research shows.
In a recent survey conducted by The Downtown Nashville Partnership, 60 percent of respondents listed the "urban experience" of living near restaurants, entertainment venues and sports events as their No. 1 influence for living downtown. (The Nashville Business Journal-Nov 6)
As more housing units come on the market each year, the number of residents walking to work from their downtown condos, lofts or apartments increases.
The "walkability" factor is a top reason why residents choose to live downtown to begin with, research shows.
In a recent survey conducted by The Downtown Nashville Partnership, 60 percent of respondents listed the "urban experience" of living near restaurants, entertainment venues and sports events as their No. 1 influence for living downtown. (The Nashville Business Journal-Nov 6)
October 22, 2007
New Residental Development for Cool Springs
Friday, October 19, 2007
$109M residential project set to sprout in Cool Springs
Todd Stringer, Nashville Business Journal
Don Shepherd, managing member of Creekstone Development and Kenneth Choate, principal, at the development site in Cool Springs.
A $109 million residential development fronted by nine office lots will begin construction after Jan. 1 in Cool Springs.
The two-tier Franklin development is being built by Royal Oaks Partnership South and Creekstone Development Group LLC.
Royal Oaks is working on the office lots, named Creekstone Commons, and has landed a Reliant Bank branch and office on one of them, developers say. The site will also contain the new $10 million headquarters for CHD Meridian Healthcare of Green Hills. The lot is owned by First Industrial Realty Trust Inc. of Chicago.
Legacy Academy already sits on one of the Creekstone lots. Legacy provides early childhood education.
CHD Meridian is a subsidiary of Philadelphia-based I-trax Inc. (AMEX: DMX) and operates employer-sponsored, onsite clinics.
Mike Hickey, general manager for Pinnacle Realty LLC, a Royal Oaks associate, says the 72-acre project will be split into two separately-owned developments, with some partners owning shares in both the office and residential developments.
Royal Oaks sold the residentially zoned 54 acres to the south of the office lots to Creekstone several weeks ago.
Don Shepherd, managing member for Creekstone Development, says his company will develop the residential project - which will contain 263 units.
The project will include 113 detached houses, 108 condominiums and 42 townhouses.
The rapidly growing area south and west of the Interstate 65-Murfreesboro Road intersection is an ideal location for the bank's new office and full-service branch, says Dan Dellinger, chief operating officer of Reliant Bank.
Reliant, which opened in January 2006, has one branch at 1724 Carothers Parkway, Franklin.
Dellinger says the new branch should be open in 2008, about the same time a third branch in Nolensville is built. (Nashville Business Journal)
$109M residential project set to sprout in Cool Springs
Todd Stringer, Nashville Business Journal
Don Shepherd, managing member of Creekstone Development and Kenneth Choate, principal, at the development site in Cool Springs.
A $109 million residential development fronted by nine office lots will begin construction after Jan. 1 in Cool Springs.
The two-tier Franklin development is being built by Royal Oaks Partnership South and Creekstone Development Group LLC.
Royal Oaks is working on the office lots, named Creekstone Commons, and has landed a Reliant Bank branch and office on one of them, developers say. The site will also contain the new $10 million headquarters for CHD Meridian Healthcare of Green Hills. The lot is owned by First Industrial Realty Trust Inc. of Chicago.
Legacy Academy already sits on one of the Creekstone lots. Legacy provides early childhood education.
CHD Meridian is a subsidiary of Philadelphia-based I-trax Inc. (AMEX: DMX) and operates employer-sponsored, onsite clinics.
Mike Hickey, general manager for Pinnacle Realty LLC, a Royal Oaks associate, says the 72-acre project will be split into two separately-owned developments, with some partners owning shares in both the office and residential developments.
Royal Oaks sold the residentially zoned 54 acres to the south of the office lots to Creekstone several weeks ago.
Don Shepherd, managing member for Creekstone Development, says his company will develop the residential project - which will contain 263 units.
The project will include 113 detached houses, 108 condominiums and 42 townhouses.
The rapidly growing area south and west of the Interstate 65-Murfreesboro Road intersection is an ideal location for the bank's new office and full-service branch, says Dan Dellinger, chief operating officer of Reliant Bank.
Reliant, which opened in January 2006, has one branch at 1724 Carothers Parkway, Franklin.
