Friday, April 11, 2008
Nashville Bankruptcy trustee starts new program to help financially ailing homeowners
Nashville Business Journal - by Cynthia Yeldell Nashville Business Journal
Nashville's Bankruptcy trustee is joining his counterparts in Memphis and Jackson to launch a new tool to prevent foreclosures.
The Tennessee Mortgage Mitigation Project pairs troubled homeowners with community organizations that serve as mediators to help borrowers negotiate new loan terms with mortgage lenders.
Under current law, bankruptcy judges aren't allowed to alter the terms of mortgage loans.
Middle Tennessee Chapter 13 Bankruptcy Trustee Henry Hildebrand says the program is needed because local foreclosures are growing at an exponential rate. He says bankruptcies with mortgage foreclosures have been increasing the past two years and are up 20 to 30 percent from last year.
Of the 400 bankruptcy cases Hildebrand sees each month, he says about 300 have mortgages tied to them.
"It's not like Nevada where they have enormous problems, but it's pretty substantial here," Hildebrand says.
The Center For Responsible Lending expects 46,218 foreclosures in Tennessee - primarily in 2008 and 2009 - that will decrease home values and the tax base by an estimated $967 million.
The agency says court-supervised modification could reduce the number of foreclosed homes by 11,555 and save $242 million in home values and tax base.
Hildebrand says the program is beneficial to mortgage lenders and borrowers. For instance, it can help buyers keep their homes by arranging for a loan change from an adjustable rate to a more affordable fixed rate.
Lenders save money by preventing foreclosures, estimated to cost an average of $50,000 per home, Hildebrand says.
Each bankruptcy trustee has developed a list of mortgage lenders that are willing to work with borrowers and a list of local community organizations that will serve as mediators.
Teresa Burns is executive director of GAP Community Development Resources, a nonprofit organization that is on the list of local mediators. Burns says homeowners can receive help preventing foreclosures before or after going into bankruptcy.
Burns' Williamson County office has been bombarded with requests for foreclosure help in recent months, she says.
In September 2007, 10 clients requested foreclosure help. In March this year, there were 110 new cases.
The increase was gradual at first. Burns saw 16 new cases in November last year, 24 in December and 48 in January.
"I do have some people come in here and just try to leave their keys in my office because they just can't afford it," Burns says. "I can foresee the same thing that hit Atlanta and Florida coming here."
Donna Marie Jendritza, public relations manager for Texas-based Litton Loan Services, one of the mortgage lenders on the list, says her company has been working with borrowers to modify loans since 2006. The company can lower interest rates, change adjustable rate mortgages to fixed rates or waive fees, she says.
"We are working with the courts to come up with a plan," Jendritza says.
George Stevenson, one of two Chapter 13 bankruptcy Trustees in Memphis, says West Tennessee started its program earlier this year.
He says the program has raised awareness of loss mitigation and more lawyers are starting to enter the process before their clients file bankruptcy
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
April 11, 2008
Garden Tour in Nashville's 12th South
12th South home-garden tour shows off 'urban hip'
Neighborhood displays architecture from 1920s bungalows to new construction
Davidson A.M. • April 11, 2008
Pam and Mark Miller moved into their home in the 12th South neighborhood about 18 months ago. "We call it urban hip here," Pam Miller said. "We love it. You are close to everything, and there are so many neat places to go. Our home is new, but we built it to look more traditional. It has a great open floor plan."
Stephanie and Adam Romary are going on their fifth year living in their 1925 bungalow in the same neighborhood.
"It's wonderful here," Stephanie Romary said. "The neighbors are great. We walk together and have dinner together."
So, when their homes, as well as seven other homes and two gardens, were selected to be on the fifth annual 12South Neighborhood Tour, they were eager to accept. Produced by the 12South Neighborhood Association, the tour is set for 11 a.m.-5 p.m., April 19.
Tickets are $8 and available for purchase from 10:30 a.m. to 4 p.m. at the Summer Classics parking lot located at 2600 12th Ave. South.
Proceeds from the tour will benefit neighborhood improvements and beautification projects. Since the annual tour started, the neighborhood association has raised enough money to plant cherry trees along the 12th South business district and install a new marker designating the 12South area in the traffic island on the north side of the district.
Tarek El Gammal, president of the neighborhood association, said last year the tour sold about 350 tickets. He is hoping for at least that many this year.
"The tickets are actually the tour guides," El Gammal said. "Each ticket holder gets a package with a write-up of each house. There is also a map and a suggested route to take. Of course, you can come and go as you want."
El Gammal said the association defines the 12South area as running from Wedgewood Avenue on the north side to about Kirkwood Avenue to the south. It goes about one-half of a block west from 12th Avenue to a couple of blocks east.
"Metro planning has the east boundary at 10th Avenue, but we also include Vaulx," El Gammal said. "Those boundaries are a little loose."
Walkability, heritage part of charm
Miller and her husband had lived in Williamson County before moving into the area. Mark Miller, Milmar Properties, is a contractor.
"He has built over 60 homes in the 12South, Belmont, Vanderbilt and Green Hills areas," she said. "We just felt it was time we moved into the area, too."
So, while their home will represent a more contemporary style, the Romary home on Montrose Avenue will represent the architectural heritage in the area.
"We have scraped and painted," Romary said. "There were five or six layers of paint and wallpaper on these walls. We have done the ceilings. But, we kept all our original built-ins."
