Middle Tennessee Real Estate News

Housing construction climbs to new 9 month high

2009-09-17T14:16:00.003-05:00

Housing construction hits highest in 9 months

Most of the gains come from apartments; single-family homes still lag

WASHINGTON - Adding to evidence the recession has ended, housing construction rose in August and fewer laid-off workers sought jobless aid last week.

Still, the reports suggested a slow and fragile economic recovery. The rise in housing starts was due solely to a jump in the volatile apartment-building category, and unemployment claims remain far above levels associated with a healthy economy.

And even as the housing industry begins to recover from its worst downturn in decades, a glut of unsold homes and record levels of home foreclosures are weighing on the industry.

Construction of single-family homes and apartments rose 1.5 percent to an annual rate of 598,000 units, the highest level since November, the Commerce Department said Thursday. That was slightly lower than the 600,000-unit pace economists had expected. And it remains more than 70 percent below the peak rate hit in 2006.

The tentative improvements in housing are most likely a rebound “from unsustainably weak results ... reinforced by a temporary boost to demand” from the $8,000 first-time homebuyer tax credit that ends Dec. 1, Joshua Shapiro, chief economist at MFR Inc., wrote in a note to clients.

“Gains from here on will probably be much more difficult to achieve,” due to high unemployment, tight credit and the large number of homes already on the market, he said.

Applications for building permits, a gauge of future activity, rose 2.7 percent in August to an annual rate of 579,000 units, slightly below the 580,000 level that had been forecast. But for single-family homes, permits dipped 0.2 percent. They rose 15.8 percent for multifamily units.

The 1.5 percent rise in overall housing starts followed a small 0.2 percent dip in July. The August strength reflected a 25.3 percent surge in construction of multifamily units, a volatile sector that had fallen 15.2 percent in July.

Single-family home construction dipped 3 percent last month to an annual rate of 479,000 units, the first setback following five straight monthly gains.

Some economists held out hope that the drop would be temporary.

“A clear uptrend is emerging” in single-family homes, Ian Shepherdson, chief U.S. economist at High Frequency Economics, wrote in a note to clients.

New-home construction could rise further in the next few months as builders respond to greater demand from first-time buyers for smaller homes, he added.

Initial claims for unemployment benefits dropped last week to a seasonally adjusted 545,000 from 557,000 the previous week, the Labor Department said. Wall Street economists had expected a small rise, according to Thomson Reuters.

The decline was the third in the past four weeks. The four-week average, which smooths out fluctuations, dropped to 563,000. Despite the improvement, that’s far above the 325,000 per week that is typical in a healthy economy.

The slow decline in unemployment claims may indicate that the recovery will be a relatively jobless one, similar to the rebounds from the 1991 and 2001 recessions, said John Canally, an economist at LPL Financial.

The number of people claiming jobless benefits for more than a week rose by 129,000 to a seasonally adjusted 6.2 million. The continuing claims data lags initial claims by one week.

When federal extended benefits are included, 9.01 million people received unemployment insurance in the week ending Aug. 29. That’s down from 9.16 million the previous week. Congress has added up to 53 weeks of extended benefits on top of the 26 weeks provided by the states.

Some economists said the overall housing construction gain was an encouraging sign that the worst is over for that troubled market.

“This sector is likely to start adding to growth rather than holding back the economy,” said Joel Naroff, chief economist at Naroff Economic Advisors.

Regionally, construction rose 23.8 percent in the Northeast and 0.9 percent in the Midwest. Activity was flat in the West and fell 2.4 percent in the South.

Builders have been ramping up because buyers want to take advantage of the federal taxcredit. The National Association of Home Builders said this week that its housing market index rose one point to 19 in September, reflecting growing optimism in the industry about rising home sales.

Homebuilders’ stocks jumped after the release of that report and mostly moved higher early Thursday. Shares of Beazer Homes USA Inc. jumped more than 6 percent and Hovnanian Enterprises Inc. rose more than 3 percent in mid-afternoon trading. Financial results for homebuilders also were better than expected in the latest quarter.

The Dow Jones U.S. Home Construction Total Stock Market Index has surged since bottoming in November but remains about 72 percent below the level achieved at its recent peak in 2005

Franklin wants to move ahead with key projects

2009-09-10T14:59:00.002-05:00

Franklin leaders try to prioritize projects

How much money should the city spend on a slate of road and park projects in the next year while keeping its AAA bond rating intact and the city's savings account at a comfortable level?

Right now, there isn't a consensus among Mayor John Schroer and the city's eight aldermen about how to do all of that.

Aldermen have already discarded early attempts this year at setting a new capital improvements project list and are going back to the drawing board again. Their early top priorities were widening Hillsboro Road, starting the "Streetscape" road project on a portion of Columbia Avenue and launching Phase III of McEwen Drive.

All told, that would mean spending $32.5 million total during the next three years on that work.

Meantime, Schroer wants to lay out a spending plan to cover project costs across the next five to 10 years that might help the aldermen see what's been spent already and what needs to come.

For instance, Franklin has committed to spending more than $2 million on the Mack Hatcher Parkway extension this year and $4.8 million on building a new Interstate 65/Goose Creek interchange in 2013.

"What we have to do now is look at what we've got on our capital expenditures (list) and make some hard decisions," Schroer said. "Maybe we can only do only one of these projects right now. But in six months, if the economy changes and trends start growing, we can look at this model and maybe we can do some other things."

Money Worries Hinder Effort

First begun last year, the capital improvement projects list is a relatively new task for aldermen. Aldermen rank their top projects, assigning different points to the projects of greater importance. Some of those projects are being designed while others are in the midst of construction.

This year, Schroer asked the city's financial consultants at the PFM Group to create various spending scenarios and how those costs might potentially impact the city's bond rating. Franklin is one of only three Tennessee cities with an AAA rating from Moody's Investor Service.

With much of the city's revenues coming from local sales taxes, which have slowed during the national recession, Franklin officials are nervous about spending and covering debt.

"We used to sit around here and say 'If we have a 10 percent growth rate in sales taxes' and then we'd hit 12 (percent) — great," said Alderman Dana McLendon. "You can't make those assumptions anymore. Who knows?"

The city had estimated sales tax collections to be around $24.1 million for 2009, but city leaders say that number is likely to be lower now. The total in 2008 was $23.6, records show. New construction also is down.

Those worries prompted Franklin leaders to cut the city's budget this spring from $59 million to about $56 million. Then they set an even smaller figure of $54.5 million for the 2009-2010 budget.

But Alderman Ann Petersen worried that the city's existing debt taken on in years past will hurt this board's ability to launch new work.

"Years before, they saddled us with a lot of things that we don't have any control over," Petersen said.

Few Projects Will See Money

Even though aldermen had 71 projects to choose from in their rankings, financial reality is already forcing aldermen to concede that only a few will get money.

"We will not fund our top 10," said Alderman Pearl Bransford. "Through the work of this board and the various scenarios we might come up with two, possibly three, and that's going to be it."

Alderman Clyde Barnhill wants to re-examine previous construction bids to see if money might be saved through rebidding those projects.

One project on the list that's faced the criticism is the launch of the next phase of the city's Streetscape project on Columbia Avenue between Five Points and Fowlkes Street.

That work, which includes new sidewalks, Could cost more than $4 million.

Lambasted by some as mere beautification and hailed by supporters as possibly spurring economic development, the Streetscape work still is dividing aldermen.

Petersen and McLendon remain opposed to it ever being launched. Said McLendon: "We're putting up the wallpaper, and we don't have a roof."

But Alderman Beverly Burger sees the Columbia Avenue project as one that could mean helping the city.

"I see a deeper meaning here that is important for the city if we're ever going to grow our tourism," Burger said.

"I think it's a good business decision, not only for today but also five to ten years from now."

Carnton's new Visitor Center

2009-08-03T12:13:00.003-05:00

Carnton Plantation opens new visitors center

THE TENNESSEAN • July 29, 2009

FRANKLIN — Today, visitors to Carnton Plantation will get their first glimpse inside a long planned project to bring modern amenities to a site with ties to Franklin's Civil War past.

The new, $1.2 million Fleming Center opens its doors for a soft opening Wednesday that Carnton supporters have been hoping would come for years.

At 7,000 square feet, the new visitors center offers ample event and exhibit space, as well as new restrooms, water fountains and office space for staff. The center will replace the doublewide trailer used at the site for years.

The upgrade will improve visitors' trips to the museum and will mean more guests can use Carnton for events like weddings and receptions, said Margie Thessin, plantation interim executive director.

"For us, events are fund-raising," Thessin said. "We really hope that people like to come out and take a look."

During the Battle of Franklin on Nov. 30, 1864, the plantation's main house was used as a hospital. It is adjacent to the McGavock Confederate Cemetery, the largest privately held Confederate cemetery.

The center, which sits behind where the trailer is located, is named after Sam Fleming, a Franklin native and Middle Tennessee banker who was a lifelong supporter of the museum. His widow, Valerie Fleming, raised money to build the center and name it after her husband. An official dedication ceremony will take place Sept. 12.

Exhibits planned for the center include a new Battle of Franklin exhibit that will feature relics from the battle, including presentation swords and other artifacts.

In September, the center will host an exhibit focusing on Confederate Gen. John Bell Hood, who was defeated at the Battle of Franklin.

"We feel like this exhibit is going to draw people from all over the country," Thessin said.

The center will be open Monday through Friday from 9 a.m. to 5 p.m. On Sundays, the center will be open from 1 to 5 p.m.