Dellinger says the new branch should be open in 2008, about the same time a third branch in Nolensville is built. (Nashville Business Journal)
October 21, 2007
Williamson County 2007 Meidan home prices
The median price of a home in Williamson County for 2007 to date is $380,000. For the first 9 months of 2006, the median home price was $335,000. This is an increase of just under 14 percent over the past year. NAR indicates that a healthy growth in real estate over a six-year period is approximately 4 percent per year. Williamson County is still experiencing an increase in median pricing year over year. In fact, for the first nine months of 2005, the median home price in the County was $284,744; putting the median price of $380,000 for 2007 at 33 percent higher over a two-year period. (Williamson County Assocation of Realtors - October 2007 Newsletter)
October 15, 2007
September Home sales in Nashville decline but prices continue to go up!
Home sales were down 25 percent in September from the same period last year, the Greater Nashville Association of Realtors says.
The sharp drop was balanced by news about home prices, which continue to go up.
The median price for a single-family home was $182,291, rising 2 percent from a year ago. Condos climbed 5.6 percent to $162,500.
There were 2,587 home closings in September, compared with 3,455 closings reported for the same period last year.
Closings in the third quarter fell to 9,295, 17 percent lower than last year's third quarter closings of 11,203.
Year-to-date closings for Middle Tennessee are 27,365. That's down 11 percent from the 30,749 closings reported through the third quarter of 2006.
The average number of days on the market for a single-family home was 67 days, compared with 57 days for September 2006.
Inventory at the end of September was 22,821, up from 17,316 in September 2006.
The sharp drop was balanced by news about home prices, which continue to go up.
The median price for a single-family home was $182,291, rising 2 percent from a year ago. Condos climbed 5.6 percent to $162,500.
There were 2,587 home closings in September, compared with 3,455 closings reported for the same period last year.
Closings in the third quarter fell to 9,295, 17 percent lower than last year's third quarter closings of 11,203.
Year-to-date closings for Middle Tennessee are 27,365. That's down 11 percent from the 30,749 closings reported through the third quarter of 2006.
The average number of days on the market for a single-family home was 67 days, compared with 57 days for September 2006.
Inventory at the end of September was 22,821, up from 17,316 in September 2006.
Southern Land will headquarter in Franklin
Southern Land Co. LLC has released plans for The McEwen Building, a $30 million office building in McEwen, a $350 million, 93-acre mixed-use neighborhood west of Interstate 65 in the City of Franklin.
Ground breaking is scheduled for this fall.
The company plans to relocate its corporate headquarters to the building when it's finished in the first quarter of 2009.
The property is located on McEwen Drive just west of the new McEwen interchange off I-65 in Cool Springs. It sits atop one of the highest elevations in Williamson County.
The seven-story building was designed by Nashville-based Gresham, Smith and Partners and Southern Land Company's in-house architecture studio..
The structure will provide 158,000 square feet of prime Class A office space, including than 15,000 square feet of ground-floor retail. It will also be LEED certified.
CB Richard Ellis will handle the leasing of The McEwen Building.
Based in Franklin, Southern Land develops residential and mixed-use communities in Tennessee and Texas.
Ground breaking is scheduled for this fall.
The company plans to relocate its corporate headquarters to the building when it's finished in the first quarter of 2009.
The property is located on McEwen Drive just west of the new McEwen interchange off I-65 in Cool Springs. It sits atop one of the highest elevations in Williamson County.
The seven-story building was designed by Nashville-based Gresham, Smith and Partners and Southern Land Company's in-house architecture studio..
The structure will provide 158,000 square feet of prime Class A office space, including than 15,000 square feet of ground-floor retail. It will also be LEED certified.
CB Richard Ellis will handle the leasing of The McEwen Building.
Based in Franklin, Southern Land develops residential and mixed-use communities in Tennessee and Texas.
September 28, 2007
Franklin neighborhood coalition pushes for infrastructure improvements
Six neighborhoods on Franklin's west side are pushing for infrastructure initiatives they say haven't been prioritized by the City of Franklin.
The group will host a mayoral and alderman debate at 6 p.m. tonight at Westhaven's Residents' Club, 111 Westhaven Blvd.
The West Side Coalition want a few projects expedited, including Mack Hatcher's extension and the widening of Hillsboro road at strategic locations.
The event will begin at 6 p.m., with the aldermen candidates speaking from 6:30 to 7:30 p.m., and the mayoral debate from 7:30 to 8:30 p.m. The final half hour will give attendees an opportunity to ask questions one-on-one with the candidates.
