Owning a home is a keystone of wealth... both financial affluence and emotional security.
Suze Orman - 2009
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
February 26, 2009
Ready to own your first house? Congress sweetens the deal
The 2009 economic stimulus bill, passed in February, offers first time home buyers a nifty perk: A 10 percent tax credit up to $8,000 for home purchases made in 2009.
The tax credit is limited to buyers who have never purchased a home or those who haven't owned a home in three years.
Last year Congress passed a similar tax credit but there is one significant difference between that one and this new credit: You don't have to pay back the new credit.
In addition this new credit is 'refundable.' That means the credit pays for the taxes you owe and if the credit is more than the taxes owed, you get a check for the difference.
The tax credits make the decision of whether to rent or own a much easier one and it seems buyers are making their move.
The most recent home sales figures (from December 2008) show a 6.5 percent increase in home sales. This surge in home sales, especially in the midwest and south, suggest that tax credits, plus favorable buying conditions have made home ownership very affordable.
Right now interest rates are at 5 percent or lower while home prices are very reasonable. Some experts say the combination has made homes more affordable today than they have been in 20 years. That means you can own a great home sometimes for the same cost as renting.
Homeownership has been called 'The American Dream,' because homeowners take great pride in owning a slice of America. As a homeowner, you can make your home and your lot into exactly what you want, tailoring it to suit your tastes and life style.
What many non-homeowners do not realize is that their home, and the improvements they make on it, increase in value over time. That is one reason why homeowners are worth 35 times more than the average renter. According to David Bach, author of The Automatic Millionaire Homeowner, real estate is the best way to take an ordinary income and expand it.
"As long as you're alive, you have to live somewhere. Why not let where you live make you rich?" Bach writes.
The tax credit is limited to buyers who have never purchased a home or those who haven't owned a home in three years.
Last year Congress passed a similar tax credit but there is one significant difference between that one and this new credit: You don't have to pay back the new credit.
In addition this new credit is 'refundable.' That means the credit pays for the taxes you owe and if the credit is more than the taxes owed, you get a check for the difference.
The tax credits make the decision of whether to rent or own a much easier one and it seems buyers are making their move.
The most recent home sales figures (from December 2008) show a 6.5 percent increase in home sales. This surge in home sales, especially in the midwest and south, suggest that tax credits, plus favorable buying conditions have made home ownership very affordable.
Right now interest rates are at 5 percent or lower while home prices are very reasonable. Some experts say the combination has made homes more affordable today than they have been in 20 years. That means you can own a great home sometimes for the same cost as renting.
Homeownership has been called 'The American Dream,' because homeowners take great pride in owning a slice of America. As a homeowner, you can make your home and your lot into exactly what you want, tailoring it to suit your tastes and life style.
What many non-homeowners do not realize is that their home, and the improvements they make on it, increase in value over time. That is one reason why homeowners are worth 35 times more than the average renter. According to David Bach, author of The Automatic Millionaire Homeowner, real estate is the best way to take an ordinary income and expand it.
"As long as you're alive, you have to live somewhere. Why not let where you live make you rich?" Bach writes.
February 25, 2009
In this economy, small is beautiful for banks
Local upstarts grow, maintain lending power
The Tennessean, February 25, 2009
BRENTWOOD — While many large national banks are being bought out or crushed in the nationwide credit crunch, a different scenario is playing out for some locally owned financial institutions that have said "no thanks" to federal bailout money.
Brentwood-based Reliant Bank, only 3 years old, soon will open a 17,000-square-foot Franklin branch off South Royal Oaks Boulevard as well as a 4,900-square-foot branch in Green Hills.
The bank's assets went from $205 million in December 2007 to $317 million in December 2008, "a 54 percent increase year over year in a very challenging year," said Brian Shaw, executive vice president and head of retail banking for Reliant.
Franklin-based Tennessee Commerce Bank grew 30 percent last year and has the largest deposit market share in the county.
And the recession isn't scaring off new kid on the block Franklin Synergy, which has plans to open a new Columbia Avenue branch.
"I would say community banks, as a whole, are faring a little better than regional banks and significantly better than national banks," said Tim Amos, senior vice president and general counsel for the Tennessee Bankers Association. "There's no doubt that, because of their dynamics and geographic orientation, (large banks) are going to have more challenges than if you're in a local market."
Local people, local decisions
Reliant Bank President DeVan Ard attributes the bank's success in part to the fact that the company makes its decisions locally.
The bank has the third largest deposit market share in Brentwood and the eighth largest share in the county, according to the FDIC market share data.
"We empower our people to make common sense decisions," said Shaw. "We try to blend the services and conveniences of larger regional banks with the feel of a small, locally-owned hometown bank."
Franklin Synergy promotes a similar philosophy.
"We're truly a local bank," said Aimee Punessen, senior vice president for marketing, public and investor relations. "Our board is all local. Our shareholders are local. Our deposit base is local."
The bank opened a little more than a year ago with a Cool Springs branch and has $200 million in assets, $170 million in deposits and about 800 customers.
Franklin Synergy hopes to gain a larger deposit market share in the county with its Columbia Avenue branch and an upcoming Brentwood branch but has no plans to expand outside the county.
Niche opportunities
Local banks also have the opportunity to get involved in the local community or zero in on niche interests within the area, and banks here seem to relish the opportunity.
Reliant offers free Internet and printer access to customers and provides space at its Lenox Village branch for a group of seniors who meet weekly for coffee.
Shaw said Reliant has solicited feedback from customers about what they like about the bank.
"They say it feels like home," he said. "They know us, and we know them."
Punessen said Franklin Synergy has a strong emphasis on the local real estate market.
Tennessee Commerce Bank chairman and chief executive officer Art Helf pointed to his bank's business-oriented services and philosophy.
"We have somewhat of a unique footprint," he said. "Our focus is on small and midsize businesses and entrepreneurs."
But whether that personal touch gives local banks an advantage is "sometimes hard to measure," Amos said.
Amos said regional banks also offer niche products and strive to provide the same level of personal service. "It's all part of being competitive in the market."
Credit crunch helps
Most banks were clamoring for a chunk of the federal government's $700 billion bailout plan, but Tennessee Commerce Bank turned the money down.
The eight-year-old bank has grown at a rate of about 50 percent a year. That growth dropped some last year, but the bank met its goals and exceeded everyone's expectations, Helf said.
Reliant also voted not to take part in the bailout.
The economic downturn actually helped boost the bank's loan portfolio, Ard said. While other banks were pulling back, Reliant was able to continue to lend because it was well capitalized.
Franklin Synergy, too, benefited from the banking turmoil, Punessen added.
"If you have money to lend," it's a good time to start a local bank, she said.
The Tennessean, February 25, 2009
BRENTWOOD — While many large national banks are being bought out or crushed in the nationwide credit crunch, a different scenario is playing out for some locally owned financial institutions that have said "no thanks" to federal bailout money.
