The Rula-delCarmen Report 05/01/12: Real Estate News and Trends for Nashville and Beyond
The latest edition of The Rula-delCarmen Report can be found by clicking the image below. Some of the highlights from this month’s edition include:
- March Nashville home sales increased by 17.3% from a year earlier
- New home sales declined 7.1% in March
- Remodeling Market Index remains relatively flat in the first quarter of 2012
Please do not hesitate to contact John Rula (615-473-2632; john@johnrula.com) or Ben delCarmen (615-483-3138; ben@bendelcarmen.com) with any real estate questions. We are here to help!
The Rula-delCarmen Report 02/01/12: Real Estate News and Trends for Nashville and Beyond
The latest edition of The Rula-delCarmen Report can be found by clicking the image below. Some of the highlights from this month’s edition include:
- December Nashville home sales increased by 18.2% from a year earlier
- Nationwide housing starts were down slightly in December (2.2%)
- Remodeling Market Index rises to a five-year high
Please do not hesitate to contact John Rula (615-473-2632; john@johnrula.com) or Ben delCarmen (615-483-3138; ben@bendelcarmen.com) with any real estate questions. We are here to help!
The Rula-delCarmen Report 10/10/11: Real Estate News and Trends for Nashville and Beyond
The newest edition of The Rula-delCarmen Report can be found in the link below. Some of the highlights from this month’s edition include:
- September Greater Nashville home sales increased by 16.9% from a year earlier
- The number of improving U.S. housing markets nearly doubled in October
- Nationwide housing starts declined in August by 5.0% but permits for new construction rose
- Nationwide new home sales declined 2.3% in August
- Commonly overlooked roofing repairs
Please do not hesitate to contact John Rula (615-473-2632; john@johnrula.com) or Ben delCarmen (615-483-3138; ben@bendelcarmen.com) with any real estate questions. We are here to help!
The Rula-delCarmen Report 8/30/11: Real Estate News and Trends for Nashville and Beyond
The latest edition of The Rula-delCarmen Report can be found in the link below. Some of the highlights from this month’s edition include:
- July Nashville home sales increased by 15.8% from a year earlier
- Nationwide housing starts were down slightly in July (1.5%)
- Nationwide builder confidence measures were unchanged in August
- Nationwide new home sales were virtually unchanged in July
Please do not hesitate to contact John Rula (615-473-2632; john@johnrula.com) or Ben delCarmen (615-483-3138; ben@bendelcarmen.com) with any real estate questions. We are here to help!
Signs of Life in the Downtown Condo Market
With the construction on the Music City Convention Center and the recent announcement of expansion plans by the Country Music Hall of Fame, downtown appears to be primed for improved growth over the next few years. But what about living spaces in the downtown area? How have sales at the various downtown Nashville condominium and loft projects fared this year?
Advertising from some of the downtown condo projects may indicate that the market is showing some signs of life after a couple of years of sluggish sales. The Encore, which sits squarely within the SoBro neighborhood between the planned Music City Center and the Schermerhorn Symphony Center, recently announced that the development is 95% sold with only 15 units remaining for sale. The Encore’s advertising also mentions that 15 units went under contract/pending since May of this year, another sign that there is an increase in buyer activity downtown.
We also looked at the data in the Multiple Listing Service (MLS) for downtown condo and loft units, and through August 1 of this year, downtown condo and loft sales are up approximately 29% in the 37201 and 37219 zip codes. These zip codes encompass the majority of the downtown condo and loft living options, such as The Encore, The Exchange, Kress Lofts, Viridian, The Cumberland, Church Street Lofts, Ambrose Lofts, The Quarters, and Howell Park. It is also important to note that the available MLS information does not include all of the new construction sales over the past two years since some of those condo units could have been sold directly without advertising on the MLS.
For those buyers considering a move to the downtown Nashville core, now is a great time to explore your options in more detail given the favorable interest rate environment and all of the new attractions being added to the downtown area. Feel free to give John (615-473-2632) or Ben (615-483-3138) a call to learn more about many of the exciting condo and loft projects available.
References:
http://www.bizjournals.com/nashville/news/2011/06/16/officials-break-ground-for-new-omni.html
Read MoreNashville’s Rent Prices Continue to Rise Quickly
The current Middle Tennessee real estate market has certainly tested the nerve of both buyers and sellers as both sides try to find the best approach going forward in this uncertain climate. A trend that we are seeing in the Middle Tennessee market is that sellers are moving on to their next house (or their next job in a different city) and simply deciding to rent their current home instead of selling at what they consider to be depressed prices, with the hopes of getting a better price as the market stabilizes next year. Additionally, some buyers who have been searching for their next home have decided that “sitting on the sidelines” and renting temporarily makes sense until they find that “steal of a deal” that they “can’t pass up.”
We spent the last few days compiling some interesting data (that at least anecdotally) supports the idea that rent prices have increased dramatically over the past two years. We examined all Multiple Listing Service (MLS) listed rental properties from 2009 to the present in the 37203, 37212, and 37215 zip codes (the Nashville zip codes that make up the mid-town “core”). These rentals include condominiums, single-family homes, and multi-family dwellings (such as duplexes and triplexes) that were leased on the MLS. The 2011 data consists of closed transactions only and does not include currently available rentals.
