mundiejc

Are you saying that no developers are vultures? Guys who trick old folks into selling their properties at less than 50% of market - and then turn around and sell them at market?

Any natives (i've only been here since 03) know if the Frank Vukelich quoted in the article is the same one from this court case? State vs. Frank Michael Vukelich {sodEmoji.|} Tennessee Administrative ... Seems funny that he's the one whose quotes focus primarily on crime if he is in fact the Frank Vukelich who was one of the major drug dealers here in the 90s.

More Buchanan news http://www.tennessean.com/story/money/2015/04/24/new-businesses-aim-revitalize-north-nashvilles-buchanan-st/26316387/

We just went under contract, premarket, over list, on our project at 1609 22nd Ave N in the North Fisk Neighborhood. 1850 Square Feet, 1930 Craftsman. Got another project ongoing at 1827 Heiman 2/2 1050 square feet. Will list for 150K .... super affordable, considering what everything else costs these days.

I am so excited about this project (I live just 3 blocks away) The abandoned suburban style apartment complex that is almost entirely razed now was a magnet for crime and honestly was the most detroit looking thing in all of Nashville. This is going to be great for this location.

It's technically Jones Buena Vista according to Google, except for the cleaners, which is in Elizabeth Park. Who knows what the neighborhood is eventually going to be called. I vote for calling the whole area Buchanan, but with the long timers pronunciation "buck-anan"

It's only 3/1 as well with no laundry room. There is almost nothing under 200k regardless of size inside the Briley/440 loop. This sold like 6k above ask. A to the studs reno sold at Underwood and 21st for 299900 last week as well. There's a really cool early 1900s brick home with a portico on 14th Ave N that sold for 60k and just had 150k rehab permit pulled. I honestly think that north nashville is going to see revitalization at a much faster rate than any prior neighborhood in the city since demand for under 300k housing is so high and supply is so low. The stadium is certainly helping as well.

So that's why Ellington turned into a river during May of 2010. I will never forget driving over the bridge on Cleveland street on the Sunday morning trying to get to church and the totality of Ellington at that area was 4 feet of white water headed towards the Cumberland.

904 Buchanan is coming along nicely. Emil Erwin just posted on his Instagram that he's left his space in Marathon Village and will be moving over here. He's got the premier corner entrance. This is going to completely change the vibe as you come across 65 into the neighborhood.

I spoke with Brent Elrod over at Urban Housing Solutions. They should have begun demo at Clarksville Pike and 26th yesterday and they are planning for groundbreaking in May. He also added that they are bringing as much massing to Clarksville Pike as they can taking into account the NES lines that apparently they are not putting underground.

The hill north of Calypso has obtained the moniker "Sylvan Summit" Great views up there - though I suspect its impossible to get down during snow and ice.

Elizabeth Park is similar to McFerrin Park or Cleveland Park circa 2007-2008. Very early stages of revitalization - but there's considerable activity right now. Builders are moving in and renovations have been going on for about 18 months. And of course, there's lots going on on Buchanan because of one investor who believes in the neighborhood. If you want a Realtor who knows the area (because I've lived here for 18 months) to drive you around - PM me your info and we'll make it happen.

Thanks HG - we had a per market offer at ask with a home sale contingecy. Once the buyer finally sold her condo and was able to proceed with the sale, we got a lowball appraisal. She didn't want to do another one so we put it back on the market and had a cash offer of 243k before we even made it to the next weekend. We've got two more up coming renovations and two new constructions on this side of the interstate. 3/2 Bungalow 1609 22nd Ave N will be ready in 2-3 weeks and will list at 235k. 1850 square feet. The others will follow later in the spring and in summer.

I agree. The only explanation for Bordeaux staying affordable is racism. Plain and simple. Its Crieve Hall type housing stock, closer to town, with better views. But even still - my point is - that if a cheap new construction in an area with arguably the highest crime rate in town sells for 192k at 1100 ft, then there is a serious shortage of housing meeting the demand of current buyers. This stuff can't just happen overnight. It takes time to develop, to purchase and remodel, etc. A supply crunch will dramatically increase prices. If we don't get more inventory online by this summer in the 100-250k range its going to really hurt first time buyers that want to get in the city.

There are certainly people who are trying to address these concerns. Honestly - I think the biggest problem right now is something we can't control without being intentional as a city about building affordable, possibly even rent controlled housing densely. Its the number of people moving here from higher rent cities. Someone coming from Chicago or LA or NYC still find the prices in Nashville cheap compared to where they are moving from. My fear is that this is happening so quickly that its getting out of control. A very basic 1100 square foot new construction on Scovel in the North Fisk neighborhood just hit the market for 192k. Despite my remodeling a 2/2 of similar size right around the corner right now - I hope they don't get that price. If they do, we're about to have some really serious problems. (I'm intending to list mine somewhere in the neighborhood of 140k)

I think the only one that they are considering building out is the clarksville to nashville line through north nashville.

