Description

* 5BR, 2.5BA, 2458 sq ft
* Hardwoods, stainless, ceramic tile, 9 ft ceilings, crown, 1930's charm
* Single family home with .37 acre fenced yard - not attached
* 2 year old master suite w/ granite, double vanities, great shower
* Incredible enclosed sunroom
* Open living room & dining room with fireplace
* Hip eat-in kitchen with white cabinets & black and white tile floor
* 3 bedrooms on main & 2 bedrooms up
* Zoned for Julia Green Elementary
* Fu... ll unfinished basement with amazing storage
* Walk to Woodmont Park
* Able to close mid April or later
* $35,000 spent in last two years: new MGM windows, entire exterior painted, new 450 sq ft deck, new closets & pantry by The Closet Company, updated interior & exterior lighting fixtures, new kitchen backsplash & paint, new window treatments & blinds throughout, and plenty more!
* Call Mike Post, owner agent, to schedule a showing. 615.414.3270

Offered by Post & Company Real Estate
Mike Post, Broker
http://www.postandcompany.com  Show less

December 2014

By J.R. Lind @jrlind

 

https://www.youtube.com/watch?v=g-62aD9vI-M

Berry Hill apartment deal second-biggest on record

23Hundred at Berry Hill has been bought by Sentinel Real Estate Group for $61.2 million.

Adam Sichko, Senior Reporter- Nashville Business Journal

That averages to $230,075 per apartment. By that measure, that's the second-largest price paid for Nashville apartments, behind only the Elliston 23 complex in Midtown ($287,000 per apartment, or $95.1 million total).

Sentinel Real Estate Corp. is the new owner of the 23Hundred complex, located at 2300 Franklin Pike in the fast-changing Melrose area, near 12South.

The complex, with 266 apartments, opened about one year ago. It's fully leased. It was a joint venture by Stonehenge Real Estate Group, run by local developer Todd Jackovich, and Bluerock Real Estate, whose corporate offices are in Manhattan.

The sale of 23Hundred at Berry Hill means that investors are picking up right where they left off. Last year, investors paid a record $1.28 billion for apartment and condo buildings in the region - a 70 percent jump from 2013.

Vince Lefler, with the firm Jones Lang LaSalle, brokered the sale of 23Hundred to Sentinel.

"The critical element is this: It's not on West End. It's not in the Gulch. It's in an area that has incredible demographics, but that also is an emerging area," Lefler told me. "It shows the focus on Nashville is more pervasive than just those few areas."

First look: Planned Midtown high-rise features boutique hotel, condos

 

provided // Hastings Architecture

A rendering of the development planned for 1922 Broadway, in Midtown. The silhouetted buildings depict projects by other developers that are either approved or on the drawing board.

Adam Sichko

Senior Reporter- Nashville Business Journal

Email  |  @NSHBIZSichko  |  LinkedIn

A local developer wants to create a 25-story building on Broadway, featuring a boutique hotel, high-end residential living and a new home for the popular restaurant Noshville.

New details, and a rendering of the proposed development, were provided to the Nashville Business Journal by representatives for Brentwood-based developer Ardavan Afrakhteh. He owns two companies, Land Development.Com Inc., and Land South TN. Afrakhteh has helped preserve thousands of acres in Tennessee, while also developing other sites and selling land to famed country music artists Kix Brooks and Carrie Underwood.

If it comes to fruition, Afrakhteh's Midtown high-rise would provide just the latest jolt for that part of town - matching the height of two nearby proposed projects: a luxury apartment tower and another residential-hotel combo.

Reached Tuesday, Afrakhteh referred all questions to a spokeswoman. Through that spokeswoman, Afrakhteh declined to discuss the status of any financing. He also declined to disclose the project's total price tag.

The boutique hotel will occupy the lower half of the building, offering between 150 rooms to 175 rooms. Afrakhteh has not signed a hotel brand at this point, according to his spokeswoman, Deborah Danker, the owner of Danker & Danker Public Relations.

Danker said the number of residential units is "unconfirmed" at this stage. She said it is unclear whether the units would be condos, apartments, or some mix of both.

