THOMPSON'S STATION — A proposed neighborhood that would link rural Dean Road with Heritage Commons via a new bridge that would go over the CSX railroad tracks was approved by the town Planning Commission last week.
Commission member Millie Halvorson cast the lone vote against River Ridge Farms, though she was not the only member to share concerns. The new development would have 252 lots on just under 227 acres.
Halvorson said she worries about the traffic the development would add around the Heritage Elementary and Middle schools campus.
Commissioner Nina Cooper added an additional concern. "I just feel like these country roads can't handle a lot of construction traffic," she said.
Builders would access the site from Evergreen Road and Dean Road in the first phase of the project, representatives from Cornerstone Development said. This phase will include creating the railroad overpass and the new road,
That phase would take about six months to complete. Afterward, construction traffic would be routed from Highway 31 through Heritage Commons on Trader's Way.
Halvorson said she feared that people would use Thompson's Ridge Road instead, which fronts the campus, because it has a traffic signal at Highway 31.
The site plan and request for residential zoning must be OK'd by the Board of Mayor and Aldermen, which meets at 7 p.m. April 8 at the community center, 1555 Thompson Station Road W.
News, interests, info and tips about the Real Estate Market in Middle Tennessee. Our Focus is the Nashville area, both Williamson and Davidson County and the surrounding areas of Franklin, Brentwood, Spring Hill, Thompson's Station, Hendersonville, Leipers Fork, Belle Meade, Nolensville, the Cool Springs area and the Vanderbilt area
March 31, 2008
Nashville ranks 16th in affordability!
Nashville ranks 16th for housing affordability in a new Bizjournals study of 50 U.S. cities ranked by income, mortgage payments and taxes.
Nashville Business Journal-March 2008
While builders and Realtors say they applaud Nashville's top 20 ranking, they note some communities in Middle Tennessee need to embrace the need for workforce housing.
"This is just one more feather in our cap," says Mandy Wachtler, president of the Greater Nashville Association of Realtors. "It tells our nation that we're in the top 20. That brings retirees here."
The study ranked the 50 largest metropolitan areas as of mid-2006. It based mortgage payments on a 10 percent downpayment with a 6 percent, 30-year, fixed-rate mortgage.
Oklahoma City ranked most affordable with low taxes and the lowest mortgage payments - $667 a month for both. California cities ranked at the bottom of the list, with Los Angeles the most expensive.
Nashville's median house payment was $960 per month, but its median monthly household income, at $3,975, was lower than other similar-priced cities.
St. Louis ranked 13th with a $962 median monthly house payment but a much higher median income at $4,147 per month.
Builder Peggy Krebs of Elite Homes sees buyers who spend as much as 60 percent of their incomes on mortgage and utilities, which she says is too high. Experts recommend 30 percent.
"Why should people care?" Krebs asks. "Because the individual who's trying to get by with $40,000, what happens is a disproportionate share of their income is put toward housing, which means less money is put into shops, dining, spending."
Krebs focuses on building for the lower-income demographic in Davidson County because there are no impact fees, she says.
Local buyers find Nashville more affordable than buyers find metro areas in other parts of the country. A survey by the Greater Nashville Association of Realtors shows 48 percent of buyers in Nashville purchased homes because of their affordability while 42 percent said that nationwide.
Davidson County has done a good job of offering high density development and incentives to builders to sell a portion of the units at affordable prices, Wachtler says, but higher-priced markets such as Williamson County need to do more.
"We need to look to all surrounding counties to offer workforce housing, not just 5-acre tracts with mansions on them," Wachtler says.
Nashville Business Journal-March 2008
While builders and Realtors say they applaud Nashville's top 20 ranking, they note some communities in Middle Tennessee need to embrace the need for workforce housing.
"This is just one more feather in our cap," says Mandy Wachtler, president of the Greater Nashville Association of Realtors. "It tells our nation that we're in the top 20. That brings retirees here."
The study ranked the 50 largest metropolitan areas as of mid-2006. It based mortgage payments on a 10 percent downpayment with a 6 percent, 30-year, fixed-rate mortgage.
Oklahoma City ranked most affordable with low taxes and the lowest mortgage payments - $667 a month for both. California cities ranked at the bottom of the list, with Los Angeles the most expensive.
Nashville's median house payment was $960 per month, but its median monthly household income, at $3,975, was lower than other similar-priced cities.
St. Louis ranked 13th with a $962 median monthly house payment but a much higher median income at $4,147 per month.
Builder Peggy Krebs of Elite Homes sees buyers who spend as much as 60 percent of their incomes on mortgage and utilities, which she says is too high. Experts recommend 30 percent.
"Why should people care?" Krebs asks. "Because the individual who's trying to get by with $40,000, what happens is a disproportionate share of their income is put toward housing, which means less money is put into shops, dining, spending."
Krebs focuses on building for the lower-income demographic in Davidson County because there are no impact fees, she says.
Local buyers find Nashville more affordable than buyers find metro areas in other parts of the country. A survey by the Greater Nashville Association of Realtors shows 48 percent of buyers in Nashville purchased homes because of their affordability while 42 percent said that nationwide.
