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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Huge Deal on Foreclosed House in Brentwood

forclosed houses in brentwood

This house in Brentwood was forclosed upon last month and is located in the best school system in Williamson County. The house itself is a 4 bed, 3.5 bath, 3 car 4,644 square foot contemporary home with hardwood floors…read the full Brentwood foreclosure story.

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Brentwood Real Estate Market Update

According to Zillow: “According to the latest Zillow Real Estate Market Reports, home values in Brentwood decreased 3.50% in the third quarter of 2008, compared to the third quarter of 2007. Nationally, home values decreased 9.7% during this same period.”

Thankfully the Brentwood and Nashville economies have not been hit as hard as the rest of the country. One reason is due to the fact that so much revenue is generated from the Health Care industry and that industry is rather resilient to economic down turns.

In fact: Nashville-based health care companies accounted for $45 billion in revenue in 2007 and 310,000 jobs globally. Wow – no wonder Nashville is doing so well!

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Where is the Nashville Real Estate Market?

What is going on with the Nashville real estate market?

This question is truly the question of the hour. If you look at the entire metropolitan Nashville housing market as a whole, a 21% drop in homes sales over last year appears to be a bleak sign, but prices have remained steady over that same period. Any rational person could conclude that while prices are steady, they are sure to drop…and they would be correct. But, one really needs to look at the separate market segments within the entire metropolitan area to find the real story.

There appears to be two market segments that are getting hurt the most: The first-time home/condo buyer market and the somewhat upwardly mobile middle class market. That’s right, the upper middle class, the same group who drove prices ever higher in Brentwood and Franklin, is the same group who is now hurting the most. To understand why this group can be so volatile, you have to look at their typical fear and greed driven spending habits. During growing economic times, the upper middle class tends to be the market leader in both discretionary and non-discretionary spending. They invest in stocks, real estate, and their own happiness, but during down times, they hide in the shade and weather the storm. This ‘wait and see’ attitude will always drive prices lower, there is simply no way around it as it creates an artificial inventory of homes. As this inventory builds, prices drop, fear grows, more middle class buyers become ‘wait and seers’, more inventory builds, and so on. It can become a vicious cycle that can kill an entire market segment.

So what is the up side? The up side is that the Nashville area is adding 5,000 – 6,000 new residents a month, salaries are still on the rise, rental rates are spiking upward, and most importantly, new construction starts are at a 20 year low. It is easy to discount the fact that new construction starts are way down, but keep in mind that burning off current inventory may be the most crucial part of turning a market around.

So where is the Nashville real estate market? The answer is: in flux. We are in a market where luxury real estate is rising in price, affordable real estate is still hot, but where first time buyers and the middle class are losing money and demand is drying up. If you are a real estate investor, you should be actively looking for pre-foreclosures in desirable neighborhoods…rents are good and the market turnaround time appears to be in the 12-18 month range compared to more than 48 months in places like Florida and California.

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Foreclosure in The Governors Club in Brentwood!

This is really the first foreclosure that I have seen in the exclusive Governors Club in Brentwood, Tennessee. It was originally built by Turnberry Homes in 2004 and is their very popular Newcastle open floor plan. It is a 5 bedroom, 4.5 bathroom, 3 car, 4,819 square foot Mediterranean style house on an acre. The home features extensive hardwood floors, granite counters on every surface, a chef’s kitchen with stainless steel appliances, first floor owner’s suite, over sized decks, and more! Recent comps in the Governors Club put this home in the $850,000 range, but this home can be purchased for around $690,000!

The front of the home in Governors Club

Formal Dining Room with crystal chandelier, wainscotting, and aritst faux paint ceiling

Foreclosure Estate Home in Brentwood, TN – Hampton Reserve

A local bank has foreclosed upon a $1+ million dollar home in the Hampton Reserve neighborhood in Brentwood, TN. Brentwood is one of the most affluent areas in Tennessee and is located in Williamson County (the top ranked county in Tennessee for schools, income, quality of life, etc.). Brentwood is located 11 miles due south of Nashville and is mostly a pillow community that only features commercial development of consequence in the Maryland Farms area.

The home is a 6 bed, 4.5 bath, 4 car garage 6,921 square foot estate property that was originally sold for $1,345,000 in April of 2007. At this point, the bank is ready to move it off the books and may accept a much lower offer. We can speak individually about that number, but I believe that a clean offer with a quick close will range between $875-900k. We will need to submit written offers to the bank.

Hampton Reserve currently has 17 homes on the market ranging in price from $1.125 mil to $2.099 mil. There has only been 1 closing in Hampton Reserve in 2008 to date.

*Pictures are from before it was sold to April 2007 buyer:

Brentwood, TN Foreclosures
Great kitchen in Hampton Reserve

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wonderful Williamson County location

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Foreclosure estate home in Brentwood, TN

Hampton Reserve Estate Homes

Incredible foreclosure deal in Brentwood, TN

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