Get Your Pumpkins In Inglewood

It'’s that time of the year when the air gets cooler and leaves start piling in my yard. It’s also about the time my wife pulls out all the cinnamon candles and we start thinking about the holidays. With three kids under 4 years old, getting pumpkins has become a yearly outing.

Last year we went to a huge pumpkin farm south of Franklin that had a petting zoo and lots of kid’s activities. It was great fun, but this year we wanted to stay closer to home.

We found a great place over at Dalewood United Methodist Church in Inglewood near the intersection of Stratford and McGavock. My kids ran all over the place and we got some nice pictures. The church gets their pumpkins from a Navaho tribe in New Mexico, supposedly the “best in Nashville”.

I’m not sure my kids care that much, but they do look like nice pumpkins. I mean, most of them were round and orange…

They’re only available for a couple of weeks so go check them out!

-Peter

www.NashvilleCityHomes.com

Walden Open For Business in East Nashville

I got a chance to see some of the condos in the new Walden Development the other day and I was quite impressed. They advertise it as a 'true mixed-use' development and that's what makes it so cool. They are building a live/work community and already have the requisite coffeeshop, Ugly Mugs Coffee and Tea, and the Fresh Blends Smoothie and Juice Bar with more to come.

Walden is located on Eastland Avenue at Chapel Ave between the Lockeland Springs and Eastwood Neighborhoods. There is a main entrance for business patrons, but condo residents will like the more private second entrance which allows you to park a few steps from your front door on the back of the building. Even though they are on the second floor, there isn't an long flight of steps to get to your unit.

Having seen many of the condo projects around town, this one will really appeal to someone wanting to live in a pedestrian friendly neighborhood, close to restaurants like the Rosepepper or Eastland Cafe and still be only a few minutes from downtown, universities or music row.

The units themselves are high-quality with polished concrete floors, high-end quartz countertops and designer everything. It's not like some of the other condos around town that might have a great location, but the cabinets are low-grade. These are consistent from the impressive glass-tiled backsplashes to the marble topped vanities.

The prices start at $184,900 for a 712 sq. ft. 1 bedroom to the incredible corner residence above the coffeeshop with 1518 sq. ft. and 2 bedrooms for $339,900.

East Nashville has made some major progress over the past 5-10 years, but with projects like this and Martin Corner underway, it appears that things are just beginning for this growing neighborhood. March Egerton, the developer for Walden, has many more plans for the site, beginning with the adjacent building that may soon be overhauled to become home to more commercial space.

If you are looking for your place in Nashville give me a call.

-Peter

www.NashvilleCityHomes.com

Update on 800 Main in East Nashville

In May, I shared some news about a couple developments coming to the Main Street corridor in East Nashville. I recently heard an exciting update regarding the 800 Main development which may be a major step toward revitalizing this stretch of Main Street that leads into East Nashville.

The plans for 800 Main will replace the current Bank of America building with new structure containing 25,000 square feet of retail space on the first floor, with around 330 rental units in the top three floors.

Many of the units, ranging from 1 to 2 bedrooms, will border small courtyards in the all brick building made to complement the historic roots of the neighborhood. The Tennessean reports that they are hoping to break ground next spring and finish by Summer 2010.

The Nashville Business Journal expects rents to range from $830 to $1800 per month. Not exactly cheap, but there is a rooftop pool and clubhouse included, as well as off-street parking.

Another exciting part of this project is that they may actually get it done. The main developer, Double A Development, completed the District Lofts in Germantown earlier this year. Their partner, Lane Company was part of the huge project in Atlanta called Atlantic Station.

-Peter

www.NashvilleCityHomes.com

Coffeeshops Across East Nashville

Is there some correlation between number of coffeeshops and the health of a real estate market? I remember in 2003 when my wife and I were purchasing a home in East Nashville, we felt much better about the decision after we found the Bongo Java down the street.

That may seem shallow, but I know that you coffee drinkers out there understand.

There are now many more coffeeshops across East Nashville, which may show how this addiction has spread, but in many ways also represents the growth of the neighborhoods to a level that support these business and the many others that have opened in just the past few years.