Davidson County has done a good job of offering high density development and incentives to builders to sell a portion of the units at affordable prices, Wachtler says, but higher-priced markets such as Williamson County need to do more.
"We need to look to all surrounding counties to offer workforce housing, not just 5-acre tracts with mansions on them," Wachtler says.
March 25, 2008
Signature Tower Moving ahead with Marketing
Marketing push set for Giarratana Development's Signature Tower
Nashville Business Journal - by Jim Stinson Nashville Business Journal
A major marketing push will begin in April to sell another 100 reservations in the 400-unit, $250 million Signature condo tower.
That magic number is necessary for the 70-story tower in downtown Nashville to be financially viable, says Tony Giarratana, Signature's developer.
Giarratana says he has sold 103 units and needs another 100 to get financing. That's a change from how he financed the 333-unit Encore condo tower in SoBro, reflecting the nation's credit slowdown.
"While we financed Encore and Belle Meade Court with no pre-sales, current market conditions dictate that we secure 200 pre-sales prior," says Giarratana.
The tower also will feature a 200-room Kimpton Hotel at the base and a restaurant. The Signature would be the tallest building in the Southeast and eclipse Atlanta's Bank of America Plaza.
Downtown observers say they expect the 70-story Signature to go up eventually and note Giarratana has endured tough times to build the Cumberland, Viridian and Encore towers.
The Cumberland apartment tower, opened in 1999, was the first new residential project in the core downtown district since Metro rewrote zoning laws in 1993.
The 31-floor Viridian, Middle Tennessee's tallest residential building, followed in 2006 with 305 units, and the 333-unit Encore opened in early March.
"[Giarratana] has practically built the entire downtown [residential] market," says Tom Turner, executive director of the Nashville Downtown Partnership.
There are 1,178 residential units under construction downtown, says Turner, a number which excludes the 300 units in SoBro's Encore, where move-ins have begun.
The downtown residential units number includes land south of Jefferson, inside the interstate loop, so Gulch properties such as The Icon are included, Turner says.
Eighty-two percent - or about 966 - of those 1,178 units are sold, says Turner.
Nashville is behind such Southern cities as Knoxville, Charlotte, N.C., and Louisville, Ky., Turner says when it comes to downtown residential development.
The cities average one residential unit for every seven office workers downtown. Nashville averages half that, with about one unit for every 14 workers downtown.
Giarratana says he often hears people skeptical about the downtown market suggest there are 10,000 units downtown, when in fact the market is underbuilt. The reason, in part, he says is the city only legalized new downtown residential construction in 1993.
Turner says he believes the Signature Tower will survive the national economic downturn because of the strong demand for downtown condos.
"I think there is a disconnect between residential demand and the residential economy," he says. "A lot of people are looking at national market stories and not necessarily looking at the local economy. [Nashville] is on a steady uptick."
Nashville Business Journal - by Jim Stinson Nashville Business Journal
A major marketing push will begin in April to sell another 100 reservations in the 400-unit, $250 million Signature condo tower.
That magic number is necessary for the 70-story tower in downtown Nashville to be financially viable, says Tony Giarratana, Signature's developer.
Giarratana says he has sold 103 units and needs another 100 to get financing. That's a change from how he financed the 333-unit Encore condo tower in SoBro, reflecting the nation's credit slowdown.
"While we financed Encore and Belle Meade Court with no pre-sales, current market conditions dictate that we secure 200 pre-sales prior," says Giarratana.
The tower also will feature a 200-room Kimpton Hotel at the base and a restaurant. The Signature would be the tallest building in the Southeast and eclipse Atlanta's Bank of America Plaza.
Downtown observers say they expect the 70-story Signature to go up eventually and note Giarratana has endured tough times to build the Cumberland, Viridian and Encore towers.
The Cumberland apartment tower, opened in 1999, was the first new residential project in the core downtown district since Metro rewrote zoning laws in 1993.
The 31-floor Viridian, Middle Tennessee's tallest residential building, followed in 2006 with 305 units, and the 333-unit Encore opened in early March.
"[Giarratana] has practically built the entire downtown [residential] market," says Tom Turner, executive director of the Nashville Downtown Partnership.
There are 1,178 residential units under construction downtown, says Turner, a number which excludes the 300 units in SoBro's Encore, where move-ins have begun.
The downtown residential units number includes land south of Jefferson, inside the interstate loop, so Gulch properties such as The Icon are included, Turner says.
Eighty-two percent - or about 966 - of those 1,178 units are sold, says Turner.
Nashville is behind such Southern cities as Knoxville, Charlotte, N.C., and Louisville, Ky., Turner says when it comes to downtown residential development.
The cities average one residential unit for every seven office workers downtown. Nashville averages half that, with about one unit for every 14 workers downtown.
Giarratana says he often hears people skeptical about the downtown market suggest there are 10,000 units downtown, when in fact the market is underbuilt. The reason, in part, he says is the city only legalized new downtown residential construction in 1993.
Turner says he believes the Signature Tower will survive the national economic downturn because of the strong demand for downtown condos.