As the information below shows, the average per-month rent price rose significantly in all three zip codes. Given that some homeowners have turned to popular sites like Craigslist.org to find a tenant, this data is by no means complete with regard to the rental market in the mid-town Nashville core. This data does suggest though that the number of renters has increased significantly in the last two and a half years, driving up rental rates. Even more surprising is that the rent rates are up significantly despite the fact that number of MLS-listed rental properties jumped from 2009 to 2010. For example, the number of properties almost doubled from 2009 to 2010 in the 37203 zip code, yet rental rates rose from $1,541 per month to $1,643 per month over the same timeframe.
So what do these statistics mean for buyers? Buyers who are “sitting on the sidelines” might wish to further explore the home purchase option rather than paying escalating rental prices. Also, if you are an investor-buyer, now is a great time to buy your next investment property given the rising rental rates and the favorable interest rate environment. If you are interested in exploring home purchase options in more detail, don’t hesitate to call John Rula at 615-473-2632 or Ben delCarmen at 615-483-3138.
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Belmont
One of the most desirable neighborhoods in Nashville, the Belmont area is located approximately two miles south of downtown Nashville and is known for its historic Tudors, foursquares, and bungalows. Many of the homes date back to the early 1900s, and these renovated homes line Belmont Boulevard in impressive fashion. The neighborhood is tucked between 21st Avenue South and the 12 South neighborhood and is close to Vanderbilt University, Belmont University, and David Lipscomb University. Shopping and restaurants are also walking distance to many of the homes in the area, providing a uniquely urban way of living for its residents.
Read MoreFranklin
One of the larger suburbs of Nashville, Franklin has been named to Southern Living’s “Best Small Town” top ten list. Franklin seamlessly blends upscale living of newer construction homes located near the Cool Springs shopping area with the incredible antique homes of Franklin’s Historic Downtown district. Franklin offers a large selection of home styles across a wide range of prices and is located less than 20 miles from downtown Nashville, making this suburb one of the city’s best residential options.
Read MoreBrentwood
Brentwood encompasses a large area along the Davidson County – Williamson County border. While the majority of Brentwood homes lie within the city of Brentwood which sits within Williamson County, there is a small unincorporated section of Brentwood which runs along the southern edge of Davidson County. Brentwood homes predominantly range from 1970s traditional style to new construction. While there are few condo communities in the City of Brentwood, there are several condo and townhome communities along Old Hickory Boulevard in southern Davidson County. Brentwood’s convenient location ten miles south of downtown Nashville and the wealth of shopping and restaurant options make Brentwood one of Nashville’s most popular suburbs.
Read MoreEast Nashville
East Nashville is the up-and-coming urban neighborhood located two miles northeast of downtown Nashville across the Cumberland River. East Nashville features an eclectic mix of mid-century moderns, urban lofts, and renovated historic homes dating back to the early 1900s. Some of the highlights of East Nashville include the Five-Points shopping and restaurant district, the historic Lockeland Springs neighborhood, Eastwood Neighbors, and the Shelby Bottoms Greenway.
Read MoreGreen Hills
Green Hills is a large neighborhood that sits along the popular commercial section of Hillsboro Pike centered around The Mall at Green Hills. The aesthetic streets and the premium location consistently rate Green Hills among Nashville’s most sought after neighborhoods and its popularity is reflected in the premium prices of Green Hills homes. Green Hills properties range from starter homes to luxury homes as well as a collection of condos and townhomes. The Mall at Green Hills and the Hill Center featuring Whole Foods anchors Nashville’s most popular shopping destination.
Read MoreWest Meade
The West Meade neighborhood is known for its 1950s and 1960s built brick ranch homes located on large, mostly one-acre lots. The neighborhood features rolling hills, large trees, providing homeowners a quiet retreat from the busy roads of West End Avenue while still close enough to enjoy the shopping, restaurants, and conveniences of in-town living.
The nearby Hillwood neighborhood is located off of Harding Road and features numerous brick ranch homes very similar in style to those found in West Meade. More recently, many of these 1950s and 1960s ranch homes have been replaced by modern new construction homes situated on large lots. Both of these neighborhoods are located within 15 minutes to downtown Nashville.
Read MoreSylvan Park
Historic Sylvan Park is located minutes from Vanderbilt University and St. Thomas Hospital, and as a result, demand for this neighborhood’s homes has soared in recent years. Sylvan Park features homes built from the late 1800s to the late 1940s, including small cottages as well as impressive Tudors and sprawling Victorians. McCabe Golf Course runs through the heart of the neighborhood, and the main shopping area features great restaurants and nightspots, such as Café Nonna, Park Café, and McCabe’s Pub.
Sylvan Heights is the neighborhood adjacent to Sylvan Park that features a small, diverse community with a wide range of small cottages and modest matchbox houses as well as the incredible California-style modern residences of Nevada Heights that boast impressive views of downtown Nashville. Sylvan Heights is located near the Parthenon at Centennial Park and the Centennial Sports Complex and is also the home to the Nashville Ballet School of Dance and Climb Nashville, an indoor climbing gymnasium.
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