Nashville Country Music City Marathon Video

While I am no marathoner, I appreciate the simplistic beauty of the imagery. Andrew Rozario and Jesse Parker did a masterful job of capturing the soul of the Country Music Marathon using crisp, high-resolution time lapse photography. Clearly, Andrew and Jesse spent a heck of a lot of time mapping the Nashville marathon route, choosing filming locations and shooting. This video may actually inspire runners to gear-up and train for next year’s country Music City Marathon. I know that Nashville is ready for them.

This is hands down, the best Music City Marathon video I have ever run across. After I found this video, I actually searched YouTube, Vimeo, etc to find a comparable Nashville marathon video, but there are absolutely none that match the artistry of this video. It is also one of the very few that communicate just how many runners participate in the Nashville marathon – over 32,000 in 2010.

The Most Expensive Foreclosure in Franklin, TN

I was having a conversation with a colleague today who told me that she had heard of a $4 million house in Franklin that was in foreclosure. She thought that there were several homes in that price range in foreclosure and was excited about the opportunity of finding a buyer for all of these high-end foreclosures. I didn’t say anything at the time, but the high-end market in Franklin has fared rather well with foreclosures this cycle and there simply are not any current foreclosures in the MLS priced over $1,299,000 at the moment.

However, there are two short sales (not the same as a foreclosure) that are priced higher at $1,475,000 and $1,299,900. The more expensive of the two is located in the Leipers Fork area, the other is in Southern Land’s ultra high-end Laurelbrooke development. Neither of these short sales appear to be bank approved, so expect a rather lengthy and possibly arduous negotiation with the seller and their bank/lender.

The highest priced foreclosure in Franklin is a new construction home in the Echo Park development located off Spencer Creek. Regions Bank foreclosed in February on Marrero Building And & Development, LLC putting this 7,725+ square foot mansion on the distressed property market. The home has now been listed for a little over 3 months and is prime for an offer:

Nashville Area Home Sales Up 15.5% June 2010

nashville area homes sales

nashville area homes salesJune marks the 9th consecutive month of increased homes sales. There were 2,416 homes sold in the month of June, according to figures provided by the Greater Nashville Association of REALTORS®. That figure is up 15.5 percent compared to the 2,091 closings reported for June 2009.

Second-quarter numbers are also up, with 6,831 closings reported, a 24.7 percent increase from the 5,478 closings reported through the second quarter of 2009. Year-to-date closings for the Greater Nashville area are up 19.3 percent with 11,023 compared to the 9,240 closings reported through mid-year 2009.

“The current home sales data for Greater Nashville and Middle Tennessee show encouraging signs for our market,” said GNAR President Lucy Smith. “For the ninth consecutive month we have seen an increase in home sales and every county saw home sales growth through mid-year. More good news is that Congress passed an extension of the Homebuyer Tax Credit closing deadline. This legislation gives many Middle Tennesseans an additional 90 days to complete their transactions. Originally, buyers under contract by April 30 needed to close by June 30 to qualify, but now have until Sept. 30 to close on their transactions. And, as interest rates remain remarkably low, now is a great time to explore the possibility of homeownership.”

A comparison of sales by category for June

                                      June 2009           June 2010
Total Closings              2,091                     2,416
Residential                   1,770                     1,980
Condominium              234                         354
Multi-Family                   21                           19
Farms/Land/Lots         66                            63

A comparison of sales by category for the second quarter

                                           Q2 2009              Q2 2010
Total Closings                  5,478                    6,831
Residential                       4,601                     5,732
Condominium                  642                        824
Multi-Family                       49                          58
Farms/Land/Lots             186                        217

A comparison of sales by category for mid-year

                                      Y-T-D 2009          Y-T-D 2010
Total Closings               9,240                     11,023
Residential                     7,750                     9,194
Condominium               1,088                      1,336
Multi-Family                     97                           109
Farms/Land/Lots           305                         384

The median residential price for a single-family home during June was $181,312, and for a condominium it was $145,000. Last year’s median residential and condominium prices for June were $177,700 and $152,870, respectively.

There were 1,976 sales pending at the end of June, compared with 2,141 pending sales at this time last year. The average number of days on the market for a single-family home was 83 days. Inventory at the end of June was 23,640, down slightly from 24,552 in June 2009.