"I think there is a disconnect between residential demand and the residential economy," he says. "A lot of people are looking at national market stories and not necessarily looking at the local economy. [Nashville] is on a steady uptick."
February 28, 2008
Jamison Station townhomes Phase I almost Sold Out
Jamison Station townhomes, condos selling briskly
Nashville Business Journal, February 28, 2008
Developers for Jamison Station in Franklin sold out of 95 percent of its mixed-use urban townhome and condominium development, so it's opening phase two for sale.
The project incorporates retail and is next door to The Factory at Franklin.
The first residents will move in by spring.
Phase two include a pool, spa, fitness center, resident's lounge, media center and billiards table.
One-, two- and three-bedroom lofts range from the upper $200,000s to the $600,000s.
Developer Centrum Nashville specializes in projects that respect the historic and architectural traditions of the region.
Nashville Business Journal, February 28, 2008
Developers for Jamison Station in Franklin sold out of 95 percent of its mixed-use urban townhome and condominium development, so it's opening phase two for sale.
The project incorporates retail and is next door to The Factory at Franklin.
The first residents will move in by spring.
Phase two include a pool, spa, fitness center, resident's lounge, media center and billiards table.
One-, two- and three-bedroom lofts range from the upper $200,000s to the $600,000s.
Developer Centrum Nashville specializes in projects that respect the historic and architectural traditions of the region.
February 9, 2008
A touch of Europe adds flair to our home market
The Tennessean-Williamson AM
A home shopping trip this spring through some of the county's newest neighborhoods will sound a lot like a European tour, if not exactly look like one.
The craze for French country, Tuscany and other Euro-rural styles is sweeping through, resulting in a slew of subdivisions with foreign names that evoke images of wine, good times, sophistication and la dolce vita.
Some people trace the origins of the Tuscany trend — now showing up in furniture lines, china patterns and cookbooks — to the books of Frances Mayes. Her memoir, Under the Tuscan Sun, was made into a movie in 2004.
Another writer, Peter Mayle, has popularized the French countryside over the past several years with his travel memoirs, including the bestseller A Year in Provence.
Wherever the Euro trend comes from, it has grabbed the imaginations of some local developers — at least while they were working to come up with names for their new subdivisions.
Lily Griffin of Oxford Real Estate Co. said she believes it comes from "more people with more spending power who are traveling more."
"Everyone is interested in European flair," she said. And from traveling in Europe, they are more familiar with what's going on there, she added. Griffin's company is marketing the new Tuscany Hills neighborhood on Split Log Road in Brentwood.
The houses being built so far in Tuscany Hills, however, are not the stucco and rough-stone villas that characterize the Tuscany region of Italy.
While the builders are de-emphasizing the all-brick traditional look by mortar washing and by adding stone and other features such as turrets, "I don't know that it's going to be so much a Tuscan-looking neighborhood," Griffin acknowledged. "I think it's more in the name."
Despite its Italian name, the neighborhood has a street called Versailles and is incorporating the French fleur de lis as a visual accent in the streetscape.
"I think a lot of the interest in French or Old World stems from more people with an interest in wine and wine country," speculated Cheryl Oglesby, a manager at Sprintz Furniture in Cool Springs. The store carries several lines of furniture in French country, Tuscan and Spanish colonial styles. The newest thing is a line inspired by the "Argentine hacienda" look.
On Moores Lane, just west of CoolSprings Galleria, Valle Verde is poised to take off with construction beginning on the first of its 41 homes. The neighborhood's name means "green valley" in Italian.
"It's a great description of this property," sales agent Greg Standifer said. Some of the possible home designs in Valle Verde include The Bellagio as well as the French-sounding Margarette and the English-sounding Lansdowne.
"We don't want it to be one particular style," Standifer said, adding that the Italian name for the neighborhood is hoped "to set us apart."
Too late for that.
In addition to Tuscany Hills, there is already Benevento, which is not only a town in southern Italy but now also a subdivision of 250 all-brick houses in Spring Hill. The first homeowners moved in two years ago.
Benevento is "a neighborhood designed with a hint of Italian style," according to its Web site, offering "traditional custom-built homes."
And there's also Belle Vista, just off of Henpeck Lane, which is already preparing for its second phase of new homes.
Belle Vista is a "European-styled village" according to its promotional literature, with a variety of home plans for buyers to choose from, such as the Bordeaux, which the builders acknowledge as an English cottage, and two French cottage designs, one called the Florence and another called the Dresden.
Coming soon to Wilson Pike in Brentwood is Borgata, which is Italian for village. It will feature 27 custom homes of as-yet unknown designs starting in the $800,000 range. There's also Bellasara, slated to appear later this year near the intersection of Split Log Road and Ragsdale.
Meanwhile, just outside the town of Thompson's Station, construction continues on Brienz Valley, a subdivision named after a community in Switzerland.
The houses in Brienz Valley are not Swiss chalets but traditional brick, two-story homes. But the connection to Europe is an authentic one. Sales agent Rene Ragsdale said the neighborhood's name honors the ancestors of developer John P. Thoni Jr. They lived in the Swiss community before coming to the United States.