Nashville goes Green

2009-06-15T13:53:00.000-05:00

'Green' homes sprout in Nashville market
THE TENNESSEAN • May 26, 2009
For years, it's been nearly impossible to find a home for sale in Nashville certified as "green" by any of the major environmental programs in the nation. But that's changing.
Local real estate agents have added a capability to their multiple listing service that will let agents search for homes by various green features, from tankless water heaters to certifications such as Energy Star, a Department of Energy program to inspect and certify homes that are 20 percent to 30 percent more energy efficient than average.
Builders with some of Middle Tennessee highest volumes, such as Fox Ridge Homes and The Jones Co. of Tennessee, have begun building Energy Star-certified homes, expanding the inventory of such homes.
But the green features, which can add 10 percent or more to a home price, can be a tough sell to the average consumer. Agents say builders seem more interested in environmentally friendly homes than do many homebuyers.
Many people would rather have a sunroom than a solar water heater, even if they know what one is.
"There are certainly more builders with this on their radar than buyers," said Anna Altic, a real estate agent and eco-broker with Village Real Estate. "But I'm very optimistic we're going to see a real increase in demand."
Altic, who was instrumental in getting the green search function added to the local agents' listing service, said 124 Energy Star homes have been sold this year in Middle Tennessee, when the search function was added.
Only five homes with the more expensive LEED (Leadership in Energy and Environmental Design) certification from the U.S. Green Building Council have sold this year, she added.
"It's a harder sell, but every year it gets a little bit easier,'' said Jeff Middlebrooks, the owner of E3 Innovate in Nashville, which tests and rates homes for energy-efficiency certifications.
"Energy prices are only going to keep going up. Energy efficiency is going to become much more important. Five years ago, you never would have thought people would take insulation over granite countertops, but now, you're hearing that," he said.

Recycling Center will open in Spring Hill

2009-06-15T13:47:00.001-05:00

Spring Hill recycling center opens soon
June 10, 2009
Lighten your garbage load by recycling at the new Spring Hill recycling center, which opens Monday, and is behind the Food Lion on Stephen P. Yokich Parkway.
The center will accept the following items: paper, cardboard, plastic, glass, steel cans and aluminum cans. Participants are asked to separate all items and not bring other trash or garbage.
The City of Spring Hill and Maury County teamed up, each approving $1,350 for the one-year partnership to encourage recycling by offering the site in the city's downtown.

Burkitt Place new home starts

2009-05-04T20:25:00.001-05:00

Regent Homes segues over to Burkitt Place
THE TENNESSEAN • April 29, 2009
Although new home construction in some places might be taking a hiatus due to the ailing economy, one local builder is taking on more.
Regent Homes, which has built homes in the mixed use community of Lenox Village, is now building some of the homes at nearby Burkitt Place.
"We've built out all of the lots we have for single-family detached homes in Lenox Village," said Dave McGowan, president of Regent Homes. But Burkitt Place has a similar section that has not been built out.
"We talked to them about going into that community and secured a contract for 24 lots," he said.
The first homes will range from $230,000 to the $280,000s, all with Hardie cement siding and a brick or stone combination.
Half will have fenced-in, alley-loaded garages, and the other half will have street-loaded garages.
McGowan said Regent also plans to introduce a bungalow series priced in the $250,000s designed for empty nesters. These would be one- or one-and-a-half-story with attached or detached garages.
McGowan said the company had found that a lot of empty nesters are looking to live in that area. He expects about 60 percent of Burkitt Place buyers to be empty nesters.
"It's a nice community, and it's a real convenient location," he said.
Young, professional, two-income families are the company's other target. McGowan said a community like this is attractive because it's an easy commute.
"We're really excited about adding them to our group of builders," said Rob Pease, project manager with CPS Land, the project's developer. "We think they're a natural fit for the community."
Pease said builders at Burkitt Place and at CPS's other communities are responding to the shaky economy by trying to appeal to more buyers.
"They have adjusted their offering to meet what seems to be a change in the market and in the economy," he said. For example, many builders are offering same quality of construction but less square footage to attract more buyers.
This change might be a little more pronounced in the high-end market. But, said Pease, "we're seeing it everywhere."
McGowan said he's not worried about the economy affecting Regent's plans at Burkitt Place or elsewhere.
"We found it to be a very steady, stable market," he said of Burkitt Place. "It's a growing, popular area" with positive job growth, he said.
Also, Regent has chosen to build in the Davidson County portion of Burkitt Place rather than the Williamson County portion, thereby avoiding the impact fees builders in Williamson County have to pay.
McGowan said Regent, which has been building in southeast Davidson County for years, tries to go into underserved markets and study their needs.
Many of Regent's buyers are well off and have equity in their homes, but they are looking to downsize, said McGowan. They want something that's low maintenance and allows for easy mobility.
"We know what's important to them and what's not," he said. "It's about identifying what that buyer wants and what price point he wants."

Plan cuts Cool Springs commutes

2009-05-04T20:21:00.001-05:00

THE TENNESSEAN • April 22, 2009
FRANKLIN — While downtown motorists are being rerouted all around town to avoid ongoing construction projects, there's better news for those who frequent Cool Springs.
A new traffic signal timing program has reduced drive times in that area by up to 45 percent, according to city officials.
That's compared to last October, when new timing patterns for 23 Cool Springs traffic signals were first enacted, the result of an $89,150 traffic study that evaluated morning, noon and evening peak periods.
During December, engineers installed new timing patterns for the Christmas season. In February, a second phase of timing patterns were begun to handle average weekday traffic loads.
City officials say the changes have reduced traffic delays as well as vehicle emissions.
Before the study, a motorist attempting to drive the entire 23-intersection study area during a weekday could have faced up to 25.2 minutes in delays. Today, that time has been cut down to 18.5 minutes, according to a report by consultants Kimley-Horn and Associates.
"This study confirms the need to continue this program not only in Cool Springs, but other parts of the city as well," said Kevin Comstock, project manager. "I think the nation as a whole sees this as a positive aspect to traffic, that we can actually reduce delays and fuel consumption with timed traffic signals."
The new report says the city's traffic signals should be retimed every three years.
"The study suggests the city will continue to benefit over the next few years if we continue to research and calibrate our timing based on traffic studies such as this," said Eric Stuckey, city administrator.
The city began its ongoing traffic counts and Congestion Management Program back in 2006.
City officials are also slated to receive $550,000 in federal stimulus money to spend on the city's Intelligent Transportation System traffic project.
The project would add a number of traffic improvements such as greater synchronization, cameras and message boards.

Brentwood Library soon will be biggest

2009-03-02T10:34:00.001-06:00

$5M expansion will include larger children's area and room for recorded arts
THE TENNESSEAN • February 18, 2009
BRENTWOOD — Brentwood will have the largest library in Williamson County once construction on an 11,000-square-foot expansion is completed in the fall.
When all is said and done, the Brentwood Library will measure in at 54,000 square feet, or 4,225 square feet larger than the Williamson County Library in Franklin.
"I think it's great. If you're expanding, it means you're improving," said Lee Vaugn, a frequent computer user at the library.
Vaugn is one of the library's 1,000 daily visitors accessing the library's 145,000-item collection.
Library borrowing is up 56 percent since it opened in 1998, according to Chuck Sherrill, director of Brentwood Library, who said the increase in library traffic sparked the expansion of the 10-year-old building.
"My biggest goal is not to ruin this big, beautiful building. It has served us very well. It has just gotten overcrowded. I hope people will walk in and not notice a change," said Sherrill.
But the $5 million project will bring extensive changes to the facility. Here's a rundown of what library patrons can expect.
Recorded arts room
The newly added recorded arts room, to be located near the reference desk, will feature more than 25,000 movies, audio books and music CDs for patrons to check out. The room will be named in honor of the Friends of the Library, which contributed $50,000 to the expansion.
"The Friends have been saving up money for the past two years, knowing that the library would need our help," said Karen Anderson, treasurer.
"We raised this money selling used books donated by library users and we are happy to give it back in this way."
Children's library
Local artists are preparing to come in and transform the children's area into a creative and interactive haven for kids. A park theme and sculptures of animals are planned for the new area.
An additional kids entrance to the library is being planned — possibly a tree trunk with a hole for the kids to climb through.
The renovation will create a larger area to be used for arts and crafts, creative writing and other projects.
Missy Dillingham, the children's librarian, says the additional space will allow them to expand popular book collections.
"We're really excited about the craft room. The downtown library has something like that, so it would be really cool to have something closer," said Shelley Armstrong. She and her 4-year-old son visit the library three times a week.
Story time room
Parents can also look forward to an expansion of the story time room to three times its current size, according to Dillingham.
"The room we have now has been crowded, but everyone still comes because the program is so popular, but now we won't be like sardines in a can," said Dillingham.
As planned, a muralist will come in and paint the walls from corner to corner with imaginative paintings. Another artist will come in and design a large stained-glass window to serve as the backdrop for the room.
Brentwood Room
Library director Chuck Sherrill says he is keeping quiet the name of the major contributor who is funding the expansion of the famed Brentwood Room, which houses local history and genealogy materials.
The room was closed in October and will open with more space and a new look, according to Sherrill. Rare books and files kept in the room are currently being housed in a storage space. The donor's name will be revealed when work on the project is complete.
More computers, conference space
The addition will add a new computer lab that will seat 15, to be used for special training and classes in addition to the library's current 25 computers being used by patrons.
More study rooms and a conference room that can be used by the public for meetings also are in the works. The 16-seat conference room and the five study rooms will be equipped with large wall-mounted computer screens specifically designed for meetings and instructional programs.
Several organizations and individuals are helping to raise funds for the expansion, including the Friends group, Brentwood Library Foundation and Leadership Brentwood.

A quote from Suze Orman

2009-02-26T08:55:00.001-06:00

Owning a home is a keystone of wealth... both financial affluence and emotional security.
Suze Orman - 2009

Ready to own your first house? Congress sweetens the deal

2009-02-26T08:50:00.001-06:00

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.

In this economy, small is beautiful for banks

2009-02-25T14:04:00.002-06:00

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.

Nashville Metro Parks draw investors

2009-02-24T12:17:00.002-06:00

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.”

Ask the Expert

2009-02-20T17:03:00.000-06:00

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.

Neighbors invest in parks

2009-02-20T10:31:00.003-06:00

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.

Williamson and Rutherford Counties talking Frequently

2009-02-17T10:01:00.002-06:00

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."

Mack Hatcher project explained

2009-02-17T09:57:00.001-06:00

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

Mack Hatcher project gets top priority

2009-02-17T09:49:00.002-06:00

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.