Brentwood-based Reliant Bank, only 3 years old, soon will open a 17,000-square-foot Franklin branch off South Royal Oaks Boulevard as well as a 4,900-square-foot branch in Green Hills.
The bank's assets went from $205 million in December 2007 to $317 million in December 2008, "a 54 percent increase year over year in a very challenging year," said Brian Shaw, executive vice president and head of retail banking for Reliant.
Franklin-based Tennessee Commerce Bank grew 30 percent last year and has the largest deposit market share in the county.
And the recession isn't scaring off new kid on the block Franklin Synergy, which has plans to open a new Columbia Avenue branch.
"I would say community banks, as a whole, are faring a little better than regional banks and significantly better than national banks," said Tim Amos, senior vice president and general counsel for the Tennessee Bankers Association. "There's no doubt that, because of their dynamics and geographic orientation, (large banks) are going to have more challenges than if you're in a local market."
Local people, local decisions
Reliant Bank President DeVan Ard attributes the bank's success in part to the fact that the company makes its decisions locally.
The bank has the third largest deposit market share in Brentwood and the eighth largest share in the county, according to the FDIC market share data.
"We empower our people to make common sense decisions," said Shaw. "We try to blend the services and conveniences of larger regional banks with the feel of a small, locally-owned hometown bank."
Franklin Synergy promotes a similar philosophy.
"We're truly a local bank," said Aimee Punessen, senior vice president for marketing, public and investor relations. "Our board is all local. Our shareholders are local. Our deposit base is local."
The bank opened a little more than a year ago with a Cool Springs branch and has $200 million in assets, $170 million in deposits and about 800 customers.
Franklin Synergy hopes to gain a larger deposit market share in the county with its Columbia Avenue branch and an upcoming Brentwood branch but has no plans to expand outside the county.
Niche opportunities
Local banks also have the opportunity to get involved in the local community or zero in on niche interests within the area, and banks here seem to relish the opportunity.
Reliant offers free Internet and printer access to customers and provides space at its Lenox Village branch for a group of seniors who meet weekly for coffee.
Shaw said Reliant has solicited feedback from customers about what they like about the bank.
"They say it feels like home," he said. "They know us, and we know them."
Punessen said Franklin Synergy has a strong emphasis on the local real estate market.
Tennessee Commerce Bank chairman and chief executive officer Art Helf pointed to his bank's business-oriented services and philosophy.
"We have somewhat of a unique footprint," he said. "Our focus is on small and midsize businesses and entrepreneurs."
But whether that personal touch gives local banks an advantage is "sometimes hard to measure," Amos said.
Amos said regional banks also offer niche products and strive to provide the same level of personal service. "It's all part of being competitive in the market."
Credit crunch helps
Most banks were clamoring for a chunk of the federal government's $700 billion bailout plan, but Tennessee Commerce Bank turned the money down.
The eight-year-old bank has grown at a rate of about 50 percent a year. That growth dropped some last year, but the bank met its goals and exceeded everyone's expectations, Helf said.
Reliant also voted not to take part in the bailout.
The economic downturn actually helped boost the bank's loan portfolio, Ard said. While other banks were pulling back, Reliant was able to continue to lend because it was well capitalized.
Franklin Synergy, too, benefited from the banking turmoil, Punessen added.
"If you have money to lend," it's a good time to start a local bank, she said.
February 24, 2009
Nashville Metro Parks draw investors
THE TENNESSEAN • February 19, 2009
From new community centers, to gathering information for master plans, improvements are coming to popular West and East Nashville Metro Parks.
East Nashville residents are currently working with Metro Parks officials to create a plan that will be a guide for future development in Shelby Park.
Many residents agree there is room for improvement to the existing park and have suggested ball field enhancements, parking improvements as well as preserving the park’s historic character.
Others recommend new features like a multi-use sports/special events field, pedestrian and bicycle improvements along with a driving range.
“It’s an exciting process,” said Laura Creekmore, who lives near Shelby Park and is the vice president of the Friends of Shelby Park and Bottoms organization.
“The park is a jewel because it’s large and diverse and sits in the middle of an urban area. It’s very appropriate that the park department undertakes this kind of plan. They solicited a lot of input so everyone’s voice can be heard.”As one of the city’s oldest parks, Shelby Park’s first 151 acres opened to the public in 1912. The park hosted the first city baseball league in 1915 and remains home to Nashville’s oldest municipal golf course, which opened in 1924.
Two additional public meetings are scheduled, the next one for Thursday, March 5. “Input from current and new users is essential because it helps us determine the best allocation of capital resources, greenspace and programs,” said Jackie Jones, spokeswoman for Metro Parks.
Although funds are not immediately available to implement the master plan, park officials are optimistic that resources will be available in the future.
Renovations planned for the McCabe Community Center in Sylvan Park are being finalized, said Curt Garrigan, assistant director of Metro Parks. Construction could start as early as this spring. The current center, at 46th Avenue North and Murphy Road, will be demolished and residents can utilize Hadley or West parks in the interim.
“The McCabe Community Center would be a great improvement for the neighborhood,” said Rob Robinson, a Sylvan Park resident.
“The plans I’ve seen look like a building that neighbors would be more likely to use and that would be likely to draw visitors from other nearby neighborhoods.”
The creation of a Shelby Park Master Plan comes on the heels of the recent approval of the Friends of Shelby Park and Bottoms organization.
A friends group, which must be approved by the park board, operates under the board's authority and must report fundraising, membership and projects for approval and annual review.
“We want to work to protect and support the park and also represent the constituents who use it,” Creekmore said. “It’s good timing that we are forming this organization as the park department is turning their attention to Shelby Park. We want to make sure the voice of the community is heard.”
As city budgets become increasingly stretched, the friends groups are vital to the parks system. Similar organizations have formed at Parmer in Belle Meade, Centennial, Edwin and Percy Warner, Beaman and Greenways for Nashville, among others.
Friends of Warner Parks are moving forward with the purchase of the 324-acre H.G. Hill-owned property home to an old growth forest. They have collected $9.4 million, but still lack the $1.6 million needed to close the deal. Plans are to deed the land to Metro to become part of Warner Parks.
In 1996-97, the group raised almost $5 million to build the Warner Park Nature Center near the junction of Old Hickory Boulevard and Highway 100 South and two years ago, collected $5 million to buy 130 acres on Highway 100 to preserve the park's views.
“Friends groups are important and can help with some private fundraising and some maintenance, which takes the burden off of Metro,” said Curt Garrigan, assistant parks director.
“They are mostly important for advocacy and maintaining a sense of ownership on the part of community.”
From new community centers, to gathering information for master plans, improvements are coming to popular West and East Nashville Metro Parks.
East Nashville residents are currently working with Metro Parks officials to create a plan that will be a guide for future development in Shelby Park.