Afrakhteh is seeking a change in zoning for the project, a request that the Metro Planning Commission is scheduled to consider at its Feb. 12 meeting. The development is anchored at the corner of Broadway and 20th Avenue South. In total, Afrakhteh's plans encompass 0.7 acres.

The majority of that is the land where the Noshville restaurant is today; The Tennessean reports that Afrakhteh has an option to buy that property. A Noshville official told The Tennessean the restaurant plans to open in the project once it is complete.

The remaining land is 1922 Broadway, a 0.16-acre site next door. Afrakhteh purchased the land in March 2013, for $1.1 million. Demolition of the century-old building at that address is underway.

Danker declined to discuss the project's timeline. She said the development will involve at least one new-to-Nashville concept: Concierge service for residents and hotel guests.

20 Photos Of Real Estate Agents That Can't Be Real (But Are)

And you think your high school yearbook photo was bad.

1. Colonel Sanders?

 

 

2. #nofilter

 

 

3. "Bluetooth forever Siri never!"

 

 

4. I'd hire him.

 

 

5. This house needs to be at least THREE TIMES that size before I buy it!

 

 

6. So are you guys partners?

 

 

7. What a view.

 

 

8. "I'll consider that offer."

 

 

9. Wait, wait, wait… You can fly, too?!

 

 

10. Beth Smith sells houses now.

 

 

11. "I'll sell you the house and then my heart."

 

 

12. Another member of the Bluetooth brigade.

 

 

13. He keeps all his real estate secrets under his hat.

 

 

14. "OK Photoshop guy, I want you to airbrush my nose a little. But not TOO MUCH."

 

 

15. Howdy partner.

 

 

16. I don't even…

 

 

17. The wife of No. 15

 

 

18. "I can show you the world."

 

 

19. Selling you houses… from the other side.'

 

 

20. And this guy.

 

 

Yes, it's real.

3 Ways to Start a Bidding War Through Staging

By Audra Slinkey, Home Staging Resource

Every real estate professional wants to have the reputation for being "the agent that makes the most money for their sellers." But how exactly can you do that? First, I'm going to give you a real life example of a home that recently sold for $100,000 over asking price, and then I'm going to provide the three ways this stager and agent got a bidding war started while we view the before-and-after photos from Donna Dazzo of Designed to Appeal.

BEFORE By Designed to Appeal, designedtoappeal.com

1. Assess the home's market potential

Every real estate agent understands the various factors that come into play to determine the "comparables" for a property, but when a property is upwards of $200,000, there is a larger "staging potential" that comes into play. Recently, 2014 staging statistics show that professionally staged homes on average sell 10 percent higher than non-professionally staged homes. So what is that 10 percent worth to your seller?

For instance, in the above photo the agent would have an idea of the asking price of this home in it's current "unstaged" condition. But what about in its staged condition…

AFTER Designed to Appeal, designedtoappeal.com

As you can see, the marketing of the home in both staging and photos has a dramatic effect on the outcome of the sales price. I call this the "buyer desirability factor" because the stager pinpoints the type of buyer we want and raises the "desire" for the space.

How can you assess the home's market potential? First you need to assess the reasonable sales price of the home in its unstaged condition compared to its competition. Next, you need to ask whether you may be able to raise the price of the home at least 10 percent in its staged condition. If that raised sales price is over $10,000 …

BEFORE Photo credit: Designed to Appeal, designedtoappeal.com

AFTER Designed to Appeal, designedtoappeal.com

2. Coax seller "buy-in"

One of the biggest challenges for agents is getting the seller to understand the need for professional staging, as well as committing them to the sales process. Ask the seller, these few questions which will get them thinking about the quality of product they are putting forth and the dollar potential they are leaving on the table in the sale of the home:

Critical Question #1: What percentage of your home has not been remodeled in the last 5 years? Even though not all remodeling projects are equal, this question speaks to the relevance of this home and the design knowledge of the home seller, since interior design styles have changed drastically in the last few years.