An effort to maintain property values

2009-02-15T17:13:00.000-06:00

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.

Ask the Expert

2009-02-12T16:50:00.000-06:00

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/

Ask the Expert

2009-02-10T16:44:00.000-06:00

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.

Did You Know?

2009-02-09T17:18:00.000-06:00

Ask the Expert

2009-02-06T16:41:00.000-06:00

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.

Inheritance and debt

2009-02-05T16:37:00.000-06:00

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.

Ask the Expert

2009-02-04T15:59:00.002-06:00

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

2009-02-04T09:05:00.000-06:00

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.

Streetscape Meeting

2009-02-03T10:34:00.001-06:00

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

Agent or no agent?

2009-02-02T15:00:00.000-06:00

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.

Did You Know?

2009-02-01T17:21:00.000-06:00

Curb appeal adds value, comfort to a home

2009-02-01T15:10:00.000-06:00

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?

Selling a home . . . Clean is not enough!

2009-01-31T15:02:00.000-06:00

Inexpensive makeovers can increase resale value

In cities across America, a growing number of "stagers" prepare homes or condos for sale. They say it's not enough to clean the house. To get top dollar, you have to do more.Though it would be nice to replace the kitchen appliances and modernize a bathroom, some steps are less expensive and very attractive to prospective buyers. New linens, pillows, and shams for the master bedroom can help. Regrouting a bathroom is wise. One designer bought a brightly colored shower curtain and rug to draw the eye away from older fixtures.Strive for a model home style. Refrigerator magnets have to go. The goal is to show potential buyers a dwelling that is both tasteful and impersonal enough to allow them to "mentally move in," say designers writing in Business Week. Stagers rearrange furniture to point the eye to a home's strongest features such as an architectural flourish or a beautiful view. They relegate contents of counter tops, closets, and bookshelves to storage. They dress up rooms with area rugs and framed prints. They may install new light fixtures, and they paint walls in neutral tones that won't clash with a buyer's furniture. Preparing for a home sale* View it from across the street: Trim bushes, wash windows, paint the front door, add a new door knocker or mailbox.* See the view from doorways: Check what buyers see before entering a room. Check the view after any change * Declutter: Remove most photos and knickknacks. Clear kitchen and bathroom counter tops. Organize cabinets and closets. Remove bulky or excess furniture.* Let them see light: Take down heavy or layered drapes and raise blinds. Clean fixtures or buy new ones. Keep the lights on when showing the house.

Becoming a serious Buyer

2009-01-30T15:18:00.002-06:00

ASK the Expert

Q My husband and I have been casually looking for houses for sometime. Now we are very serious about buying. How can we narrow down our choices?
A There are so many wonderful properties on the market right now, I am glad you are thinking in this direction. The fact is you just have to create a mental filter.
First, decide what features of the house you must have. This is sometimes different than deciding on location or neighborhood. What features of the house itself do you require? To take an obvious example if you have two children and you need three bedrooms, it really doesn't matter how much you like the neighborhood if the house isn't right. On the other hand if you would like a spa bathroom, but you find a three bedroom house in the right neighborhood at the right price, will the lack of a spa be a deal killer? If so, then a spa bathroom is something you require.
That brings us to the next filter. What would you like to have in a house but could live without? These items can constitute a tie breaker. For example, if you want a 2-acre lot and you would like to have a large fenced area for your dog, then if you are deciding between two acceptable houses, the one with the fence might cinch the deal.
Finally, you come to a list of 'absolutely nots.' This is the most important list to the real estate agent, who will then have an idea of where not to look. Be sure your list of absolute negatives are accurate.
If you build your mental filter before you begin to look, then you probably won't have to look too long at too many houses. But if, after searching, you still haven't found something, you might take time to reexamine your priorities.
When you do find a house that meets your priorities and makes you heart beat fast, take it! Don't wait to see if there is another dream house around the corner. When you see your dream, snag it!

Ask the Expert: Buyer assurance

2009-01-29T15:33:00.004-06:00

Q I have a potential buyer for my house but the buyer wants some guarantees on the appliances. How can I give him peace of mind without exposing myself to all sorts of claims after the sale of the house?
A You need home warranty insurance
Considering what a home warranty plan costs, and the many things it covers, it can be a very good investment for a seller.
For the buyer, it offers peace of mind for their purchase. After all, a buyer might be feeling the pinch right after he buys a house and is in no mood to replace the refrigerator or work on the air conditioning system. Buyers can often come back to the seller and ask that the seller make good on his promise that the air conditioning or refrigerator are in working order. A major appliance that suddenly quits after the sale isn't a very happy prospect for the well-meaning seller or the cash-strapped buyer.
That's why buyers can easily (and relatively cheaply) show their sincerity with the purchase of a home warranty. Plans cost between $250 and $400 for the first year, with an option to renew at a higher cost the second year. The policy will carry a deductible that the new homeowner must pay. Typically, that deductible is from $50 to $150 and will apply to a service call.
Home warranties usually cover built-in appliances such as stoves, dishwashers and garbage disposals, but may also cover a refrigerator or washer. It will cost more for the home warranty if you want to insure a pool, but will probably be worth it.
Because we have a lot of experience with warranty companies, we usually can give our clients good advice on what company to use and what to cover in the policy. In turn we get a lot of cooperation from our warranty companies.

Did you know?

2009-01-28T15:37:00.002-06:00

Smiles...we all need more of them

2009-01-27T17:31:00.001-06:00

How would you price your home?

2009-01-27T14:52:00.002-06:00

How to price the home of your heart
Okay, so you love that house. But just how much is your love worth? That's the question that faces every home buyer during any economic season. Sometimes the answer is easy. In hot markets, the answer can be short and sweet: If you have to ask, you can't afford it. Not too long ago, in the sizzling markets of California, if you even took the time to ask, the property was already gone.Enter the cooler markets. Today, most markets have a good supply of houses and buyers can take a little time to look for the right house at the right price and make a reasonable offer. Still, how you set the bid for your dream house matters.Real estate agents make it their business to know what houses sell in neighborhoods and for how much. That's why asking a real estate agent for a neighborhood market assessment can be such a crucial step in setting your bid price.Agents will compare the sellers asking price to other homes in the area. Typically in volatile markets, agents will look at selling prices for homes in an area during a two to four month period. In stable markets, they might use a 12-month standard.Added to actual sale prices, you can consult Websites such as Zillow or Trullia for a general idea of pricing. Zillow, which does not list houses in every market, gives estimated values for individual properties. Trullia gives estimated home values for neighborhoods. The problem is that no computerized estimate can tell you about the charm of a home –— or how motivated a seller is.You can also consider the home's tax assessment. But this is very often nothing like the whole story since low assessments are rarely challenged.Even knowing what the seller paid for a home doesn't tell you much about current property values. It might, however, tell you something about how much equity and emotional attachment the seller has to a home.Sometimes hiring an appraiser can give home buyers a little comfort since buyers can insist that the house appraise for the asking price. Nonetheless, even in cool markets, an insultingly low bid on a great house will probably not get you into your dream home since, whether there is a buyer or not, a charming home is still valuable and is worth holding for the right buyer. Best case: Do your research and trust your real estate expert's analysis.

Real estate funds recommended

2009-01-27T14:45:00.003-06:00

If you'd like to invest in real estate, but don't want the hassle of managing it, try a real estate mutual fund. Money managers with Expansion Funds America in Phoenix say investors should have real estate positions beyond what's in their homes.
Property prices don't move up and down with stock market prices, and they provide diversification. Money managers recommend that you put no more than 25 to 35 percent of their portfolios into Real Estate Investment Trusts (REITs), or real estate mutual funds.
They also recommend gold, which can be held as bullion in gold-mining stocks and gold mutual funds. They recommend a 10 percent maximum for most portfolios.

How to make an offer in Today's real estate market

2009-01-27T14:38:00.003-06:00

How to make an offer to purchase real estate in today's market
You've found a house you like, but want to offer a little less than the asking price. What is the best way to do it?
How an offer is made has a lot to do with the outcome:
* Sellers are more comfortable with an offer if they know the buyer is qualified and eager to close.
* A buyer's agent can help. When the agent presents the offer in person, the seller can ask questions that could lead to a favorable decision.
* A real estate agent essentially does the same. Though a real estate agent is working for the seller, the sale is still a primary goal.
* Always present your offer to the seller in person through an agent (don't use a fax)
* Some sellers don't want personal contact with buyers. If you use a buyer's agent, be sure the offer is presented in person to the listing real estate agent.
* When a real estate agent requests that offers be presented in a sealed envelope, ask the real estate agent to prepare a summary to accompany the offer. The summary should tell something about you and highlight positive aspects of your offer, such as an early closing date.
* However your offer is presented, your chances of acceptance are improved by including a copy of a preapproval letter from a mortgage company.
* When multiple offers are involved, some buyers write a letter to the seller to personalize their offer. It won't help if you aren't qualified or if the offer is too low.

New Frankin Downtown Park may be completed soon

2009-01-27T14:28:00.004-06:00

Financial concerns hasten downtown Franklin park construction
THE TENNESSEAN • January 27, 2009

FRANKLIN — Work on Bicentennial Park, a city project that's had more discussion than progress since its groundbreaking a decade ago, could finally speed up this year, courtesy of scaled-back options for its construction.
City Parks Director Lisa Clayton is recommending aldermen pursue the use of state greenway money to establish a trail system on the land, which sits along the Harpeth River and North Margin Street, and use city crews to grade and replant grass on the 20-plus acres. Much of the land is in the river's floodplain and includes the site of a former boot factory.

