Convention Center Debate Continues

The debate for and against the proposed Music City Center is heating up as plans begin to materialize for a new convention facility to be built downtown in SoBro (South of Broadway) and replace our current one.

The Nashville City Paper reports that it's one of the largest building programs in the U.S. right now with a projected cost of $635 million.

I'm actually excited about the prospect, mainly because it seems like it would spur more development in SoBro and maybe bring more life to this developing area, as well as the entire downtown.

I grew up in Indiana and always enjoyed going to the convention center in Indianapolis. They redeveloped it with the huge Circle Center Mall and did a great job of connecting the mall and convention center with parking and other attractions. You could easily walk to everything without even going outside if you wanted to.

Admittedly, I'm quite ignorant when it comes to how profitable these centers are and if it's worth the debt that will result. The comments in the blogosphere are quite fierce on this subject. It's a topic worth debating, but I'll leave the debate to others.

It doesn't sound like they're even at the design phase yet, but a couple local citizen groups have proposed some nice plans that are against the 'big box' type of convention center, but instead a incorporate lots of retail/restaurant/office space in such a way that will be an attraction for those of us locals not attending a convention.

The folks at http://www.mccproject.com/ propose a more pedestrian friendly design that would connect nicely with the other downtown tourist spots like the Country Music Hall of Fame and the Schermerhorn Symphony Center. Visit their website and check out all the conceptual pics.

The Music City Center Coalition is another group that is advocating the new development. On their website they make their case for the new Center and how to get it done, along with lots of news releases. Lots of interesting information.

If you ask me, it just seems like the logical next step for a growing city like Nashville, especially considering the amount of tourism we have here. It will be interesting to see what happens as downtown continues through these growing pains and becomes a bigger metropolitan area.

I'll try to stay on top of the news for you!

-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

It Takes A Village to Buy a House

Today I had a client tell me: "It takes a d*** village to buy a house!"

Man, is she right. There are a lot of people involved in a transaction to purchase a home and everyone plays an important role. In her case we have been frantically getting all the ducks in row for a closing that was supposed to be today. Unfortunately, the lender has needed a couple extra days to get their loan approved. (Seems that we fell victim to the 3 day holiday weekend... :)

If you ask me, this is when having a quality Realtor makes a big difference. It's also good to have a great mortgage person, title company, insurance agent, appraiser, home inspector, termite company... you get the picture! Sounds like a village to me.

Of course, when you have a weak link in this chain, the system tends to backlog or even have to backtrack. That's why it's so important for me to form a 'team' of these people that I can count on. My clients not only get the value that I bring to the transaction, but they get the benefits of my entire network of professionals.

My role tends to be the hub of the wheel. The 'middle-man' that makes sure things are getting done and staying on track. This is much easier when I'm working with people that I know and trust.

Need a referral for a plumber? Not sure to ask about financing?
Give me a call, I know people...

-Peter
www.NashvilleCityHomes.com

Housing News Got You Down?

I just read this article from Bloomberg.com that was just depressing. Every paragraph painted such a grim outlook, explaining how things are so bad and why they are getting worse.

The title was "U.S. Economy: Home Resales in U.S. Decline, Inventories Climb". Sounds bad, right? It is. They quote enough bad stats to make all of us run for a cave.

The article doesn't mention any lights at the end of this tunnel, but does conclude by telling us about congress trying to issue $300 billion in mortgages to "stem foreclosures" and adding more regulation to the mortgage industry. In other words, growing the government to fix the economy.

Have HOPE
I'm not an economist, but I know that life is full of cycles. The economy and housing market are not exceptions. I actually get hopeful when I read articles like this. Why? Because I think that the market will correct itself, and as so many people wait to buy a home or builders hit the brakes in new construction, a type of pent up demand is created.

For example, when I hear that new construction has slowed to pace not seen for 17 years, I know that we've overcompensated for a slowing economy. I also think that it's a healthy correction to a housing market that was likely inflated by financing that allowed virtually anyone to purchase a home, whether or not they had the means to do so.

Once the good news begins to trickle into the media, perhaps confidence will be restored and that pent up demand will be unleashed.

Most of my optimism is based in my knowledge that the Nashville market is above average in this case. Especially most of the downtown neighborhoods where I focus. Perhaps there is more caution in the air, but average prices here have continued to rise, a testament to our diverse and strong local economy.

It's okay to be cautious moving forward, but let's not get depressed and remember some of the good news as well.

-Peter

www.NashvilleCityHomes.com

Bad economy? Remember the Revolutionary War?

Worried about our economy? Polls are showing that it's the #1 concern right now, so you're not alone. Of course if you think it's bad now, it's a good thing you weren't around during the Revolutionary War.

I'm no historian, but last week I tackled the voluminous biography of Alexander Hamilton by Ron Chernow. It has been fascinating to learn about the life of this founding father. It has struck me as I read that many of the issues we face today are no different in principle than when the country was formed- state powers, taxation, economy, size of the federal government, etc.

As far as the economy during this period, it was bad and getting worse. The continental congress printed money after the colonies declared independence from Britain, but this currency, known as continentals, was soon worthless. People had to barter for goods and services or continue to use a foreign currency. It didn't help that during the war, Britain counterfeited continentals and ensured the rampant inflation. (more about colonial currency)

The weak central government was completely at the mercy of the states for revenue and had no money to pay the military. This undermined morale and greatly concerned General Washington. After the war ended, the congress narrowly avoided a military uprising by paying the soldiers with land from upstate New York.

Okay, enough of my book report. It just gives us some perspective to understand this piece of history, especially as we consider the current economic situation. In light of this and a good dose of optimism, I tend to think things aren't as bad as reported on the news. Cycles are an inherent part of economies and markets. It's a healthy thing.

Most of the articles I'm reading lately proclaim that the local real estate market isn't getting worse, it's just smaller. Much of the research shows that while there are, in fact, fewer homes selling, the values have continued to appreciate.

It's important to understand the market but yet not be paralyzed with fear. Otherwise, like Alexander Hamilton, you may miss out on purchasing some bargain real estate in Manhattan. :)

-Peter

www.NashvilleCityHomes.com

Do the Landscaping ASAP!

Most people have a long "to-do list" for their homes. My advice, do the landscaping first.

Okay, maybe you should fix the faulty wiring or other safety concerns first. But then, ASAP, do the landscaping.

Since I was a kid, I've enjoyed watching plants grow, especially ones that I had planted. At our last home, a serious fixer-upper, we had lived there for a couple years before we finally took the landscaping seriously, and that's one regret that I have. Once we finally installed some new plants and a bed of mulch the home was transformed.

In addition, we enjoyed the home so much more! Every time we drove up we had a renewed pride and excitement as we watched the plants mature. We wished that we had taken time to start with the landscaping because it made such a profound affect on how we enjoyed the home. It was still a rough home on the inside, but the blooming flowers reminded us of the finish line and gave us a glimpse of what could be.

Having moved into a new home last summer, we have just started re-landscaping. It has been a huge project, since all of the home's landscaping had fallen to much neglect for many years, but what a payoff!

Of course, landscaping can be a great way to boost your curb appeal (if you do it right). There's a great article on Bob Vila's website where they say you can boost your home's value by 20%. I'm not sure how they get those numbers, but without a doubt, it will make your home more attractive to a future home buyer.

A word of caution... don't bite off more than you can chew. If you lack a green thumb, start with a small, manageable section to landscape and try to select low maintenance plants. A good start is usually to just clean up what you have by pulling weeds and trimming trees. For some homes even this first step will greatly increase your curb appeal! :)

Go to it!

-Peter

http://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