Many residents agree there is room for improvement to the existing park and have suggested ball field enhancements, parking improvements as well as preserving the park’s historic character.
Others recommend new features like a multi-use sports/special events field, pedestrian and bicycle improvements along with a driving range.
“It’s an exciting process,” said Laura Creekmore, who lives near Shelby Park and is the vice president of the Friends of Shelby Park and Bottoms organization.
“The park is a jewel because it’s large and diverse and sits in the middle of an urban area. It’s very appropriate that the park department undertakes this kind of plan. They solicited a lot of input so everyone’s voice can be heard.”As one of the city’s oldest parks, Shelby Park’s first 151 acres opened to the public in 1912. The park hosted the first city baseball league in 1915 and remains home to Nashville’s oldest municipal golf course, which opened in 1924.
Two additional public meetings are scheduled, the next one for Thursday, March 5. “Input from current and new users is essential because it helps us determine the best allocation of capital resources, greenspace and programs,” said Jackie Jones, spokeswoman for Metro Parks.
Although funds are not immediately available to implement the master plan, park officials are optimistic that resources will be available in the future.
Renovations planned for the McCabe Community Center in Sylvan Park are being finalized, said Curt Garrigan, assistant director of Metro Parks. Construction could start as early as this spring. The current center, at 46th Avenue North and Murphy Road, will be demolished and residents can utilize Hadley or West parks in the interim.
“The McCabe Community Center would be a great improvement for the neighborhood,” said Rob Robinson, a Sylvan Park resident.
“The plans I’ve seen look like a building that neighbors would be more likely to use and that would be likely to draw visitors from other nearby neighborhoods.”
The creation of a Shelby Park Master Plan comes on the heels of the recent approval of the Friends of Shelby Park and Bottoms organization.
A friends group, which must be approved by the park board, operates under the board's authority and must report fundraising, membership and projects for approval and annual review.
“We want to work to protect and support the park and also represent the constituents who use it,” Creekmore said. “It’s good timing that we are forming this organization as the park department is turning their attention to Shelby Park. We want to make sure the voice of the community is heard.”
As city budgets become increasingly stretched, the friends groups are vital to the parks system. Similar organizations have formed at Parmer in Belle Meade, Centennial, Edwin and Percy Warner, Beaman and Greenways for Nashville, among others.
Friends of Warner Parks are moving forward with the purchase of the 324-acre H.G. Hill-owned property home to an old growth forest. They have collected $9.4 million, but still lack the $1.6 million needed to close the deal. Plans are to deed the land to Metro to become part of Warner Parks.
In 1996-97, the group raised almost $5 million to build the Warner Park Nature Center near the junction of Old Hickory Boulevard and Highway 100 South and two years ago, collected $5 million to buy 130 acres on Highway 100 to preserve the park's views.
“Friends groups are important and can help with some private fundraising and some maintenance, which takes the burden off of Metro,” said Curt Garrigan, assistant parks director.
“They are mostly important for advocacy and maintaining a sense of ownership on the part of community.”
February 20, 2009
Ask the Expert
Q How can I tap into an IRA at age 55 without penalty
A If you want to retire early, but don't want to pay the 10 percent early withdrawal penalty on your IRA, here's how to do it.
You can apply for 72(t) distributions to avoid the penalty. Under that plan, you agree to make equal periodic withdrawals for five years or until you reach age 59 1/2, whichever comes later.
If your retirement savings are in a 401(k), you would have to roll them over into an IRA in order to take advantage of the 72(t) options.
There are three methods for calculating the monthly distribution amounts that are approved by the Internal Revenue Service. Your tax professional will help you determine which plan to choose. Annual payments are set up for a 29.6 year life expectancy for 55-year-olds.
Prudential Insurance customer service department gives an example of the withdrawal for a 55-year-old who has $250,000 in an IRA and wants to set up a 72(t). Under the Minimum Distribution Method, the monthly check would be about $703, which would be the least you could take. Under the Amortization and Annuitization Methods, it would be about $500 to $600 a month more than that.
Distribution amounts also vary according to the interest rate used in the calculations, which was 4.3 percent in this example.
A If you want to retire early, but don't want to pay the 10 percent early withdrawal penalty on your IRA, here's how to do it.
You can apply for 72(t) distributions to avoid the penalty. Under that plan, you agree to make equal periodic withdrawals for five years or until you reach age 59 1/2, whichever comes later.
If your retirement savings are in a 401(k), you would have to roll them over into an IRA in order to take advantage of the 72(t) options.
There are three methods for calculating the monthly distribution amounts that are approved by the Internal Revenue Service. Your tax professional will help you determine which plan to choose. Annual payments are set up for a 29.6 year life expectancy for 55-year-olds.
Prudential Insurance customer service department gives an example of the withdrawal for a 55-year-old who has $250,000 in an IRA and wants to set up a 72(t). Under the Minimum Distribution Method, the monthly check would be about $703, which would be the least you could take. Under the Amortization and Annuitization Methods, it would be about $500 to $600 a month more than that.
Distribution amounts also vary according to the interest rate used in the calculations, which was 4.3 percent in this example.
Neighbors invest in parks
Residents offer suggestions; friends groups raise funds
THE TENNESSEAN • February 20, 2009
From new community centers, to gathering information for master plans, improvements are coming to popular West and East Nashville Metro Parks.
East Nashville residents are currently working with Metro Parks officials to create a plan that will be a guide for future development in Shelby Park. Many residents agree there is room for improvement to the existing park and have suggested ball field enhancements, parking improvements as well as preserving the park's historic character.
Others recommend new features like a multi-use sports/special events field, pedestrian and bicycle improvements along with a driving range.
"It's an exciting process," said Laura Creekmore, who lives near Shelby Park and is the vice president of the Friends of Shelby Park and Bottoms organization.
"The park is a jewel because it's large and diverse and sits in the middle of an urban area. It's very appropriate that the park department undertakes this kind of plan. They solicited a lot of input so everyone's voice can be heard."
Residents' input needed
As one of the city's oldest parks, Shelby Park's first 151 acres opened to the public in 1912. The park hosted the first city baseball league in 1915 and remains home to Nashville's oldest municipal golf course, which opened in 1924.
Two additional public meetings are scheduled, the next one for Thursday, March 5.
"Input from current and new users is essential because it helps us determine the best allocation of capital resources, greenspace and programs," said Jackie Jones, spokeswoman for Metro Parks.
Although funds are not immediately available to implement the master plan, park officials are optimistic that resources will be available in the future.
Changes come to West
Renovations planned for the McCabe Community Center in Sylvan Park are being finalized, said Curt Garrigan, assistant director of Metro Parks. Construction could start as early as this spring.
The current center, at 46th Avenue North and Murphy Road, will be demolished and residents can utilize Hadley or West parks in the interim.
"The McCabe Community Center would be a great improvement for the neighborhood," said Rob Robinson, a Sylvan Park resident. "The plans I've seen look like a building that neighbors would be more likely to use and that would be likely to draw visitors from other nearby neighborhoods."