This change would dramatically reduce costs for a park that in 2007 had a $29 million construction budget approved by aldermen. Since the groundbreaking for the park in 1999, architect's plans called for creating space for outdoor concerts, installing jets of water as well as "story panel" murals depicting the area's history.
But financial worries and a change of leadership at City Hall have curtailed those ideas. Mayor John Schroer sees the park's future as being a simple, passive park where families can picnic.
"Hopefully, by this summer, if we can get it all done, it will be grassy and open and people will be able to use it," Schroer said.
Clayton wants aldermen's approval to pursue building a trail system on the east side of the park on the site of a former junkyard. The trail would progress toward Hillsboro Road.
The city could access $730,000 in state greenway grant money by providing matching grant funds of $151,000 to the project, according to city records. City parks crews could also replant grass on the site using topsoil from park work going on at the Harlinsdale Farm park project.
Meanwhile, city attorneys are planning to condemn six tracts of land along Fourth Avenue where the Third Avenue extension will be built. Part of that land will be used in the park's final plan.

Spring is the best time to sell, be ready for a buyer

2009-01-21T10:27:00.002-06:00

Staying close to home
A Pew Research Center survey shows that family ties are one of the most important factors in decisions about whether to move out of state.
People move for economic opportunity and they stay put to be near their families. But when you balance the two, family wins out over money in the decision about where to live. Of those who didn't move, 74 percent cited family as the reason.
At 69 percent, the desire to remain in the town where they grew up was the second most important reason for not moving.
Except for college or military service, 56 percent of Americans have not lived outside their birth state and 37 percent have stayed in their hometown, mainly because they want to be near family.
About 27 percent of Americans have lived in two or three states and 15 percent have lived in four or more. Government data for 2008 show graphic mobility to be at its lowest point since 1948.

Credit Score: 8 steps to improve yours in less than a year

2009-01-21T10:22:00.001-06:00

First-time home buyers, especially young people, may have never seen their credit score or even considered their credit worthiness, but when they want to buy a home, that changes.
These days, a credit score of 700 is usually considered a good starting point for a home loan. However, FHA loans may be more lenient.
But the most important thing is to start immediately to establish, build or improve your credit.
Here is our One-Year plan for better credit that works for everyone, not just first-time homebuyers:
1 Go to annualcreditreport.com and look over your free annual report from each of the three credit reporting agencies. Look for errors. Then immediately take steps to correct them.
2 Pay your bills on time. You must never be late even once. One of the most common comments bill collectors hear from young borrowers is: I have the money, I just forgot to pay the bill. Stop forgetting. You must establish an ironclad history of paying your bills on time.
3 Work on getting your credit balances below 50 percent of your maximum credit limit. That raises your score. If your balances are below 30 percent, it raises your score again.
4 If you don't have a credit card, look into establishing a secured card. With a secured card, you send the card company a deposit and then they send you a credit card. You can only use the card for the amount on deposit. But when you get the card, you should use it. Buy something, and then make your payments perfectly.
5 Don't apply for a store account every time the clerk says you can save 10 percent. Each time you fill out an application, the company hits your credit report. Inquiries like these count against your credit. Don't make applications for credit unless you actually need it.
6 If you have unused credit accounts, don't close them if you are planning to apply for a mortgage. That can actually make your score drop.
7 During your credit improvement year, don't buy a car. Lenders don't want to see buyers committed to several large credit accounts. Never finance a car before you try to take a mortgage.
8 Plan to open three new credit accounts during your credit improvement year, even if they are secured accounts. Be sure to space your new accounts by three months. Use each account and pay each off COMPLETELY every month. This is the kind of credit management that improves your credit score AND teaches you how to manage credit.

Four reasons why you should stop renting

2009-01-21T10:17:00.001-06:00

If you have not bought a house for three years, the United States government is about to hand you $7,500. There is one catch. You have to invest in the American Dream and buy a house. Luckily, if that is what you want to do anyway, you appear to have hit a miniature jackpot. Last year's Housing and Economic Recovery Act offered new homeowners a $7,500 tax credit if they bought a home before June 30. According to that plan the $7,500 tax credit would be repaid over 15 years with annual payments of $500 added from the borrower's income tax bill. The credit is an excellent deal, since it offers home buyers what amounts to an interest free loan. But the Congress and President Barack Obama have vowed to sweeten that deal by extending the credit and delaying repayment. For first time homeowners, this promises to be a one-time bonanza during the best time in history to buy a home. Here are just some of the reasons why the cost of housing will probably never be more economical. 1 Inventory of new homes is tightening. That means there are fewer new homes for buyers to buy. It's basic economics: When the supply goes down, the price goes up. 2 Congress is moving to close off the dribble of foreclosures on pre-owned homes. Again, with fewer houses going on the market via foreclosure, the supply of homes will go down and price increases will soon follow. 3 Interest rates are fantastic right now. The best borrowers can now get 30-year mortgages at rates under 5 percent. 4 Obama's promised new stimulus packages will likely extend and sweeten deals for homeowner. The fact is that now might be the best time in your life to buy a home.

Franklin named as destination city

2009-01-20T11:35:00.003-06:00

Associated Press • January 13, 2009

The National Trust for Historic Preservation has named Franklin to its 2009 list of America's Dozen Distinctive Destinations.
The preservation also says Franklin "offers a rare blend of small-town southern hospitality and big-city amenities."
It highlights Franklin's downtown historic district, Civil War battlefields and family friendly festivals that attract more than 200,000 visitors annually.The organization's president Richard Moe says the city "has fostered a strong preservation ethic."The list of 10 cities also includes Athens, Ga.; Buffalo, N.Y.; and Santa Barbara, Calif.

Unique points revealed in recent survey by National Association of Realtors

2009-01-19T11:05:00.006-06:00

Nashville market welcomes young, first-time buyers

The Tennessean

Current landscapes are changing.
Be it political, economical or social, major changes are occurring all across our nation that affect how we live, work and play. And as we all have seen, that change is also affecting the real estate market. But it's not all necessarily discouraging.
The Greater Nashville Association of Realtors, in cooperation with the National Association of Realtors, recently conducted a survey of people who had bought a home between June 2007 and June 2008 that revealed many specific changes and trends in the national and Nashville-area real estate markets.
From who is buying to how they are searching, there were many unique points revealed.
One of the most interesting facts the study uncovered is that homebuyers in our region, especially first-time buyers, are younger than what is typical nationally.
Additionally, the median household income of homebuyers in Nashville was $70,900 while nationally the median income was $74,900.
It is encouraging that the Greater Nashville area is ahead of the national trend on both fronts: younger people have greater access to buying a home in our area than elsewhere in the nation, and a smaller annual income is required to buy a home.
Thirty-six percent of homebuyers in the Nashville area were also first-time home buyers. This is an exciting statistic — our area is geared for growth!
In Greater Nashville, 90 percent of homebuyers used the Internet to search for their homes. That compares with 87 percent nationally. It's no longer good enough to put a "for sale" sign in your yard and have an open house if you're going to reach today's potential homebuyers. A balanced mix of many available advertising methods — from print to online — is necessary to gain exposure among potential buyers.
In our still-challenging real estate market, it's more important than ever that you consult an expert to make sure you're gaining the greatest exposure for your house, or alternatively taking full advantage of all the benefits and other incentives available to home buyers. And that's what agents are here for.
Just as we all must constantly learn and adapt with change, realty agents are constantly learning to stay on top of the latest trends and adapting to respond to the real estate market to make sure you are able to succeed regardless of your buying or selling goals.
With the new year, many of us often choose to make big changes. Some, like quitting a bad habit or starting positive ones, are not always easy. But buying or selling a home shouldn't be that way. Call a realty agent and enjoy the benefits of working with an expert in today's changing landscape.

A New York style deli comes to the heart Williamson County

2009-01-19T10:59:00.004-06:00

Deli brings flavor of Big Apple to Cool Springs
The Tennessean
Even in slower economic times, Cool Springs seems to be a veritable garden where new businesses and eateries spring from the ground. Among the recent growth in the restaurant segment is New York Deli on Carothers Parkway.
Opened six months ago in a strip center, it's not much from the outside. But inside, the restaurant is spotless and filled with aromas of grilled meats and veggies
New York posters and photos adorn the walls, but the best view is of the open kitchen, where cooks produce subs and gyros to order.
Running the cash register is New York native Lucy Isaac, whose family was in the restaurant business, with sub shops in New York, New Jersey, North Carolina and South Carolina.
"I grew up in this business, so it's not new to me, though this is my first restaurant of my own," says Isaac, who is married to a physician who practices in Nashville.
Isaac and her family live in Brentwood; her children attend Woodland Middle School.
The reader board above the cafeteria-esque line lists options in categories of cold subs, hot subs, Greek style gyros, pitas and plates, salad platters, kids' meals and desserts.
Of course New York cheesecake is one of the optional sweet treats.
The sub shop serves Boar's Head meats and cheeses. Greek salads and tabouli are made from scratch by Isaac every day.
"They're family recipes," she says.
One of the big sellers at the restaurant is the Philly steak and cheese, according to the owner. Another is the gyro. Lamb and beef are roasted on site for the Greek dishes.
New York Deli offers carryout and catering; carryout accounts for about 30 percent of all business, according to Isaac.
The prices are a far cry from what you'd find in the Big Apple, with 8-inch subs going for $6.75 and 16-inch versions for $12.95. The 8-inch is ample for most appetites.
The hot subs are just the thing for these cold, gray winter days, and a slice of cheesecake suits, of course, any time of year, as does a fresh Greek salad — add feta, black olives and a few jalapeños for an even richer experience. French fries are cooked to order and come out fresh and hot.
This little deli avoids the rush of New York, but it does offer up New York style deli foods, right here in Cool Springs.

Presentations for Goose Creek development to start

2009-01-19T10:33:00.003-06:00

Firms vie for Goose Creek project
The Tennesseean

FRANKLIN – Aldermen will hear presentations Tuesday from three engineering firms vying to be selected to oversee construction of the city’s Goose Creek sewer plant.
Late last year, Mayor John Schroer and city aldermen asked to have the top three design firms make their pitches for the project directly to them.
When completed, the plant will serve thousands of homes and businesses in the Goose Creek area. Officials have discussed making the new plant a "zero discharge" sewer facilitiy. Costs for the project have not been set.
The competing firms are Barge Waggoner Summer & Cannon, Inc., Gresham Smith and Partners, and Camp Dresser & McKee, Inc.
Presentations will begin at 2 p.m. in the City Hall boardroom. Each firm will be allowed 90 minutes for their presentations and to answer questions from aldermen.