BEFORE Photo credit: Designed to Appeal, designedtoappeal.com

AFTER Designed to Appeal, designedtoappeal.com

Critical Question #2: What percentage of your furnishings (particularly artwork) has been purchased in the last 5 years? As you can see from the before photo above (which is typical for most homes), most homes have dated furnishings which lowers the "buyers desirability factor" drastically.

BEFORE Designed to Appeal, designedtoappeal.com

AFTER Photo credit: Designed to Appeal, designedtoappeal.com

Critical Question #3: If you could make 10 percent more on the sale price of your home through professional staging, can I refer an expert home stager your way? Remember, statistically sellers who have their home professionally staged are making on average 10% more in this market than those who attempt to do it themselves. Sellers rely on their agents to educate them on the sale process and what they need to do to make the best price for their home. In this market, the seller who sells quickly but makes $30,000 less than their neighbor because they didn't stage will not be happy sellers.

3. Don't be afraid to tell the "ugly truths."

The ugly truth is that anyone who has watched the real estate market over the last few years knows there's no such thing as a "set price" for a home. The price is determined by what the buyer is willing to pay AND the buyer is willing to pay a lot more for a "model home" look. Stay tuned for next week's blog post for more of the "ugly truth's" in staging …

ABOUT THE AUTHOR: Audra Slinkey is president of the Home Staging Resource, a RESA Accredited home staging training and certification company. Slinkey has personally trained over 3,000 stagers worldwide and is a bestselling author and international speaker. She also serves as president of the American Society of Home Stagers and Redesigners. Connect with her on Facebook!

https://www.youtube.com/watch?v=1E8mEbcEf_4

As a small business owner, it is very important to me to support other small businesses and self-employed friends. I know the power of referrals and have been fortunate to rely only on them to grow my real estate business. So, I would like to pass it on and showcase a small business each month I have personally patronized that I love. My hope is that it may help grow their business and turn you on to someone you may not have previously known about.

This month that business is Josh Hailey. Josh is a terrific photographer and did our family photos this year for Christmas cards. He has a keen eye and does a wonderful job at capturing sweet moments and shots. Just an all-around good guy who is talented and reasonably priced. Check him out at http://mellowtown.com.

The electric bill for December is estimated at $82,000!

FILE - This June 18, 2008 file photo shows Ikea signage at New York City's first Ikea store, in Brooklyn.

(Photo: Mark Lennihan, AP)

Swedish furniture giant Ikea will open a store in Memphis, its first in the Mid-South, the company confirmed late Monday night in a press release.

"IKEA, the world's leading home furnishing's retailer, will announce plans Tuesday morning for a proposed Memphis store," the press release stated. "The proposed IKEA Memphis would be the first IKEA store in either Tennessee, Arkansas or Mississippi, and would increase the Swedish retailer's presence in the Southeastern U.S."

The press release said that details of the plan, including exact location, size of the store, opening date and number of potential employees, will be announced at the 11 a.m. press conference Tuesday. Company representatives, plus Memphis Mayor A C Wharton and County Mayor Mark Luttrell, are scheduled to attend.

The late-night announcement confirmed a day of speculation about an Ikea project that surfaced Monday after Wharton's office scheduled a press conference for Tuesday in City Hall.

Read more about IKEA coming to Memphis on the Commercial Appeal's site.

The 3% down payment mortgage makes a comeback

By Les Christie   @CNNMoney December 9, 2014: 9:29 AM ET

NEW YORK (CNNMoney)

In an effort to open up lending to more low-income and first time home buyers, Fannie Mae and Freddie Mac announced Monday that they will start backing mortgages with down payments of as little as 3% of the home's price.

But borrowers will still need to meet strict criteria first, the two government-backed mortgage giants said.

The new loans will only be doled out to those who buy private mortgage insurance, have a credit score of at least 620 and offer complete documentation of their income, assets and job status. And, to further mitigate risk, the agencies will require borrowers to receive home ownership counseling.

Both programs are for fixed-rate loans given to first time homebuyers and those seeking to refinance. Fannie will start backing the loans as soon as December 13, while Freddie will start offering them March 23.

The move should expand access to credit for first-time homebuyers, typically younger buyers who have not have had enough time to save a big lump sum.

