Richard Gordon Courtney tells it like it is. Excellent article!
ASKING FOR THE MOON MIGHT LEAVE YOU GROUNDED
Realty Check
by Richard Gordon Courtney
There were 3,226 closings in August, Greater Nashville Association of Realtors numbers show, up 4.6 percent from last August. It could have increased 24.6 percent if there were more listings.
"Inventory is continuing to decrease," GNAR president Hagan Stone notes. "There is demand from buyers."
GNAR stats show the median price for a single-family home increased from $194,000 to $219,000, while the condos increased from $167,834 to $169,000. In short, everything is moving well, with the exception of homes that are overpriced or even slightly lacking the perfection that buyers demand.
While most of the area has become accustomed to reports reflecting this type of growth, the market only started trending upward in late 2011 after beginning its fall with a 27 percent drop in August of 2007.
By September 2008, many of real estate brokers were wondering if and when the market would ever recover.
But recover it has, and that has invited some interesting characters into the real estate business. And bless their collective heart, many of them have unique, if not terminal, negotiating tactics.
Recently a Realtor placed a house under contract, had it inspected and requested $30,000 for repairs. When the owner balked, they countered with $14,000, the owner said "Forget about it."
So the buyer's broker suggested $8,000 would be sufficient. By then the owner had no interest in selling the house and took it off the market.
The buyer then succumbed and said they would take it "as is." The seller rejected the offer. From $30,000 to $14,000 to $8,000 to zero. The $8,000 might have worked if that had been the original proposal.
Another interesting phenomenon now presenting itself across the land is that buyers are asking for more and more personal property. It must assist psychologically for the buyer if they can take some of the seller's stuff since they are now being forced to pay more than list price or an amount higher the previous owner paid.
The mounted televisions are understandable, as their removal and resetting in another residence could be costly, and the TVs are less costly and cover more diagonal inches than before.
Now buyers are asking for tables, chairs, couches, rugs, dining room tables, and sometimes even clothing. I promise.
Along those lines, it is not unusual for the personal property that might sell at a yard sale for $50 to quash a $1 million sale.
The judge, attorney, legislative body or whoever decided real property and personal property, i.e., other people's stuff, should be handled separately and with different laws was brilliant.
Those combining the two aren't.
Sale of the Week
311 Granny White Pike is located in Williamson County, less than a mile from the Davidson County line. $3 million will go a long way there.
About 53 days ago, the property was listed by Steve Mabee and Nathan Weinberg, who form the most unlikely business partnership of all time and are budding superstars in the real estate world. Parks in The Gulch is proud to house the odd couple as they begin their walk of fame.
This house had rock star written all over it with cool angular guitars hanging along the walls along and an assortment of various silver, gold and platinum albums.
The remarks describing the haven included: "Enviable doesn't really begin to describe this."
A darn good line as realty descriptions go.
"The best back yard you have ever seen," which sounds dreadfully hyperbolic unless the viewer didn't get out much. As I said budding superstars. They get excited about big listings.
And this one is a doozy, worthy of gushing.
"Custom lighting and fire features make this an oasis in Brentwood" and it is an outstanding outdoor paradise with a bathroom with granite countertops and a shower, along with an outdoor pavilion, a professional kitchen and swimming pool. These features could make the deck obsolete.
And this one is huge, ginormous as they say these days.
With more than 10,000 square feet of glistening floors and soaring ceilings, massive, artistic mouldings and more decorations dotting the decor than the eye could comprehend.
The house has six bedrooms, seven full baths, and two half baths. Its design is museum meets Hollywood set in Dubai.
Tim Bennett of Fridrich and Clark Realty represented the buyer of manse, who will be able to host a cast party for the cast of a Cecil B. DeMille movie. Perhaps we can meet there.
Richard Courtney is a real estate broker affiliated with Christianson, Patterson, Courtney, and Associates and can be reached at richard@richardcourtney.com.