Local Home Values Increase Despite Poor Market

2009-01-16T11:05:00.003-06:00

NASHVILLE, Tenn. - The Metro property assessor is about to send out the 2009 property values, and he said it will be a double-digit increase over the last assessment.

The plunging housing market of 2008 will not affect home value reassessment in Davidson County -- the prices are still going up.
Assessor George Rooker Jr. said the last property tax assessment was in 2005, and this property tax assessment tries to figure out what your house is worth on Jan. 1, 2009.
"We believe that the average homeowner will probably see an increase in value of somewhere between 10 and 15 percent," said Rooker.
Rooker said the assessments compared to sales prices are good, and even sinking 2008 is 12 percent above 2005.
"It's a 4-year-old equation, and it's easy to let current circumstances allow us to forget that we had some very, very good years," he said.
But Metro councilman and veteran real estate agent Mike Craddock doesn't see it. He sees houses just not selling anywhere near their assessed value.
"I think they'll go nuts, because I don't see how on earth the assessments can go up," said Craddock.
Craddock said the average home in Nashville in January of 2008 sold for $221,000. One year later, the average home is selling for $196,437 -- down 11.2 percent in one year and still dropping.
Even Rooker realizes there could be trouble, especially with the average home losing value at 1 percent per month.
"People will probably be frustrated when they receive their appraisal," said Rooker.
The office is bracing for appeals. There were a lot of appeals in 2005 because of the rising market.
Your property value will be mailed to you sometime in March. The property tax rate won't be finalized until the summer.

2009-01-07T09:15:00.003-06:00

Real Deal: Nashville area still looks ahead with optimism
The Tennessean-January, 7 2009

The title of a book I saw recently caught my eye.
It was Don't Look Back — We're Not Going That Way. There really is some value in reminding ourselves to look forward as we get ready to start 2009.
Looking ahead means that we need to have something to look forward to, and there is the real challenge. Lots of people and organizations seem to be just waiting for something to happen, not really looking forward to anything. They seem to have bought into the negative outlook fostered by media reports, and that is paralyzing their futures.
Others realize that making choices and setting goals gives them an entirely different view of life, no matter their current circumstances. They tend to be more positive and energized because they have purpose.
That outlook is true of the Greater Nashville area. We have a much more optimistic outlook, even with difficult economic circumstances, than many other cities. Why? Because we know we have a strong and vibrant future.
First, from an economic perspective, we are fortunate to have motivated leaders at area chambers of commerce and in the economic development departments of state and local government. Their strategic, focused and energetic efforts are keeping us ahead of other cities and on the right track as a region.
Second, from a leadership perspective, we have elected officials committed to wrestling with — and solving — issues such as education. The better job the government does, the more attractive the region.
Third, from a community perspective, we have much to look forward to, like NFL playoff games, exciting professional hockey, exceptional music of all kinds at world-class venues and much more. And, the world is seeing what we have to offer through extensive media coverage of presidential debates, sports, music and much more.
Finally, from an educational perspective, we have some of the best colleges and universities in the country that are creating our future leaders. Many of them graduate and move on to pursue their careers in other cities, but many, like me, stay in Nashville.
How does this all relate to real estate? It simply makes a strong case that there is no better place to be than here. People want to be here. They want to pursue their dreams here. And that means that the real estate market here, though not immune to national trends, will recover and grow sooner than other locations.
The Greater Nashville Association of Realtors is choosing to look forward to 2009 and will continue doing its part to help make this region even more attractive in the days ahead.

Hendersonville reflects on 2008

2009-01-06T16:59:00.002-06:00

2008 marked by growth, goodbyes

Two thousand eight will be remembered for Obama, banks and Batman, but for Hendersonville the year could just as easily be remembered for a retail growth spurt, gas shortages and as the year we said goodbye to two of the city’s most distinguished residents.
Here are the top ten Hendersonville stories in 2008, in no particular order, as chosen by Sumner County Publications staff:

‘Streets’ opens with much fanfare
Consumers craving convenience and a way to keep tax dollars local flocked to the much-anticipated Streets of Indian Lake when the more than 182,307 square feet of new retail space opened its doors in March. The first phase of the retail component of the massive 400-acre Indian Lake Village includes high-end retail and specialty stores, restaurants, a Barnes and Noble Bookstore, and a new 16-screen Regal Cinemas movie theater.The original developers of the property, Continental Real Estate Properties, recently sold The Streets of Indian Lake to the Illinois-based Inland Real Estate Acquisitions, Inc. for a reported $60 million. What effect the nation’s recession will have on the new development remains to be seen. One retailer – a high-end clothier - has already closed its doors since the March opening. The new development brought with it more than a few traffic headaches for motorists; and city officials were put in the hot seat as to why the city hadn’t planned better to handle the influx.
Complete story

Franklin Theatre will be restored! Pledge Goal Achieved

2009-01-06T16:46:00.003-06:00

Update: All money pledged for Franklin Theatre restoration

FRANKLIN -- The Heritage Foundation of Franklin and Williamson County has matched a $1.5 million challenge grant from the Martin Foundation for the restoration of the Franklin Theatre, the nonprofit preservation organization announced in a press conference today.
The former movie theater on Main Street closed in January 2007. The project restores the 1937 theater as a public performance, movie and meeting venue.

The matching of the challenge grant is part of the $6.5 million goal for the purchase and restoration of the theater.
If all goes as planned, the facility will open in spring 2010, said Heritage Foundation President David Garrett.
The Foundation was able to raise the $1.54 million in about 60 days.

History of Centennial Park

2009-01-05T16:12:00.003-06:00

A photo history of Centennial Park

Nissan's Corporate arrival tops in 2008

2009-01-05T15:59:00.003-06:00

THE TENNESSEAN • December 31, 2008
FRANKLIN — The iconic red logo over Interstate 65 says it all: Nissan has a home in Franklin.
Back in 2005, the global automaker announced plans to uproot from its longtime home in suburban Los Angeles and move to Franklin.
The move stunned rivals and was heralded by state and local leaders as a sign that once sleepy, history-laden Franklin was ready for the national stage.
The opening in July of the gleaming S-shaped Nissan Americas Building — and the attendant pomp and circumstance — put Nissan at the top of the biggest stories in Franklin and the state in 2008.
The $100 million project is a showpiece of modern, environmentally friendly architecture and proof for state and local leaders that Franklin can attract Fortune 500 brands.
But Nissan wasn't alone. Here's a look at the top stories in Franklin that drew the most attention this year.
New city projects launched
Plans for a new City Hall moved forward this year, and construction continued on the Columbia Avenue police headquarters as well.
Initial public meetings have been held about the designs of a new City Hall, which would be funded through a possible public-private partnership that could eventually reshape downtown with new homes, shops, a restaurant and a hotel.
Meantime, crews continue work on the city's new police headquarters, which has a $26 million construction cost along Columbia Avenue, while the project's total cost is a little more than $36 million.
Finally, crews broke ground — after 16 years of waiting — on $4.3 million in road improvements for Third and Fifth avenues north that will bring new sidewalks as well as underground utilities improvements.
City Hall sees shakeups
The year began with longtime city administrator Jay Johnson and assistant deputy administrator Randy Wetmore leaving the city in the wake of the firing of former solid waste director Joe Williams. Williams later sued the city, alleging his former bosses conspired against him.
The year ended with the appointment of Hamilton County, Ohio, official Eric Stuckey as the city's new city administrator while Schroer reorganized the city's internal structure to combine the city's engineering and planning departments into one division.

Mortgage rates are at record low!

2008-12-24T17:19:00.001-06:00

Mortgage rates tumble to record low

Refinancing activity rises to highest level since boom year of 2003

Latest interest rates

See today's average mortgage rates across the country.

Loan type	Today	+/-	Last week
30-year fixed	5.37%		5.53%
15-year fixed	5.27%		5.26%
30-year fixed jumbo	6.96%		7.09%
5/1 ARM	5.88%		5.88%
7/1 ARM	6.06%		6.09%

Source: Bankrate.com View rates in your area

Latest interest rates

See today's average mortgage rates across the country.

Loan type	Today	+/-	Last week
30-year fixed	5.37%		5.53%
15-year fixed	5.27%		5.26%
30-year fixed jumbo	6.96%		7.09%
5/1 ARM	5.88%		5.88%
7/1 ARM	6.06%		6.09%

Source: Bankrate.com View rates in your area

updated 1:35 p.m. CT, Wed., Dec. 24, 2008

Rates on 30-year fixed-rate mortgages fell to a record low for the second straight week, causing refinancing applications to surge to the highest level in more than five years, a month after the Federal Reserve pledged to channel billions to prop up the sinking U.S. housing market.

While homeowners around the country are taking advantage of historically low rates to refinance their loans, the opportunity isn't available to those with poor credit or little equity in their homes, and foreclosures are still likely to surge.

Freddie Mac, the mortgage company, reported Wednesday that average rates on 30-year fixed-rate mortgages dropped to 5.14 percent this week, down from the previous record of 5.19 percent, set last week. The rate was the lowest since Freddie Mac's weekly mortgage rate survey began in April 1971 and the eighth straight week of declines.

Mortgage rates started falling after the Federal Reserve launched a sweeping new effort in late November to aid the U.S. housing market by purchasing up to $600 billion of mortgage-related securities and other debt issued by Fannie Mae, Freddie Mac and the Federal HomeLoan Banks.

Last week, the Fed, aiming to free up lending and jolt the economy back to life, cut its keyinterest rate from 1 percent to a target range of zero to 0.25 percent and pledged to keep funneling money into the market for mortgage investments.

Meanwhile the Mortgage Bankers Association said Wednesday its application index surged 48 percent in the week ended Dec. 19 to 1245.5. Total applications and refinance activity were at their highest levels since July 2003, when refinancing boomed at the peak of the housing market.

More than 80 percent of applications came from borrowers looking to refinance into loans with more affordable rates, the trade group said.