Fannie and Freddie already back mortgages with as low as 5% down. And the Federal Housing Administration insures 3.5% loans.

Still, according to Mark Palim, who directs economic and strategic research at Fannie Mae, it's a welcome expansion of credit.

"It's not a radical departure from what we're doing now, but anything at the margins helps," he said.

The 3% loans from Fannie and Freddie should also offer some advantages over the 3.5% down loans offered by FHA, according to Palim.

For example, the FHA loans require borrowers to pay for private mortgage insurance premiums for the entire term of the mortgage -- typically 30 years. That means adding an extra 1.35 percentage points to monthly mortgage rates. A loan carrying a 4% rate, for example, becomes a 5.35% mortgage.

In dollars, that's about an extra $80 a month for every $100,000 borrowed or $960 a year. That adds up to nearly $30,000 over the life of the loan.

Under Fannie and Freddie's programs, borrowers are permitted to cancel their private mortgage insurance premiums once the mortgage balance drops below 80% of the home's value -- either because they've made enough payments or the home's value has risen.

If home prices increase 5% a year for three or four years, for example, these borrowers may be able to cancel their insurance and save them tens of thousands of dollars over the next 26 or 27 years.

"A room cozy enough for the most discerning monkey."

5820 Fredericksburg Dr. Nashville, TN
$590,000

* 3,503 sq ft, 3 bedroom, 3 bath
* Spacious rooms, two fireplaces, possible 4th bedroom, ready for new owner's vision
* Loads of personality and not just another cookie-cutter home
* Lower level finished with fireplace, wetbar and full bath
* Pristine hardwood floors and custom blinds
* Private 2.5 acre wooded lot
* Attic with staircase - perfect for expansion
* Zoned for sought-after Percy Priest Elementary

Offered by Post & Company Real Estate
Mik... e Post, Broker
http://www.postandcompany.com

Getahn Ward, gward@tennessean.com 5:35 p.m. CST November 20, 2014

A previous conceptual perspective of Broadstone Germantown, which Alliance Residential plans. The company is pursuing another apartment building on part of the former Colonial Bakery site in the Melrose area.

Alliance Residential Co. is expected to be the developer of a 328-unit apartment complex planned on part of the former Colonial bakery site in the Melrose area.

The Phoenix-based multifamily developer is calling the apartments Broadstone Eighth South, according to a concept plan filed with the Berry Hill Planning Commission.

Alliance plans to buy a portion of the overall 6.41-acre site from local investment partnership Eighth South LLC, which two months ago paid up to $9 million for property at 2407 Franklin Pike.

In addition to the apartments, Eighth South plans a 71,000-square-foot separate retail building that's expected to have 340 parking spaces. The apartments will have 480 parking spaces.

Eighth South is seeking permission from Berry Hill's planning commission to consolidate the two lots that make up the property with plans to then partition the site into two parcels for the apartments and retail building.

The retail parcel would be 2.04 acres and the multifamily parcel would be 4.38 acres, according to the documents filed with Berry Hill official.

Under the concept plan, the four-story apartment building will mostly front Elliott Avenue with a section fronting Franklin Pike. The entire retail building would face Franklin Pike.

The former bakery site is split between Metro Nashville and the satellite city of Berry Hill.

In response to calls for preservation of the Southern magnolia tree in front of the bakery building, Eighth South said it is in talks with two individuals and a preservation group about moving the tree elsewhere. "That would be a win-win situation for everybody," said Bobby Kirby, a partner in Eighth South.

Earlier this month, Alliance also paid $5.15 million for property in Germantown where the multifamily developer plans its first Nashville area apartment project. Broadstone Germantown is expected to have 275 units.

Reach Getahn Ward at 615-726-5968 and on Twitter @Getahn.

America's most expensive home for sale -- $195 million

By Les Christie  @CNNMoney November 6, 2014: 7:44 PM ET

 

 

 

 

 

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NEW YORK (CNNMoney)

A massive Beverly Hills, Calif., estate with its own entertainment complex, 27-car garage and vineyard has hit the market with a record breaking listing price of $195 million.