El Gammal's traditional bungalow was on the tour last year. He and his family have only lived in Nashville a little over a year, after moving here from Chicago.
"This was the closest thing we found to what we were used to in Chicago," he said. "The walkability really caught our eyes. We loved the architecture in the area and all the nearby businesses."
From front porches to new business
The 12South neighborhood has undergone significant changes over the past five years or so. The easy access to downtown and other Nashville areas, combined with the affordability of the homes increased its attractiveness. Then, as new residents started to come into the area, new businesses also came.
"You can see the changes through the tour," El Gammal said. "The residents and businesses have fed off of each other. We expect the business district to be quite lively during the tour as well."
Ken Winter, a 12South Neighborhood Association board member, said the association worked hard in selecting the homes and gardens on the tour.
"We worked hard to represent not only the multiplicity of housing here, but also each residence's relation to the cultural and architectural heritage of the neighborhood," said Winter, an eight-year resident in the area.
The selection of homes, he said, also "exudes the front-porch neighborliness we treasure."
Neighborhood displays architecture from 1920s bungalows to new construction
Davidson A.M. • April 11, 2008
Pam and Mark Miller moved into their home in the 12th South neighborhood about 18 months ago. "We call it urban hip here," Pam Miller said. "We love it. You are close to everything, and there are so many neat places to go. Our home is new, but we built it to look more traditional. It has a great open floor plan."
Stephanie and Adam Romary are going on their fifth year living in their 1925 bungalow in the same neighborhood.
"It's wonderful here," Stephanie Romary said. "The neighbors are great. We walk together and have dinner together."
So, when their homes, as well as seven other homes and two gardens, were selected to be on the fifth annual 12South Neighborhood Tour, they were eager to accept. Produced by the 12South Neighborhood Association, the tour is set for 11 a.m.-5 p.m., April 19.
Tickets are $8 and available for purchase from 10:30 a.m. to 4 p.m. at the Summer Classics parking lot located at 2600 12th Ave. South.
Proceeds from the tour will benefit neighborhood improvements and beautification projects. Since the annual tour started, the neighborhood association has raised enough money to plant cherry trees along the 12th South business district and install a new marker designating the 12South area in the traffic island on the north side of the district.
Tarek El Gammal, president of the neighborhood association, said last year the tour sold about 350 tickets. He is hoping for at least that many this year.
"The tickets are actually the tour guides," El Gammal said. "Each ticket holder gets a package with a write-up of each house. There is also a map and a suggested route to take. Of course, you can come and go as you want."
El Gammal said the association defines the 12South area as running from Wedgewood Avenue on the north side to about Kirkwood Avenue to the south. It goes about one-half of a block west from 12th Avenue to a couple of blocks east.
"Metro planning has the east boundary at 10th Avenue, but we also include Vaulx," El Gammal said. "Those boundaries are a little loose."
Walkability, heritage part of charm
Miller and her husband had lived in Williamson County before moving into the area. Mark Miller, Milmar Properties, is a contractor.
"He has built over 60 homes in the 12South, Belmont, Vanderbilt and Green Hills areas," she said. "We just felt it was time we moved into the area, too."
So, while their home will represent a more contemporary style, the Romary home on Montrose Avenue will represent the architectural heritage in the area.
"We have scraped and painted," Romary said. "There were five or six layers of paint and wallpaper on these walls. We have done the ceilings. But, we kept all our original built-ins."
El Gammal's traditional bungalow was on the tour last year. He and his family have only lived in Nashville a little over a year, after moving here from Chicago.
"This was the closest thing we found to what we were used to in Chicago," he said. "The walkability really caught our eyes. We loved the architecture in the area and all the nearby businesses."
From front porches to new business
The 12South neighborhood has undergone significant changes over the past five years or so. The easy access to downtown and other Nashville areas, combined with the affordability of the homes increased its attractiveness. Then, as new residents started to come into the area, new businesses also came.
"You can see the changes through the tour," El Gammal said. "The residents and businesses have fed off of each other. We expect the business district to be quite lively during the tour as well."
Ken Winter, a 12South Neighborhood Association board member, said the association worked hard in selecting the homes and gardens on the tour.
"We worked hard to represent not only the multiplicity of housing here, but also each residence's relation to the cultural and architectural heritage of the neighborhood," said Winter, an eight-year resident in the area.
The selection of homes, he said, also "exudes the front-porch neighborliness we treasure."
April 10, 2008
Nashville home sales drop but prices are up
March home sales down 28%, prices up 3%
Nashville Business Journal, April 10, 2008
Nashville area home sales dropped 28.7 percent in March, but prices rose 3 percent, creating a bright spot for local Realtors.
Total home closings are down to 2,227 from 3,126 in March 2007.
Inventory has been rising each month in 2008, from 21,952 in January to 22,473 in February to 23,730 in March. The number of homes on the market is up from 19,091 in March of last year.
Prices for single family homes increased 3 percent to $178,388 from $173,388. The median price for condominiums increased 4.6 percent to $160,573 from $153,400.
"The number of closings is down significantly compared to last year, but the fact that home prices are rising is a good sign that the Greater Nashville market remains stable even in this time of market transition," says GNAR President Mandy Wachtler in a news
Nashville Business Journal, April 10, 2008
Nashville area home sales dropped 28.7 percent in March, but prices rose 3 percent, creating a bright spot for local Realtors.