The average rate on a 15-year fixed-rate mortgage dropped to 4.91 percent from 4.92 percent last week, Freddie Mac said.

Rates on five-year, adjustable-rate mortgages fell to 5.49 percent, compared with 5.6 percent last week. Rates on one-year, adjustable-rate mortgages rose to 4.95 percent, from 4.94 percent last week.

The rates do not include add-on fees known as points. The nationwide fee for 30-year mortgages averaged 0.8 point last week, compared with 0.7 point for 15-year mortgages.

The fee on five-year, adjustable-rate mortgages averaged 0.6 point, while the fee on one-year adjustable-rate mortgages averaged 0.6 point.

Meanwhile, with 2008 home sales falling to the lowest point in at least 10 years, housing industry lobbyists are pressing in Washington for further aid to the housing market. Homebuilders want tax credits of up to $22,000 for home purchases and subsidies that would bring mortgage rates to as low as 3 percent for the first half of next year.

"It's just a matter of some spark," David Crowe, chief economist at the National Association of Home Builders said Tuesday. "The consumer is looking for some signal that now is the time."

Tennessee ranks 15th in growth over year

2008-12-23T13:17:00.003-06:00

Imagine if Pike County, KY., population 65,000 left the Bluegrass state and moved to Tennessee

That's equivalent to the increase in population Tennessee saw from July 2007 to July 2008, according to a U.S. Census report released Monday on the fastest-growing states.

Tennessee ranks 15th in the nation in year-over-year growth, up from 16th the previous year. The state's total population is at 6.2 million — 17th largest in the nation, a spot held for three years.

Eddie Garcia moved to Nashville more than a year ago from densely populated south Florida. He said he came to pursue a music career and enjoy the state's scenery.

"There is so much to do here," Garcia said. "There are mountains, there's different foods and, of course, there is music. Nashville is awesome. Other than the time zone difference, I enjoy it."

Nashville Gains Jobs

Even with the economic downturn, Nashville has shown some modest gains in employment, and the state's population growth will continue, said Garrett Harper, research director for the Nashville Area Chamber of Commerce.

"In a comparative sense, we're still favorable with the cost of living, job opportunities and quality of life," Harper said. "Over the long term, I think the trend will hold true. This is something we watch closely."

2008-12-22T09:38:00.001-06:00

Interest rate cuts lead to surge in mortgage refinancing

Nashville Business Journal

The Fed have slashed interest rates in the past month to spur home sales. But instead, the cuts sparked a refinance boom that local lenders hope will re-energize consumer spending.

The home mortgage refinance application index tracked by the national Mortgage Bankers Association tripled during the last week of November, the largest increase since the group began tracking in 1990.

The surge has continued for the past three weeks, with some Middle Tennessee lenders reporting up to 80 percent increases in refinancing applications since rates dropped after Thanksgiving.

Last week, the number of refinance applications increased 98.5 percent over the same week last year, according to numbers released Wednesday.

Mortgage expert Steve Curnutte says it’s finally a chance for homeowners who used good financial judgment to see a benefit from the many tools the government has used to boost the economy.

“It’s finally helping high-credit borrowers,” says Curnutte, head of Nashville’s Finworth Mortgage LLC, division of Ins Bank. “It’s a small consolation prize, but it’s helpful.”

Interest rates have fallen to just above 5 percent for a 30-year fixed mortgage, and experts say they could drop further.

Gayle Kindig, vice president of mortgage banking for Regions Bank in Middle Tennessee, says someone who bought a home as recently as 90 days ago could refinance today and possibly lower their rate by 1 percent.

Bankers are urging consumers to snap up the low rates and not play the wait-and-see game.

“Rates can change by the hour,” says Kindig, adding that refinances are 70 percent of her bank’s loans this month, compared to 45 percent in November.

Brian Sellers Pitts, of Sellers Financial Group Inc . in Nashville, says his refinance applications increased 80 percent this month from the previous month, but he’s not sure how many consumers will complete the loan process.

“There is still a lot of apprehension, a lot of fear in the market,” he says. “A lot of people want it. People want to wait until it goes lower.”

Ross Kinney, senior vice president of mortgage advisory for Pinnacle Financial Partners, says refinances are 71 percent of all mortgage loans for the month, compared to an average of 47 percent for the year.

The refinance surge hasn’t spilled over into new home sales. Kindig, however, is optimistic that with so much inventory on the market and the low interest rates, home sales will begin to pick up.

Josh Malnofski, president of Malcap Mortgage, says low interest rates are not the only factor driving refinancing. Of the more than 66,000 subprime adjustable rate mortgages in Tennessee, nearly 1 in 4 are expected to reset within the next 12 months, according to the Federal Reserve Bank of New York.

Malnofski says his refinancing applications are up 30 percent this month, and with the average person saving $100 to $200 per month on their mortgage — money that could help Nashville’s economy.

“It will stimulate retail,” Malnofski says. “Typically people are not going to put that money in a savings account.”

First new house appears at Harlinsdale

2008-12-22T09:20:00.001-06:00

Old farmhouse at park-side subdivision is under renovation

THE TENNESSEAN • DECEMBER 19, 2008

FRANKLIN — The romantic in Ty Hasty views Harlinsdale Manor as a "work of love."

The pragmatist amends it to a "love-hate" relationship.

"When you do an old house or you do a development it's always worse than what you think it's going to be," said Hasty, a Brentwood-based developer. "But then you find little jewels and it kind of makes it all worthwhile. Now that we're starting to get some stuff finished out here it's starting to get fun." Hasty's affection for his new Franklin development, Harlinsdale Manor, is unmistakable. There is a spring in his step and pride in his voice as he guides a tour of the 23-acre, 15-lot property that borders sprawling The Park at Harlinsdale Farm on Franklin Road at Spencer Creek. As the development begins to take shape with the first two houses nearing completion, Hasty knows best that the project has been complicated, expensive and jeopardized during the past 18 months. Overriding the challenges is his belief that "there is nothing like it in Middle Tennessee," and the 10 available lots will be sold in a timely manner despite a soft housing market. "This project is really unique to Franklin," said Hasty, principal broker and president of Great South Real Estate and Development. "The reason for it is it's the only residential development project in this town that is historically accurate and environmentally correct." The development is in a Historic Preservation Overlay and will be composed of houses that complement the area's architecture — including an early 1800s farmhouse that is being renovated. Harlinsdale Manor includes 15 acres of conservation meadow and environmentally conscious features such as rain gardens and gray water lines on each lot. "Our goal would be that five years from now, when this is all built out, that people might drive through here and think that this neighborhood's been here for 100 years," Hasty said. "That's the feel we want." Houses are subject to size restrictions: minimum 3,500 square feet and maximum 7,000 square feet. They must be built of natural materials such as stone, brick or wood. Designs require approval by the Harlinsdale Architectural Review Panel, as well as the Franklin Historic Zoning Commission. Three designs are in the review stage, and another owner has a prepared design but is still choosing a lot. "We didn't want to have boxes in here," said Hasty, who has lived in Franklin for more than 30 years. "We didn't want to build-the-biggest-thing-you-can-build in here. We looked around downtown Franklin, we made a lot of pictures of old houses down there and of the streetscapes in town, and that's what we want to replicate."

Lot sizes range from about one-third to three-quarters of an acre and are priced at $300,000 to $425,000.

Sense Of Place Sought

"The decisions they made were the right decisions," said Mary Pearce, executive director of The Heritage Foundation of Franklin and Williamson County. "It's what you want to see happen in town. Every house is not going to be as grand as those houses at Harlinsdale Manor. However, if they all could be as sensitive to the context which they're in, then our town continues to be set apart, and not Anywhere USA.

"In these tough economic times that is more critical than ever."

Franklin builder Bill Powell, an authority on historical homes who designed the first new house under construction in Harlinsdale Manor, lauded the development's authenticity.

"They're trying to focus on local architecture," Powell said. "In other words, houses that didn't land from some other country or some other region of the country. We're trying to build houses you might have seen around there 100 or 200 years ago."

Franklin architect Preston Shea wanted to be involved in the project once he and Hasty discussed the developer's vision. Shea serves as director of design for Harlinsdale Manor and chairman of the review panel. He also is a member of the city's historic zoning commission.

Shea has submitted two designs for review: a European farmhouse, for Hasty, and a stone vernacular farmhouse with gothic elements.

"The city of Franklin is known for its historic architecture and there's a real easy cohesiveness in all the buildings downtown, and for these to be respectful, if not completely spot on, is absolutely the right call," Shea said.

Nashville photographer John Guider is building to sell the first new house in the development: on Lot 1, due south of the modest entrance. He owned the centuries-old farmhouse next door and land before selling it to longtime friend Hasty for $2.5 million in May 2007, entrusting him to respectfully develop the property.

"He was the one that got it the best," Guider said. "It just raised my comfort level in being able to let it go. We talked a lot about design and shared a very similar vision for how it should be."

That vision included emphasizing aesthetics over volume and taking a minimalist approach to a parcel zoned for dozens of houses.

"Ty saw it to be more of a family community with just a select few houses," Guider said. "In a way he sacrificed his building potential to develop something beautiful. He would have made a lot more money if he would have put in 45 townhouses. The fact that he wanted to do something special, that was more important than just turning the dollar. . . . That takes a special person to want to do that."

Hasty rejected the first design for the development, which included 32 lots.

"It was just too tight. It just wasn't right. It would have been too small," said Hasty, who is developing a residential community for the first time after working exclusively in the commercial field. "It wouldn't have had the character that the historic farmhouse has. It would have destroyed that open feel that you have out there."

Huge Park Abuts Development

Harlinsdale Manor is surrounded to the south and the west by The Park at Harlinsdale Farm, a former training and breeding facility for Tennessee Walking Horses that was purchased by Franklin in 2004. Sixty acres were opened to the public for passive recreational activities in September 2007.

Pearce said Harlinsdale Manor is a "model of how you would like to see projects happen, where you have development and you don't erode community character. And then, of course, they saved the historic farmhouse."

Guider, who moved into a historic home in East Nashville after leaving Franklin, invested in Harlinsdale Manor as a show of friendship to Hasty and because of the property's special place in his heart. He is considering building a second house there.