Coming up with appealing names for new neighborhoods is not always easy for builders and developers, who have to submit the names for approval to local planning commissions to ensure that the new names do not sound too much like existing neighborhoods covered by the same fire and police forces.
"They don't want the names to repeat or to be too similar to something else," said Beth Ann Smith of Turnberry. "It comes down to the fire chief and 911."
A home shopping trip this spring through some of the county's newest neighborhoods will sound a lot like a European tour, if not exactly look like one.
The craze for French country, Tuscany and other Euro-rural styles is sweeping through, resulting in a slew of subdivisions with foreign names that evoke images of wine, good times, sophistication and la dolce vita.
Some people trace the origins of the Tuscany trend — now showing up in furniture lines, china patterns and cookbooks — to the books of Frances Mayes. Her memoir, Under the Tuscan Sun, was made into a movie in 2004.
Another writer, Peter Mayle, has popularized the French countryside over the past several years with his travel memoirs, including the bestseller A Year in Provence.
Wherever the Euro trend comes from, it has grabbed the imaginations of some local developers — at least while they were working to come up with names for their new subdivisions.
Lily Griffin of Oxford Real Estate Co. said she believes it comes from "more people with more spending power who are traveling more."
"Everyone is interested in European flair," she said. And from traveling in Europe, they are more familiar with what's going on there, she added. Griffin's company is marketing the new Tuscany Hills neighborhood on Split Log Road in Brentwood.
The houses being built so far in Tuscany Hills, however, are not the stucco and rough-stone villas that characterize the Tuscany region of Italy.
While the builders are de-emphasizing the all-brick traditional look by mortar washing and by adding stone and other features such as turrets, "I don't know that it's going to be so much a Tuscan-looking neighborhood," Griffin acknowledged. "I think it's more in the name."
Despite its Italian name, the neighborhood has a street called Versailles and is incorporating the French fleur de lis as a visual accent in the streetscape.
"I think a lot of the interest in French or Old World stems from more people with an interest in wine and wine country," speculated Cheryl Oglesby, a manager at Sprintz Furniture in Cool Springs. The store carries several lines of furniture in French country, Tuscan and Spanish colonial styles. The newest thing is a line inspired by the "Argentine hacienda" look.
On Moores Lane, just west of CoolSprings Galleria, Valle Verde is poised to take off with construction beginning on the first of its 41 homes. The neighborhood's name means "green valley" in Italian.
"It's a great description of this property," sales agent Greg Standifer said. Some of the possible home designs in Valle Verde include The Bellagio as well as the French-sounding Margarette and the English-sounding Lansdowne.
"We don't want it to be one particular style," Standifer said, adding that the Italian name for the neighborhood is hoped "to set us apart."
Too late for that.
In addition to Tuscany Hills, there is already Benevento, which is not only a town in southern Italy but now also a subdivision of 250 all-brick houses in Spring Hill. The first homeowners moved in two years ago.
Benevento is "a neighborhood designed with a hint of Italian style," according to its Web site, offering "traditional custom-built homes."
And there's also Belle Vista, just off of Henpeck Lane, which is already preparing for its second phase of new homes.
Belle Vista is a "European-styled village" according to its promotional literature, with a variety of home plans for buyers to choose from, such as the Bordeaux, which the builders acknowledge as an English cottage, and two French cottage designs, one called the Florence and another called the Dresden.
Coming soon to Wilson Pike in Brentwood is Borgata, which is Italian for village. It will feature 27 custom homes of as-yet unknown designs starting in the $800,000 range. There's also Bellasara, slated to appear later this year near the intersection of Split Log Road and Ragsdale.
Meanwhile, just outside the town of Thompson's Station, construction continues on Brienz Valley, a subdivision named after a community in Switzerland.
The houses in Brienz Valley are not Swiss chalets but traditional brick, two-story homes. But the connection to Europe is an authentic one. Sales agent Rene Ragsdale said the neighborhood's name honors the ancestors of developer John P. Thoni Jr. They lived in the Swiss community before coming to the United States.
Coming up with appealing names for new neighborhoods is not always easy for builders and developers, who have to submit the names for approval to local planning commissions to ensure that the new names do not sound too much like existing neighborhoods covered by the same fire and police forces.
"They don't want the names to repeat or to be too similar to something else," said Beth Ann Smith of Turnberry. "It comes down to the fire chief and 911."
February 4, 2008
Mandrell Estate will become exclusive sub-division
Friday, February 1, 2008
Mandrell estate destined for residential development
Nashville Business Journal -
Country music star Barbara Mandrell's former estate will be developed as nine large homes in a large-lot subdivision - the end product of a deal struck last week between Tower Land Co. and the estate's owners.
Terms of the partnership were not disclosed, but officials say 10 lots, including Mandrell's former 27,000 square foot log cabin home, will be sold.
Lot prices will start in the low $300,000s.
Tower's announcement has already generated interest from potential buyers, says Alex Marks, senior vice president of Tower Land Co., a wholly owned subsidiary of Tower Investments LLC.