Total home closings are down to 2,227 from 3,126 in March 2007.
Inventory has been rising each month in 2008, from 21,952 in January to 22,473 in February to 23,730 in March. The number of homes on the market is up from 19,091 in March of last year.
Prices for single family homes increased 3 percent to $178,388 from $173,388. The median price for condominiums increased 4.6 percent to $160,573 from $153,400.
"The number of closings is down significantly compared to last year, but the fact that home prices are rising is a good sign that the Greater Nashville market remains stable even in this time of market transition," says GNAR President Mandy Wachtler in a news
April 9, 2008
Old Post office will receive upgrades
Franklin plans for newest old buildings
In first step since land swap, city to rehab Five Points Post Office
The Tennessean April 9, 2008
FRANKLIN — Years after a land swap with the county, Franklin will pay $2.5 million to take ownership of several aging downtown properties, including the Five Points Post Office.
The next question remains how much more will be spent on improving those properties — and how much the county will spend to create a new passive park on the 200 acres near Leiper's Fork it received in trade.
There's been no discussion from either camp about what might be ahead.
City leaders traded the wooded land known as the "Springs property" in exchange for the county-owned Five Points Post Office building, two jail buildings on Bridge Street and about 6 acres on Eddy Lane that adjoin Fort Granger, all in or near downtown.
Because the Springs property was formerly owned through the city's Water and Sewer Fund, regulations mandate that city officials must purchase the formerly county-owned properties from that fund before updating those buildings for general, public purposes.
After months of discussion, aldermen agreed in late March to begin making 36 monthly payments of $73,810 tothe fund. City and county officials first discussed the swap back in 2005 and finalized the deal last year.
The $2.5 million price is based on a 2002 appraisal by state Department of Transportation officials of the Springs property, according to interim City Administrator Russ Truell.
Now that Franklin technically owns the downtown properties, city leaders are addressing the conditions of the buildings and renewing leases.
The one with the most pressing need of attention is the 1930s-era post office, arguably one of downtown Franklin's most visible sites. It's home to a private postal operation and the offices of the Heritage Foundation of Franklin and Williamson County. Archival material is stored in its basement.
"You have to maintain the stuff you own," Franklin Mayor John Schroer said. "The post office is a very viable piece of property in the city of Franklin. It has to be maintained."
Potential repairs run the gamut from minor fixes, like repairing broken toilets, to major overhauls, such as replacing its antiquated heating and cooling system.
"We just gave them a list of things we felt like were in their best interests to fix," Heritage Foundation Executive Director Mary Pearce said.
Attorneys are negotiating lease terms with the post office operation and the foundation.
Rent set at $1,000 In the case of the foundation, a new lease calls for a monthly $1,000 payment to the city. Under its previous lease with the county, the foundation paid $1 a year. The latest discussions have centered on how much the foundation should pay toward the building's utility bill.
Interim City Attorney Shauna Billingsley confirmed that negotiations were ongoing with both tenants and were not finalized.
Despite any changes, keeping a post office downtown remains a must for Pearce.
"As someone who cares about the ongoing vitality of Main Street, I think it's critical," Pearce said. Post office manager Kathy Russell confirmed a new lease for her operation is still being finalized, but did not elaborate. "We are still going to be here," Russell said. "If I had any concerns (about the building's condition), I would discuss it with (the city)."
The last contract between the county and Russell for the space stood at $11,600 annually.
Archives will moveBy year's end, the county archival materials will be removed from the post office basement as crews cull through the records, deciding which to keep and relocate and which to destroy, County Mayor Rogers Anderson said.
Discussions about the future of the former jail buildings on Bridge Street and the land on Eddy Lane are still ongoing.
As for the new county park, Anderson said residents should expect public meetings about how the Springs property might be used, but to expect no work on it this year.
In first step since land swap, city to rehab Five Points Post Office
The Tennessean April 9, 2008
FRANKLIN — Years after a land swap with the county, Franklin will pay $2.5 million to take ownership of several aging downtown properties, including the Five Points Post Office.
The next question remains how much more will be spent on improving those properties — and how much the county will spend to create a new passive park on the 200 acres near Leiper's Fork it received in trade.
There's been no discussion from either camp about what might be ahead.
City leaders traded the wooded land known as the "Springs property" in exchange for the county-owned Five Points Post Office building, two jail buildings on Bridge Street and about 6 acres on Eddy Lane that adjoin Fort Granger, all in or near downtown.
Because the Springs property was formerly owned through the city's Water and Sewer Fund, regulations mandate that city officials must purchase the formerly county-owned properties from that fund before updating those buildings for general, public purposes.
After months of discussion, aldermen agreed in late March to begin making 36 monthly payments of $73,810 tothe fund. City and county officials first discussed the swap back in 2005 and finalized the deal last year.
The $2.5 million price is based on a 2002 appraisal by state Department of Transportation officials of the Springs property, according to interim City Administrator Russ Truell.
Now that Franklin technically owns the downtown properties, city leaders are addressing the conditions of the buildings and renewing leases.
The one with the most pressing need of attention is the 1930s-era post office, arguably one of downtown Franklin's most visible sites. It's home to a private postal operation and the offices of the Heritage Foundation of Franklin and Williamson County. Archival material is stored in its basement.
"You have to maintain the stuff you own," Franklin Mayor John Schroer said. "The post office is a very viable piece of property in the city of Franklin. It has to be maintained."
