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2018 Projections For Germantown Nashville Real Estate

2018 Projections For Germantown Nashville Real Estate

In the past, Nashville was known for having high crime rates, which scared investors away. Over the past few years however, the region has recorded significant changes as far as its real estate industry is concerned. Such changes include a rise in the value of homes, as well as an increase in the number of new homes around the region. The reduction in crime rate and the shift in home value have led to the development of diverse types of property and growth of better neighborhoods around Nashville. Germantown is one of the regions in Nashville that has experienced such changes in the real estate profile over the past years. This article provides an overview of some of the 2018 projections for Germantown Nashville real estate.

Growth in the number of residents with family 

Germantown Nashville is located in Tennessee and comprises of eight neighborhoods. With its population of about 39,000 people, the city qualifies to be considered as a medium city. The region has some of the most expensive homes in Tennessee. Such high prices of homes are consistent with the case of real estate in America presently, with Germantown’s homes ranking among the highly valued homes in the whole of America. The city is considerably a white-collar region having the majority of residents here (92.19%) in white-collar employments.  The region is family-friendly and hence, attracts most people with families to live here due to a number of factors. Good school district, low crime rate and the availability of single-family homes are among the factors that are likely to attract many people, especially couples with children, to look for homes and settle in Germantown.

Increase in the number of new homes in Germantown Nashville 

It is an undeniable fact that the real estate industry in Germanton has grown over the past few years. The city has about 14,476 apartments or houses. In addition, it has been termed as one of the neighborhoods in Nashville that has highly priced homes. For example, the cost for a home in Germantown is about $334,322. The majority of the homes here are single-family but large with a high percentage of these homes comprising of four, five, or even more bedrooms. There are other types of homes such as the owner-occupied homes, which consist of four and three bed-roomed apartments. Most houses here were built between the 1970s and 1990s, although there is a considerable shift towards modern housing in the city as evident in the majority of houses that were constructed after 2000. Generally, Germantown has diversity in the types of homes due to the difference in the times they were built. However, considering the growing demand for homes in the area, chances are high that new homes will come up to cater for these needs. This can be traced from the increasing value and prices of homes in Germantown and its neighborhoods.

Higher rate of appreciation in value of homes in Germantown 

The growth experienced in the real estate industry in Germantown has led to the appreciation in the prices and value of homes in the region. Over the last ten years, the homes in this area have been considered to be above average in terms of prices. Rated within the ten years, the cumulative rate of appreciation in the value of homes in Germantown Nashville was 10.56%, which has placed the region at the top in terms of the national rank. Computed annually, such appreciation translates to about 1.01%.

Even though the nation has been experiencing a decrease in the real estate market, the case has been different in Germantown Nashville. The appreciation rates have remained strong with a promising increase in 2018, and the years to come. In comparison to most other communities around, the value of homes in Germantown shows a positive trend in term of appreciation. According to the statistics over the last one year, the appreciation rate of homes in the city has hit 7.5%, making Germantown Nashville rank higher than 80.8% of the towns and cities around. Such a condition has seen the majority of short-term real estate investors make the most out of Germantown’s real estate. This can be attributed to the considerable increase in the appreciation rate per year from 1.01% in the last year to 2.01% in the latest quarter. Such an increase is a sign that the appreciation rate of the value for homes in Germantown will be high in 2018 and the succeeding years.

A rise in the median value and price of homes

The current median value of a home in Germantown Nashville stands at US$ 297,500. Past trends indicate that the area has experienced a significant rise in home values by 1.3% as compared to the past year. In spite of this high value, the projections by Zillow indicate that in 2018, the value will go high to reach a peak of 1.6% and even much higher in the future years. The price increase in Germantown can be attributed to the growing demand for homes in the area. Presently, the median list price of homes in the area stands at US$299,945, with the list price for every square foot being US$207. It is projected that the medium price per square foot for listed homes will increase significantly with the projected increase in demand and shortage of new homes.