Members of the Coalition include Founders Pointe, Franklin Green, Spencer Hall, Willow Springs, Chestnut Bend and Westhaven.
The group will host a mayoral and alderman debate at 6 p.m. tonight at Westhaven's Residents' Club, 111 Westhaven Blvd.
The West Side Coalition want a few projects expedited, including Mack Hatcher's extension and the widening of Hillsboro road at strategic locations.
The event will begin at 6 p.m., with the aldermen candidates speaking from 6:30 to 7:30 p.m., and the mayoral debate from 7:30 to 8:30 p.m. The final half hour will give attendees an opportunity to ask questions one-on-one with the candidates.
Members of the Coalition include Founders Pointe, Franklin Green, Spencer Hall, Willow Springs, Chestnut Bend and Westhaven.
Cool Springs to be the new home of CHD Health Care
CHD Meridian of Green Hills, a health care provider to businesses, has agreed to lease a new $10 million, build-to-suit headquarters in Cool Springs, 2 miles from the new Nissan North America office building.
First Industrial Realty Trust Inc. of Chicago will build the two-story, 50,000-square-foot building, and lease it to CHD Meridian (AMEX: DMX) through an 11-year agreement, according to the company's real estate officials.
CHD Meridian, a subsidiary of I-Trax Inc. of Pennsylvania, offers on-site health care for corporate clients. The location in Cool Springs, a magnet for large corporate headquarters, seems ideal for the health care provider, observers say.
The CHD Meridian building will be located at Creekstone Boulevard south of South Royal Oaks Boulevard.
The Franklin location is half a mile south of Murfreesboro Road, and west of Interstate 65.
"It gives them a good central location for their employee base with good access to interstates," says David McRae, principal of Newmark Knight Frank of Nashville, who represented CHD Meridian.
McRae says he and fellow NKF principal David Koziak saw few openings for such space and land in Green Hills.
"We considered all areas of town," says McRae.
As for proximity to Nissan and other large offices and headquarters, McRae says it wasn't a requirement of CHD Meridian "but it certainly was a plus."
Whit McCrary, office division leader for Colliers Turley Martin Tucker, says a scarcity of land probably convinced CHD Meridian to look past Green Hills and even downtown.
First Industrial Realty Trust Inc. of Chicago will build the two-story, 50,000-square-foot building, and lease it to CHD Meridian (AMEX: DMX) through an 11-year agreement, according to the company's real estate officials.
CHD Meridian, a subsidiary of I-Trax Inc. of Pennsylvania, offers on-site health care for corporate clients. The location in Cool Springs, a magnet for large corporate headquarters, seems ideal for the health care provider, observers say.
The CHD Meridian building will be located at Creekstone Boulevard south of South Royal Oaks Boulevard.
The Franklin location is half a mile south of Murfreesboro Road, and west of Interstate 65.
"It gives them a good central location for their employee base with good access to interstates," says David McRae, principal of Newmark Knight Frank of Nashville, who represented CHD Meridian.
McRae says he and fellow NKF principal David Koziak saw few openings for such space and land in Green Hills.
"We considered all areas of town," says McRae.
As for proximity to Nissan and other large offices and headquarters, McRae says it wasn't a requirement of CHD Meridian "but it certainly was a plus."
Whit McCrary, office division leader for Colliers Turley Martin Tucker, says a scarcity of land probably convinced CHD Meridian to look past Green Hills and even downtown.
September 26, 2007
Downtown Gallatin's Streetscape Project
Gallatin's downtown revitalization gets boost
Nashville Business Journal
The city of Gallatin has been awarded a $810,509 enhancement grant from the Tennessee Department of Transportation for the second phase of the downtown Gallatin streetscape project.
The federal portion of the grant is $648,407 and the city's matching commitment is $162,102.
TDOT previously awarded the city a $247,500 grant for the first phase of the project, which brings the total for both phases to about $1.1 million.
Gallatin Mayor Joanne Graves says the award will help the renewal of Gallatin's core downtown and "lead to greater investment, viability and economic growth in the Gallatin community."
TDOT approved 35 of these grants statewide worth more than $12.1 million.
Nashville Business Journal
The city of Gallatin has been awarded a $810,509 enhancement grant from the Tennessee Department of Transportation for the second phase of the downtown Gallatin streetscape project.
The federal portion of the grant is $648,407 and the city's matching commitment is $162,102.