Potential repairs run the gamut from minor fixes, like repairing broken toilets, to major overhauls, such as replacing its antiquated heating and cooling system.
"We just gave them a list of things we felt like were in their best interests to fix," Heritage Foundation Executive Director Mary Pearce said.
Attorneys are negotiating lease terms with the post office operation and the foundation.
Rent set at $1,000 In the case of the foundation, a new lease calls for a monthly $1,000 payment to the city. Under its previous lease with the county, the foundation paid $1 a year. The latest discussions have centered on how much the foundation should pay toward the building's utility bill.
Interim City Attorney Shauna Billingsley confirmed that negotiations were ongoing with both tenants and were not finalized.
Despite any changes, keeping a post office downtown remains a must for Pearce.
"As someone who cares about the ongoing vitality of Main Street, I think it's critical," Pearce said. Post office manager Kathy Russell confirmed a new lease for her operation is still being finalized, but did not elaborate. "We are still going to be here," Russell said. "If I had any concerns (about the building's condition), I would discuss it with (the city)."
The last contract between the county and Russell for the space stood at $11,600 annually.
Archives will moveBy year's end, the county archival materials will be removed from the post office basement as crews cull through the records, deciding which to keep and relocate and which to destroy, County Mayor Rogers Anderson said.
Discussions about the future of the former jail buildings on Bridge Street and the land on Eddy Lane are still ongoing.
As for the new county park, Anderson said residents should expect public meetings about how the Springs property might be used, but to expect no work on it this year.
907-acres sold in Spring Hill and being developed into "a major shopping center".
The sale of acreage brings new plans to Spring Hill community
The Tennessean• April 8, 2008
SPRING HILL — After a year of negotiations, auto dealer R.C. Alexander sold his 907-acre Spring Hill property to Franklin developer Robert N. Moore last week.
"Bobby is probably going to do wonders and make a hundred million dollars on the property," R.C. Alexander said. "He's going to develop it, and if he runs a road through it, he can do pretty much anything he wants with it."
Moore said he plans to build "a major commercial shopping center" on the property, including retail, restaurants, hotels and a mixture of other uses including office, apartments and homes.
"Our working title for the project is Spring Station since the majority of the land is in Spring Hill and a small part in Thompson's Station," he said in a statement. "We are still in the early planning stage but the development will be first class in every respect."
Alexander owned the property, which includes a 7-acre lake, for 15 years. He said Moore has tentative plans to establish commercial and residential developments.
The property was annexed into the city two years ago and has been for sale nearly as long. The land includes a 5,000-square-foot house at 2660 Buckner Lane, built in 1993.
A proposal for a connection from the property to Interstate 65 to be created by 2025 is a part of the city's major thoroughfare plan.
The land also is desired by the Williamson County School District, which is surveying the property for a school site.
Alexander told The Tennessean early last year that he has had dozens of offers from developers for the property, which had a $56.5 million price tag. He did not say what the final sale price was.
The Tennessean• April 8, 2008
SPRING HILL — After a year of negotiations, auto dealer R.C. Alexander sold his 907-acre Spring Hill property to Franklin developer Robert N. Moore last week.
"Bobby is probably going to do wonders and make a hundred million dollars on the property," R.C. Alexander said. "He's going to develop it, and if he runs a road through it, he can do pretty much anything he wants with it."
Moore said he plans to build "a major commercial shopping center" on the property, including retail, restaurants, hotels and a mixture of other uses including office, apartments and homes.
"Our working title for the project is Spring Station since the majority of the land is in Spring Hill and a small part in Thompson's Station," he said in a statement. "We are still in the early planning stage but the development will be first class in every respect."
Alexander owned the property, which includes a 7-acre lake, for 15 years. He said Moore has tentative plans to establish commercial and residential developments.
The property was annexed into the city two years ago and has been for sale nearly as long. The land includes a 5,000-square-foot house at 2660 Buckner Lane, built in 1993.
A proposal for a connection from the property to Interstate 65 to be created by 2025 is a part of the city's major thoroughfare plan.
The land also is desired by the Williamson County School District, which is surveying the property for a school site.
Alexander told The Tennessean early last year that he has had dozens of offers from developers for the property, which had a $56.5 million price tag. He did not say what the final sale price was.
April 2, 2008
A list of the 40 new neighborhoods in WIlliamson County
More than 40 new neighborhoods in Williamson County!
People shopping for new homes in Williamson County will see new themes and twists on traditional home designs, an effort on the part of builders to give home buyers something different in 2008.
Turnberry Homes has four new neighborhoods in development and the company has borrowed names from California's wine country: Catalina in Nolensville, Sonoma in Brentwood, Stag's Leap and Chardonnay in Franklin.
"I thought these are absolutely fabulous names for neighborhoods," said Turnberry President Rick Bell, explaining he was struck by the beauty of the Napa and Sonoma valleys while visiting those areas recently.
The company has unusual plans for Chardonnay, where construction is expected to get under way this summer. In addition to featuring new elevations that will be consistently French Country or Old World in design, the neighborhood will carry out a wine theme with a country villa winery at the entrance and vineyards.
"I think it's going to have something for people that is very novel," Bell said.
Home prices in the Turnberry subdivisions range from about $450,000 up to the $700,000s.
In southern Williamson County, developer Mark Mihacsi is just beginning to create Cascade Estates, which he envisions as a water-themed neighborhood.