Low impact of foreclosures 

Foreclosures have a significant impact in the real estate industry of the United States. Nevertheless, the rate of foreclosures in Germantown Nashville is low at 0.8 homes for every 10,000 homes. Such a rate is relatively lower in comparison to the condition in Washington Metro with a value of 1.7. With respect to the rising value and price of homes in the city, it is highly likely that the foreclosure value will reduce in 2018, with a projected lower impact in the region’s real estate industry.

Evidently, Germantown has experienced significant growth in its real estate industry, which is relative to the case in the whole of Nashville. It is expected that the homes in Germantown will continue to rise in value and price in 2018, and in the future.

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Going up Nashville

“Going Up”

Nashville has been on the limelight as one of the fastest growing regions as far as the real estate industry is concerned. Over the past years, the region has recorded some of the highest prices and value in property. Although there are numerous reasons that explain the increasing growth in the city’s real estate industry, the topmost is the fact that there is a high growth in the disposal income in Nashville and the conduciveness of the area when it comes to doing business as its cost is above 80% of the national average. Additionally, the city is experiencing a significant growth in the young population, which insinuates the demand for homes in the future. Presently, Nashville has numerous ongoing and completed real estate projects dotted in different parts of the city.

Here are some of the real estate projects in Nashville:

  1. The Griff

The Griff is a new project that is coming up in Germantown under the construction and management of the Stockbridge Capital Group and Atlanta-based TriBridge Residential. The project is planned to be situated at 1390 Adams Street. The location of the building is next to Day & Woolworth Ax Handle Company building, the former Turner. It will occupy a land space of 20,000 square foot featuring two-storey masonry structure. The complete building will have three restaurants and a retail space. On the other hand, the Griff apartment will be a 5-storey building offering 255 units of apartment, a retail space amounting to 3,000 square feet, and a structured parking deck.

  1. Publix 

Publix is projected to come to the Eighth Avenue adjacent to Melrose, about one and half miles near Nashville’s downtown. Specifically, the project will be situated at the Waverly Place, the intersection of Bradford Avenue and Eighth Avenue South.

  1. SoBro Hyatt House

The SoBro Hyatt House is planned to be located along the Fifth Avenue South and the Lea Avenue. It is owned by the Mountain Shor Properties and was targeted to start within the first quarter of 2018. However, the projection is that the house will take between 18 and 24 months to be completed so that it can be opened during the fall of 2019. The building is expected to have 217 rooms that will be used for a hotel projected to have a great influence in the area. It is expected to be a 6-storey building that extends to a land size of about 184, 000 square feet. The ground-floor retail space is projected to be between 2,000 and 2,500 square feet. The entrance to the hotel will be across Lea. Upon completion and opening, the house will become the 25th hotel to be developed by Mountain Store.

  1. Ole Red Nashville

The development of the Ole Red Nashville project is a combined effort of Ryman Hospitality Partners and Blake Shelton. It is a $20 million venue that hopes to house events of different levels of entertainment. The floor plan is about 26,000 square feet that stands at the heart of Nashville and is projected to comprise of a dance floor, performance space, retail area, restaurant, a bar, VIP booths ideal for small gatherings, as well as a rooftop area of about 6,000 square feet for outdoor and indoor restaurant and bar.

  1. August Moon Indoor Drive In

The August Moon Indoor Drive In is located at the East Nashville Parking Lot across the Nissan Stadium. The proposed opening date of this project is the summer of 2018. The completion of this project gives Nashville a platform to take pride in having one of the biggest movie screen that is non-iMax within America. The project got its inspiration from a mini indoor theme featuring the special concept of transporting people, as well as a quintessential American experience. Some of the movies expected to show here include ‘First Run’ and classic movies.

  1. Whole Foods

The Whole Foods building is located at the Northwest corner within the Broadway and 12th intersection. The projected opening date is during the fourth quarter of 2018. It comes at a time when a survey has indicated that there is a high demand for grocery stores at Nashville downtown. With the expected increase in the population of Nashville since 2017, the entry of Whole Foods in the region will have a significant impact on the downtown residents.

