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.
News, interests, info and tips about the Real Estate Market in Middle Tennessee. Our Focus is the Nashville area, both Williamson and Davidson County and the surrounding areas of Franklin, Brentwood, Spring Hill, Thompson's Station, Hendersonville, Leipers Fork, Belle Meade, Nolensville, the Cool Springs area and the Vanderbilt area
February 28, 2008
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®.
December 31, 2007
Nashvilles' housing market bouncing back!
Analysts expect Nashville's housing market to bounce back by fall 2008 and they are not predicting much rise in home prices before then.
Edsel Charles, founder of Nashville-based MarketGraphics Research Group Inc., a new-home market research company, says the market has almost reached bottom, and will bottom out near the end of January.
He says he expects a slight recovery in the spring but that the market will remain flat throughout the summer.
"It doesn't return to a reasonably decent market until fall of 2008 or spring of 2009," Charles says.
Consumers will find the lowest prices today for new homes, he says.
Charles says he expects the market to "firm up" by August and buyers to be paying full price by March of 2009.
"Material costs are down," Charles says. "So today is the lowest you are going to find for home prices. Everybody dropped prices like nuts."
Charles has talked to builders who had excess inventory and slashed prices to get rid of homes, but he says such discounts are only likely to be around for the next two or three months.
"I met with a builder who sold over 100 houses in the last two months," Charles says. "He just cut and run, dumped inventory. He's down to 15 homes that are not sold. He's saying, 'Now we're at the bottom.'"
Bernard Helm, president of Market Opportunity Research Enterprises in Rocky Mount, N.C., agrees that builders are reducing inventory in Nashville, which he says is smart.
The Nashville Business Journal - Dec. 31, 2008
Edsel Charles, founder of Nashville-based MarketGraphics Research Group Inc., a new-home market research company, says the market has almost reached bottom, and will bottom out near the end of January.
He says he expects a slight recovery in the spring but that the market will remain flat throughout the summer.
"It doesn't return to a reasonably decent market until fall of 2008 or spring of 2009," Charles says.
Consumers will find the lowest prices today for new homes, he says.
Charles says he expects the market to "firm up" by August and buyers to be paying full price by March of 2009.
"Material costs are down," Charles says. "So today is the lowest you are going to find for home prices. Everybody dropped prices like nuts."
Charles has talked to builders who had excess inventory and slashed prices to get rid of homes, but he says such discounts are only likely to be around for the next two or three months.
"I met with a builder who sold over 100 houses in the last two months," Charles says. "He just cut and run, dumped inventory. He's down to 15 homes that are not sold. He's saying, 'Now we're at the bottom.'"
Bernard Helm, president of Market Opportunity Research Enterprises in Rocky Mount, N.C., agrees that builders are reducing inventory in Nashville, which he says is smart.
The Nashville Business Journal - Dec. 31, 2008
December 30, 2007
New Shoping Center to be built in LaVergne
Rutherford County will be getting a $20 million shopping center along Interstate 24, spurred by the recent construction of a Super Target nearby.
Centrum SSI of Nashville, a local affiliate of Centrum Properties Inc. of Chicago, recently bought nearly 21 acres from Jack Oman for $2.6 million.
The land, at the northeast corner of the intersection of Interstate 24 and Sam Ridley Parkway West, will make way for a retail center named The Shoppes at La Vergne, says Brad McNutt, commercial development specialist for Centrum.
McNutt says the growth of retail in the La Vergne-Smyrna area helped make the decision easy.
Colonial Properties Trust, a Birmingham, Ala.-based real estate investment trust, has begun building a major retail center close to Centrum's property. The proximity to Colonial's new Target made Oman's property attractive, McNutt says.
"It will be a regional draw," says McNutt.
The Centrum site is located fully in La Vergne, although it borders the city of Smyrna, where Colonial's Target will stand. Target could open by spring 2008. Colonial's other draw, Kohl's, opened in October.
The area is high in population density but has been underserved, says Holly Sears, Rutherford County vice president of economic development. The new center will help generate sales taxes for local schools and city governments, she says.
The developments are also generating hotel activity, Sears says. A Holiday Inn Express is under construction near the I-24 exit.
Nashville Business Journal - December 28, 2008
Centrum SSI of Nashville, a local affiliate of Centrum Properties Inc. of Chicago, recently bought nearly 21 acres from Jack Oman for $2.6 million.
The land, at the northeast corner of the intersection of Interstate 24 and Sam Ridley Parkway West, will make way for a retail center named The Shoppes at La Vergne, says Brad McNutt, commercial development specialist for Centrum.
McNutt says the growth of retail in the La Vergne-Smyrna area helped make the decision easy.
Colonial Properties Trust, a Birmingham, Ala.-based real estate investment trust, has begun building a major retail center close to Centrum's property. The proximity to Colonial's new Target made Oman's property attractive, McNutt says.
"It will be a regional draw," says McNutt.
The Centrum site is located fully in La Vergne, although it borders the city of Smyrna, where Colonial's Target will stand. Target could open by spring 2008. Colonial's other draw, Kohl's, opened in October.
The area is high in population density but has been underserved, says Holly Sears, Rutherford County vice president of economic development. The new center will help generate sales taxes for local schools and city governments, she says.