"I wanted to build something that other people could see and be very comfortable with the development," said Guider, whose house is scheduled for completion in four months. "I wanted it to have that special house."

Powell and Guider are creating a showpiece in the 5,500-square-foot brick Federal. Powell is melding reclaimed items like fireplaces and oak doors with period-appropriate design features like 10-inch baseboards, crown molding and limestone headers and footers. The double-tiered porch is accessible from every room and offers views of Harlinsdale Farm's 200 acres and Civil War landmark Roper's Knob to the east.

"The fact that Bill and I have fine arts backgrounds got him excited because I was allowing him to create a work of art rather than controlling every little aspect," Guider said. "My contribution was to let him flourish as an artist."

The 3,500-square-foot farmhouse was owned by former Franklin mayor John B. McEwen at the end of the 19th century. It includes many of its original features, and Hasty is being diligent about keeping it authentic through the restoration.

"It's a fabulous house, and it's turned out to be just beautiful. We're very proud of it," Hasty said. "But I don't care what old house you restore, when you restore an old house take whatever you think is going to be the worst-case scenario and double it. There's things in those walls that you can't see."

At the Harlinsdale farmhouse, workers discovered a boarded-up root cellar — designed to keep produce fresh in pre-refrigeration days — that Hasty is turning into a wine cellar.

Hasty said the discovery was a "mixed blessing."

"It was like, 'Oh, this is so cool,' " he said. "But, it was like, 'Oh, my gosh. I am going to have to spend more money to bring it back.' I couldn't board it up anymore. It had to be restored."

Two years ago, Hasty had to pinch himself when plans for Harlinsdale Manor were approved on the first reading by the historic zoning commission and the Franklin Planning Commission.

Market Changed During Site Prep

By April 2007, all of the lots were sold, to individuals and builders for speculative houses. But, Hasty's decision to take a noninvasive approach to laying sewer lines underneath Spencer Creek delayed construction by several months and caused builders to vacate when the lots weren't ready by the fall of 2007.

"By that time the market had transitioned dramatically, between May and December . . . and a lot of those guys had inventory, they had other houses they had built to spec, that weren't moving," Hasty said.

It looked like the beginning of the end for Harlinsdale Manor.

"I should have been gone a year ago. Sold out. Finished. Done," Hasty said. "And I still get nervous about it sometimes."

Hasty credits his lender, Pinnacle Bank, for standing by him and chalks up his bad luck to the nature of the business.

"Anytime you get into development of any project that is substantial in nature, when you have roads and water and sewer and electrical and municipalities to deal with, you can do your best to project out a year or two all of the things you're going to run into," Hasty said. "But there's no way that you can see every hurdle that you may run into."

Hasty remains confident that Harlinsdale Manor will be a financial success and perhaps even a benchmark for future residential developments in the area.

"Anytime you have exposure in a soft market it's uncomfortable," Hasty said. "On the other hand, it's only 10 lots. It's not 300 or 400. I'm so blessed that I'm not involved in a project that has hundreds of lots that are just like everybody else's.

"I've got 10 lots that are very, very unique. So, I'm confident that eventually people will buy all the lots."

King's Crossing land has lay fallow for nearly a year

2008-12-18T15:54:00.001-06:00

New builder to tackle project on Wikle Road
The Tennessean

BRENTWOOD — Norfolk Homes out of Ann Arbor, Mich., has been selected to build the homes at King's Crossing, a new subdivision in Brentwood.
Norfolk owner Kevin Belew said last week he expects to obtain his first building permits within the month and hopes to start building in January.
"We hope to have a finished model by the beginning of the second quarter," he said.
Off West Wikle Road, King's Crossing has had its infrastructure in place for about one year. Prescott Builders had been named as the homebuilder for the 39-house subdivision.
Now Norfolk Homes has signed on to fill King's Crossing, building homes designed with an eye for empty-nesters and families with older children, Belew said. He expects the sizes of the houses to range from 3,000 to about 4,500 square feet, with prices from the $600,000s to $1 million.
"Our plans will be informal for the most part with European, Tuscan and somewhat Southwestern styles," Belew said. "It will be a little less typical."
The homes will be built to attract "a buyer who will appreciate a nice, well-appointed home but does not necessarily want the mansion-size house," he said.
He added that he is planning on building homes with three to four bedrooms, but his floor plans are being designed with flexible uses, a feature that many empty-nest buyers like to see. "(With) one of our designs, we have a secondary bedroom that is set up to be either an in-law suite or it could be a two-bedroom and bathroom arrangement or it could be a study with one bedroom and one bathroom.
"We are not exclusively for empty-nesters, but we are focused on the empty-nester." Plans call for the homes to be single-story with optional second-story bonus rooms, he said.
"There is nobody this side of Brentwood that is able to offer that product," Belew said. "And we think that price point is being underserved in that particular area."
Norfolk Homes is new to the Nashville area. The company is also building a model in Smyrna and in the Belshire subdivision in Spring Hill.

City hopes new video’s national exposure will boost tourist numbers

2008-12-18T15:38:00.005-06:00

Lights, Cameras, Nashville
Nashville Journal

A music video promoting Nashville is getting airtime on Great American Country in front of the cable station’s 55 million viewers.
The Nashville Convention and Visitors Bureau produced the $100,000 music video to pump up its marketing of Music City. The video starts airing in GAC’s regular line-up this week — effectively giving the city a free pass to entice visitors here.
While other cities are cutting back marketing, Nashville isn’t letting up even though the visitors bureau’s $12 million budget is down about 6 percent because of drops in hotel occupancy. The bureau increased its sales staff in the spring and has brought in more convention clients this fall.
“The normal response, and maybe the more sane response, is dramatic cutbacks” in marketing during tough economic times, says Butch Spyridon, president of the visitors bureau. “We view it as a time to be even more aggressive.”
It’s been eight years since the bureau has produced a promotional video. Local songwriters Gabe Dixon and Jeremy Lister wrote and performed the song for the video, “Music Calls Us Home.” It was taped with places and images of Nashville as the backdrop.
Visitor bureaus in other cities have seen cutbacks. Milwaukee had county funding cuts, and Reno had layoffs. Spyridon says his counterparts in Atlanta had to take six days off unpaid.
GAC president Ed Hardy says the network chose the Nashville video for its production quality and music, just like any other video.
“It was well produced. It has great scenery of the city. It’s a well-done video,” Hardy says.
Spyridon says a commercial on GAC probably would have cost the bureau thousands of dollars, but it’s hard to place a value on the free video airplay.
The video will have several incarnations — depending on the venue. The bureau plans to shorten the five-minute video to run as a 30-second commercial in cities within 200 miles of Nashville, hoping to attract visitors within driving distance. Spyridon says he isn’t sure which markets the commercial will run, so he doesn’t know how much they’ll spend yet.
The first commercial will run during the Music City Bowl on ESPN for free with the city’s sponsorship. They haven’t had a new commercial for this spot in six years. The video will also be used to pitch Nashville to convention organizers, hoping to boost interest in the not-yet-built convention center.
With 40,000 people working in the tourism industry in Nashville, Spyridon said getting people to Music City is vital.
“We have to spin straw into gold,” he says.
Walt Baker, CEO of the Greater Nashville Hotel and Lodging Center, says the visitors bureau is doing the right thing by turning up the heat on marketing while others are dialing down.
“Smart marketers utilize this time to get in front of customers, whether they’re buying right now or they are going to be buying 12 months from now,” Baker says. “Just because we’re in a recession doesn’t mean people aren’t making decisions.”
Hoteliers are moving into 2009 with fairly low expectations, Baker says.
Average daily rates were $100.87 in the 28 days that ended Nov. 8, compared to $99.13 during the same period last year, according to Smith Travel Research. But hotel occupancy fell to 61.1 percent, down from 71.6 percent last year.
Revenue per available room, a key tourism industry measure, also dropped to $61.63, down from $70.94.
Pricewaterhouse Coopers LLC is forecasing a substantial reducation in hotel sales nationally. It predicts revenue per available room will drop 5.8 percent in 2009, compared to a 0.8 percent drop in 2008. This would represent the first consecutive two-year decrease since 2001 and 2002.

A perfect article for last Thursday's snow to the upcoming Monday icestorm

2008-12-15T11:56:00.001-06:00

The Plant Man: Try these tips to keep plants safe from frost
The Tennessean

"How come weeds can survive the coldest winter and come back even stronger in the spring," a frustrated gardener said to me, "Yet half of my shrubs get frost-bitten and die!"
In fact, weeds can die back in freezing weather, too. It's often the seeds they dropped the previous summer that come on strong in the spring. Another good reason for careful weeding, but my frustrated friend wasn't in the mood to hear that.
Some plants can survive all but the coldest winter, but a little careful stewardship of your landscape can make all the difference.
In a recent Plant Man column, I responded to a reader who had recently moved from Texas to upstate New York and needed some quick first-time advice on caring for plants in a cold climate. If you missed that column, titled "Bed sheets keep plants cozy on freezing cold nights," you can find it at my Web site www.landsteward.org
That column spurred a lot of interest from other readers, some of whom were seeking more anti-frost advice, and others who were offering their own suggestions. Several readers pointed out that it isn't just northerly climes that are susceptible to frost-damaged plants. A cold snap can be a major problem even in the south, as any citrus farmer can tell you.
Here are a few helpful suggestions offered by readers:
>> If your plants need to be covered, do so just before sundown, then be sure to take the covers off when sun has risen and the temperature has risen above freezing.
>> Try to keep the underside of the cover from actually touching the plant. Elevating the cover slightly prevents the plant from getting contact freezer "burns".
>> To keep the cover from touching the plant, create a simple frame around it. This could consist of three or four sticks pushed into the soil around the plant, over which the cover can be draped.
>> To that, I would add that bamboo sticks would be my choice. They are sturdy, inexpensive and readily available at garden centers and elsewhere. They also have multiple uses around the garden when not serving as plant cover supports.
>> For larger plants, you can use lengths of PVC tubing, available from hardware stores. Whether you're using wooden sticks, bamboo or PVC tubing, the top, when in place, should be just slightly taller than the height of the plant. The idea is to create a close "tent" that keeps the warmer air around the plant.
>> For a row of low-growing plants, a reader suggested creating a "tunnel" of lightweight wire fencing, curved over the row of plants and secured at intervals along the sides with sticks, bamboo rods or short pieces of timber. At dusk, when expecting a frost, cover the wire frame with your preferred sheeting and secure the sides and each end with clothespins.
>> Weight the covering with bricks or stones to prevent cold air gusting in to your tent and to prevent your cover from blowing away.
>> Plastic milk bottles were mentioned by two readers. A plastic milk jug filled with water can act as a heater for small areas. Apparently, as the water changes from liquid to frozen, it gives off just enough "heat" to keep the immediately surrounding area above the freezing mark.
>> "Paint it black," was a suggestion from one reader. She paints empty, plastic gallon water jugs black, fills them with water, leaves them in the sun during the day to absorb a little heat and then places them under her plant cover as a mini space heater.
>> "The Planket" is a product I saw featured on HGTV, although I haven't tried it. It comes in various sizes and is shaped to go over shrubs or small trees. It has a handy drawstring around the rim, allowing it to be pulled closed. It's made of lightweight, breathable "green" fabric and could be a quick and easy way to keep plants warm and safe.