Mihacsi plans a man-made lake with three fountains in addition to a pool, pool house, pavilion, playgrounds and plenty of natural wooded areas for walking and hiking.
Man-made waterfalls will mark the neighborhood entrance on Lewisburg Pike, along with extensive landscaping. Homes in Cascade Estates will be on one- to four-acre lots and prices are projected to be from $750,000 to $1.2 million.
Not far from Cascade Estates is Canterbury, a new Thompson's Station subdivision that is featuring Old World architecture and an unusually long list of amenities.
Planned are a beach-entry pool, fitness center, community clubhouse, cabanas, a community amphitheater, walking trails, parks, a kids' tree house and fiber optic wiring to every home. The streetscape will include sidewalks, gas lanterns, a cobblestone entrance and guardhouse.
Canterbury will have 1,100 homes when it is completed in 2023. It will include town homes starting in the $240,000s, while single-family home prices will start at about $370,000.
Several other new neighborhoods are being planned to offer residents more opportunities than usual to connect with nature without leaving their subdivisions.
Meadowbrook in Spring Hill will include a 30-acre grass park that's laced with crushed gravel trails. Developer Cornerstone Land Co. has plans to plant approximately 300 trees of varying species on the property. Meadowbrook will also feature three playgrounds for children and a 1.5-mile walking trail.
The single-family homes and the town homes in Meadowbrook will be from 1,200 to 2,600 square feet, with prices ranging from $157,900 to $209,000.
In west Brentwood, Olde Towne has two creeks on the property that the state has designated an "aquatic resource." Developer Adam Stern has committed to preserving them for residents' enjoyment.
This secluded neighborhood of 21 custom homes on 26 acres will also feature green space and sidewalks, hedgerows and street trees.
Development continues at Stream Valley in Franklin, a neighborhood with an intense emphasis on connecting with nature. Plans there call for preserving more than 150 acres of hills, streambeds, ponds and open spaces, as well as construction of a neighborhood spa along with a pool, clubhouse and walking paths.
The site of last year's Parade of Homes, Stream Valley will have town homes as well as single-family homes and a town center with a mix of office and boutique retail space. Home prices will range from the $270,000s to the $300,000s for town homes and from $400,000 to $1.5 million for the single-family homes.
Laurel Cove, a community that will be built around a Greg Norman signature golf course on Arno Road, will also connect its residents to the outdoors in multiple ways.
In addition to the golf course, Laurel Cove, like Stream Valley, will have its own spa. There also will be tennis courts, a tennis shop, a neighborhood coffee shop, pools, clubhouse, children's playground, walking trails and picnic pavilions.
The developer, Tentara Partners, has begun work on the clubhouse, tennis, swim and fitness centers. The development does not expect to have homes until the end of 2008.
Home prices are anticipated to start in the $600,000s and there will be 820 homes at Laurel Cove when it is finished sometime in 2015.
People shopping for new homes in Williamson County will see new themes and twists on traditional home designs, an effort on the part of builders to give home buyers something different in 2008.
Turnberry Homes has four new neighborhoods in development and the company has borrowed names from California's wine country: Catalina in Nolensville, Sonoma in Brentwood, Stag's Leap and Chardonnay in Franklin.
"I thought these are absolutely fabulous names for neighborhoods," said Turnberry President Rick Bell, explaining he was struck by the beauty of the Napa and Sonoma valleys while visiting those areas recently.
The company has unusual plans for Chardonnay, where construction is expected to get under way this summer. In addition to featuring new elevations that will be consistently French Country or Old World in design, the neighborhood will carry out a wine theme with a country villa winery at the entrance and vineyards.
"I think it's going to have something for people that is very novel," Bell said.
Home prices in the Turnberry subdivisions range from about $450,000 up to the $700,000s.
In southern Williamson County, developer Mark Mihacsi is just beginning to create Cascade Estates, which he envisions as a water-themed neighborhood.
Mihacsi plans a man-made lake with three fountains in addition to a pool, pool house, pavilion, playgrounds and plenty of natural wooded areas for walking and hiking.
Man-made waterfalls will mark the neighborhood entrance on Lewisburg Pike, along with extensive landscaping. Homes in Cascade Estates will be on one- to four-acre lots and prices are projected to be from $750,000 to $1.2 million.
Not far from Cascade Estates is Canterbury, a new Thompson's Station subdivision that is featuring Old World architecture and an unusually long list of amenities.
Planned are a beach-entry pool, fitness center, community clubhouse, cabanas, a community amphitheater, walking trails, parks, a kids' tree house and fiber optic wiring to every home. The streetscape will include sidewalks, gas lanterns, a cobblestone entrance and guardhouse.
Canterbury will have 1,100 homes when it is completed in 2023. It will include town homes starting in the $240,000s, while single-family home prices will start at about $370,000.
Several other new neighborhoods are being planned to offer residents more opportunities than usual to connect with nature without leaving their subdivisions.
Meadowbrook in Spring Hill will include a 30-acre grass park that's laced with crushed gravel trails. Developer Cornerstone Land Co. has plans to plant approximately 300 trees of varying species on the property. Meadowbrook will also feature three playgrounds for children and a 1.5-mile walking trail.
The single-family homes and the town homes in Meadowbrook will be from 1,200 to 2,600 square feet, with prices ranging from $157,900 to $209,000.