That makes it the most expensive home listing in the United States, according to Coldwell Banker.

Called the Palazzo di Amore (or "Palace of Love"), the estate is enormous with 53,000 square feet of living space, 12 bedrooms and 23 bathrooms. The master suite alone -- at 5,000 square feet -- is bigger than most McMansions.

On the 25-acre property, there's a vineyard that produces 400 to 500 cases of syrah, cabernet, sauvignon blanc and other wines each year. There's also a guest house, formal gardens, a spa and a 128-foot long reflecting pool.

The estate is owned by real estate mogul, Jeff Greene, who bought the place as an investment and rents it out for $475,000 a month. In fact, Greene barely spends any time at the Beverly Hills estate, instead preferring to spend time at his home in Palm Beach, Fla., or at his summer house in the Hamptons.

Visitors arrive through one of three sets of double gates and drive a quarter mile to the front entrance, where they encounter an Italian-made fountain carved of Carrara marble.

They can park pretty much anywhere. The estate has a 27-car garage and 150 additional parking spaces.

The main residence is more than 35,000 square feet with a front entryway that is a grandiose display of statue niches, inlaid marble floors, classical revival pilasters and a double staircase of marble and ornamental metalwork.

Don't feel like climbing the stairs? Take the elevator.

The Palazzo di Amore was made for entertaining. Not only can it accommodate 1,000 guests, but it also boasts a 50-seat theater, a bowling alley and a game room. There's also space to host a seated dinner for 250 guests.

The ballroom is outfitted with laser lights, a DJ booth and a revolving dance floor. It also features a trompe l'oiel, sky-dome ceiling with more clouds painted on it than the typical Southern Californian sees in a day. There are expansive views of West Side of Los Angeles, Century City and the ocean beyond.

The family room, with its parquet floor, built-in cabinets, fireplace and comparatively modest dimensions, is perhaps the coziest room in the house.

And any vineyard must have its own wine cellar and tasting room. This one has space for 3,500 bottles. If that's not enough space, there's a more utilitarian wine vault downstairs that holds 10,000 more bottles.

Without a doubt the Palazzo di Amore has a lot to offer, but can it bring in the full asking price?

Exact comparable sales are hard to come by but a similarly sized mansion in nearby Holmby Hills sold for $102 million in March, according to the record for Los Angeles County. The property, however, was on the market for years and sold for $23 million below the asking price.

 

Robin Williams' $30M vineyard estate

 

And it was only on five acres of land. "This property is five times the size of that," said Stacy Gottula, the Coldwell Banker Previews International real estate agent who, along with colleague Joyce Rey, is showing the estate.

Several other similarly sized mansions have sold over the past few years in the Los Angeles area but none for more than $100 million, according to Jonathan Miller, an appraiser with Miller Samuel in New York. So asking for nearly twice that amount may be a stretch, he said.

"What's unusual is the estate size," he said. "Still, $195 million is a huge number."

Gottula said that several people have inquired about buying the Palazzo di Amore over the past few years while it was being rented out.

The name sounds catchy, even cute: the "blight bundle." Its contents, however, are far less appealing: 6,350 properties -- mostly abandoned homes in disrepair and overgrown vacant lots -- peppered across the city of Detroit.

No one was really expected to buy the so-called Detroit blight bundle when it entered the Wayne County tax foreclosure auction earlier this month. But someone did.

A group of developers led by Herb Strather put in a $3,183,500 bid -- just over the required minimum -- for the 6,000-plus properties and won the lot as the only bidders when the auction closed Tuesday afternoon.

Strather is one of the partners in Detroit Bundle LLC, along with Texas company Eco Solutions and others. He is also the chairman of real estate development firm Strather Associates and runs a real estate school "creating the next generation of developers in Detroit." This latest venture germinated as part of a class about online bidding at his Strather Academy.

"We were rather shocked [by the sale of the bundle]," Strather told The Huffington Post. "We turned on a dime, if you will, and decided to be the bidder, because we were concerned. We wanted to make sure the redevelopment of Detroit was in Detroiters' hands."

Strather said he has about two dozen students who will be working on the properties.