The developer has been building equestrian communities and large-lot subdivisions in the outskirts of Nashville in areas that include Leipers Fork. Tower has communities in Williamson, Maury and Fentress counties. This is the company's first subdivision in Davidson County.
Estate owners Dale Morris and Marc Oswald, co-managers of country acts Big & Rich, Alabama and Gretchen Wilson, bought the estate for $2.1 million in an auction in 2002. They approached Tower about the development because of Tower's focus on large-lot subdivisions.
"We don't do high-density subdivisions," Marks says.
Marks says he doesn't know what the log home, which was at one time the largest in the world, will sell for today.
Richard Exton, principal appraiser at Manier and Exton, says he has not done an appraisal on the property, but it could be worth more now since residential and land values have risen since 2002. He says it would need to have been occupied and well-maintained to have increased in value.
Marks says the three-story Fontanel Mansion was too large to be used as a clubhouse for the community.
Its 18 rooms, six bedrooms, indoor pool and spa, media room, gym, indoor pistol range, formal dining room and 2,500-square-foot great room make it a mammoth home.
The estate was the site of CMT's new reality show "Gone Country."
Tower Investments LLC is headquartered in Northern California and has an office in Nashville.
Mandrell estate destined for residential development
Nashville Business Journal -
Country music star Barbara Mandrell's former estate will be developed as nine large homes in a large-lot subdivision - the end product of a deal struck last week between Tower Land Co. and the estate's owners.
Terms of the partnership were not disclosed, but officials say 10 lots, including Mandrell's former 27,000 square foot log cabin home, will be sold.
Lot prices will start in the low $300,000s.
Tower's announcement has already generated interest from potential buyers, says Alex Marks, senior vice president of Tower Land Co., a wholly owned subsidiary of Tower Investments LLC.
The developer has been building equestrian communities and large-lot subdivisions in the outskirts of Nashville in areas that include Leipers Fork. Tower has communities in Williamson, Maury and Fentress counties. This is the company's first subdivision in Davidson County.
Estate owners Dale Morris and Marc Oswald, co-managers of country acts Big & Rich, Alabama and Gretchen Wilson, bought the estate for $2.1 million in an auction in 2002. They approached Tower about the development because of Tower's focus on large-lot subdivisions.
"We don't do high-density subdivisions," Marks says.
Marks says he doesn't know what the log home, which was at one time the largest in the world, will sell for today.
Richard Exton, principal appraiser at Manier and Exton, says he has not done an appraisal on the property, but it could be worth more now since residential and land values have risen since 2002. He says it would need to have been occupied and well-maintained to have increased in value.
Marks says the three-story Fontanel Mansion was too large to be used as a clubhouse for the community.
Its 18 rooms, six bedrooms, indoor pool and spa, media room, gym, indoor pistol range, formal dining room and 2,500-square-foot great room make it a mammoth home.
The estate was the site of CMT's new reality show "Gone Country."
Tower Investments LLC is headquartered in Northern California and has an office in Nashville.
January 20, 2008
Is new home construction slow down good for the Nashville real estate market?
Nashville new home construction is down but that could be good news for the real estate market
The Nashville area's building permits have fallen to the pre-boom levels of 2003, a sign that builders strongly restricted new home construction in 2007.
Analysts say that pull back is good for the real estate market since inventory levels have been on the rise and demand shrunk.
Tightening has also meant job cuts.
"The good news is that the building permits are off, because we are finding ourselves with some extra inventory in the marketplace," says Edsel Charles, president of Nashville-based MarketGraphics Research Group, which conducted the report. "We are seeing the market reaching for a bottom and anticipate that the market will start its recovery between August of 2008 and March 2009."
Building permits in the seven-county area for January through November were down 17 percent in 2007 - coming in at 11,389 compared to 13,851, according to MarketGraphics. In 2003 there were 11,421 permits pulled between January and November.
The change in market dynamics has caused Nashville builders to shave staff and reposition their businesses.
Nashville-based Greenvale Homes pulled 22 percent fewer permits in 2007 than in 2006, and its inventory was down almost 50 percent.
Greenvale's chief financial officer Shane McFarland says builders were smart in 2007 and slowed their construction to allow inventory to be absorbed. The slowdown caused his company to cut some staffing and its subcontractor base.
"Most companies have had to scale back on operating, whether its inside staff or outside staff. We could not be positioned to be building homes at an '06 level. Any prudent business has done that," McFarland says.
Middle Tennessee State University economist David Penn says he's sure the local building industry has seen cutbacks. So far, however, preliminary numbers show construction jobs locally have increased over last year, but Penn says when adjusted numbers come out, they may show a drop.
Construction jobs nationally have been falling, and Penn isn't sure if the pick-up in commercial building and road construction is enough to offset the residential losses in Nashville. Phil Pace, owner of The Conseco Group Inc. a construction service company that primarily does commercial building, says he's seen a lot more resumes from residential contractors looking for work.
Pace says he expects to see more competition in the commercial subcontractor market, which could mean their services may cost slightly less or "at best" stay flat. Pace says this looks to be a plus for his company, since the last couple years have seen prices rise for all trades.