To review our current coffee options in East Nashville:

Bongo Java East, 107 S. 11th St. (At Five Points)
Portland Brew, 1921 Eastland Ave
Ugly Mugs Coffee & Tea, 1886 Eastland Ave (Walden Development)
Sky Blue Coffee & Bistro, 700 Fatherland Street (Edgefield)
Sip, 1402 McGavock Pike (Riverside Village)

I won't give my reviews of them. Let's just say that I like the variety and hope they can all stay in business for years to come.

-Peter

www.NashvilleCityHomes.com

East Nashville Market Snapshot- July 2008

We had 39 home closings in East Nashville for July at an average of $135 per square foot. Three homes sold over $400k with the top sale being 1209 Holly Street at $555k. The average days on the market were 74.

To put this in perspective we had 58 closings in July 2007 at an average of $119 per square foot. The average days on the market were then 56 days.

Comparing these we again see the trend of rising prices per square foot with fewer homes selling. This may just be the effect of buyers being picky. The homes in the best condition and location are getting picked, while those needing work or funky floor plans wait on another buyer to come along.

This is a different dynamic for East Nashville than a couple years ago when there were fewer homes to select from and buyers felt confident that prices would continue to rise and protect their investment. Today, you need to list your home in the top third of your market for condition and the bottom third for price.

In this type of market, it’s extremely important to do as many repairs to your home as you can, clean it thoroughly, then stage and de-clutter before listing it. It may be the difference between it selling and not.

-Peter
www.NashvilleCityHomes.com

High End in the East End

I've noticed some remarkable new listings lately in East Nashville for over $800,000.

Yep, there are currently three East Nashville homes listed in the $800k's with one historic mansion nearing $1.4 million.

To illustrate the magnitude of these prices, I have to go even further and mention that there are currently 12 homes listed with a price point above half a million dollars. Here's the list:

1610 Russell $534,900
818 Woodland $542,500

1622 Forrest $549,900

1306 Woodland $554,800

1202 Woodland $599,900
813 Russell $650,000

719 Boscobel $669,615

1407 Stratton $699,900

720 Boscobel $824,615

900 Boscobel $849,500

809 Russell $898,500

504 Russell $1,375,000

The zinger is that Realtracs only records 5 homes ever selling for more than $500k with the highest sale to date at $550k.

Before we all shake are heads at these unprecedented prices, let me reiterate that these homes are quite remarkable, something I have a passion for.

A quality that I've seen in myself is that I really appreciate a great 'environment'. I love taking a space and making it better. Lately, this has been displayed through landscaping or renovating a home. I appreciate quality work and some of these showplaces in East Nashville have it all.

In fact, I toured one such home at 900 Boscobel before it was on the market. Touring the home was almost a 'spiritual experience' for me. I'm not trying to be sacrilegious, actually quite the opposite. The home was built from the ground up. Every material and detail of the home was thought out and assembled like a quality piece of art (note the artistic chandelier pic). I could see glimpses of the Artist throughout and it was incredible.

Anyway, as fantastic as it is, is it worth $849k??? Time will tell, I suppose. Most people that I've talked to about it seem to have huge doubts, but if there is a home that has 'the goods' that home was it.

East Nashville is setting new precedents all the time, from homes selling at $200 per square foot, to having a hot dog stand in an old Volkswagen van. So, hey, why not have some $800k homes in the neighborhood too?

Wanna buy an estate in East Nashville? Call me today. I'd love to help you set some new precedents!

-Peter

www.NashvilleCityHomes.com

More Development Coming to Main Street Corridor

The momentum in the commercial district connecting downtown to East Nashville’s “Five Points” continues as two new developments are in the works.

East River Place Apartments
Just a block off Main Street at the corner of 8th and Ramsey will soon be the new East River Place Apartments. Demolition is slated to begin this month, which is currently home to the “blighted” Silverdene Apartments. The new $14 million, 90 unit complex will contain 2 and 3 bedroom apartments and meet some of the demand for affordable housing in the area. The developer, East River Holdings, is aiming for a completion date of December 2009. (more about this)

800 Main Street
This three-acre parcel was previously home to a Bank of America processing facility and at one time rumored to become a private school. Double A Development, with projects in Germantown to its credit, bought the property on May 5th for $3 million according to tax records. Plans are still being finalized, but the Tennessean reports that the $45 million mixed use project will include retail space and apartments.