Friends groups are vital
The creation of a Shelby Park Master Plan comes on the heels of the recent approval of the Friends of Shelby Park and Bottoms organization. A friends group, which must be approved by the park board, operates under the board's authority and must report fundraising, membership and projects for approval and annual review.
"We want to work to protect and support the park and also represent the constituents who use it," Creekmore said. "It's good timing that we are forming this organization as the park department is turning their attention to Shelby Park. We want to make sure the voice of the community is heard."
As city budgets become increasingly stretched, the friends groups are vital to the parks system. Similar organizations have formed at Parmer in Belle Meade, Centennial, Edwin and Percy Warner, Beaman and Greenways for Nashville, among others.
Friends of Warner Parks are moving forward with the purchase of the 324-acre H.G. Hill-owned property home to an old growth forest. They have collected $9.4 million, but still lack the $1.6 million needed to close the deal. Plans are to deed the land to Metro to become part of Warner Parks.
In 1996-97, the group raised almost $5 million to build the Warner Park Nature Center near the junction of Old Hickory Boulevard and Highway 100 South and two years ago, collected $5 million to buy 130 acres on Highway 100 to preserve the park's views.
"Friends groups are important and can help with some private fundraising and some maintenance, which takes the burden off of Metro," said Curt Garrigan, assistant parks director.
"They are mostly important for advocacy and maintaining a sense of ownership on the part of community."
Other news on parks
Belmont University's plans to invest roughly $6 million for the upgrade and use of Edgehill's Rose Park are stalled pending a ruling from the Tennessee Court of Appeals. Neighbors, who contend their concerns have not been heard, have challenged the shared use agreement, which was approved in 2007 by all necessary Metro governmental boards. The university was given approval to build baseball, softball, soccer and track fields to upgrade the worn city park.
In November 2007, some Edgehill residents challenged Metro's approval, but the Chancery Court dismissed the claims and ruled in favor of the city and Belmont.
Belmont officials are continuing to work with architects and contractors so they will be ready to begin once a decision has been reached, said Jason Rogers, vice president of administration at Belmont.
Metro Parks plans to redevelop St. Bernard Park at 21st and Bernard avenues. The park would include walking paths, flowers, shrubs and trees, said Tim Netsch with Metro Parks. A group of neighbors is working to bring temporary sculpture exhibits to the park, he said.
West Nashville neighbors recently told Metro Planning Department officials that they want to see more greenway connections between their neighborhoods and the Warner parks. They also want to extend Richland Greenway alongside Richland Creek.
In 1996-97, the group raised almost $5 million to build the Warner Park Nature Center near the junction of Old Hickory Boulevard and Highway 100 South and two years ago, collected $5 million to buy 130 acres on Highway 100 to preserve the park's views.
THE TENNESSEAN • February 20, 2009
From new community centers, to gathering information for master plans, improvements are coming to popular West and East Nashville Metro Parks.
East Nashville residents are currently working with Metro Parks officials to create a plan that will be a guide for future development in Shelby Park. Many residents agree there is room for improvement to the existing park and have suggested ball field enhancements, parking improvements as well as preserving the park's historic character.
Others recommend new features like a multi-use sports/special events field, pedestrian and bicycle improvements along with a driving range.
"It's an exciting process," said Laura Creekmore, who lives near Shelby Park and is the vice president of the Friends of Shelby Park and Bottoms organization.
"The park is a jewel because it's large and diverse and sits in the middle of an urban area. It's very appropriate that the park department undertakes this kind of plan. They solicited a lot of input so everyone's voice can be heard."
Residents' input needed
As one of the city's oldest parks, Shelby Park's first 151 acres opened to the public in 1912. The park hosted the first city baseball league in 1915 and remains home to Nashville's oldest municipal golf course, which opened in 1924.
Two additional public meetings are scheduled, the next one for Thursday, March 5.
"Input from current and new users is essential because it helps us determine the best allocation of capital resources, greenspace and programs," said Jackie Jones, spokeswoman for Metro Parks.
Although funds are not immediately available to implement the master plan, park officials are optimistic that resources will be available in the future.
Changes come to West
Renovations planned for the McCabe Community Center in Sylvan Park are being finalized, said Curt Garrigan, assistant director of Metro Parks. Construction could start as early as this spring.
The current center, at 46th Avenue North and Murphy Road, will be demolished and residents can utilize Hadley or West parks in the interim.
"The McCabe Community Center would be a great improvement for the neighborhood," said Rob Robinson, a Sylvan Park resident. "The plans I've seen look like a building that neighbors would be more likely to use and that would be likely to draw visitors from other nearby neighborhoods."
Friends groups are vital
The creation of a Shelby Park Master Plan comes on the heels of the recent approval of the Friends of Shelby Park and Bottoms organization. A friends group, which must be approved by the park board, operates under the board's authority and must report fundraising, membership and projects for approval and annual review.
"We want to work to protect and support the park and also represent the constituents who use it," Creekmore said. "It's good timing that we are forming this organization as the park department is turning their attention to Shelby Park. We want to make sure the voice of the community is heard."
As city budgets become increasingly stretched, the friends groups are vital to the parks system. Similar organizations have formed at Parmer in Belle Meade, Centennial, Edwin and Percy Warner, Beaman and Greenways for Nashville, among others.
Friends of Warner Parks are moving forward with the purchase of the 324-acre H.G. Hill-owned property home to an old growth forest. They have collected $9.4 million, but still lack the $1.6 million needed to close the deal. Plans are to deed the land to Metro to become part of Warner Parks.
In 1996-97, the group raised almost $5 million to build the Warner Park Nature Center near the junction of Old Hickory Boulevard and Highway 100 South and two years ago, collected $5 million to buy 130 acres on Highway 100 to preserve the park's views.
"Friends groups are important and can help with some private fundraising and some maintenance, which takes the burden off of Metro," said Curt Garrigan, assistant parks director.
"They are mostly important for advocacy and maintaining a sense of ownership on the part of community."
Other news on parks
Belmont University's plans to invest roughly $6 million for the upgrade and use of Edgehill's Rose Park are stalled pending a ruling from the Tennessee Court of Appeals. Neighbors, who contend their concerns have not been heard, have challenged the shared use agreement, which was approved in 2007 by all necessary Metro governmental boards. The university was given approval to build baseball, softball, soccer and track fields to upgrade the worn city park.
In November 2007, some Edgehill residents challenged Metro's approval, but the Chancery Court dismissed the claims and ruled in favor of the city and Belmont.
Belmont officials are continuing to work with architects and contractors so they will be ready to begin once a decision has been reached, said Jason Rogers, vice president of administration at Belmont.
Metro Parks plans to redevelop St. Bernard Park at 21st and Bernard avenues. The park would include walking paths, flowers, shrubs and trees, said Tim Netsch with Metro Parks. A group of neighbors is working to bring temporary sculpture exhibits to the park, he said.