In west Brentwood, Olde Towne has two creeks on the property that the state has designated an "aquatic resource." Developer Adam Stern has committed to preserving them for residents' enjoyment.
This secluded neighborhood of 21 custom homes on 26 acres will also feature green space and sidewalks, hedgerows and street trees.
Development continues at Stream Valley in Franklin, a neighborhood with an intense emphasis on connecting with nature. Plans there call for preserving more than 150 acres of hills, streambeds, ponds and open spaces, as well as construction of a neighborhood spa along with a pool, clubhouse and walking paths.
The site of last year's Parade of Homes, Stream Valley will have town homes as well as single-family homes and a town center with a mix of office and boutique retail space. Home prices will range from the $270,000s to the $300,000s for town homes and from $400,000 to $1.5 million for the single-family homes.
Laurel Cove, a community that will be built around a Greg Norman signature golf course on Arno Road, will also connect its residents to the outdoors in multiple ways.
In addition to the golf course, Laurel Cove, like Stream Valley, will have its own spa. There also will be tennis courts, a tennis shop, a neighborhood coffee shop, pools, clubhouse, children's playground, walking trails and picnic pavilions.
The developer, Tentara Partners, has begun work on the clubhouse, tennis, swim and fitness centers. The development does not expect to have homes until the end of 2008.
Home prices are anticipated to start in the $600,000s and there will be 820 homes at Laurel Cove when it is finished sometime in 2015.
Pre-Approval letter vs. Pre-Qualification letter
Pre-Qualification letter vs. Pre-Approval letter
There is a HUGE difference between a Pre-Qualification letter and a Pre-Approval letter.
By Dianne Christian, Broker
A Pre-Qualification letter can be issued after a five-minute conversation with a Lender. All it says is that X Buyer is qualified to buy a home for XX dollars PROVIDING the information the Buyer has given to the Lender is accurate. It's not worth the paper it's written on because nothing has been verified. The Lender was simply crunching numbers based upon the Buyer's stated income, stated debt and their credit score (which may or may not have been pulled). The Lender is saying this is a price they "can" afford provided they are telling the truth and everything pans out upon further investigation.
A Pre-Approval letter, on the other hand, is more. The Lender is stating that X Buyer is PRE-APPROVED for a loan in the amount of X dollars towards a purchase price of X dollars and that the Lender has already seen their bank statements, IRS returns, paycheck stubs and verified their income, debt and credit report. What remains to finish up the loan would then be the things that are attached to a specific home: the home appraisal, title search, etc. The Buyer's portion has already been done. Around here, in order to get a Pre-Approval letter the Buyer has already made application to the Lender and paid the application fee of about $350 so the Lender can begin the process.
Listing Agents are generally unimpressed when a Buyer provides a Pre-Qual letter. I've often had Buyer's Agents TELL me they have a Pre-Approval letter and then it ended up being a Pre-Qual letter. I send it back and explain the difference. A Pre-Qual letter is worthless, but a Pre-Approval letter shows the Buyer is serious and can afford to buy the house.
There is a HUGE difference between a Pre-Qualification letter and a Pre-Approval letter.
By Dianne Christian, Broker
A Pre-Qualification letter can be issued after a five-minute conversation with a Lender. All it says is that X Buyer is qualified to buy a home for XX dollars PROVIDING the information the Buyer has given to the Lender is accurate. It's not worth the paper it's written on because nothing has been verified. The Lender was simply crunching numbers based upon the Buyer's stated income, stated debt and their credit score (which may or may not have been pulled). The Lender is saying this is a price they "can" afford provided they are telling the truth and everything pans out upon further investigation.
A Pre-Approval letter, on the other hand, is more. The Lender is stating that X Buyer is PRE-APPROVED for a loan in the amount of X dollars towards a purchase price of X dollars and that the Lender has already seen their bank statements, IRS returns, paycheck stubs and verified their income, debt and credit report. What remains to finish up the loan would then be the things that are attached to a specific home: the home appraisal, title search, etc. The Buyer's portion has already been done. Around here, in order to get a Pre-Approval letter the Buyer has already made application to the Lender and paid the application fee of about $350 so the Lender can begin the process.
Listing Agents are generally unimpressed when a Buyer provides a Pre-Qual letter. I've often had Buyer's Agents TELL me they have a Pre-Approval letter and then it ended up being a Pre-Qual letter. I send it back and explain the difference. A Pre-Qual letter is worthless, but a Pre-Approval letter shows the Buyer is serious and can afford to buy the house.
New Henley community welcomes realtors
By: Ashley Henkel-Marketing Assistant for Dianne Christian Team
"Don't be a fool and miss this!" Late afternoon on April Fool's Day, was the appropriate comment made by realtor Dianne Christian and she was exactly right! The Henley community welcomed local realtors to preview the newest neighborhood in Franklin which is only minutes from Historic downtown. There are eighty-seven homes in the community built in a valley situated at the corner of Mack Hatcher Parkway and Highway 96. There were six new construction homes that were open to view and built by Henley's featured builders: The Hughes Group, LLC, Frank White Construction, LLC, and Wayne Dunn & Associates. These homes reflect a variety of distinctive architectural styles and fine features starting in the $600s. Even though the homes are built by three different builders, these magnificent homes offer their own form of tranquility with the custom architectural details, soaring volume ceilings, and exceptional amenities. When you step outside you take in the scenic views and breathe taking landscaping on the Pedistrian friendly sidewalks. The realtors gave great feedback and enjoyed meeting the featured builders and discovering this great community. That's not all! Drinks and food were provided, and catered by O'Charley's restaurant. Betty White, wife of builder Frank White also provided her famous homemade desserts. The event also held drawings and cash prizes. The realtors that toured every home out of six qualified for cash prizes. The Keller Williams Franklin Office won the top prize for for having the most agents attend the event. The event proved to be lots of fun and a huge success and the once best kept secret in Franklin is becoming a hot topic in the real estate community!