The developments are also generating hotel activity, Sears says. A Holiday Inn Express is under construction near the I-24 exit.
Nashville Business Journal - December 28, 2008
December 21, 2007
Hendersonville Real Estate is becoming very desirable
Six corporations looking to relocate to Middle Tennessee are considering making Hendersonville's $1 billion Indian Lake Village their new home as the retail, office and residential development heats up its push to be the next Cool Springs.
"We're talking with users from 20,000 square feet to 200,000 square feet so we're getting a broad range of interest," says Danny Hale, who is developing Indian Lake as managing partner of Halo Properties.
Indian Lake developers also are courting a high-end car dealership, Costco and trying to lure 10 stores from nearby Rivergate Mall - including department stores - to add to their list of high-end retail stores, which open in March.
Millions of dollars in parks and walking trails, a new library and the walkability of the mixed-use village have brought in out-of-state relocating companies with 100 to 1,800 employees, says Don Long, mayoral assistant and director of economic and community development for the city of Hendersonville. Long and Hale wouldn't name the companies looking to relocate to Hendersonville, but say they've landed a spot on the relocation map.
"A couple of years ago we were not even on the radar screen (for corporations). Now we're one of the first stops," Long says.
In October, the National Association of Office and Industrial Properties carted three bus loads of developers, site selectors, architects and real estate professionals to the site to tour the first office building.
Sumner County officials want to bring big business to the area, giving the 40 percent of people who commute to Nashville from Sumner County to work another option.
The retail component of the walkable mixed-use live, work, play development by Halo Properties is larger than the Nashville area's two newest lifestyle centers - The Avenues at Murfreesboro and Providence Marketplace in Mt. Juliet.
Those 810,000- and 830,000-square-foot developments will be dwarfed by the 1.5 million square feet of retail at Indian Lake, which includes high-end stores like Ann Taylor LOFT, Regal Cinema, Ann Taylor, Eddie Bauer, Talbot's, Aveda, Gymboree and Jos. A. Bank. That's also larger than retail space at Cool Springs Galleria and nearby Rivergate Mall.
Indian Lake's first office tenants are moving in now. R.W. Beck and Forward Sumner Economic Council are moving into Indian Lake's first completed office building.
Another benefit of Hendersonville, developers say, is that it offers housing for all pay ranges, from executives to secretaries, which is lacking in Cool Springs. High home prices there have kept many middle-income workers out.
Relocating companies are attracted to areas where all of their employees can afford to live, says Matt Largen, director of business recruitment at the Nashville Area Chamber of Commerce.
And Indian Lake Village's addition to the menu of office offerings in Nashville means more enticements for business relocations.
"You have options outside of Davidson and Williamson counties now. It's better for the client to have options, especially when we're competing with other markets that do have options," Largen says.
"We're talking with users from 20,000 square feet to 200,000 square feet so we're getting a broad range of interest," says Danny Hale, who is developing Indian Lake as managing partner of Halo Properties.
Indian Lake developers also are courting a high-end car dealership, Costco and trying to lure 10 stores from nearby Rivergate Mall - including department stores - to add to their list of high-end retail stores, which open in March.
Millions of dollars in parks and walking trails, a new library and the walkability of the mixed-use village have brought in out-of-state relocating companies with 100 to 1,800 employees, says Don Long, mayoral assistant and director of economic and community development for the city of Hendersonville. Long and Hale wouldn't name the companies looking to relocate to Hendersonville, but say they've landed a spot on the relocation map.
"A couple of years ago we were not even on the radar screen (for corporations). Now we're one of the first stops," Long says.
In October, the National Association of Office and Industrial Properties carted three bus loads of developers, site selectors, architects and real estate professionals to the site to tour the first office building.
Sumner County officials want to bring big business to the area, giving the 40 percent of people who commute to Nashville from Sumner County to work another option.
The retail component of the walkable mixed-use live, work, play development by Halo Properties is larger than the Nashville area's two newest lifestyle centers - The Avenues at Murfreesboro and Providence Marketplace in Mt. Juliet.
Those 810,000- and 830,000-square-foot developments will be dwarfed by the 1.5 million square feet of retail at Indian Lake, which includes high-end stores like Ann Taylor LOFT, Regal Cinema, Ann Taylor, Eddie Bauer, Talbot's, Aveda, Gymboree and Jos. A. Bank. That's also larger than retail space at Cool Springs Galleria and nearby Rivergate Mall.
Indian Lake's first office tenants are moving in now. R.W. Beck and Forward Sumner Economic Council are moving into Indian Lake's first completed office building.
Another benefit of Hendersonville, developers say, is that it offers housing for all pay ranges, from executives to secretaries, which is lacking in Cool Springs. High home prices there have kept many middle-income workers out.
Relocating companies are attracted to areas where all of their employees can afford to live, says Matt Largen, director of business recruitment at the Nashville Area Chamber of Commerce.
And Indian Lake Village's addition to the menu of office offerings in Nashville means more enticements for business relocations.
"You have options outside of Davidson and Williamson counties now. It's better for the client to have options, especially when we're competing with other markets that do have options," Largen says.
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