Nashville's short-term rental vote: What it does, what it doesn't do, and why it's a big deal
Short-term rentals, like Airbnb, HomeAway and VRBO (a branch of HomeAway), have caused controversy in Nashville. Some believe they benefit the city. Others feel like they are hurting neighborhoods. Ayrika Whitney/USA TODAY NETWORK - Tennessee
The newly approved ordinance falls far short of banning all short-term rentals in the city. It's instead aimed at phasing out one particular type — investor-owned short-term rentals in residential-zoned neighborhoods.
Critics have complained this type, known as non-owner occupied short-term rentals, have turned residential homes into disruptive party hotels and uprooted longtime residents in place of businesses that don't belong next to homes.
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* 3BR, 2BA with 1414 sq ft for $259,977
* 1919 Dahlia Circle, Nashville, TN 37210
* Absolutely everything in this home has been renovated! Nearly $50K spent on renovations....truly move-in ready
* In the last 5 years, NEW: roof, HVAC, water heater, siding, stainless appliances, windows, paint, floors, deck, gutters, hardware, and fence
* Just in the 12 months, NEW: master bathroom, lighting everywhere, quartz kitchen counters, and lower level carpet
* Refinished sand and finish hardwoods throughout main level
* Sits on a quiet cul-de-sac with a beautiful backyard & terrific view from deck
* Terrific storage space in lower level
* 5 miles to downtown, 6 miles to Vanderbilt, 2 miles to Donelson restaurants shopping
* For a showing or with questions, please call/text Mike at 615-414-3270
MLS Announces Nashville Event Where it's Expected to Accept Expansion Bid
By BRIAN STRAUS
December 19, 2017
Major League Soccer is coming to the music city.
The league all but confirmed Tuesday morning that the Nashville bid fronted by local billionaire John Ingram and supported by the Wilf brothers, who own the Minnesota Vikings, has been accepted. MLS commissioner Don Garber will join Ingram, Tennessee governor Bill Haslam and Nashville mayor Megan Barry at an event Wednesday afternoon at the Country Music Hall of Fame, where they’ll announce the city’s entry.
You can watch the event in the stream below:
Ingram and the city plan to build a 27,500-seat, $250 million stadium at the Fairgrounds Nashville site just south of downtown. Their bid was considered a long shot when it was unveiled in January.
“I think it’s fair to say we’re an underdog,” Ingram told SI.com at the time.
But Nashville’s cultural appeal, Ingram’s wealth, the public-private stadium partnership (which includes 10 acres for mixed-use development adjacent to the arena) and stumbles by early expansion favorites combined to leave Ingram as the clear front-runner as MLS owners met last week. The league intended to name two teams this month, but Nashville is the only confirmed expansion entrant. That’s an indication of the strength of its bid, as well as a few remaining questions surrounding the other three finalists—Cincinnati, Detroit and Sacramento.
As the league continues to evaluate those three, it’s possible a decision and/or announcement could be delayed until after the holidays.
As of Tuesday, it was unclear when Nashville’s MLS club will begin play. The league originally scheduled the two teams named this month to kick off in 2020. They’d be clubs No. 25 and 26, joining after David Beckham’s Miami outfit and Los Angeles FC entered as members 23 and 24. But only the latter is ready. Coach Bob Bradley’s LAFC will kick off in March and then open Banc of California Stadium on April 29 against Seattle. The Miami project has taken far longer than anticipated. While this month’s recruitment of investors Jorge and Jose Mas has solidified the ownership group, a stadium construction timeline and MLS entry date are impossible to peg.
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Tax plan could really hurt Nashville real estate market
“Realtors: Senate-passed Tax Legislation Bad News for Homeowners,” reads a recent headline from the National Association of Realtors. Lest this spawn a political debate, it should be noted that NAR’s membership is 1.3 million strong and that its PAC raises and disburses millions and million of dollars each year, and that those dollars are usually almost evenly split between the two major parties.
Based on what we have seen, the big money must be on the other side of this issue.
NAR cares not about Republicans and Democrats. Its focus is homeownership and Realtors. Its resources are infinite, and its research thorough.
And the association says the bill “puts homeowners at risk.” Senator Bob Corker, as anyone who follows these things knows, voted against the bill. For those who are missing a program, Corker is a Republican.
NAR president Elizabeth Mendenhall, a sixth generation Realtor from Columbia, Missouri, offered strong concerns over the bill and said the Realtors will continue work with members of the House and Senate as the process moves forward into a conference committee. She says there is hope in Senate/House reconciliation.
Her statement is alarming: “The tax incentives to own a home are baked into overall value of homes in every state and territory across the country. When those incentives are nullified in the way this bill provides, our estimates show that home values stand to fall by an average of more than 10 percent, and even higher in high-cost areas.” By the way, Nashville would be considered a “high-cost area.”
Mendenhall says the NAR supports tax cuts “when done in a fiscally responsible way.”
This bill, however, could cause many homeowners “to see a tax increase,” Mendenhall says, adding “In exchange for that, they’ll also see much, or all of their home equity evaporate as the $1.5 trillion is added to the national debt and piled upon the backs of our children and grandchildren.”
There are 75 million homeowners out there.
Many have wondered what could cause the city’s growth to slow. Perhaps this is it.
Thirty-one years ago, when the Tax Reform Act of 1986 passed, there was celebration in Washington among those who passed the legislation. While I write about it in negative terms, there are those who feel it was helpful.
But, they were not in attendance in Resolution Trust Corporation auctions the banquet halls of local hotels. There were condos listed on large Post-it notes easels with prices beginning at $25,000 for 1,200-square-foot condos across the area.
One of the attendees bought a condominium on a credit card, never dreaming that he would buy anything at the auction. Pay down those balances and raise the credit limits, there may be some bargains to be had.
Sale of the Week
One of Nashville’s top Realtors is Village’s Virginia Degerberg, whose sales prowess is understandable considering she cut her teeth selling air time at local radio stations. After selling the verbal ramblings of air personalities from Gerry House to Carl P. Mayfield, she broke into real estate and sold more than any other new agent in the Greater Nashville area that year.
She has continued to prosper and recently sold a house in West Meade – some people call it West Meade, Degerberg calls it Harding Park – and garnered some $1,726,000 for its 6,652 square feet. With five bedrooms, five full baths and a couple of half bathrooms, it has three garage bays and rests upon .62 acres.
Degerberg described the house as “light-filled with amazing outdoor space” and noted the outdoor gas grill had been “totally redone.” Also included in the sale were new kitchen appliances and a media room with a “movie screen and a new projector.”
Located at 120 Laird Road, the $1.7 million price tag is robust. Houses with spectacular kitchens, some sizzle in the bedroom and outdoor areas will command that number.
Barbara Keith Payne of the Pilkerton Company represented the buyer and beat the others to the punch with the house going under contract three days after Degerberg listed it for $1.75 million.
With a new roof, gutters, water heaters and HVACs, the home is virtually new.
A speaker once said that when a person precedes a claim with the word virtually, what follows in generally not true. Of note is that at one time this was the home of Daisy King of Miss Daisy fame. While Daisy King is driven, she is not famous for that. Rather she is a relentless chef, cookbook author, caterer, and philanthropist, one of the area’s true characters.
Richard Courtney is a real estate broker with Christianson, Patterson, Courtney, and Association and can be reached at email@example.com.
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