Evidently, the whole of Nashville is developing at a high rate-from residential to commercial projects. According to the recent trends, expectations are high that new projects will come up in different parts of Nashville; East Nashville, Germantown, North Nashville, West Nashville, Green Hills, or even in Downtown.

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Nashville’s Top 5 Free Events This March

Nashville’s Top 5 Free Events This March

Nashville has a full calendar of  free events running from January to December each year. Such fullness of events is attributed to the availability of many venues for live events. For example, with over 180 live music venues in Nashville, you cannot miss a concert every day. If you are a fun of festivals, baseball, hockey, football, family outings, cultural events, or even art exhibits, there is something for you in Nashville. Here are Nashville’s top 5 free events this March.

  1. The Nashville Lawn and Garden Show– March 1-4

The Nashville lawn and garden show is held each year in March to mark a day full of live presentation, live gardens, lectures and demonstrations at no cost. It also features a gallery of floral design. It is an ideal deal for the lovers of gardens and lawns. This year’s show will feature Brie Arthur, the author of The Foodscape Revolution for the series of lectures for the day. It will be a day of not only fun, but also learning.

  1. Night Market – March 16th, 5PM-9PM

The Nashville Farmers’ Market plans a Night Market the third Friday of every month. This is a rain or shine event, from 5:00pm to 9:00pm. The restaurants and shops stay open late and there are artisans, farmers, and live music. The events are FREE to attend and family-friendly. Beer, cocktails, and wine are available for purchase.

  1. Rome: City and Empire– Feb 23-Mar 28, 2018

The Rome: City and Empire event presents an exhibition of more than 2000 artwork pieces from the British Museum as a way of bringing out the clarity of the ancient civilization. It is an insightful event that hopes to use art to show Romans’ experiences as well as to cultivate an understanding of how the imperial government and its conquests related. Objects from North Africa, Western Europe, and the Middle East serve as a show of how diverse the empire was.

  1. The Evolution pop Culture Community Summit – Mar 9-10, 2018

The summit will feature Robert Townsend, a director, producer and actor. The Heal the Hood Foundation of Memphis and MAW Productions will be hosting. During the event, there will be a section on comic book storytelling. Also, there will be a community Summit featuring a section of questions and answers to discuss Black Panther, Meteor Man, African American Heroes, Social and Economic empowerment etc. The event will offer attendees a chance to connect and learn about the growing culture that comprises of minority heroes.

  1. Storytellers –Mar 18, 2018

The Storytellers event aims to bring sponsors, fans and creators together from different parts of the world to share ideas in a bid to grow the entertainment and story industry. More than 50 creators are expected to attend this year’s Storytellers event.

Evidently, Nashville is all packed in terms of exciting and free events that you can attend anytime. All you need to do is establish your interest and look out for Nashville’s calendar of events.

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Nashville free events for March 1st-3rd: Thrive Nashville

Make the most of your weekend without spending a dime. Here are 5 free events happening in Nashville this weekend.

 

National Pig Day Celebration

Thursday, March 1st, 2018 4:30 PM – 5:30 PM

Nashville Public Library: Pruitt Branch

 

Designed for children ages 5-10, this fun arts and crafts event blends education with hands on projects to celebrate the joy and natural intelligence of domestic pigs.

FAMOUS! (and not-so-famous): Polaroids by Andy Warhol

March 1st & 2nd, 11 AM – 4 PM

Vanderbilt University Fine Arts Gallery

 

This collection of polaroid portraits by the king of pop art Andy Warhol features massive celebrities, commissioned portraits, and more intimate, personal portraits. Also on display are contextual pieces such as a screen print form the Andy Warhol Foundation and a selection of polaroid cameras. Come see this impressive exhibit before it closes on March 2nd.

 

Nashville Sports Council Downtown Dribble

Saturday March 3rd, 12-3pm

Bridgestone Arena Plaza

 

Start off your March Madness with this fun, family friendly event hosted by the Nashville Sports Council. Children 5-14 years old receive a free t-shirt and basketball and get to dribble around Bridgestone Arena. Check-in begins at 12 noon, dribbling begins at 2pm. Register ahead of time here.