As I tell my clients purchasing a home in East Nashville, it’s a good thing to see people investing this kind of money in your neighborhood. It’s a good forecast of the long-term future of an area, especially when you see several different players involved.

If you’ve ever driven down Main street toward Five Points you know that there are plenty of vacant and burned out businesses yet to be rejuvenated. It will happen, but it takes time.

-Peter
www.NashvilleCityHomes.com

Sprawling East Nashville

From my quiet table at Portland Brew Coffee, I just overheard some folks raise their voices and talk about how East Nashville is "sprawling". She was saying how the increased demand started in Lockeland Springs (North of Shelby & South of Eastland), but now it includes the surrounding areas as well.

I'm not sure what they're discussing now, but this statement got my attention.

As East Nashville home prices have increased over the past few years, especially in the historic neighborhoods like East End and Lockeland Springs, many buyers in the lower price ranges have struggled finding something affordable within these boundaries. So, they've turned to the areas immediately surrounding these more expensive areas.

Eastwood Neighbors seemed to be one of the first to make the leap so that these days home prices there are rivaling those a few blocks south in Lockeland Springs.

Now areas like Rosebank, Shelby Hills, Maxwell Neighbors- and more recently- Cleveland/McFerrin Park have all seen notable improvements. Not only are homes throughout the area getting renovated and rebuilt, but larger projects like condo/commercial developments are forming as well as city improvements like new sidewalks and historic-looking street signs.

I love it all. It's exciting to see things improve, especially when old historic homes that have been neglected or 'remuddled' are given a new life and restored.

Back to my coffee...

-Peter

www.NashvilleCityHomes.com

Beware of House Funk

Old homes are cool. People will pay more for historic character and charm. But what about funk?

Funk- I'm not talking about the super-cool-booty-shakin' music from the '70's. I'm talking about homes that have something weird happening in spite of being a 'charming old house'.

Here's what brought this up... I was a little bored today so I thought I'd get out and preview some homes on the market in East Nashville. I saw 12 homes- 9 of which I thought were a little funky for the price. What do I mean?

Funky House Stuff
1. Weird floor plan- This is a very common kind of funk with older homes that have been remodeled to fit a more 'modern' lifestyle. Closets, bathrooms or extra bedrooms have been added, but it ruined the house. You've seen these homes. The pictures look great until you go there are see how the rooms work together.

2. Funky attic conversion- Also very common. Seldom does a converted attic space feel right. Problems include: Steep stairs, bathrooms with angled ceilings too low to stand beneath, lack of adequate heating/cooling systems, etc. When converting an attic there is sometimes a fine line between cute/sensible and funky.

3. Mix 'n match floors- Buyers always seem to notice when there are several types of flooring that doesn't match. For example, homes with hardwoods in the old part and then laminate floors in the new part mixed with two kinds of carpet, etc.

4. Unlevel floors or leaning stuff- This is the king of house funk. If the floors are unlevel often much of the house is unlevel. You notice it with door trim, baseboard, windows that stick or furniture that rolls to one side of the room. It can be a real problem and is often the kiss of death for a property that's for sale.

5. Duplex conversions- Homes that still feel like they're divided into two have 'the funk.' Signs of this include: two kitchens, exterior entrances where the should be just a window, and one side of the house that is in much worse condition. Homes can be converted from life as a duplex, but it must be done carefully and thoroughly.

If you're looking for a house you may want to stick with Sly and the Family Stone (see below) and leave the other funk out of the deal. :)

-Peter

www.NashvilleCityHomes.com
REALTOR. City Home Specialist.

NY Mag Highlights 12th South,East Nashville

New York Magazine released a article recently highlighting travel tips for 'escaping' to Nashville for a weekend. Several of our downtown businesses were highlighted, and rightly so!