TDOT previously awarded the city a $247,500 grant for the first phase of the project, which brings the total for both phases to about $1.1 million.
Gallatin Mayor Joanne Graves says the award will help the renewal of Gallatin's core downtown and "lead to greater investment, viability and economic growth in the Gallatin community."
TDOT approved 35 of these grants statewide worth more than $12.1 million.
September 25, 2007
Truths about Today's Condos
Being a buyer in a market like the greater Nashville area where there is a significant amount of both new-build and conversion condominium developments means there is an array of community styles, locations, floor plans, amenities and upgrades available for a variety of lifestyles. With so many lifestyle options, buyers may find this makes selecting their dream home easier, while others face a slew of headaches deciphering how competitive properties compare.
As many of these communities begin to market and open for sales in the early stages of construction, buyers are being prompted to make buying decisions based on a brochure of renderings and feature sheets, rather than touring the actual residence, walking the floor plan and seeing the finishes first hand. So before you begin your search to see what community is best for you, here's a few insider tips can save you time and money and allow for a smoother transaction.
- The Truth About Touring the Models & Browsing Web Sites. Considering working with a Realtor? You must be accompanied by a Realtor the very first time you register at the property and provide them with any personal information, otherwise you forfeit your right to representation. The same is true when browsing and requesting information on properties online, some web sites do ask if you are working with a Realtor and others do not, which can also impact your ability to have Realtor representation when purchasing.
- Read The Disclaimers . Many condominium developments create marketing materials and renderings before a project is under construction, so if you fall in love with a design element shown in a brochure rendering, read the fine print and understand that many elements of a community can be subject to change. Don't be afraid to ask in-depth questions about the final product. Consulting a Realtor can help determine what questions you should be asking and a Realtor can be a great sounding board.
- What's The Real Price? Many condominiums advertise a starting price point, but to get the upgrades and amenities that best fit your lifestyle, the price may grow substantially. Consulting a Realtor experienced in condominium buying can help you understand the price point package offered by each community and what your budget will realistically buy you.
- Know The Timeframes. Most condominium developments can only begin construction when a designated number of residences have been sold. This means your home can be move-in ready much sooner or later than you anticipated. It is important that if you are working with a Realtor, they stay on top of this timeframe to coordinate the sale of your existing home and provide a smooth transition into your new home.
- The Final Product. If a development is not complete yet, it can be difficult to envision the view each residence will have and how livable a floor plan really is. A Realtor can give you valuable insight on how your new home will actually turn out.
Being a well-educated buyer and understanding that purchasing a condominium under development can require some flexibility can make for a flawless shopping experience with no surprises. Consulting a Realtor as a means to better understand competitive products and navigate the details of a purchase contract. A Realtor can also take the time to get know your lifestyle and needs to make sure the community where you purchase is right for you.
Keller Williams-Brentwood moves their office to the new Gateway II
Alex S. Palmer & Co. said on Tuesday that it has completed its four-story Gateway II office building in Brentwood.
Gateway II is located on what is generally considered one of the last workable parcels of land in Brentwood's Maryland Farms, Palmer officials said.
Tenants have begun moving into the 117,000 square feet of class-A office space in Gateway II.
The building, which Palmer & Co. developed speculatively without any signed leases, is approximately 80 percent leased, company officials said.
Gateway II will be home to Robins & Morton Group, CITI Global, Wolcott Squared, Keller Williams Realty and several departments of LifePoint Hospitals Inc. The building is located at the intersection of Granny White and Maryland Way near one of the main entrances into the Maryland Farms office park.
Cooper Carry Architects designed the building and The Parent Co. provided general contractor services.
Alex S. Palmer & Co., based in Nashville, provides in-house property management, leasing, tenant representation, construction management, tax, design, and financial services to clients.
Gateway II is located on what is generally considered one of the last workable parcels of land in Brentwood's Maryland Farms, Palmer officials said.
Tenants have begun moving into the 117,000 square feet of class-A office space in Gateway II.
The building, which Palmer & Co. developed speculatively without any signed leases, is approximately 80 percent leased, company officials said.
Gateway II will be home to Robins & Morton Group, CITI Global, Wolcott Squared, Keller Williams Realty and several departments of LifePoint Hospitals Inc. The building is located at the intersection of Granny White and Maryland Way near one of the main entrances into the Maryland Farms office park.
Cooper Carry Architects designed the building and The Parent Co. provided general contractor services.