Wilson County bucked the trend this year. It had a 13 percent increase in building permits to 1,208 from 1,068. Davidson County was the other county with an increase - 0.5 percent to 3,812 - from January through November, according to MarketGraphics.
The other five counties saw permits decline, including Williamson County with the largest drop of 37 percent.
Real estate agents in Mt. Juliet say Providence Marketplace, good schools and affordable prices have increased construction in Wilson County.
"We've got almost everything that people are looking for. People are coming farther east to buy. They can get so much more for their money," says Margaret Dixon, who sells homes for builders through Crye-Leike Realtors. She says her builders in Wilson County reacted to the market by slowing down. The result: She now has no spec homes left from one builder, one home left from another and two spec homes left from a third.
And with the median price for a home at $202,500, buyers can get a lot more for their money than Williamson County's $379,369 median price.
McFarland says he expects the housing market to be strong into 2008, but not as good as 2005 and 2006. His company, which primarily builds in Davidson and Rutherford counties, has moved into Wilson County because numbers showed it was a land of opportunity.
Celebration Homes principal partner Randall Smith says his sales in Wilson County helped his company see its best year since it started in 2001. The builder sells homes in three counties, but sales in Providence played a significant role in the company's success this year.
"We've seen steady demand for our housing in Providence where some of our other communities demand has been less. Some of that has been due to oversupply of housing," Smith says.
Nashville Business Journal - January 18, 2008
The Nashville area's building permits have fallen to the pre-boom levels of 2003, a sign that builders strongly restricted new home construction in 2007.
Analysts say that pull back is good for the real estate market since inventory levels have been on the rise and demand shrunk.
Tightening has also meant job cuts.
"The good news is that the building permits are off, because we are finding ourselves with some extra inventory in the marketplace," says Edsel Charles, president of Nashville-based MarketGraphics Research Group, which conducted the report. "We are seeing the market reaching for a bottom and anticipate that the market will start its recovery between August of 2008 and March 2009."
Building permits in the seven-county area for January through November were down 17 percent in 2007 - coming in at 11,389 compared to 13,851, according to MarketGraphics. In 2003 there were 11,421 permits pulled between January and November.
The change in market dynamics has caused Nashville builders to shave staff and reposition their businesses.
Nashville-based Greenvale Homes pulled 22 percent fewer permits in 2007 than in 2006, and its inventory was down almost 50 percent.
Greenvale's chief financial officer Shane McFarland says builders were smart in 2007 and slowed their construction to allow inventory to be absorbed. The slowdown caused his company to cut some staffing and its subcontractor base.
"Most companies have had to scale back on operating, whether its inside staff or outside staff. We could not be positioned to be building homes at an '06 level. Any prudent business has done that," McFarland says.
Middle Tennessee State University economist David Penn says he's sure the local building industry has seen cutbacks. So far, however, preliminary numbers show construction jobs locally have increased over last year, but Penn says when adjusted numbers come out, they may show a drop.
Construction jobs nationally have been falling, and Penn isn't sure if the pick-up in commercial building and road construction is enough to offset the residential losses in Nashville. Phil Pace, owner of The Conseco Group Inc. a construction service company that primarily does commercial building, says he's seen a lot more resumes from residential contractors looking for work.
Pace says he expects to see more competition in the commercial subcontractor market, which could mean their services may cost slightly less or "at best" stay flat. Pace says this looks to be a plus for his company, since the last couple years have seen prices rise for all trades.
Wilson County bucked the trend this year. It had a 13 percent increase in building permits to 1,208 from 1,068. Davidson County was the other county with an increase - 0.5 percent to 3,812 - from January through November, according to MarketGraphics.
The other five counties saw permits decline, including Williamson County with the largest drop of 37 percent.
Real estate agents in Mt. Juliet say Providence Marketplace, good schools and affordable prices have increased construction in Wilson County.
"We've got almost everything that people are looking for. People are coming farther east to buy. They can get so much more for their money," says Margaret Dixon, who sells homes for builders through Crye-Leike Realtors. She says her builders in Wilson County reacted to the market by slowing down. The result: She now has no spec homes left from one builder, one home left from another and two spec homes left from a third.
And with the median price for a home at $202,500, buyers can get a lot more for their money than Williamson County's $379,369 median price.
McFarland says he expects the housing market to be strong into 2008, but not as good as 2005 and 2006. His company, which primarily builds in Davidson and Rutherford counties, has moved into Wilson County because numbers showed it was a land of opportunity.
Celebration Homes principal partner Randall Smith says his sales in Wilson County helped his company see its best year since it started in 2001. The builder sells homes in three counties, but sales in Providence played a significant role in the company's success this year.
"We've seen steady demand for our housing in Providence where some of our other communities demand has been less. Some of that has been due to oversupply of housing," Smith says.
Nashville Business Journal - January 18, 2008
Franklin Special School District honors it's board
Proclamation honors school board officials
Mayor John Schroer has declared Jan. 20-26 school board appreciation week. Schroer delivered the proclamation personally to the Franklin Special School District Board of Education at its meeting.