Yeah - its in Buena Vista Heights. We've had folks come into our properties while our contractors were there and steal tools. Its just something that happens in transitional neighborhoods. Robberies or attempted robberies of subcontractors occurred all the time early in McFerrin/Cleveland Park's reinvestment. The shooting part is kinda crazy though. My daughter goes to Hull Jackson and that property is literally 3 blocks from her school. And its right by Metro Center. Sounds like some teenagers. They are generally the most dangerous with guns because they have no idea what they are doing. Edit: And while we're on the crime topic - I grew up in Memphis, so even 12 years ago when I moved here, nothing in Nashville really seemed scary crime-wise. I moved onto the 800 block of N 2nd Street in McFerrin Park in early 08, which was probably the most crime filled block in the city, and while the drug and prostitution activity was high, violent crime was relatively rare and when it did occur often involved people who knew each other who were in some sort of personal dispute. Unfortunately, hispanic people are often targets of these kind of high stakes robberies. The thought is that since many of them are undocumented and unbanked, they are often carrying cash and are hesitant to contact police when they are robbed. In memphis, there are tons of home invasions of hispanic people for that very reason.

It is - almost across the street. There's a quasi renovation right next to it 3/1 bungalow. was for sale for 140k and went under contract like 3 days later. The activity on the other side of the interstate seems to be along Heiman, Knowles, Underwood, and then East of 14th Ave N back over towards HBV. A nice renovation at 21st and Underwood that was priced at 299,900 (it is 2600 sq ft) just went under contract yesterday as well. I have a property on 11th Ave N that I got a contract on premarket, 1832 11th Ave N, its a fixer upper and we got contract at ask. Even with the contingency I've had multiple calls of people wanting to show it. There is a strong desire for anything under 300k inside the Briley/440 loop right now.

Permit pulled for new build at 1723 Heiman - they purchased the lot and home on it for over 60k and permit was pulled for 173k build... so this may list in the high 200s. Hart-Love builders appears to be starting a build soon on 10th Ave N and they also purchased a house/lot on cass at auction for 57k. As I said earlier, things are really heating up NW of the interstate in Elizabeth Park and surrounding neighborhoods.

I'm noticing a lot of posts on Facebook for people who have bought 300k+ houses who are renting out rooms. I suspect that's a lot of what's going on. I don't know who is renting the one bedrooms, but if you want a nice place in the urban core, you are looking at 600-750 a bedroom. Market for a nicely remodeled small 2 bed house in north nashville now (west of 65) is 900-1000. The bottom of the barrel for a 3 bedroom is around 800-850. I really think the majority of these units are going to people who have been living in high rent cities and have moved here. Many of them are telecommuting so they are still making LA/NYC/Chicago wages but living in Nashville.

You'll be hearing about it more soon - given the activity we've been seeing through the cold months, its primed for a summer of residential project explosion.

Yesterday UHS pulled the demo permit for the apartment complex at 26th and Clarksville Pike. It will be good for the whole neighborhood to get that asbestos wasteland demoed. I can't wait for construction to begin on their project there. Hopefully it will follow soon after demo.

So - regarding the new constructions, we're going to see a lot more of them for sure. Appraisal rules and "flipping" rules have changed for conventional financing starting this year. If a property is going to have more than 10% appreciation, the owner can't transfer the property for a year. And appraisals have changed as well to a new format where Fannie/Freddie are much more involved in the process. They've now got all appraisals in a database to pull from, which in theory would be good. The problem is that when an appraiser submits an appraisal now, Fannie can question the comps based on computer generated comps, and require the appraiser to give an explanation as to why the comps are different or why the quality of the home is rated differently than it was previously rated by another appraiser. On top of that, the guidelines are much more stringent about properties being similar - which makes a historic neighborhood with varying housing stock more difficult to appraise. And then on top of that, they prefer that the appraisals stay in census blocks, which don't always line up with neighborhoods. All that to say - if you're in a neighborhood that has been depressed and just starting to see development, new construction will have no problem appraising, but anything that's remodeled will unless there's something very similar in age, square footage, and condition, in the census block. If there's not, you are almost guaranteed to not appraise and the deal will be dead on dead unless you take the ridiculous low appraisal. If a new appraiser comes in on the property, the low one is now in Fannie's system and they will have to write a treatise as to why the first appraiser was wrong, with no bump in pay for the multiple additional hours. And oh yeah - if too many of their comps/appraisals get kicked back, they get put on a blacklist and their business dries up. So all that to say - the days of remodeled old homes may be over. Its about to be teardown city anywhere there's not existed remodeled housing stock.

We had bushes stolen from our reno at 1600 17th Ave N. It happens pretty regularly actually. Especially when they've just been planted. Lots of stuff going on in Elizabeth Park and North Nashville as a whole. New construction on Delta that appears to be personal. Spec builds underway at 10th and Clay and on Arthur just south of Buchanan. Remodels ongoing on 10th Ave N, two on 17th Ave N, a really nice bungalow that appears to be near completion at Underwood and 21st. Another remodel on 12th between Clay and Cass. The investor I work with is working on one on 22nd Ave N and we'll be starting another at 21st and Heiman Feb 1. Odyssey Construction has a map on their website indicating they have about 6 properties they will be building new construction on between Buchanan and Metro Center. We are closing on our remodel on 11th Ave N on Jan 30th at 262,400. 2100 square feet.

I'm excited about the projects on Buchanan. Several new builds going on up here as well, one on Delta and one at Clay and 10th. Kudzu' home on Arthur sold for 250k and the one on 11tg is under contract. What sucks is that there are sellers now who have no idea how much work goes into a remodel, trying to sell near tear downs for 90 dollars a foot.