For March, closings are up 26% year-over-year in Davidson County and 11.7% in Williamson County. The average closing price is up in both regions as well.
In another sign that business is picking up in our region, Centralized Showing Service, the company that schedules our showing appointments as well as those of many other companies, is hiring 100 new operators due to high call volume.
Spring has sprung!
US Cities With The Fastest Growing Job Markets
Nashville was named one of five cities with the fastest growing job markets in 2010-11! I knew things were buzzing around here!
Read the rest of the article in The Atlantic Cities.
Nashville Foreclosures On The Upswing?
A few years ago every buyer wanted a foreclosed property.
I receive this request less frequently now and can happily report that there are no such bargains in Green Hills or Belle Meade.
But there are still many foreclosed properties in other zip codes. And although foreclosures have tapered off in our marketplace overall, some experts argue that another wave of foreclosures could be coming our way. Hmmm.
Read the rest of the article in The Tennessean.
What Is It About 12 South?
“Everything’s up to date in Kansas City
They gone about as fer as they can go”
Like Kansas City in Rodgers & Hammerstein’s classic show Oklahoma, 12 South is totally up to date, but unlike KC, there’s plenty more growth.
12 South is booming. What you think of this probably depends whether you are a developer, homeowner, retailer , preservationist, or renter.
Read about the changes in this hot neighborhood in The City Paper.
The uptick in showings and inquires from both home buyers and those looking to sell indicates a renewed sense of optimism in the residential real estate market.
Some of the optimism is attributable to the fact that for the first time in several years in Davidson County more houses sold in 2011 than in the prior year. In Williamson County, annual sales increased for the second year in a row.
For February, the trend continued as the number of closings in Davidson County rose 25% from February of last year.
Ahhh! Spring is here.
Houses for sale may be described in many ways, “perfect location,” “move in ready,” “needs TLC,” or the one that strikes terror in the hearts of all house hunters, house sold AS IS.
Last month, a prospective buyer said something to me that is emblematic of the confusion with regard to the phrase Sold AS IS.
“What‘s wrong with the house?”
The answer, not necessarily anything. AS IS means that the house is sold in its present AS IS condition with all faults and no warranties expressed or implied.
That’s it.
Now granted some rather scary looking homes bear the moniker, but there are several circumstances under which an owner and his/her agent may decide to position a home AS IS
So when you see AS IS, don’t make any assumptions. If you are interested in the property, call the listing agent. She’ll be happy to give you the information on the property.
Who knows? The label might deter some less savvy buyers, and you could scoop up a gem!
If you bought or sold a house recently, you may have encountered the pass the buck (PtB) home inspection report. This report, which contains some information about the property, is also likely to recommend consulting other (many other) professionals for a definitive opinion.
I received a report recently in which the inspector deferred to the expertise of an arborist, licensed roofing company, chimney specialist, electrician, pest control company, and structural engineer!
In our increasing litigious and specialized world, home inspectors are not unnaturally cautious about passing judgment. So they call for back up.
Which is all well and good, but know that your 2012 home inspection is likely to involve more professionals, more hassles, and more dollars than in previous years.
In February Fashionistas Flock Here!
It’s that time of year again, the StyleBlueprint Consignment Shopping Event!
I am thrilled that this sale which benefits The Women’s Fund of the Community Foundation of Middle Tennessee will be held at charming 3821 Whitland Avenue.(Yes, the house is for sale too, but really, that’s not the point or not the entire point!)
Early bird shopping kicks off the sale on Thursday, February 23 from 6:00 pm – 9:00 PM.
Only 100 tickets are available to the early bird evening at a price of $79 each. Come be the first to shop the women’s boutique for quality clothing, shoes, and accessories.
To purchase a ticket, click here.
If you can’t join us for the Early Bird Party, come shop Friday, February 24 from 9-6 or Saturday, February 25 from 8-12.
See you there!
To the uninitiated, the period between the signing of the home purchase and sale agreement and the closing is a bit scary.
A better understanding of the various responsibilities, contingencies, and deadlines can mitigate those fears, but the contract is not written in an easy-to read, bullet point format.
Which is why, once an agreement is signed, I send my clients a list of the important deadlines. (I love bullet points!)
When you know what is supposed to happen when, it’s not so scary, after all!
If so, I recommend that you review Remodeling magazine’s annual “Cost vs. Value Report 2011-12.”
The report surveys the average costs recouped for thirty-five home improvement projects, and the results may surprise you.
For example, despite our weather challenged times, the installation of a backup power generator recoups only 53.6% of its investment at resale. And a home office remodel lags at the bottom of the list every year.
The addition of an attic bedroom provides the biggest return on investment (83.8%); a minor kitchen remodel returns a satisfactory 72.8 % and a basement remodel 70.3%.
It you are planning to be in your home for many years, renovate to your heart’s content. If you may sell in the next few years, consider the scope and budget of your renovation carefully.
I don’t know if 2012 is the year for you to make a move, but I see a promising trend in the local real estate market! Is it real, and is it sustainable? Only time will tell. Read on for details.
This cute house is for sale!
DAVIDSON COUNTY
In 2011, the number of closings increased 3.7 % from 2010, and the average closing price increased as well.
| Year | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 |
| Number of Closings | 5660 | 5457 | 5979 | 6774 | 9015 | 10,536 | 10,481 |
| Average Closing Price | $207,015 | $203,976 | $199,111 | $220,669 | $229,160 | $215,220 | $200,264 |
| Ratio of CP to LP % | 95.8 | 96 | 96.1 | 97.2 | 98 | 98.8 | 98.8 |
| Average Days on Market | 87 | 83 | 79 | 74 | 63 | 59 | 62 |
WILLIAMSON COUNTY
For the second year, the number of closings is up.
The average closing price has jumped around the past two years, and is down from 2010.
| Year | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 |
| Number of Closings | 2917 | 2703 | 2367 | 2697 | 3947 | 4896 | 4812 |
| Average Closing Price | $398,242 | $411,435 | $407,615 | $432,345 | $454,730 | $426,065 | $361,780 |
| Ratio of CP to LP % | 96.1 | 95.1 | 95.2 | 97.1 | 98.3 | 99.8 | 99.8 |
| Average Days on Market | 93 | 95 | 94 | 82 | 65 | 49 | 57 |
One of the joys of NYC is great architecture around every corner. Whenever Brian and I headed somewhere on foot, it always took twice as long to reach our destination because Brian (a serious student of NYC architecture) had to stop at every significant building along the way. Often we ventured into the lobby, where a bemused security guard would usually let us snoop around. It is amazing how many original features remain in the most humdrum of buildings.
Barbara Sallick, co-founder of Waterworks, recently posted photos of a find of her own in the City, the Bayard Building (1897), which was designed by Louis Sullivan, his only building in New York. Isn’t this fabulous—I love terra cotta!
Next time you are in NYC, look up; there are treasures hidden behind scaffolds, Duane Reade stores, and phony facades.