"They're going to add a lot of great value to the development project by doing a lot of sweat equity," he said.

Strather was previously a casino developer and has been involved in various Detroit investments throughout the decades. One of those earlier projects was the redevelopment of the Hotel St. Regis. Strather was the lead of a group of investors, and in 2009, they defaulted on an $8.7 million loan for the project.

The sale of the Detroit properties is not final yet. Winners in the county tax auction must pay 10 percent of the total price the day after winning, and the rest is due within 14 days.

Strather and his partners have more requirements to meet: Within six months, they must demolish all the blighted properties and have development agreements with the county for any deemed salvageable. If they fail to meet that timeline, ownership for all the properties could revert to the county.

As one of the creators of data transparency projects that map Detroit's blight and provide easy access to information on the foreclosure auction, Loveland Technologies CEO Jerry Paffendorf has a sense of the scale of Strather's project.

"It's just impossible," Paffendorf said bluntly.

Why does it seem so impossible? Because it was pretty much meant to be. The properties were bundled to discourage speculators from buying them individually. If Strather's group hadn't bid, vacant lots and houses in good shape would have gone to the Detroit Land Bank, where the sales agreement makes more demands on the buyer, and the blighted properties could be dealt with more efficiently.

"This process will speed the demolition of properties that continue to be a cancer in Detroit neighborhoods," Mayor Mike Duggan and Wayne County Treasurer Raymond Wojtowicz said in a statement when they announced the blight bundle.

It was assumed that no one would want to take on the behemoth of 6,000 properties and that they would go directly to the Land Bank without bids.

"Now what we have to do is find out if indeed this group is serious about taking on such a task. And if they're willing to do so, we're willing to listen," Wayne County Chief Deputy Treasurer David Szymanski said.

In the next two weeks, the county will be working closely with the developers to attempt to come up with a plan that satisfies all parties, Szymanski said.

Strather said they had surveyed a large chunk of the properties so far. Szymanski told the Detroit News that 2,000 were vacant lots and about 3,000 would likely need to be torn down -- an undertaking that's bound to be pricey. The average $500 per property may sound like a steal, but that doesn't factor in the millions more that will be needed for demo and rehab. At Detroit's average demolition cost, it would take $30 million to tear down the blight.

Though Strather said it was important to involve community stakeholders in his plans, some have reservations. A group of neighbors, for example, told the News the city said they could buy abandoned lots -- some of which have been turned into farms, gardens and parks -- for $100. Those properties now belong to Strather.

Strather, however, seemed beyond enthusiastic about the challenge that lies ahead.

"I think I was born to do it," he said. "The idea of redevelopment in my community would be a work of love."

And if it's a work of love that can't be completed in six months?

"With 6,300 properties, we'll probably give them a few extra days," Szymanski said dryly.

UPDATE: Oct. 30 -- Herb Strather and his partners made the Wednesday afternoon deadline to pay the initial 10 percent of their bid for the 6,350 properties. At a press conference held earlier that day, Strather spoke with passion and even shed a few tears while talking about rebuilding Detroit. However, he did not release extensive details about his development plan for the 6,000 properties, in part because he is still negotiating with the county.

Strather emphasized the importance of neighborhoods and community-led development, saying that every neighborhood in Detroit deserved a sit-down restaurant, retail shops and new housing. He said he believes it's "homeowners first" and said if any struggling families were currently residing in the properties he would work with them. He also plans to work with community groups and individuals who had earlier plans to buy vacant lots included in his bundle.

"We have the chance to arrest the decay and rebuild," he said.

A potential issue with Strather's plan arose when he addressed his blighted properties. He referenced using public dollars by working with the Detroit Land Bank and accessing the federal funding they've used to raze abandoned buildings. But the demolition funds could legally only be used for properties owned by the Land Bank, a spokesman told the Detroit Free Press. Strather said demolition would take much longer than the required six months, which would only be allowable if the county agrees to new terms.

The Detroit News also reports Strather currently owes at least $300,000 in state and federal tax liens.

See several more of the homes included in the blight bundle below, and explore all the properties here.