 

TAPE DECK MOUNTAIN – In Store Concert
Saturday, March 3rd @ 5PM

Grimey’s Records

 

Hear Nashville based shoegaze trio Tape Deck Mountain play music from their new album “Echo Chamber Blues” before their official album release show later that day at Cobra. Not only is this a free show, there’s free beer for everyone over 21. From their chill, experimental music to the laidback recordstore setting, this is bound to be a cool show.

 

First Saturday Art Crawl

Saturday March 3rd, 6-9pm

Multiple Locations

 

The first Saturday of every month, 25 galleries and studios open their doors and host free receptions for the downtown art crawl. Meet local artists, learn about international painters, eat and drink free reshments, take a ride on the free gray-line trolley, and maybe even find the perfect piece of art to hang in your living room.

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Double Open House Alert!

This Sunday I will be showing two neighboring East Nashville homes. Both of these inviting properties are recently renovated and move-in ready! It’s never been easier to tour two houses in the same day, so come in, say hello, and make yourself at home.

 

If you would to schedule a personal showing before or after the open house please do so here.

1405 Chester Ave Nashville, TN 37206

Open House February 25th 2-4pm

A perfect blend of classic and modern, this 2 bedroom, 1.5 bath stone cottage has both arched doorways and chic new fixtures. The freshly renovated kitchen comes equipped with all new stainless steel appliances and opens directly into the dining area and the back deck, making it ideal for entertaining. The charming spiral staircase leads into a converted attic bedroom, maximizing the space.

 

If you would to schedule a personal showing before or after the open house please do so here.

1407 Chester Ave Nashville, TN 37206

Open House February 25th 2-4pm

This renovated 1939 stone cottage is cozy yet modern interior with finished hardwood floors, a converted attic, and no shortage of natural light. The covered patio and spacious backyard add extra living space to the 2 bedroom, 2 bath, 1184 square foot home.

If you would to schedule a personal showing before or after the open house please do so here.

Here are a few other exciting properties being shown this weekend. Check them out!

1113 Shelby Ave, Nashville, TN 37206

Open House February 24th 12-2pm

This 2 bed, 2 bath Victorian house has everything your East Nashville dreams are made of: five fireplaces, crown molding, stained glass, a double shower, patio, deck, and gazebo. Not to mention, it’s in walking distance of all the amenities of Five Points.

Schedule a personal showing here.

1202 Boscobel St, Nashville, TN 37206

Open House February 25th 2-4pm

This renovated 1920s home in historic Lockeland Springs comes with many benefits: a rooftop deck, a separate 2 car garage, and all new HVAC, water heater, refrigerator, and dishwasher. This home has 3 bedrooms, 2 bathrooms, and 1,638 square feet of charm and trendiness.

 Schedule a personal showing here.

4747 Humber Drive Nashville, TN 37211

Open House Feb 25th 2-4pm

This house is great for a big family or for someone looking to get into property management. With 6 bedrooms and three baths, the building can easily be divided into three rentable units. Located in one of Nashville’s most diverse neighborhoods, this property has easy access to various international grocery stores and exciting restaurants.

 

Schedule a personal showing here.

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East Nashville Architecture

East Nashville Architecture Chase Leatherwood

East Nashville is an artsy, socially conscious neighborhood of Nashville. Most residents of this borough find their next address in East End, Historic Edgefield, and Lockeland Springs. Each of these areas has a personality to their homes too.

The architectural influences of East Nashville are Dutch and European with common construction styles of Bungalow, Victorian, and Craftsman. Most homes in East Nashville were built around the 1950s and ‘60s, but you’ll find charming, historic homes throughout the area.

Bungalow Style 

Bungalow style home
An example of bungalow architecture sty;e.