West Nashville neighbors recently told Metro Planning Department officials that they want to see more greenway connections between their neighborhoods and the Warner parks. They also want to extend Richland Greenway alongside Richland Creek.
In 1996-97, the group raised almost $5 million to build the Warner Park Nature Center near the junction of Old Hickory Boulevard and Highway 100 South and two years ago, collected $5 million to buy 130 acres on Highway 100 to preserve the park's views.
February 17, 2009
Williamson and Rutherford Counties talking Frequently
Planners reach out across county lines
THE TENNESSEAN • February 17, 2009
Planning officials from Williamson and Rutherford counties are making plans to talk a little more often.
The neighboring counties' planning commissions have established a new notification procedure to be used for projects near their border.
The agreement kicks in when zoning actions take place. It is modeled after others between Davidson and Wilson counties and Rutherford and Wilson counties.
"Essentially, the resolution is being considered in direct response to a request made by Rutherford County," said County Planning Director Mike Matteson, who said he's not aware of any developments near the Williamson/Rutherford county line that prompted the request.
Nevertheless, the Williamson County Planning Commission passed the resolution Thursday, setting in place the notification procedure.
The Rutherford County Planning Commission has already passed a similar resolution.
Carothers Crossing and Burkitt Place in the Nolensville area are two examples of developments that cross over into two counties. Burkitt Place is in Davidson and Williamson counties and Carothers Crossing is in Davidson and Rutherford counties.
"It's really a matter of courtesy among the local governments," said Rutherford County Planning Director Doug Demosi. "The impact of zoning matters doesn't stop at the county line."
A development in Wilson County set the ball in motion for the new agreement, Demosi said.
"I think that has highlighted the need (for such agreements)," he said. "I think it's a good idea, regardless of the amount of growth you're seeing."
THE TENNESSEAN • February 17, 2009
Planning officials from Williamson and Rutherford counties are making plans to talk a little more often.
The neighboring counties' planning commissions have established a new notification procedure to be used for projects near their border.
The agreement kicks in when zoning actions take place. It is modeled after others between Davidson and Wilson counties and Rutherford and Wilson counties.
"Essentially, the resolution is being considered in direct response to a request made by Rutherford County," said County Planning Director Mike Matteson, who said he's not aware of any developments near the Williamson/Rutherford county line that prompted the request.
Nevertheless, the Williamson County Planning Commission passed the resolution Thursday, setting in place the notification procedure.
The Rutherford County Planning Commission has already passed a similar resolution.
Carothers Crossing and Burkitt Place in the Nolensville area are two examples of developments that cross over into two counties. Burkitt Place is in Davidson and Williamson counties and Carothers Crossing is in Davidson and Rutherford counties.
"It's really a matter of courtesy among the local governments," said Rutherford County Planning Director Doug Demosi. "The impact of zoning matters doesn't stop at the county line."
A development in Wilson County set the ball in motion for the new agreement, Demosi said.
"I think that has highlighted the need (for such agreements)," he said. "I think it's a good idea, regardless of the amount of growth you're seeing."
Mack Hatcher project explained
One road, two projects
Project 1: What: Widening the Mack Hatcher Parkway between Highway 96 (Murfreesboro Road) and Franklin Road Details: A three-mile section of Mack Hatcher would be widened to a four-lane, median-divided highway with curbs and gutters. A 12-foot pathway will be for bicycle and pedestrian traffic. Startup: UncertainTimeline: Estimated between 18 and 24 monthsPrice: UncertainStart-up: Approval of environmental study and start of right-of-way acquisition could happen later this year with the earliest construction start coming in 2010.
Project 2: Extending the Mack Hatcher Parkway to complete the western half of the bypass Details: The road would begin south of Franklin at Columbia Avenue before running northwest to Carter’s Creek Pike, where it will go north to Old Charlotte Pike and northeast to connect with Hillsboro Road just north of Victoria Drive.Startup: City officials could begin condemnation of right-of-way land in a few months’ time, pending final state and federal approval.Timeline: UncertainPrice: City officials estimate that the project would cost $90.4 million.Start-up: City officials have made Mack Hatcher their No. 1 capital investment priority and are seeking possible federal money for the project through the proposed $790 billion federal stimulus package.
Source: Tennessee Department of Transportation
Project 1: What: Widening the Mack Hatcher Parkway between Highway 96 (Murfreesboro Road) and Franklin Road Details: A three-mile section of Mack Hatcher would be widened to a four-lane, median-divided highway with curbs and gutters. A 12-foot pathway will be for bicycle and pedestrian traffic. Startup: UncertainTimeline: Estimated between 18 and 24 monthsPrice: UncertainStart-up: Approval of environmental study and start of right-of-way acquisition could happen later this year with the earliest construction start coming in 2010.
Project 2: Extending the Mack Hatcher Parkway to complete the western half of the bypass Details: The road would begin south of Franklin at Columbia Avenue before running northwest to Carter’s Creek Pike, where it will go north to Old Charlotte Pike and northeast to connect with Hillsboro Road just north of Victoria Drive.Startup: City officials could begin condemnation of right-of-way land in a few months’ time, pending final state and federal approval.Timeline: UncertainPrice: City officials estimate that the project would cost $90.4 million.Start-up: City officials have made Mack Hatcher their No. 1 capital investment priority and are seeking possible federal money for the project through the proposed $790 billion federal stimulus package.
Source: Tennessee Department of Transportation
Mack Hatcher project gets top priority
The Tennessean, February 17, 2009
Extension, widening plans see progress
FRANKLIN — The day Rebel Meadows homeowner Don Cates has alternately hoped for and dreaded is finally drawing near.
Cates, 53, is among more than a dozen homeowners along Hillsboro Road whose homes will be condemned to make way for the westward extension of Mack Hatcher Memorial Parkway.
"Most everyone in the neighborhood has been here for 15 to 30 years," Cates said. "It's going to be a hard move for a lot of us."
An estimated $90.5 million project, the parkway's 7.5-mile extension has been discussed for decades without much progress.
But last week, city officials told state Department of Transportation officials the project was its No. 1 priority to receive state support as part of the federal stimulus money Tennessee will receive.
Meanwhile, state crews could begin work next year to widen a three-mile portion of the parkway between Highway 96 and Franklin Road as part of a separate project.
Process may begin soon
Franklin Mayor John Schroer emerged from a meeting with state road officials in Nashville last week optimistic that Franklin could begin condemning right-of-way land for the project in a few months' time.
"I don't expect there to be hurdles," Schroer said. "We owe it to our taxpayers to do this."
The city has about $300,000 for condemning property for the road's route.
Schroer stressed that large parcels needed for the road's construction still must be acquired.
"Nothing is as important as letting those people get on with their lives," Schroer said.
