This article entitled “High-end homes take a hit” appeared in the Williamson AM on September the 11th, 2009. The author is Nancy Mueller:
BRENTWOOD - Short sales and foreclosure sales are now being seen in some of Williamson County’s most expensive neighborhoods.
During the first week of September, there were four short sales available in the Governor’s Club, plus one foreclosure. Down Concord Road at Hampton Reserve, there was one foreclosure and one short sale.
These distressed situations translate into some excellent buying opportunities.
“If you are an executive who is moving to Nashville and you want a $1.5 million house, you only have to spend a million point two,” said Grant Hammond, a Cool Springs-based agent who is launching a Web site called NashvilleShortSales.com that will list short sales and foreclosure sales in the Nashville area.
But even Hammond may be under-selling some of the deals to be had in the upscale neighborhoods.
A five-bedroom, custom-built home that backs up to the second hole at the Governors Club golf course is a “short sale steal” according to agent Vanessa Stalets. The owners’ asking price is $1.25 million. Stalets says the owners paid $2 million for the house, which was built in 2005 and is at 217 Governors Club Way.
Another Governors Club short sale is a 6,000-square-foot home at 4 Spyglass Hill that was listed for $1,398,000 in May. The price dropped to $1,249,000 and then to $1,099,000. On Sept. 2, it dropped again to $1,050,000.
The house has four bedrooms, four bathrooms and two powder rooms and, according to Hammond, “another rare feature” - gap equity.
“This is going to be a heck of a deal for the just-under million dollar buyer,” he said.
Some fear stigma of cuts
The short sales and foreclosure sales in Hampton Reserve and Governors Club are among 111 that Hammond found while researching information for his new Web site. There is no central clearinghouse or system for finding such sales, and sometimes listing agents do not promote the nature of the price cuts.
“There is some debate that the words ‘short sale’ or ‘foreclosure’ stigmatize the property,” Hammond said. “A buyer may assume that there is something wrong with the property itself, beyond the financing.”
That is not necessarily the case, although it is possible that such properties might not have been maintained normally and buyers should be prepared for the fact that if the seller is a bank, it may be pointless to negotiate for upgrades or home improvements within the offer to buy.
Additional deals in Governors Club and Hampton Reserve include:
• 2 InnisBrook Lane, a short sale, has 4,735 square feet, four bedrooms, 3½ baths, a pool and hot tub. Built in 2002, its asking price is $889,000.
• 9554 Sanctuary Place, a foreclosure, has 6,988 square feet and was built in 2006. With five bedrooms, 5½ baths, a four-car garage and an elevator, it is listed for $999,999. It sold in 2007 for $1.345 million.
• 9576 Hampton Reserve, a short sale, is listed for $1,295,000. It’s a lot of money, but this house sold in September 2005 for $1,525,000. It has 7,782 square feet, five bedrooms, five bathrooms, two powder rooms, a theater room, a stocked wine cellar, a five-car garage and an elevator.
With a little effort, high-end buyers can sniff out additional deals these days, such as the mansion at 1216 Waterstone Boulevard in Laurelbrooke.
With more than 11,000 square feet, an elevator, pool and six fireplaces, it is listed for $2,399,000. According to the agent, the sellers invested $2.8 million in this house, which was built in 2006.
• 10 Sawgrass Lane, a short sale, is a 4,642-square-foot home built in 2006 listed for $749,000, down from $930,000. It has five bedrooms, 4½ baths.
• 91 Governors Way, a foreclosure, has 6,242 square feet with five bedrooms, five baths and three half-baths. It has a full basement. Built in 2007, its price is $749,900.