First up is the bungalow. A vintage bungalow home often has a lower pitched gable roof, porch, and squared off edges in structural supports and exterior accents. The main entrance is typically in the center with an extended overhang on the front steps. In East Nashville, most bungalow style homes have undergone at least one major renovation to update or refinish hardwood floors and home systems.

Victorian Style 

victorian home nashville
An example of Victorian architecture style.

Another look you’ll see a lot of is the Victorian style on many East Nashville corner lots. Turned spokes on roof overhangs and carved wooden accents at the entryway and main rooms are charming and unique to each property. East Nashville Victorians are also noted for plaster walls, smaller rooms, and a fireplace in the living room or den.

If you buy a Victorian style home, I highly recommend keeping original carved accents as these details are popular for resale values.

Craftsman Style 

craftsman home nashville
An example of craftsman architecture style.

Last but not least, one of the most popular looks – the Craftsman. The curated look of this house in East Nashville is gorgeous and timeless. In Nashville, most of these homes are either constructed of stone or brick and wood. A popular and sought-after feature of the Craftsman home is heavy trim on the square windows, which are typically painted a bright white or contrasting color.

Want to live here?

Your next home is awaiting your arrival. I’d be happy to show you around! I’m just a phone call or email away. Take a look at the inventory available to you here on my website. It’s updated daily with new properties all over Nashville’s popular neighborhoods and the surrounding areas.

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Buyer’s Agent in A Seller’s Market

Buyer Agent Nashville Chase Leatherwood

Nashville has been sustaining historic economic growth as the place to start and build a lifestyle for all walks of life, from singletons to families. I’ve seen this happening for several years in the local real estate market, and the data confirms it—this is a Seller’s market with high concentrations in East Nashville.

What’s A Seller’s Market?

A seller’s market means that the person selling a property has been put in the position to get multiple, competitive offers. It doesn’t mean you won’t get a great deal on your dream home… but it could be a quick turnaround for closing inspections and signing dates.

I’m Ready To Buy Now.

When you’re ready to buy a home, I am available as your agent – for FREE. Seriously.

Finding a home is a process that happens every day. I walk through the entire process with you, regardless of the situation. We start with what you want most in a home, where you’d like to live in Nashville and start the search process. We’ll find the home of your dreams, on your terms.

Regardless of where you are, we can work showings in to fit your lifestyle. If you’re not available to attend a showing, there may be an open house over the weekend. If relocation to Nashville is in your future for work, technology is on our side! I can set up a virtual tour for you with FaceTime or other video chat and conferencing tools.

Putting In An Offer

So we found you the perfect house. Now is when a lot of Tennessee real estate laws work to our benefit. The Tennessee real estate laws require certain disclosures, inspections, and a title search to close on a property and transfer ownership. I recommend clients who are buying a home to hire their own home inspections.

Uh-oh! There’s Competing Offers

Nashville has a ton of people coming in to live, work, and play at a historically high growth rate. It’s a common real estate story in our city to have competing offers in with yours. While we can’t know exactly what other offers are on the table, our offer can be as bold as you’d like within the limits of your budget.

In the event that the seller’s needs are not met in your offer, they can counter offer. The seller can request for more time until the closing date, an adjustment to the closing costs, or the initial repairs requested from your viewing. If the counter-offer isn’t ideal or beneficial for you as a buyer, you can walk away from the sale.  

They Accept Your Offer

Once you have an accepted offer, it’s time to start negotiating the contract and final offer. Depending on the age and state of the property, it’s normal to request repairs or funds to replace worn out flooring. The best part of this process: you don’t need to be present during negotiations. An added bonus – my real estate services are still free of cost to you.

The offer paperwork and inspections will feel like it’s taking forever… maybe even five-ever. In this time frame, from offer accepted to contract and close, we’re coordinating inspections, repairs, and requests on the seller’s schedule. I am in the loop on this process and can inform you as much as you’d like to be.

Let’s Get Together

If you’re not sure if you’re ready to buy a house, I always available to talk through the up and coming Nashville neighborhoods, from East Nashville to Sylvan Park. You can find me online at https://chaseleatherwood.com/ or give me a call directly at 615.988.0355.