How quickly work begins after condemnation remains to be determined. To comply with federal guidelines, city officials submitted a list of road and water/wastewater projects they believe they can bid for construction within 180 days.
Since no federal funding is available, state road officials have discussed the option of the city buying land and being reimbursed later, said B.J. Doughty, state Department of Transportation spokeswoman.
Schroer said early indications from state leaders are that Mack Hatcher will not be a toll road. A feasibility study on the matter is being finalized.
"I think everybody is under the impression that it's not going to come back as a possible solution," Schroer said.
Project worries some
While city officials concentrate on the bigger extension of the road, state road planners are moving forward on widening a portion of Mack Hatcher to four lanes between Highway 96 and Franklin Road.
Right-of-way land acquisition for the three-mile portion could begin later this year with an estimated start date of 2010.
Construction on the project would likely take between 18 and 24 months to complete. State officials don't have firm cost estimates for the project.
Extension, widening plans see progress
FRANKLIN — The day Rebel Meadows homeowner Don Cates has alternately hoped for and dreaded is finally drawing near.
Cates, 53, is among more than a dozen homeowners along Hillsboro Road whose homes will be condemned to make way for the westward extension of Mack Hatcher Memorial Parkway.
"Most everyone in the neighborhood has been here for 15 to 30 years," Cates said. "It's going to be a hard move for a lot of us."
An estimated $90.5 million project, the parkway's 7.5-mile extension has been discussed for decades without much progress.
But last week, city officials told state Department of Transportation officials the project was its No. 1 priority to receive state support as part of the federal stimulus money Tennessee will receive.
Meanwhile, state crews could begin work next year to widen a three-mile portion of the parkway between Highway 96 and Franklin Road as part of a separate project.
Process may begin soon
Franklin Mayor John Schroer emerged from a meeting with state road officials in Nashville last week optimistic that Franklin could begin condemning right-of-way land for the project in a few months' time.
"I don't expect there to be hurdles," Schroer said. "We owe it to our taxpayers to do this."
The city has about $300,000 for condemning property for the road's route.
Schroer stressed that large parcels needed for the road's construction still must be acquired.
"Nothing is as important as letting those people get on with their lives," Schroer said.
How quickly work begins after condemnation remains to be determined. To comply with federal guidelines, city officials submitted a list of road and water/wastewater projects they believe they can bid for construction within 180 days.
Since no federal funding is available, state road officials have discussed the option of the city buying land and being reimbursed later, said B.J. Doughty, state Department of Transportation spokeswoman.
Schroer said early indications from state leaders are that Mack Hatcher will not be a toll road. A feasibility study on the matter is being finalized.
"I think everybody is under the impression that it's not going to come back as a possible solution," Schroer said.
Project worries some
While city officials concentrate on the bigger extension of the road, state road planners are moving forward on widening a portion of Mack Hatcher to four lanes between Highway 96 and Franklin Road.
Right-of-way land acquisition for the three-mile portion could begin later this year with an estimated start date of 2010.
Construction on the project would likely take between 18 and 24 months to complete. State officials don't have firm cost estimates for the project.
February 15, 2009
An effort to maintain property values
New laws require maintenance of abandoned houses
More than 90 cities and states have passed laws requiring maintenance of abandoned homes in order to prevent crime and to maintain home values in the neighborhood.
In California, home owners can be fined up to $1,000 a day if they fail to maintain the lawn, keep out squatters or allow standing water in the yard.
In Chicago, owners of vacant properties are allowed to use plywood on doors and windows for only six months. After that, they have to use more expensive metal panels on windows and install working doors and an alarm system.
More than 90 cities and states have passed laws requiring maintenance of abandoned homes in order to prevent crime and to maintain home values in the neighborhood.
In California, home owners can be fined up to $1,000 a day if they fail to maintain the lawn, keep out squatters or allow standing water in the yard.
In Chicago, owners of vacant properties are allowed to use plywood on doors and windows for only six months. After that, they have to use more expensive metal panels on windows and install working doors and an alarm system.
February 12, 2009
Ask the Expert
Q I see headlines that say mortgage rates are falling. I see headlines that say mortgage rates are rising. I want to refinance at the best rate. When should I do it?
A You really can’t go by your daily newspaper to find out what mortgage rates are doing. One reason is that by the time they report the rate, it has changed.
The key, if you want the best rate is to speak with a mortgage banker, develop a relationship with him, and when he thinks the time is right (and you agree) then lock in your rate.
A lock is a guarantee by a lender that your mortgage will come with a specific interest rate, points and other costs. Lock agreements will cost money and you should inquire as to the terms.
Locks are also limited in time, to protect the lender if you decide not to buy immediately. Be sure to discuss the time needed to process your application so whatever lock period you choose is long enough.
Before going for a lock, be sure you gather all your paperwork: credit report, income documentation, asset and debt documentation and whatever else you need to support your mortgage application. You will want to quickly submit your application as soon as you lock in your rate.
You can read more about locks in a document by the Federal Reserve Board.
Web: federalreserve.gov/pubs/lockins/
A You really can’t go by your daily newspaper to find out what mortgage rates are doing. One reason is that by the time they report the rate, it has changed.
The key, if you want the best rate is to speak with a mortgage banker, develop a relationship with him, and when he thinks the time is right (and you agree) then lock in your rate.
A lock is a guarantee by a lender that your mortgage will come with a specific interest rate, points and other costs. Lock agreements will cost money and you should inquire as to the terms.
Locks are also limited in time, to protect the lender if you decide not to buy immediately. Be sure to discuss the time needed to process your application so whatever lock period you choose is long enough.
Before going for a lock, be sure you gather all your paperwork: credit report, income documentation, asset and debt documentation and whatever else you need to support your mortgage application. You will want to quickly submit your application as soon as you lock in your rate.
You can read more about locks in a document by the Federal Reserve Board.
Web: federalreserve.gov/pubs/lockins/
February 10, 2009
Ask the Expert
Q I lost my job and got behind on my mortgage payments. Now I have a new job and can pay my bills. But I don't see any way I'll be able to catch up with my mortgage payments. Can I avoid losing my home?
A You're in luck! Fannie Mae, the nation's big mortgage financing company, recently announced a new kind of loan called the HomeSaver Advance.
This loan is designed for people who have fallen behind on mortgage payments because of divorce, job loss, or illness. While your local lender will usually give its good customers time to catch up with payments, their limit is typically two years. After that time, you must be in good standing.
With the HomeSaver Advance program, you can get a 15-year loan at 5 percent interest that covers delinquent payments. You won't be required to make a payment on the loan for six months.
You won't get the money directly. Your loan servicer, the company that provides billing and payment services for your lender, will get the money.
To qualify, a borrower must have a loan that is at least six months old that was sold to Fannie Mae by the original lender. This is the case with about 23 percent of mortgages nationwide.
You must also be behind in payments in an amount equal or greater than two full payments of the mortgage principal, interest, taxes and insurance.