Alex S. Palmer & Co., based in Nashville, provides in-house property management, leasing, tenant representation, construction management, tax, design, and financial services to clients.
August 27, 2007
New Subdivision in the Heart of Franklin
The Henley subdivision is located just off of Highway 96 and Mack Hatcher Parkway, but you may not even realize Henley exists because it is nicely nestled in a beautiful wooded area. This new subdivision is in the ideal location because it is only minutes from Historic downtown Franklin, as well as I-65 and other desired Franklin destinations. Not only is the location ideal, but the homes are absolutely gorgeous and would definitely be a wonderful place for anyone to call home. The Hughes Group is a local builder who has 30 years of experience in the construction industry, and they believe in building homes of the highest quality. Two of the homes built by The Hughes Group are on Deejay Drive. 123 Deejay Drive is very close to being completed, so you are able to walk through and view just how gorgeous the interior of this home is. 121 Deejay Drive is still under construction, so you would still be able to have a say in the "details" of the home if you bought this home. Directions to Henley: You will need to take 96 to Mack Hatcher Parkway, drive South on Mack Hatcher Parkway, and turn right onto Royal Oaks Court by the YMCA. Stay on Royal Oaks Court as it curves around, and you will see the Henley subdivision on your left.
Just another reason to call our office and allow us to show you around town!
Dianne
Just another reason to call our office and allow us to show you around town!
Dianne
August 9, 2007
Williamson County Assoc. of Realtors Announces July 2007 Homes Sales
The Williamson County home market continues to be very active and strong in spite of the national trends that you are hearing about on the daily news. Like any business trends, home indicators rise and fall compared to previous years and all home buyers and sellers are anxious to know how this area of the country measures up to other local and national markets. A key to the Williamson County market is the continued increase in property values. All professionals tracking these trends in Williamson County real estate sales agree that the anticipated future growth is still projected to be very postive. Good news for buyers and sellers!
Call us with your real estate needs . . .Dianne
Call us with your real estate needs . . .Dianne
Williamson County Association of Realtors® Announces July 2007 Home Sales
July 8, 2007 (Franklin, TN)-The Williamson County Association of REALTORS® today announces the sale of homes statistics for Williamson County, Tn. for the month of July. There were 472 residential and condominium closings reported for the month, according to figures provided by RealTracs Solutions, the multiple listing service used by REALTORS® in the Middle-Tennessee area.
Compared to July of 2006, the residential home closings decreased 16 percent. While the median prices for residential homes increased by 3 percent. Days on the market (DOM) for residential homes increased by 20 days or 43 percent as compared to July 2006. Condominium closings decreased by 3 percent (1 unit). The median prices for condominiums increased by 16 percent and days on the market also increased by 50 percent (26 days) compared to July 2006.
July 2007
Closings
Median Price
Average Price
DOM
Residential
437
$ 384,900
$ 449,994
66
Condominium
35
$ 215,000
$ 229,134
76
July 2006
Closings
Median Price
Average Price
DOM
Residential
518
$ 373,353
$ 419,341
46
Condominium
36
$ 185,000
$ 215,615
50
July 2005
Closings
Median Price
Average Price
DOM
Residential
541
$ 317,000
$ 367,786
54
Condominium
45
$ 158,900
$ 153,825
31
Although closings have decreased compared to 2006's record-breaking year, Williamson County's real estate market is still active. For 2007 to date the days on the market for single family homes has ranged between 61-67 days. Although closings have decreased, the inventory of homes is still being turned around in a consistent time frame since the beginning of the year. The median prices for homes continues to increase, although not as significantly as the previous two years, allowing the market to normalize at market-driven prices. The median home price on average for the South as reported by the National Association of REALTORS states that .7% increases are being experienced from last year to this year.
August 6, 2007
Franklin Brownstones are beginning to have residents
Many of our clients and most of the citizens of Franklin have been following the construction of the Franklin Brownstones for the past couple of years, it's been a slow process but the 26 unique townhomes will truly change the looks of Downtown Franklin. Dianne
FRANKLIN — It took time to build one of the wonders of the world, the pyramids of Egypt. Developer Bernie Butler laughs when he likens his latest residential project to the same pace.
"I told somebody the other day, I think they built the pyramids faster than we've built the Brownstones. But then again, we are taking a long time to build something that is going to be around, in a historic area, for a very long time."
The development, 26 townhomes that begin pricing at $1.5 million, was started in December 2004.