Henley is just around the corner from the everyday hustle and bustle, you’ll find a new meaning for the word “home.” These magnificent newly built homes offer their own form of tranquility with the custom architectural details, soaring volume ceilings, and exceptional amenities. Be prepared to be pampered with the magnificent master suite, heavy crown moldings throughout, custom hardwood stairs with wrought iron spindles, and sprawling granite counter tops with rich custom solid-wood cabinetry that surround a generously crafted kitchen. Step outside to take in the scenic views and breathe taking landscaping with covered patios and outdoor fireplaces, perfect for entertaining or that laid back lifestyle. This impeccably designed community gives each new homeowner the convenience of living in a secure and elegant setting with wonderfully tree lined streets while being just two miles from Historical Downtown Franklin. Each new homeowner will also be granted a one year membership to the YMCA located at the entrance of Henley, courtesy of The Hughes Group. Welcome home to a new kind of living. This secret you’ll have to tell everyone about!
Golf course community open in Spring Hill
Developer opens gate to golf course community
King's Creek event allows folks to check out homes, admire views
By SUE MCCLURE • For Williamson A.M. • March 28, 2008
SPRING HILL — If you think living on a championship golf course is just for the rich and famous, The Village at King's Creek wants to change your mind.
Beginning at noon Saturday, the developer is presenting a grand opening "Discover Life on Course'' event, complete with model home tours, a golf clinic with nationally known golfing instructor Nancy Quarcelino, an invitational golf tournament, refreshments and a children's area.
All are designed to make you feel right at home on the golf course.
"We are doing this as a thank you to the community and also as a way to say, 'Here's our awesome, new golf course community,' '' said Sims Hill Jr. of Silverpointe Properties, the exclusive listing agent.
"And we want to show off our great views,'' he said, referring to the waterfall and meandering stream that winds its way through the 18-hole Arnold Palmer Signature Golf Course. "It's hard to find a great view in this price range anywhere north of Williamson County.
"You would pay $750,000 minimum for this kind of view alone,'' he said.
Instead, golf enthusiasts — or anyone else who enjoys a manicured greenscape view from his or her upstairs porch — will pay between $270,000 and $500,000 for a town or cottage home.
This, the first phase of a multi-plan development, offers 45 homes, including 29 single-family homes and 16 townhomes. Many of those will overlook a community swimming pool, scheduled to be completed this summer.
So much to see
The Village at King's Creek is owned by David E. Miller Development Co., the same company that developed and owns the adjacent golf course.
David Miller, who has more than 23 years of development experience and developed The Governors Club in Brentwood, said he wanted the development to be integrated with, and enjoy the same success as, the golf course.
"We bought the neighborhood so we could do that,'' Miller said. "And there are fantastic views of the golf course from almost all of the homes.
"In most golf course communities, the golf course winds through the development, so a homeowner just sees one or two holes,'' Miller continued. "But ours is unique in that you can see the entire golf course.
"In fact, from one balcony, I believe you can see 12 holes,'' he said. "That's why many people are choosing to put two-story porches on their homes.
"The views are fantastic, just fantastic,'' he said.
Hold onto your socks
Miller enlisted Doug Majors of Homebrook Builders as the exclusive custom builder. Majors has more than 10 years' experience in building homes ranging in price from $500,000 to $1 million throughout Middle Tennessee.
Majors is working with more than 15 unique floor plans and more than 30 elevations to give residents unique floor plans and views, rather than cookie-cutter homes.
Amenities include one- and two-story front porches, granite kitchen countertops, stainless appliances, a choice of cabinets from Franklin Cabinets, tile in the master bath and hardwood flooring throughout the main living areas.
Some floor plans also offer a downstairs master bedroom.
"The standard stuff in our homes will knock your socks off,'' Hill said.
The homes also feature a traditional neighborhood design to encourage walking and bicycling throughout the community.
Those attending Saturday's grand opening event will be introduced to the builder and development team, have the opportunity to ask questions and tour the various model homes.
King's Creek event allows folks to check out homes, admire views
By SUE MCCLURE • For Williamson A.M. • March 28, 2008
SPRING HILL — If you think living on a championship golf course is just for the rich and famous, The Village at King's Creek wants to change your mind.
Beginning at noon Saturday, the developer is presenting a grand opening "Discover Life on Course'' event, complete with model home tours, a golf clinic with nationally known golfing instructor Nancy Quarcelino, an invitational golf tournament, refreshments and a children's area.
All are designed to make you feel right at home on the golf course.
"We are doing this as a thank you to the community and also as a way to say, 'Here's our awesome, new golf course community,' '' said Sims Hill Jr. of Silverpointe Properties, the exclusive listing agent.
"And we want to show off our great views,'' he said, referring to the waterfall and meandering stream that winds its way through the 18-hole Arnold Palmer Signature Golf Course. "It's hard to find a great view in this price range anywhere north of Williamson County.