Top O' Woodland, a Queen Anne Victorian built around 1904, was mentioned as a "bed-and-breakfast ideally located in the once bedraggled, now hippified district of East Nashville". Check out the Top O' Woodland website for more history on the home and the surrounding area we know as Lockeland Springs.

Also in East Nashville, Margot Café , Marché Artisan Foods, Family Wash, Cantrell’s Bar-B-Que Pit and Dee's Q were all mentioned as places you don't want to miss.

Some places in 12th South neighborhood made the article. If you're a musician, you know about Corner Music and the drummer hangout, Fork’s Drum Closet. They also mentioned one of my favorite places to get coffee, Portland Brew.

Anyway, click here to read the NY Magazine article and see what else they picked.

-Peter

www.NashvilleCityHomes.com
REALTOR. City Home Specialist.

The Ripple Effect and Gallatin Road

Many of my East Nashville home buyers have told me that they're not interested in "anything west of Gallatin Road". However, as the demand continues for homes in East Nashville, many neighborhoods surrounding the hot Lockeland Springs or Historic Edgefield areas are experiencing the ripple effect. Places west of Gallatin Road such as Renraw, East Hill, Cleveland Park and Maxwell Heights are seeing more demand and more homes being renovated.

As an example, let's take a closer look at Maxwell Heights. I just posted a CITY NEWS article about some of the happenings in this neighborhood. From the new street signs to the new West Eastland condo development to the numerous homes that are being renovated, it feels like the entire area is getting a facelift. Driving through the other day, I could feel the excitement. (I know I'm a little strange!) Click here for an interesting article with more pictures from the Tennessean.


I've always loved seeing neglected buildings and historical neighborhoods given a new life. I'm excited to see what's ahead for these neighborhoods that contain so many incredible historic homes and wonderful people.

-Peter

www.NashvilleCityHomes.com
REALTOR. City Home Specialist.

East Nashville 2006 Real Estate Trends

East Nashville had a good year in 2006. To begin 2007, I did quite a bit of research comparing neighborhoods using RealTracs multiple listing service historical data. East Nashville’s average price-per-square-foot increased by 16.45%! This is great news for those in East Nashville as a whole, but let's take a closer look to see how some of the individual neighborhoods fared.

Those who are familiar with East Nashville know that there are many distinct neighborhoods within this area of town. Most popular are the historical areas such as Lockeland Springs, Historic Edgefield, and Eastwood Neighbors where Victorian and Craftsman homes from the early 1900’s are the norm. Some home buyers lean more toward the quieter Rosebank or Fortland Park neighborhoods full of brick ranch homes from the 50’s and 60’s nearer the river. All enjoy a growing number of local businesses and highly rated restaurants mixed with the convenience of living close to downtown.

In the graph I noted the average sales prices, but more importantly, the average prices-per-square-foot, the standard figure used by Realtors in estimating home values. Take a look at the graph to see some of my findings.

Some other notes:
- Riverwood/Haysboro area homes sold 40% faster
in 2006, tying with Lockeland Springs for the least avg. days on the market at 42.
- Selling after an avg. of 63 days on the market, homes in Historic
Edgefield took 40% longer to sell in 2006.

I knew East Nashville was doing well, but some of these numbers surprised me. Of course, Eastwood Neighbors was the big winner at a 37.68% increase! At first I thought this was a mistake, so I did the research again. It’s correct. As evidence, in 2005, Eastwood Neighbors had no homes sell for more than $145/sq.ft. However, in 2006 there were twenty-two that sold at over $145/sq.ft with two them over $184/sq.ft.

So, What’s YOUR home worth?
The above averages and statistics are helpful in analyzing neighborhood trends, but when it comes to valuing your house we have to dig a lot deeper. Many factors affect the price that your home will sell for: size, age, condition, amenities, room layout and, of course, location. If you’re wondering what your home is worth, please call or email me for a free consultation. I’m happy to take a look at your home and get you a report of comparable homes with an estimate of what it might sell for based on recent sales and inventory. You may also request a FREE HOME VALUATION.

Interested in other Nashville neighborhoods? Click here for my article on the broader Nashville market.

-Peter

www.NashvilleCityHomes.com
REALTOR. City Home Specialist.