2008-12-15T11:48:00.002-06:00

Mortgage rates are down, but can they fall further?
By The Tennessean • December 15, 2008
Mortgage rates have been on the decline, but speculation is rife that rates are headed still lower. I spoke Friday with Scott Ractliffe, president of the Tennessee Mortgage Bankers Association, about whether now is the right time to refinance or consider a home loan.
Where are rates now?
The 30-year fixed rate is in the low 5s, probably in the 5.25 range. … Two weeks ago, it was 6 to 61/8.
What's bringing them down?
The primary cause was when (the federal government) decided to buy mortgage-backed securities directly. The more buyers there are for mortgage-backed securities, that drives prices up and inversely drives the yield down.
Anytime a lot of people are buying mortgage-backed securities and bonds, mortgage rates go down. … If they're not buying stocks and they're going to invest in something, and if investment dollars are flowing towards bonds, then they're also flowing towards mortgages.
We've been hearing a lot about rates perhaps dropping to 4.5 percent. Why?
One reason would be partly political. In order for the overall economy to start to rebound, home prices have got to stabilize, foreclosures have to get under control in terms of numbers, and a very low mortgage rate would help with both of those things.
There's a lot of talk on Capitol Hill of what can they do. There's really no target level … but they all realize — we all realize — that rates in the mid-4s would create a lot of activity.
There are no specifics of what that might look like. It could be only for purchase money. It could be only certain income brackets. Which is why I warn people, if they're thinking about refinancing, not necessarily to wait.
Another reason is if you're looking at mortgages historically, rates average a 1½ percent spread over Treasury yields. … Today it's about 2½, so you should have a rate of 4½. Mortgage rates are still artificially high on that basis.
That would be a reason to wait, wouldn't it?
That's true, but that spread has been 2 to 2½ percent for months. I guess the question is when will those spreads come back to normal, and when they come back to normal, whether yields will go up or rates will come down. It's kind of a gamble either way.
What's your prediction?
It looks like we do have a little farther to fall, but I guess how far is anybody's guess. So much of it depends on the economy overall. As long as the economy, like retail sales, corporate profits and so forth, are staying really, really low, we're looking at the possibility of mortgage rates continuing to drop.
Once we see some signs of strengthening, money will start to be pulled out of the safe havens they're in now. … They (rates) could rise quickly when they come back up.

A small community hosts big parade this weekend!

2008-12-15T10:47:00.005-06:00

Leiper's Fork: Fork's parade is truly a sight to see
The Tennessean

It is Christmas time in the Fork, and that means lots of holiday activities.
Front and center is the one and only Leiper's Fork Christmas Parade, where onlookers have learned to expect the unexpected. I was looking at slides from last year's parade that Kit O'Connor was kind enough to send me, and I thought to myself, where else would you see llamas, Arnold the Pig, a "Viking ship" loaded with cheerleaders from Hillsboro School along with Scottish bagpipers.

This not-to-be-missed event will begin at 3 p.m. Saturday and will run through the heart of Leiper's Fork on Old Hillsboro Road. Be sure to come early for a good viewing spot.
And what Christmas celebration would be complete without a visit from Santa Claus. The man in red will make two appearances on Saturday in Lawn Chair Theatre. He'll be on hand from noon to 2 p.m. and again from 4 to 6 p.m. Be sure to bring your cameras.
Youngsters who visit Leiper's Fork Library will enjoy a Christmas party at 10:30 a.m. today. This will be the final program until Jan. 7. The preschool story time bunch will meet again on Jan. 6.
Big birthday wishes go out to Bradwell Caldwell, who is celebrating today. Also eating ice cream and cake in the upcoming days are Fay Martin and Mallory Scott on Thursday, Brian Noe on Friday, David Lee White on Saturday, Jewell Anderson on Sunday and Christie Davis on Tuesday. I hope you all have a great day.
Please remember Ricky Kennedy in your prayers as he recovers from heart surgery that he underwent Nov. 25 at Baptist Hospital.
In the word-to-the-wise department: During these hard times, con artists come of out the woodwork hoping to part you from your hard-earned money. One of the latest scams will come to you via your telephone as someone asks you to contact a named financial institution as soon as possible regarding your bank or credit card account.
The really scary part is these con artists use the names of legitimate businesses. Do not respond to them via your computer or telephone and, above all, do not give out any account numbers or PIN over the phone or computer.
A friend in the banking business recently assured me that a financial institution would never request that information from you in this manner. If you are contacted, the best thing to do is to call your local bank or the 1-800 number on your credit card and tell them what is going on.
We want to make sure everyone has a merry Christmas except the con men.

November 2008 Williamson County home sales

2008-12-08T15:34:00.000-06:00

November 2008 Home Sales

December 8, 2008 (Franklin, TN)-The Williamson County Association of REALTORS® today announces the sale of homes statistics for Williamson County, Tn. for the month of November 2008. There were 145 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 2007, the single family residential closings decreased 47 percent and the median price remained the same. Condominiums closings have increased by 52 percent and the median price decreased by 16 percent. The average days on the market (DOM) for residential homes have increased by 20 days and condominiums have increased by 11 days. Days on the market have been consistent since the onset of 2008, with the days ranging from 74-89 days. Median prices have remained consistent since January 2008, ranging from $345,000 to $395,000. The median is a typical market price where half of the homes sold for more and half sold for less.

November 2008

	Closings	Median Price	Average Price	DOM
Residential	130	$ 364,891	$ 451,967	89
Condominium	15	$ 185,500	$ 184,630	51

November 2007

	Closings	Median Price	Average Price	DOM
Residential	247	$ 365,000	$ 427,205	69
Condominium	31	$ 219,990	$ 227,241	40

November 2006

	Closings	Median Price	Average Price	DOM
Residential	308	$ 401,700	$ 466,644	55
Condominium	24	$ 189,890	$ 219,234	23

November 2005

	Closings	Median Price	Average Price	DOM
Residential	398	$ 296,072	$ 370,150	50
Condominium	52	$ 152,920	$ 167,229	27

"November traditionally has the fewest number of closings in our local market and this year is no different. Over the past 4 years, the November closings were very similar to the January closings, and this year we experienced the same trend. With the holidays approaching, we anticipate more buyers to be utilizing their vacation time to visit houses for sale and begin the process of making offers that will reflect in the 2009 closings. Now is a great opportunity to take advantage of the 2008 Federal Government's $7500 tax benefit for first time home buyers." said Diane Johnson, 2009 President of the Williamson County Association of REALTORS®.

Economic Recovery Act’s Neighborhood Stabilization Program will not only help neighborhoods, but will rebuild lives

2008-12-01T10:10:00.006-06:00

Nashville gets $4M to rehab neighborhoods
Nashville Business Journal

The Tennessee Housing Development Agency is administering $49.3 million of the state’s $72.5 million from the Housing and Economic Recovery Act’s Neighborhood Stabilization Program, which Congress passed in July.
Direct community allocations from THDA include $11.5 million for Memphis, $4 million for Nashville/Davidson County, $2.7 million for Shelby County, $2.73 million for Knoxville and $2.1 million for Chattanooga.
Nationally, the program made $3.92 billion available for community and state administrators to develop programs to purchase, rehabilitate and sell abandoned and foreclosed homes to rebuild neighborhoods. The legislation also requires 25 percent of the state’s allocation be used for households at or below 50 percent of area median income.
Ted Fellman, executive director of the Tennessee housing agency, says the funds provide an opportunity to rebuild neighborhoods hit by the subprime mortgage and foreclosure crises. THDA will allocate the state’s funding to the areas with the greatest need, with HUD providing data revealing which Census tracts have the highest percentages of homes financed with subprime mortgages and high foreclosure rates.

Eco-friendly gifts are becoming more popular this holiday season

2008-12-01T10:03:00.003-06:00

Holiday shoppers plan to spend more on green gifts
Nashville Business Journal

When it comes to being environmentally friendly, Americans have no plans of cutting back this holiday season, according to a new study commissioned by retailer Plow Hearth.
About two-thirds of those going green this year say they are willing to spend between 10 percent and 25 percent more to by ecofriendly holiday green gifts.
About 55 percent of women are likely to purchase green products compared to 45 percent of men. Middle-aged and younger Americans are more likely than their older people to purchase eco-friendly gifts.
And people who live in the West are more likely than Americans in the South, Northeast and the Midwest to buy green gifts.
Thirty-four percent of Americans reported that money is the biggest factor in deciding whether to make an environmentally friendly purchase.
“It’s heartening to know that even during a period of financial uncertainty, Americans will still go the extra mile to protect the environment,” Plow Hearth president Tim Hopkins says. “Now more than ever, it is critical that we maintain our commitment to the planet.”