Williamson County Homes Inventory

In a recent article, the Tennessean reported the following market absorption rates for homes in Williamson County:

“In Williamson County, the $1 million-and-up price range had enough inventory to last 30.9 months, compared with 18.4 months of inventory in the $800,000 to $999,999 range and 11.7 months of inventory in the $600,000 to $799,999 range.”

The good news is that the inventory of the lessor prices homes has actually been dropping since April 2008. Levels are down nearly 15% of their highs and appear to be slowly, steadily dropping. In our opinion, this leads to a healthy Williamson County real estate market by late 2009 or early 2010.

The average price of a house last month in Williamson County was $440,270, compared to $451,472 in 2007, $455,567 in 2006 and $363,267 in 2005.

If you enjoyed this post, you may also like:
Nashville Real Estate Market Report February 2009
Where is the Nashville Real Estate Market?
NAR Predicts Slight Drop in Home Prices

The Encore Discounts Condos, Deeply

The Encore condos announce a deep discount

I suppose I knew it was inevitable, but somehow it still hurts. Developer Tony Giarratana has announced deep discounts on their remaining condos in the Encore.

From Chas Sisk and the Tennessean on November 24, 2008:

“…Tony Giarratana and partner Novare Group‘s plan to offer deep discounts on units in their Encore condominium high-rise on Demonbreun Street. The two have slashed prices by $30,000 on some one-bedroom units in the building and $50,000 on some two-bedroom units. (…) The program officially runs through the end of the year. But with condo sales down sharply, Giarratana said in an interview last week that extending it into 2009 is not out of the question.”

The next crucial question is: what will happen with the outstanding buyers who have held out by delaying closing for more than 6 month? I suppose this answer will be forthcoming in the coming months, but I am guessing that the developers will have to cave to market pressures and reduce prices for these folks.

My final question is: What happens to those who have already closed? That was the risk in closing…the market bears what the market bears.

Going forward? I don’t know about you, but I am in the “wait and see” mode. Why? Let me quote the old adage, “Fool me once, shame on you. Fool me twice, shame on me.”

If you enjoyed this post, you may also like:
Downtown Nashville Condo Update
Property Management for The Encore Condos
Encore Closing and Leasing FAQs
Pictures of The Encore in Nashville, TN
The Encore in downtown Nashville, TN

Williamson County Homes Inventory

In a recent article, the Tennessean reported the following market absorption rates for homes in Williamson County:

“In Williamson County, the $1 million-and-up price range had enough inventory to last 30.9 months, compared with 18.4 months of inventory in the $800,000 to $999,999 range and 11.7 months of inventory in the $600,000 to $799,999 range.”

The good news is that the inventory of the lessor prices homes has actually been dropping since April 2008. Levels are down nearly 15% of their highs and appear to be slowly, steadily dropping. In our opinion, this leads to a healthy Williamson County real estate market by late 2009 or early 2010.

The average price of a house last month in Williamson County was $440,270, compared to $451,472 in 2007, $455,567 in 2006 and $363,267 in 2005.

The Encore Discounts Condos, Deeply

The Encore condos announce a deep discount

I suppose I knew it was inevitable, but somehow it still hurts. Developer Tony Giarratana has announced deep discounts on their remaining condos in the Encore.

From Chas Sisk and the Tennessean on November 24, 2008:

“…Tony Giarratana and partner Novare Group plan to offer deep discounts on units in their high-rise on Demonbreun Street. The two have slashed prices by $30,000 on some one-bedroom units in the building and $50,000 on some two-bedroom units. (…) The program officially runs through the end of the year. But with condo sales down sharply, Giarratana said in an interview last week that extending it into 2009 is not out of the question.”

The next crucial question is: what will happen with the outstanding buyers who have held out by delaying closing for more than 6 month? I suppose this answer will be forthcoming in the coming months, but I am guessing that the developers will have to cave to market pressures and reduce prices for these folks.

My final question is: What happens to those who have already closed? That was the risk in closing…the market bears what the market bears. I am in this exact boat myself and believe that I may have already lost $45,000 in value.

Going forward? I don’t know about you, but I am in the “wait and see” mode. Why? Let me quote the old adage, “Fool me once, shame on you. Fool me twice, shame on me.” The deals and steals are coming in 2009.

Commercial Real Estate and Relief

The “NAR released a statement this week regarding the Commercial Leading Indicator, a tool that assesses market behavior in thirteen major commercial real estate sectors. Lawrence Yun, NAR Chief Economist, said all components of the CLI were down with the exception of personal income, but he commented about an encouraging possibility – that the Treasury Department is considering using the Troubled Asset Relief Program to help revive the commercial real estate debt market.”

Read the full news release

If you liked this post, you may also like:
12 Nashville Real Estate Predictions for 2009
Signature Tower Luxury Condo Update
Nashville Baseball Stadium Con’t
The New Nashville Convention Center

Commercial Real Estate and Relief

The “NAR released a statement this week regarding the Commercial Leading Indicator, a tool that assesses market behavior in thirteen major commercial real estate sectors. Lawrence Yun, NAR Chief Economist, said all components of the CLI were down with the exception of personal income, but he commented about an encouraging possibility – that the Treasury Department is considering using the Troubled Asset Relief Program to help revive the commercial real estate debt market.”

Read the full news release

If you liked this post, you may also like:
12 Nashville Real Estate Predictions for 2009
Signature Tower Luxury Condo Update
Nashville Baseball Stadium Con’t
The New Nashville Convention Center

Speak Your Mind

*