Current inventory of properties compared to last year

                                      June 2009       June 2010
Inventory                          24,552             23,640
Residential                     15,035             14,775
Condominium                2,568                2,398
Multi-Family                      401                   395
Farms/Land/Lots            6,548               6,072

“Inventory is down slightly in all categories,” added Smith. “But, with a 10-month supply of homes, buyers still have plenty from which to choose. The Greater Nashville real estate market remains healthy and we are optimistic families and others will continue to make Middle Tennessee home.”

The Greater Nashville Association of REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of Realtors and subscribe to its strict code of ethics. ©Copyright 2007-2011 GNAR.

Nashville Real Estate Closings Up, Pendings Fall

historic nashville home sales and pending sales

If you were one of those drum beating, forever optimistic, ‘buy now or miss the deal of a lifetime’ type of real estate agents, this is what you might spin this month: Nashville home sales up an astounding 25.8 percent in May. You may also write: Year-to-date Nashville closings are up 20.4 percent through the same period last year. Don’t wait to buy, you’ll miss the best deals.

Of course, you would be correct, but you’d also be misleading your readers.

If you were one of those gong ringing, forever pessimistic, ‘I need to sell some more papers before they eliminate more positions’ type of journalist, this is what you might spin this month: Nashville pending home sales plummet an astounding 15.2% in May. You may also write: As tax credit expires, so do immediate hopes of a Nashville real estate recovery.

Of course, you would be correct as well, but you’d also be telling half truths.

Certainly, there is a happy middle ground between both ‘fictional’ postulators, but the truth is, both are correct in their own respect. Let’s take each one and dissect their intent:

In the first fictional example, this real estate agent is pointing out the well corroborated fact that Nashville real estate closings climbed from 1,723 in May 2009 to 2,168 in May 2010. What he/she fails to mention in their headline is that this 25.8 percent increase is a year-over-year increase. This person more egregiously fails to mention that this increase is directly attributable to the conclusion of the federal tax credit the previous month. Moreover, this person also fails to mention that the month-to-month increase from April 2010 to May 2010 is only 5.5 percent, which is below the majority of accepted estimates. Shame, shame fictitious person. You are a capitalist who is attempting to augment your income by creating optimism and selling more homes.

In the second fictional example, this journalist is musing about the same phenomenon, but from the other side of the coin. Naturally, in the months leading up to the conclusion of the federal tax credit, more and more buyers executed purchase contracts. These are buyers who are most likely pushing up their purchases in order to remain eligible for the $8,000 from Uncle Sam. Once our generous uncle retracted his $8,000 offer, there was no reason to push a purchase up in time and the market returned to its normal state. So, did pending sales fall 15.2% in Nashville? Yes, they did. They fell from a 21-month high of 2,505 pending home sales to 2,124. Shame, shame fictitious person, you are a capitalist who is attempting to augment your income by creating fear through sensationalism and selling more papers.

Closed Real Estate Sales                                             Pending Real Estate Sales

may 2010 closed real estate sales nashville      may 2010 pending sales nashville

Is there any Truth in Real Estate?

There is, but only if you block out all of the noise. You need to consider long term trends instead of micro-analyzing the short term phenomenon. Once you understand the trend, you can then use microanalysis as one of many tools to determine whether or not this is a good time for you to buy or sell real estate.

Who here did not expect home sales to dramatically increase in the months leading up to the end of the federal tax credit? Especially when compared to last year’s home sales numbers? Of course you did. You understand that this was a stimulus program intended to create just such an effect.

Who here did not expect home sales to drop off after the tax credit ended? All rational people expected this to happen. There is no surprise. This is not headline worthy news, at least, not yet. Time needs to pass before we can draw any concrete conclusions about the effectiveness of this last housing tax credit.

Trust in long term Nashville real estate trends

8 year pending vs. sold analysis                        Past 24 months pending vs. sold

historic nashville home sales and pending sales             pending home sales compared to closings in nashville

Of course, who cares about the velocity of sales, you just want to know about prices. Did you catch my research on Nashville home prices?

Multi-Million Dollar Short Sale in Brentwood

This is clearly a phrase we have not become all that accustomed with in Brentwood, Tennessee. Nonetheless, it is a phrase that we must utter occasionally when describing brand new homes which have had difficulty in selling to a new owner. Even impeccably constructed, designed and located mansions like this one in the Annandale subdivision.

I am not advocating that this particular Brentwood mansion is the best buy on the market. I am simply pointing out that even homes in awarding winning Annandale are not immune to the new selectiveness brought by a new type of purchaser, the empowered buyer.

Note – this home is a short sale and not a foreclosure. This means that the original construction lender will be a party to the negotiations.

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