You must show your situation has resolved itself and that you will be able to carry another loan.
A You're in luck! Fannie Mae, the nation's big mortgage financing company, recently announced a new kind of loan called the HomeSaver Advance.
This loan is designed for people who have fallen behind on mortgage payments because of divorce, job loss, or illness. While your local lender will usually give its good customers time to catch up with payments, their limit is typically two years. After that time, you must be in good standing.
With the HomeSaver Advance program, you can get a 15-year loan at 5 percent interest that covers delinquent payments. You won't be required to make a payment on the loan for six months.
You won't get the money directly. Your loan servicer, the company that provides billing and payment services for your lender, will get the money.
To qualify, a borrower must have a loan that is at least six months old that was sold to Fannie Mae by the original lender. This is the case with about 23 percent of mortgages nationwide.
You must also be behind in payments in an amount equal or greater than two full payments of the mortgage principal, interest, taxes and insurance.
You must show your situation has resolved itself and that you will be able to carry another loan.
February 9, 2009
February 6, 2009
Ask the Expert
Q I'm applying for a mortgage and now my neighbor tells me I should not buy the car I've been considering. Is that true?A As a general rule, it is a good idea to avoid all major purchases before you close on a loan. Don't buy cars, appliances, furniture, or any big ticket item. Don't lease a car. This is generally because a lender will pull your credit report before they make the loan. Any major, new financial burden you incur can change your debt to income ratio. If this happens you may no longer qualify for a home loan or the loan package will have to be changed to accommodate the new circumstances.
By the way, be sure to make absolutely sure all your bills are paid on time before you close. Unpaid bills can also change your profile with a lender since you become less credit worthy.
Q My real estate agent tells me that a home I am interested in has an 'assumable mortgage' and will be a good deal for me. What is this and why is such a mortgage a good deal?
A Sellers can make their properties more attractive by offering an assumable mortgage. An assumable mortgage is a loan that enables a buyer to take over a seller's mortgage and assume all the responsibility for existing mortgage (if the lender agrees to the deal.) This can be a good deal for the buyer if the seller has a lower-rate mortgage than that which is currently available.
The mortgage, however, might not cover the full cost that the seller wants out of the home. Say the seller has a low-interest $100,000 mortgage on the property, but the seller wants $150,000 for the house. In this case, the buyer can assume the low-interest $100,000 mortgage, but will still have to come up with $50,000 either by borrowing it (at current interest rates) or by paying cash.
The lender can also change the terms for the buyer, or not agree to the assumption of the mortgage, if the buyer is not sufficiently credit worthy.
Sellers must be sure to release their liability in writing at the time of the assumption of the loan, to ensure that they are not held responsible for the mortgage if the assuming party defaults.
February 5, 2009
Inheritance and debt
If your parents run up a lot of bills before they die, you will not inherit their debt. But creditors can collect the proceeds from assets sold from the estate.
That means, if your parents owe $50,000 to creditors but own a house worth $60,000, heirs will only be able to inherit $10,000. On the other hand, if your parents die with a lot of debt and no assets, you won't be responsible for the debt. You will be responsible for any loan you co-signed.
Creditors can collect from a parent's estate even if property or stocks are promised to a child in a will. Insurance policies and retirement plans are generally protected, but that's all.
That means, if your parents owe $50,000 to creditors but own a house worth $60,000, heirs will only be able to inherit $10,000. On the other hand, if your parents die with a lot of debt and no assets, you won't be responsible for the debt. You will be responsible for any loan you co-signed.
Creditors can collect from a parent's estate even if property or stocks are promised to a child in a will. Insurance policies and retirement plans are generally protected, but that's all.
February 4, 2009
Ask the Expert
Reverse Mortgages Q Home prices are falling in my area, if I take a reverse mortgage, will I end up in financial trouble if the house is worth less than my loan?
A No. Most reverse mortgages (about 90 percent) are FHA-backed Home Equity Conversion Mortgages. They come with an FHA guarantee that protects both the lender and the borrower from falling home prices. So, if property values suddenly drop, the homeowner is fully protected by the FHA insurance.
If the homeowner has opted for monthly checks for life, they will always get their monthly check, even if declining property values have made the house worth less.
In fact, the lender or bank does not own any part of the home and cannot call in the loan as long as you want to live in the house, keep up the property, and pay the taxes.
Even your heirs will not be forced to sell the home. They may keep it and refinance to pay off the outstanding balance. In the vast majority of situations, this balance will be much less than the house is worth.
So, a reverse mortgage remains a great way for seniors who are house rich but cash poor to get money out of their house while still living in it.
Any homeowner 62 or older can use a reverse mortgage to convert his or her home’s equity into tax-free income. Instead of paying the lender every month, a homeowner gets a check from the lender. The loan is repaid when the homeowner dies or sells the house.
The District at Cool Springs Galleria
Galleria mall to add open-air "lifestyle center"
FRANKLIN -- CBL & Associates Properties, Inc., owner of three Nashville-area malls, announced plans today to build an open-air shopping, dining and entertainment area called The District at CoolSprings Galleria.
The 200,000-square feet of space would feature "a targeted selection of junior anchors, an array of high-fashion boutiques and quality sit-down restaurants in a luxurious outdoor atmosphere," according to the announcement this morning. The first phase would be ready in 2011.It would be built on existing parking lots to the north and west of the mall.
“We are pleased to announce plans for this latest enhancement to CoolSprings Galleria, which builds on the success of the center and will cater to the growing upscale demographic,” said Stephen Lebovitz, president of CBL & Associates Properties, Inc. The annoucement follows development of open-air "streetscape" type centers in Murfreesboro, in west Nashville, and adjacent to the Green Hills Mall.
CBL owns the mall, which was extensively remodeled in 2006, and retail areas to the north, called Cool Springs Crossing.
FRANKLIN -- CBL & Associates Properties, Inc., owner of three Nashville-area malls, announced plans today to build an open-air shopping, dining and entertainment area called The District at CoolSprings Galleria.
The 200,000-square feet of space would feature "a targeted selection of junior anchors, an array of high-fashion boutiques and quality sit-down restaurants in a luxurious outdoor atmosphere," according to the announcement this morning. The first phase would be ready in 2011.It would be built on existing parking lots to the north and west of the mall.
“We are pleased to announce plans for this latest enhancement to CoolSprings Galleria, which builds on the success of the center and will cater to the growing upscale demographic,” said Stephen Lebovitz, president of CBL & Associates Properties, Inc. The annoucement follows development of open-air "streetscape" type centers in Murfreesboro, in west Nashville, and adjacent to the Green Hills Mall.
CBL owns the mall, which was extensively remodeled in 2006, and retail areas to the north, called Cool Springs Crossing.
February 3, 2009
Streetscape Meeting
City of Franklin to Hold Public Meeting
on Streetscape Project
Presentation will focus on long-term positive economic impact this project will have on community.