"We have homebuyers moving in slowly now. We should have two residents moving in about every two to three months over the next
12 months. So everyone will be moved in by next summer."
Butler says only one completed condo and four unbuilt units remain for sale.
"We own the land on First Avenue. It looks like a gravel parking lot right now, but in the next 30 to 60 days we will start on the final four units. After that, no more Brownstones."
Buyers excite builder
Butler says when he started the project, the buildings were the most exciting thing he could think of.
"These were unlike anything built in historic Franklin. And I still am in awe of the way they turned out. But I am even more excited about the people who are moving in them."
Butler says the price tag on each townhome, at $325 a square foot, brought in homebuyers who "could choose to live anywhere."
"These are all dynamic, bright people. Many have homes in other parts of the country. And yet, they choose to live in downtown Franklin. It is a big compliment to our community. And our community is going to benefit from having these folks move here. They are the kind of people who will make a difference, contribute."
Butler says he feels a little like the Hello, Dolly! matchmaker Dolly Levi.
"I know everybody that is going to call the Brownstones home. They don't know each other yet, but they are going to be the first to live in a community like this in downtown Franklin. They are going to be neighbors, have relationships."
Planning was lengthy
The finished Brownstone condominium is "everything you would expect for something with this price tag," according to Butler.
"We literally spent hundreds of hours planning. We asked, if you lived here, how would you bring in groceries, get the mail, how would this function in the best manner? In fact, we fought all the way to Washington with the U.S. Postal Service. They wanted us to put apartment-style mail boxes in the back of the Brownstones. We wanted the mail delivered to the door of every home. This is an historic area. We finally won," says Butler.
The Brownstones also feature an elevator in every unit and features that allow the homeowner to virtually flip a switch for almost anything.
"You have a camera in the master suite that shows who is knocking at the front door. Panels are placed in key locations throughout the units so that lights can be turned on and off, doors locked. And every single upgrade you can imagine is in these homes."
Butler says he feels like a painter who is almost finished with a work of art.
"I know they look great, but we still have four units and the courtyard to complete. I wish I could put a white sheet over it and when it is done, whip it off. The finished product will be even better."
Construction on the courtyard will begin in about 60 days, says Butler.
"If you are standing on Church, you are going to see a bronze, three-tiered fountain. When we were preparing the site, we found a hand-dug well. So we hand dug every stone out of the well and saved them. They are going to be the base for the fountain. Cranes are bringing in 35-foot-tall red oaks to surround it," Butler says.
With the project winding down, is Butler sad to see it end?
"No, I am excited. About everybody moving in. About it looking the way it is supposed to look. Building the Brownstones was like the biggest, hardest puzzle you ever
laid out on your dining room table. It is so cool when it is finished."
Pending Home Sales UP in the South
Pending home sales in June increased from the previous month in all four major regions, according to the National Association of REALTORS' (NAR) Pending Home Sales Index (PHSI).
The 5 percent monthly gain is the largest since March 2004's
6.1 percent increase.
* The PHSI in the West increased 8.6 percent to 103.6 but was
5.5 percent below June 2006.
* The PHSI in the Northeast increased 3.1 percent to 96.0 but is 2.4 percent below June 2006.
* The PHSI in the South increased 4.7 percent to 111.6 but was
12.7 percent below June 2006.
* The PHSI in the Midwest increased 3.5 percent to 92.5 but was 8.2 percent below June 2006.
"However, it is too early to say if home sales have already passed bottom," said Lawrence Yun, NAR senior economist. "Still, major declines in home sales are likely to have occurred already, and further declines, if any, are likely to be modest given the accumulating pent-up demand."
[SOURCES: NAR; Texas Real Estate Research Center]
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The 5 percent monthly gain is the largest since March 2004's
6.1 percent increase.
* The PHSI in the West increased 8.6 percent to 103.6 but was
5.5 percent below June 2006.
* The PHSI in the Northeast increased 3.1 percent to 96.0 but is 2.4 percent below June 2006.
* The PHSI in the South increased 4.7 percent to 111.6 but was
12.7 percent below June 2006.
* The PHSI in the Midwest increased 3.5 percent to 92.5 but was 8.2 percent below June 2006.
"However, it is too early to say if home sales have already passed bottom," said Lawrence Yun, NAR senior economist. "Still, major declines in home sales are likely to have occurred already, and further declines, if any, are likely to be modest given the accumulating pent-up demand."
[SOURCES: NAR; Texas Real Estate Research Center]
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