By Eric Snyder – Managing Editor, Nashville Business Journal
Don’t expect the Nashville area’s housing market to cool off much in 2018 — the National Association of Realtors' 2018 National Housing Forecast expects the area to be among the country’s top 10 housing markets next year.
Based on expected gains in prices and number of sales, the Nashville MSA ranks No. 9 in the association’s forecast, which is topped by Las Vegas.
Through the first 10 months of 2017, there have been 34,059 closings in the Nashville area, an increase of 4.2 percent compared to 2016, according to the Greater Nashville Realtors.
Realtor.com’s full housing forecast is available here.
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'Tall skinny' takeover: Which Nashville neighborhoods are doubling up after demolition
From his office above a Whole Foods store in upscale Green Hills, John Brittle Jr. and his team of agents target the next affordable Nashville neighborhood for redevelopment.
Brittle, a broker with Parks Realty, is called the “Infill King.” His developer clients rely on him to spot bargain older homes, which they tear down and replace with bigger, more expensive properties.
“For 30 years, real estate agents have been talking about the TSU and Fisk areas,” Brittle said, referring to the neighborhoods surrounding Tennessee State University and Fisk University, two of Nashville's historically black institutions. “We’re going to see some beautiful stuff there.”
Investors and builders have transformed entire neighborhoods in recent years as Nashville’s appetite for homes soared. Countywide, nearly half of all properties with single structures demolished and new construction approved had two or more residential buildings planned for the lot, according to a Tennessean analysis of Metro Nashville permit data.
The familiar scene replays throughout the urban core: Multiple modern, three-story homes replace one-story brick houses. Some derelict homes are demolished and property taxes flow into city coffers. Meanwhile, long-time neighbors live with construction dust, noise, blocked sunlight and changing faces — until they too move, often outside the city.
“Some people don’t like what we do,” said Brittle, who wishes city regulations would allow for denser, less expensive development. “But the fact of the matter is that the market demands this. People are wanting to move into these neighborhoods.”
Metro Nashville issued 962 residential demolition permits in 2015 and 1,035 in 2016 — nearly three houses a day. That rate has cooled off by 10 percent in 2017, but the rapid redevelopment has left many residents wondering what is happening to their city.
The 37209 zip code that includes The Nations and Sylvan Park had the most residential demolitions, with 583 between September 2014 and September 2017. At those properties, 376 had approval for new housing. And on those lots, builders obtained 608 new home permits.
Nashville ZIP codes with most residential demolition permits, Sept. 2014 - Sept. 2017
- 583 permits - 37209 (The Nations/Sylvan Park/Sylvan Heights)
- 383 - 37206 (East Nashville)
- 254 - 37208 (Germantown, North Nashville)
- 251 - 37215 (Green Hills)
Source: Metro Nashville Codes Department data; Tennessean analysis
"You tear down the eyesore and build two nice houses in their place, and raise the property values," said George Lauderback, owner of L & S Construction Services, the company with the most permits to build on lots with recent demolitions.
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- Walkable to the proposed site of the new MLS soccer stadium
- 408 Mallory Street in Nashville's hottest neighborhood, Wedgewood Houston (WEHO)
- 750 sq ft house in poor shape; it could be rented or renovated although it is likely a tear down. Selling strictly AS-IS. Investor special...some foundation issues
- 37X105 lot allowing for a whole host of uses including residential & commercial
- Several $500K new homes being built across street - terrific deal for builder/investor
- House does have new flooring and new paint. Does not have central HVAC but has new window AC's
- House has living room, kitchen, 2 small bedrooms & bathroom
- On a quiet street VERY close to Vandy, Belmont, 12South, & Melrose
- Contact Mike at 615-414-3270 for more info or for a showing
Completely renovated single family home (not attached) & walkable to both Melrose & 12South. New everything - electrical, plumbing, HVAC, duct work. High-end finishes all around with original hardwoods refinished, doors and hardware fully restored. WALK TO BOTH MELROSE & 12SOUTH SHOPPING & RESTAURANTS. 4th bedroom would make a great office, bonus room, media room, etc. A MUST SEE - $764,000.
Contact listing agent, Mark Dunham, for more info. 615.428.1889 or firstname.lastname@example.org
Each year at the end of summer, Post & Co. hosts a client appreciation picnic for our clients and friends. It is our way of saying "thank you" for the support, referrals, and friendship.
There is no talk of buying or selling, no "do you know how much your house is worth?" gimmick or real estate presentation. It is just a party with our friends.
It's always a great time! This year, nearly 200 friends and clients attended our annual picnic at First Tennessee Park. We hope you'll join us next year!
4315 ESTES - 4BR, 3BA, 3800 sq ft - $899K
* New master suite (on main level) with vaulted ceiling, gorgeous master bath with custom made double vanities, separate shower & tub, & custom walk-in closet
* Gourmet kitchen with Carrara marble counters new SS appliances
* Hardwood floors refinished in entire home
* High-end finishings (hardware, mirrors, & light fixtures) from Horchow, Restoration hardware and Iron Gate (all purchased separately....nothing is builder-grade)
* In last 5 years, home has new roof, new garage door, entire exterior of home repainted (just last month), new aluminum fencing & gate, new water heater, all new landscaping
* In-law or teen suite potential in lower level
* Stone's throw from Belle Meade but without the taxes
* Private backyard is flat & fenced
* Over $150K spent in last few years on renovations
Please call or text Mike Post with questions or if you would like to take a look - 615.414.3270
Over 1,600 renovated sq ft on over 4 acres for $189K. Call Mark Dunham (615-428-1889) for more info.