"You would pay $750,000 minimum for this kind of view alone,'' he said.
Instead, golf enthusiasts — or anyone else who enjoys a manicured greenscape view from his or her upstairs porch — will pay between $270,000 and $500,000 for a town or cottage home.
This, the first phase of a multi-plan development, offers 45 homes, including 29 single-family homes and 16 townhomes. Many of those will overlook a community swimming pool, scheduled to be completed this summer.
So much to see
The Village at King's Creek is owned by David E. Miller Development Co., the same company that developed and owns the adjacent golf course.
David Miller, who has more than 23 years of development experience and developed The Governors Club in Brentwood, said he wanted the development to be integrated with, and enjoy the same success as, the golf course.
"We bought the neighborhood so we could do that,'' Miller said. "And there are fantastic views of the golf course from almost all of the homes.
"In most golf course communities, the golf course winds through the development, so a homeowner just sees one or two holes,'' Miller continued. "But ours is unique in that you can see the entire golf course.
"In fact, from one balcony, I believe you can see 12 holes,'' he said. "That's why many people are choosing to put two-story porches on their homes.
"The views are fantastic, just fantastic,'' he said.
Hold onto your socks
Miller enlisted Doug Majors of Homebrook Builders as the exclusive custom builder. Majors has more than 10 years' experience in building homes ranging in price from $500,000 to $1 million throughout Middle Tennessee.
Majors is working with more than 15 unique floor plans and more than 30 elevations to give residents unique floor plans and views, rather than cookie-cutter homes.
Amenities include one- and two-story front porches, granite kitchen countertops, stainless appliances, a choice of cabinets from Franklin Cabinets, tile in the master bath and hardwood flooring throughout the main living areas.
Some floor plans also offer a downstairs master bedroom.
"The standard stuff in our homes will knock your socks off,'' Hill said.
The homes also feature a traditional neighborhood design to encourage walking and bicycling throughout the community.
Those attending Saturday's grand opening event will be introduced to the builder and development team, have the opportunity to ask questions and tour the various model homes.
April 1, 2008
New Spring Hill Recreation Center to open soon
The Williamson County Parks & Recreation Department is pleased to announce the dedication, open house and ongoing programming activities for Longview Recreation Center in Spring Hill. The public is invited to the dedication ceremony of this new facility at 10 a.m. April 12. Public tours will follow from 10:30 a.m. to 3 p.m.
As I look and read through the many activities offered, which happen to be too many to put in this column, I encourage you to go by or call 790-5719 if you have specific questions. I have driven by and looked, and we all should be really thrilled and proud to have such a nice-looking facility for our use. It looks very impressive to me from the outside.
Williamson Recycles and Keep Williamson Beautiful have many environmental events planned for the spring. The first event will take place April 26. This will be Shred Day — free shredding of important documents that could be used for identity theft. This event will take place from 8 a.m. to 2 p.m. at 420 Century Court in Franklin. They will also be accepting cell phones and rechargeable batteries for recycling. For more information, please call 790-5848.
I received the following information past my deadline but wanted to share with you that nationally acclaimed home organization expert Monica Ricci teamed up with Beazer Homes recently to apply her extensive experience as a consultant with HGTV. She was in Spring Hill on Tuesday and held a free home organization open-house event for the public to see firsthand the new SmartDesign options. I hope many of you were able to attend this event.
Looks like another subdivision for Thompson's Station was on the agenda this week for the commissioners to review. I am not sure at this writing exactly where the property to be divided is located, but will try to let you know more in the next column. It will apparently contain 252 lots on 226.69 acres at or near 1780 Dean Road. You may visit the town Web site at www.thompsons-station.com for more information.
Our thoughts and prayers are extended to the family of District Attorney General Ron Davis. I know he had fought an earnest, hard battle with cancer, but it was just not for him to win. He has left a legacy among many people.
As I look and read through the many activities offered, which happen to be too many to put in this column, I encourage you to go by or call 790-5719 if you have specific questions. I have driven by and looked, and we all should be really thrilled and proud to have such a nice-looking facility for our use. It looks very impressive to me from the outside.
Williamson Recycles and Keep Williamson Beautiful have many environmental events planned for the spring. The first event will take place April 26. This will be Shred Day — free shredding of important documents that could be used for identity theft. This event will take place from 8 a.m. to 2 p.m. at 420 Century Court in Franklin. They will also be accepting cell phones and rechargeable batteries for recycling. For more information, please call 790-5848.
I received the following information past my deadline but wanted to share with you that nationally acclaimed home organization expert Monica Ricci teamed up with Beazer Homes recently to apply her extensive experience as a consultant with HGTV. She was in Spring Hill on Tuesday and held a free home organization open-house event for the public to see firsthand the new SmartDesign options. I hope many of you were able to attend this event.
Looks like another subdivision for Thompson's Station was on the agenda this week for the commissioners to review. I am not sure at this writing exactly where the property to be divided is located, but will try to let you know more in the next column. It will apparently contain 252 lots on 226.69 acres at or near 1780 Dean Road. You may visit the town Web site at www.thompsons-station.com for more information.
Our thoughts and prayers are extended to the family of District Attorney General Ron Davis. I know he had fought an earnest, hard battle with cancer, but it was just not for him to win. He has left a legacy among many people.
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