Mortgage Rates Eased Last Week in Tennessee

Interest rates on 30-year fixed mortgages, 15-year fixed loans, five-year adjustable-rate mortgages, and one-year ARMs all fell this past week…read the rest of this Nashville mortgage story

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Mortgage Rates Eased Last Week in Tennessee

Interest rates on 30-year fixed mortgages, 15-year fixed loans, five-year adjustable-rate mortgages, and one-year ARMs all fell this past week, according to Freddie Mac. The average on 30-year financing slipped to 5.2 percent from 5.32 percent a week ago. The 15-year mortgage declined to 4.69 percent, down from 4.77 percent; five-year ARMs were down to 4.82 percent from 4.88 percent; and one-year ARMs fell to 4.82 percent from 4.94 percent.

Not to beat a dead horse to death, but let me reiterate once again how low these mortgage rates are compared to the most recent 20 years. If you are in a position to take advantage of recently distressed real estate investments, now is an opportune time to test the waters. Banks are beginning to relax their investment loan standards as long as you have good income and credit history.

Whetstone Subdivision in Brentwood Foreclosed

whetstone brentwood foreclosure

A Brentwood housing development with million-dollar homes, Whetstone, is in foreclosure.

Developers say this is the first major development in Brentwood to go into foreclosure…read the rest of the Brentwood Whetstone foreclosure story

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Whetstone Subdivision in Brentwood Foreclosed

whetstone brentwood foreclosure

 
This article entitled “Brentwood’s Whetstone falls in foreclosure” appeared in the Nashville Business Journal on July the 14th, 2009. The author is Jenny Burns:
 
“A Brentwood housing development with million-dollar homes, Whetstone, is in foreclosure. Developers say this is the first major development in Brentwood to go into foreclosure during the current recession, and the property owners had been trying to sell the project.
 
Developer Sedona Investments LLC bought the 157-acre property in August 2005 for $9.4 million. James [Jim] Cross, who is listed as the developer of Whetstone who took out the loans, did not immediately return calls Monday.
 
Homes in Whetstone, which is located off Edmondson Pike in Brentwood, start at $900,000.
 
The 141-lot development was appointed to a successor trustee in June, according to Williamson County records.
 
The development was sold on the Williamson County courthouse steps on Thursday to Fifth Third Bank for $7 million, says Tony Marble, a real estate agent and builder who is selling a home in Whetstone and attended the courthouse sale Thursday.
 
The Whetstone foreclosure has not yet been recorded in county records. Fifth Third was the property’s lender, making at least two loans to Sedona for $6.1 million and $4.5 million, according to Williamson County records.
 
Four homes have been built in Whetstone. One of them is occupied, and the remaining three are for sale, Marble says.”
 
The development was represented exclusively by Laura Baugh of Worth Properties, LLC.
 
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What next for Whetstone? The lender will assuredly try to resale the development to another developer. More than likely a production or tract builder will be allowed into the development, hurting the custom builders who staked a claim in this “luxury development”.

Buying a Condo in the Encore Condos?

encore condos in nashville grant hammond

If you are thinking about buying a condo in the Encore condos building in the SoBro area of Nashville, you need to speak with me now. If you are buying a condo or loft in any building in downtown Nashville…read the rest of the Encore condos story

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Buying a Condo in the Encore Condos?

encore condos nashvilleIf you are thinking about buying a condo in the Encore condos building in the SoBro area of Nashville, you need to speak with me now. If you are buying a condo or loft in any building in downtown Nashville, call me now.
 
View all Condos for sale in Encore
 
Buying a condo in downtown Nashville can be a good investment if negotiated correctly.
 
You do not want to be the person who paid $139,885 more for the exact same 2 bedroom floor plan than the person 3 floors below you. This is a real example. This actually happened and I have the data to prove it. I will make sure that you are the person who paid $139,885 less.
 
Just like with the Icon, I am one of the extremely rare people who has collected all of the closing data for the entire project and inserted that information into a graphic spreadsheet. I then ran a price regression analysis that accurately calculates probable condo prices. My spreadsheet shows you exactly what has closed at which price and when. This is invaluable information that you need in order to make an educated offer in this project. There is no better negotiating tool than this information, period.
 
According to my data, as of July 7th 2009 73% of the had closed with the greatest percentage being on the Cumberland River side of the building. This means that you have the best opportunity to steal a condo on the downtown urban view side of the building, the best side of the building in my opinion. There are a greater number and percentage of 1 bedroom condos still available in the building and the latest closings show that some low ball offers are being accepted.
 
What’s next?
 
In order to protect the integrity of this research I will not email you this spreadsheet, you must meet me in person in order to review this information. I am a licensed real estate agent, therefore, if you are currently working with a buyer’s agent, I will not be able to assist you unless you can sign a buyer’s agency agreement with me. If you are only working with a representative from the Encore, there is not a conflict of interest and you should have an agent solely representing you interests (representation will not affect the price). If you have a pre-construction contract on a condo and you did not sign an exclusive buyer’s agency agreement with your agent, you may switch, however, that is a decision that you must make. It is NOT my intention to separate anyone from their current or past agents. It is my intention to provide the highest quality buyer’s representation in this project. As a real estate agent who has been quoted more than 25 times in the Tennessean, City Paper and Nashville Business Journal, I am confident that I can provide you with insight and guidance you cannot find elsewhere.
 
Are you also considering buying a condo in the Icon in the Gulch? I have collected the same information and performed the same analysis in this building as well.
 
Contact Grant Hammond to make sure you negotiate the best deal: email is usually best Grant@GrantHammond.com however, you can always call my cell 615-945-7123.

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