The proclamation, given annually to the school board, honors board members for their hours of public service to the community.
A former FSSD board member for 14 years, Schroer told board members that he had a great love for the school system he served.
The board celebrates the week by visiting schools and attending various student celebrations.
In honor of the board members, the school system also donated a book to each school library, A Guide to the Natchez Trace.
"This is a family like no other," Schroer said.
Disciplinary board members namedThe board unanimously approved the appointment of three members to serve on the student disciplinary hearing authority. The members are: Jerre Ann Mathis, Tricia Green and Roberta Hill.
Board policy dictates that the school district must have a disciplinary board in place. Director of Schools David Snowden said that it is rare that the district needs the help of the board, but nevertheless the institution is necessary.
"Thankfully, we don't have a lot of situations," Snowden told the board members. "But we need one anyway."
Board to vote on firm for renovationsFormer FSSD board member Mayor John Schroer advised his former colleagues to interview two out of four construction management firms before deciding on which would oversee renovation projects at Freedom Intermediate and Moore Elementary schools.
The school board requested proposals for the management job and received four bids, with the lowest a tie between two companies at $588,000.
The two companies are Doster Construction and Medical Construction Group. Schroer said both firms came highly recommended but that the board should hold individual interviews.
The school board will interview and vote on the competing firms at a specially called meeting Saturday 4 p.m. at The Lodge at Deer Run, 3803 Perkins Road, Thompson's Station.
"They are your eyes and ears on the project," Schroer told board members. "Their pricing is fixed. It doesn't do them a lot of good to cut corners. Both of these companies are anxious to have the job."
The Williamson A.M - The Tennessean
Mayor John Schroer has declared Jan. 20-26 school board appreciation week. Schroer delivered the proclamation personally to the Franklin Special School District Board of Education at its meeting.
The proclamation, given annually to the school board, honors board members for their hours of public service to the community.
A former FSSD board member for 14 years, Schroer told board members that he had a great love for the school system he served.
The board celebrates the week by visiting schools and attending various student celebrations.
In honor of the board members, the school system also donated a book to each school library, A Guide to the Natchez Trace.
"This is a family like no other," Schroer said.
Disciplinary board members namedThe board unanimously approved the appointment of three members to serve on the student disciplinary hearing authority. The members are: Jerre Ann Mathis, Tricia Green and Roberta Hill.
Board policy dictates that the school district must have a disciplinary board in place. Director of Schools David Snowden said that it is rare that the district needs the help of the board, but nevertheless the institution is necessary.
"Thankfully, we don't have a lot of situations," Snowden told the board members. "But we need one anyway."
Board to vote on firm for renovationsFormer FSSD board member Mayor John Schroer advised his former colleagues to interview two out of four construction management firms before deciding on which would oversee renovation projects at Freedom Intermediate and Moore Elementary schools.
The school board requested proposals for the management job and received four bids, with the lowest a tie between two companies at $588,000.
The two companies are Doster Construction and Medical Construction Group. Schroer said both firms came highly recommended but that the board should hold individual interviews.
The school board will interview and vote on the competing firms at a specially called meeting Saturday 4 p.m. at The Lodge at Deer Run, 3803 Perkins Road, Thompson's Station.
"They are your eyes and ears on the project," Schroer told board members. "Their pricing is fixed. It doesn't do them a lot of good to cut corners. Both of these companies are anxious to have the job."
The Williamson A.M - The Tennessean
January 18, 2008
National Assoc. of Realtors Home Value Facts
NAR Campaign Relates Real Facts About Real Estate
WASHINGTON, January 14, 2008 -
Beginning today, the National Association of Realtors® is reaching out to consumers with the facts about homeownership and the value of real estate as a long-term investment. Would-be homeowners who are uncertain about their home buying plans can learn more about the options available to them and the long-term benefits of owning a home through a new advertising campaign that will provide current, relevant housing data to help them make informed decisions about buying a home.
Over the past 30 years, the median price of existing homes has increased an average of more than 6 percent every year, and home values nearly double every 10 years, according to historical data from NAR’s existing-home sales series. A Federal Reserve study has shown that the average homeowner's net worth is 46 times the net worth of the average renter. Despite this and other research, some potential home buyers are being kept on the sidelines as they react to national media reports about the housing market.
“Nobody buys a home in the national real estate market,” said NAR President Dick Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif. “All real estate markets are local, and buyers and sellers who are thinking about making a move should consult with a Realtor® in their local market to learn about conditions specific to the area. It’s also advisable to look beyond the immediate horizon – real estate has proven itself to be a good long-term investment and a safe, secure way to build long-term wealth.”
According to NAR’s most recent forecast, existing-home sales are likely to total 5.66 million in 2007, the fifth highest on record, rising to 5.70 million in 2008 and 5.91 million in 2009. Existing-home prices are likely to be down 1.9 percent to a median of $217,600 for all of 2007 which is good news for buyers; prices are expected to hold steady in 2008, and then rise 3.1 percent in 2009 to $224,400.