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Closing on a House

Closing On A House Nashville Chase Leatherwood

We’ve made it this far. It’s time to start the closing process on your property.

Buyers, your offer for the home of your dreams has been accepted. Sellers, you’ve accepted the best offer and have started to move. Now, we get the Legal Eagle on board to make sure the bottom line is ready to sign.

I don’t really have an eagle on staff but I do have a list of fees, inspections, and title search that are required by Tennessee State Laws for all real estate transactions.

Escrow & Earnest Money

Earnest money is the lump sum of cash from the buyer to the seller. It’s held in escrow and applied to the closing costs and fees on the property. If the offer is not accepted or falls through, the money is returned to the buyer as the contract was not validated.

Property or Seller’s Disclosures and Inspections

The purpose of a property disclosure in Tennessee is to have the seller share the details of the systems or structure of the house. As a seller’s agent, we’ll go over this document at your listing appointment. Check out the REALTOR pre-listing disclosure form here. If you’re heavily considering a home, we can request the property disclosure and related documents to evaluate it further and prepare a competitive offer.

If the property you’re buying or selling was built before 1978, the house will need to comply with EPA standards for lead-based paint and related hazards.

As a buyer’s agent, I advise my clients to get their own inspections before closing on a property. It allows us to get a second opinion on repairs (needed or completed) and any issues of concern.

Then, depending on the results of the inspections, the purchase agreement may be renegotiated to reflect needed repairs and resulting changes to the closing costs.

Title Search Before Final Closing

In the state of Tennessee, it’s required for a real estate attorney to search for any issues with the deeds of the house in public record. I often work with Rudy Title for all of my closing transactions when I represent you as a seller.

The title search is essential for determining if there are any liens or easements tied to the property and/or home. My title company works through the deeds related to the property.

Signing The Bottom Line

After the inspections and title search are all clean, a date is set for the closing appointment. Typically this occurs at the title company’s office so that the documents can be filed for public record by the real estate attorney.

If you’re unable to attend the closing due to being out of town, we can reschedule the closing. If no other dates are available, we can designate someone as your power of attorney to sign for you.

The title company is also in charge of certifying the funds for the closing. This includes the down payment from the buyer. They will coordinate with you to get the appropriate banking and lender information.

After the signing, we will stay in touch. It’s always a pleasure to keep up with clients as they grow into a home and make it their own. You can always reach me on social media or through my newsletter.

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New Nashville Votes to Keep Airbnb

Nashville Airbnb Local Tax Collection
Nashville Airbnb Local Tax Collection
Airbnb will collect state and local sales tax on behalf of short-term rental property owners.

 

Nashville loves Airbnb — it’s a hugely popular destination for short- and long-term guests of the city. It looks like the feeling’s mutual. Starting March 1, 2018, Airbnb and other companies will collect taxes directly from renters and remit to state and local authorities. That’s great news for anyone (like me!) who are renting all or part of their Nashville home.

Local city and county commissioners voted to impart a hotel occupancy tax on short-term and vacation rentals that are registered through rental portals like HomeAway, Airbnb, and VRBO. 

So what does this local tax mean?

When someone books your rental on sites like Airbnb, they’ll see a line for local and state taxes. Under the new law, Nashville and Davidson County will now consider your rental to be a hotel accommodation.

The new law will officially go into effect on March 1, 2018. Until then, you’ll need to collect the taxes from your tenants. While it may sound like a hassle to get transferred over, it will be nice to not file taxes for the state and local level for each property come tax day.

So you do still pay taxes on your rental? Yes. Airbnb will make sure the local and state taxes are paid without sharing your private information. You’ll still be responsible for property taxes and other related expenses.

For more information, visit your local tax collector or read the ordinances here. There’s also a good overview from the Tennessean here.

If you’ve got questions about investing in Middle Tennessee or logistics of hosting a short-term rental, feel free to email me – or better yet, call me directly at 615.988.0355!