On Wednesday, February 4th, the City of Franklin will hold a public meeting at 5:00 PM in City Hall to discuss plans for the Gateway Corridors and Connector Streets Project (formerly known as Streetscape).
John Grossman, president of E.G. & G. Inc. and designer of the City’s original Downtown Streetscape project, will give an update on the current status of the project and the positive economic impacts the project will have on this community. The City broke ground in May 2008 on the phase currently under construction - Fifth Avenue from Main Street to Highway 96 West. Also included in this phase is Third Avenue from the Square to the Bicentennial Park property.
“This project not only improves the look and feel of our city, but also will have a tremendous economic impact for years to come,” stated Eric Stuckey, Franklin’s City Administrator. “We’re inviting everyone to come out to this meeting and learn how this project will create jobs, increase property values and encourage heritage tourism.”
The Gateway Corridors and Connector Streets Project is a continuation of Streetscape, completed by the City in 1991. Streetscape was a joint effort of the City, Downtown Franklin Association, and the Heritage Foundation to revitalize downtown Franklin. The project included underground utilities, brick pavers, and a re-design of the Square. Since completion of the first Streetscape, the City has received several awards including the “Great American Main Street Award,” “Preserve America Community” and, most recently, one of the “Top Dozen Distinctive Designations” award from the National Trust for Historic Preservation.
While in town, Mr. Grossman will make presentations to several civic organizations, including the Franklin Breakfast Rotary and the Franklin Lions Club. The presentation on Wedne
on Streetscape Project
Presentation will focus on long-term positive economic impact this project will have on community.
On Wednesday, February 4th, the City of Franklin will hold a public meeting at 5:00 PM in City Hall to discuss plans for the Gateway Corridors and Connector Streets Project (formerly known as Streetscape).
John Grossman, president of E.G. & G. Inc. and designer of the City’s original Downtown Streetscape project, will give an update on the current status of the project and the positive economic impacts the project will have on this community. The City broke ground in May 2008 on the phase currently under construction - Fifth Avenue from Main Street to Highway 96 West. Also included in this phase is Third Avenue from the Square to the Bicentennial Park property.
“This project not only improves the look and feel of our city, but also will have a tremendous economic impact for years to come,” stated Eric Stuckey, Franklin’s City Administrator. “We’re inviting everyone to come out to this meeting and learn how this project will create jobs, increase property values and encourage heritage tourism.”
The Gateway Corridors and Connector Streets Project is a continuation of Streetscape, completed by the City in 1991. Streetscape was a joint effort of the City, Downtown Franklin Association, and the Heritage Foundation to revitalize downtown Franklin. The project included underground utilities, brick pavers, and a re-design of the Square. Since completion of the first Streetscape, the City has received several awards including the “Great American Main Street Award,” “Preserve America Community” and, most recently, one of the “Top Dozen Distinctive Designations” award from the National Trust for Historic Preservation.
While in town, Mr. Grossman will make presentations to several civic organizations, including the Franklin Breakfast Rotary and the Franklin Lions Club. The presentation on Wedne
February 2, 2009
Agent or no agent?
First, a real estate agent can sell your house faster and for a higher price than you would get by selling it on your own. According to the National Association of Realtors, in 2007, the average price of a home sold by the owner was $180,000. The average price of a home sold by a real estate agent was $240,000. Here are some of the reason for the difference.
A professional agent is familiar with the prices of similar homes in your area and can help you adjust the asking price higher or lower. Either way, the property will sell faster if the price is right. real estate agents are good at pricing because they remove themselves from the emotional aspects of selling.
Taking the misery out of finding a buyer is one of a real estate agent's great services. You won't be bothered by odd telephone calls and obvious "lookers" who just want to see your place. It will only be shown to serious and qualified buyers.
Marketing is a big part of the agent's job. He or she will photograph the home and advertise it at no cost to you. It will be included in the Multiple Listing Service so anyone in the country can see it.
Handling the volume of paperwork involved in a closing is part of the agent's job. Today, some purchase agreements are 10 pages long. Add to that the federal, state, and local disclosure papers. The agent can provide a list of professionals you can choose from whose services will be involved.
After the closing and sale are complete, questions can arise on subjects that did not have to be considered at the closing.
Your agent will still be there for you to settle any questions about property tax assessments or other matters that could come up months after the sale.
Are you a buyer?
Most of these skills are also involved in buying a home. The agent will find properties that fit with your needs, wishes, and price range, saving you a great deal of time and trouble. After that comes the price negotiating, helping to find financing, and everything to do with the closing.
A professional agent is familiar with the prices of similar homes in your area and can help you adjust the asking price higher or lower. Either way, the property will sell faster if the price is right. real estate agents are good at pricing because they remove themselves from the emotional aspects of selling.
Taking the misery out of finding a buyer is one of a real estate agent's great services. You won't be bothered by odd telephone calls and obvious "lookers" who just want to see your place. It will only be shown to serious and qualified buyers.
Marketing is a big part of the agent's job. He or she will photograph the home and advertise it at no cost to you. It will be included in the Multiple Listing Service so anyone in the country can see it.
Handling the volume of paperwork involved in a closing is part of the agent's job. Today, some purchase agreements are 10 pages long. Add to that the federal, state, and local disclosure papers. The agent can provide a list of professionals you can choose from whose services will be involved.
After the closing and sale are complete, questions can arise on subjects that did not have to be considered at the closing.
Your agent will still be there for you to settle any questions about property tax assessments or other matters that could come up months after the sale.
Are you a buyer?
Most of these skills are also involved in buying a home. The agent will find properties that fit with your needs, wishes, and price range, saving you a great deal of time and trouble. After that comes the price negotiating, helping to find financing, and everything to do with the closing.
February 1, 2009
Curb appeal adds value, comfort to a home
Real estate agents say curb appeal is the attractive presentation of a home's exterior. It's a big factor when selling a house, but it can be just as important to the people who live there.* Seasonal decorations make the entrance to your home look inviting. Colorful flowers and potted plants are effective in summer. After that, you could try pumpkins and Halloween decorations, and Christmas brings wonderful decorating opportunities.
* Doors of apartments and condos can be decorated with attractive wreaths. Balconies are enhanced by plants and seasonal decorations. A welcome mat is a nice addition to the doorway of a condo or home.
* Sweeping the front walk and uncluttering a yard add greatly to curb appeal. Keep toys, bicycles, and lawn mowers out of sight.
* Display house numbers clearly and attractively. They add to decorative value and help guests find your home. More important: Firemen and police can find your place too.
* Keep bushes trimmed, grass cut.
Curb appeal is affected by the appearance of your windows. Remove clutter and knickknacks that can be seen from the outside. Consider the appearance of your home with blinds and shades drawn. Do curtains and drapes of various colors add to the exterior view, or would the house be more attractive if all drape linings were the same color?
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