The campaign includes a new Web site, www.HousingMarketFacts.com, which provides more information about the benefits and value of owning a home, identifies current public policy issues of importance to consumers in the real estate transaction and allows visitors to link directly to www.REALTOR.com to find a Realtor®.
The ads are part of NAR’s Public Awareness Campaign. For more than a decade, the Public Awareness Campaign has helped millions of consumers realize the value of using a Realtor® to help them buy or sell real estate, and is now educating consumers about the value of housing as a long-term investment. In 2008, campaign ads will be broadcast nationwide from January through November and will air more than 10,000 times on national TV and radio outlets. Local and state Realtor® associations are encouraged to coordinate with the campaign in their markets with local radio, TV and print buys. To learn more about the national Public Awareness Campaign, visit www.realtor.org/awarenesscampaign.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
WASHINGTON, January 14, 2008 -
Beginning today, the National Association of Realtors® is reaching out to consumers with the facts about homeownership and the value of real estate as a long-term investment. Would-be homeowners who are uncertain about their home buying plans can learn more about the options available to them and the long-term benefits of owning a home through a new advertising campaign that will provide current, relevant housing data to help them make informed decisions about buying a home.
Over the past 30 years, the median price of existing homes has increased an average of more than 6 percent every year, and home values nearly double every 10 years, according to historical data from NAR’s existing-home sales series. A Federal Reserve study has shown that the average homeowner's net worth is 46 times the net worth of the average renter. Despite this and other research, some potential home buyers are being kept on the sidelines as they react to national media reports about the housing market.
“Nobody buys a home in the national real estate market,” said NAR President Dick Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif. “All real estate markets are local, and buyers and sellers who are thinking about making a move should consult with a Realtor® in their local market to learn about conditions specific to the area. It’s also advisable to look beyond the immediate horizon – real estate has proven itself to be a good long-term investment and a safe, secure way to build long-term wealth.”
According to NAR’s most recent forecast, existing-home sales are likely to total 5.66 million in 2007, the fifth highest on record, rising to 5.70 million in 2008 and 5.91 million in 2009. Existing-home prices are likely to be down 1.9 percent to a median of $217,600 for all of 2007 which is good news for buyers; prices are expected to hold steady in 2008, and then rise 3.1 percent in 2009 to $224,400.
The campaign includes a new Web site, www.HousingMarketFacts.com, which provides more information about the benefits and value of owning a home, identifies current public policy issues of importance to consumers in the real estate transaction and allows visitors to link directly to www.REALTOR.com to find a Realtor®.
The ads are part of NAR’s Public Awareness Campaign. For more than a decade, the Public Awareness Campaign has helped millions of consumers realize the value of using a Realtor® to help them buy or sell real estate, and is now educating consumers about the value of housing as a long-term investment. In 2008, campaign ads will be broadcast nationwide from January through November and will air more than 10,000 times on national TV and radio outlets. Local and state Realtor® associations are encouraged to coordinate with the campaign in their markets with local radio, TV and print buys. To learn more about the national Public Awareness Campaign, visit www.realtor.org/awarenesscampaign.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
January 7, 2008
Williamson County December 2007 Home Sales
Williamson County Association of Realtors® Announces December 2007 Home Sales
January 7, 2008 (Franklin, TN)-The Williamson County Association of REALTORS® today announces the sale of homes statistics for Williamson County, Tn. for the month of December 2007. There were 305 residential and condominium closings reported for the month of December, according to figures provided by RealTracs Solutions, the multiple listing service used by REALTORS® in the Middle-Tennessee area.
Compared to December of 2006, the single family residential closings decreased 30 percent and the median price decreased by 2 percent. Compared to 2005, the median home prices have increased by 20 percent. Condominiums closings have increased by 2 percent and the median price increased by 5 percent. Compared to 2005, the median price for condominiums has increased 37 percent. The average days on the market (DOM) for residential homes have increased by 21 days and condominiums have increased by 2 days. Days on the market have been consistent since the onset of 2007, with the days ranging from 58 - 72 days. Median prices have remained consistent since January 2007, ranging from $365,000 to $391,200. The median is a typical market price where half of the homes sold for more and half sold for less.
As expected the real estate market in Williamson County remained consistent with the other months of the fourth quarter producing approximately 250 residential closings each month. Real estate continues to be a strong investment in our area despite the seasonal slowdown that is consistent with the fourth quarter of every year. Nationally 2007 is the fifth best year for real estate since the National Association of REALTORS® began keeping records; more than 100 years ago. We expect 2008 to remain consistent with 2007 with an increased volume of transactions towards the middle of the year." said Kathie Moore, 2008 President of the Williamson County Association of REALTORS®.
As expected the real estate market in Williamson County remained consistent with the other months of the fourth quarter producing approximately 250 residential closings each month. Real estate continues to be a strong investment in our area despite the seasonal slowdown that is consistent with the fourth quarter of every year. Nationally 2007 is the fifth best year for real estate since the National Association of REALTORS® began keeping records; more than 100 years ago. We expect 2008 to remain consistent with 2007 with an increased volume of transactions towards the middle of the year." said Kathie Moore, 2008 President of the Williamson County Association of REALTORS®.
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