Inner Loop - CBD, Downtown, East Bank, Germantown, Gulch, Rutledge

[donNdonelson2]

I think the sad reality is that many of those with modest means will be moving to the neighborhoods that have not become "fashionable" and still offer rentals and units for sale at more affordable prices. Unfortunately these neighborhoods are often also lacking in adequate public transit offerings. And, of course, those with limited financial resources will face both housing and transportation difficulties in this situation. There ARE still a few parts of Davidson County where the "IT" City virus has not taken hold.

[HGMIII]

I think the sad reality is that many of those with modest means will be moving to the neighborhoods that have not become "fashionable" and still offer rentals and units for sale at more affordable prices. Unfortunately these neighborhoods are often also lacking in adequate public transit offerings. And, of course, those with limited financial resources will face both housing and transportation difficulties in this situation. There ARE still a few parts of Davidson County where the "IT" City virus has not taken hold.

http://www.usatoday.com/story/news/2015/03/02/urban-donut-demographics-poverty/24281675/

 

This is not an issue that Nashville faces alone, per the USA today article, 

 

"For most cities, the downtown was the poorest, least educated place" a generation or two ago, said Luke Juday, a research and policy analyst at U.Va.'s Weldon Cooper Center Demographics Research Group.  Since 1990, urban downtowns and central neighborhoods have attracted "significantly more" young, educated, high-income residents.  The developments are happening for several reasons, said Juday, including policy shifts that moved public housing away from concentrated high-rises in city centers. Long-term trends such as lower urban crime rates and a rise in demand by Millennials for "walkable neighborhoods" have also had an effect.

[mundiejc]

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)

[AgentNorth]

There is no crisis, as long as North Nashville remains significantly untouched by development. See my gentrification thread below. Not sure why we keep acting as if North Nashville has been all bought up. When people refer to "old Nashville," their talking about those who refuse to attempt any redevelopment in North, and label it as unfixable. You could not live in any other major city, and have places like Bordeaux with those riverfront views, remain significantly untouched. It's borderline frustrating to continue to see people ask where to live in the city, and North Nashville is staring right at them screaming "LOOK AT ME."

[HGMIII]

There is no crisis, as long as North Nashville remains significantly untouched by development. See my gentrification thread below. Not sure why we keep acting as if North Nashville has been all bought up. When people refer to "old Nashville," their talking about those who refuse to attempt any redevelopment in North, and label it as unfixable. You could not live in any other major city, and have places like Bordeaux with those riverfront views, remain significantly untouched. It's borderline frustrating to continue to see people ask where to live in the city, and North Nashville is staring right at them screaming "LOOK AT ME."

Who said anything about a crisis?  

 

Lots in Germantown & Salemtown are gone

Lots in HBV, Hope Gardens are now going for 100,000+

Several businesses on Jefferson St are up for sale

MHDA announcement on Jefferson, etc.

 

It will overflow outside the loop on a large scale in 2016 IMO

[mundiejc]

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.

[wbrewer3]

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.

This is spot on. There is a massive lack of housing inventory in Nashville. I've been referring to it as "reverse shadow inventory" (for lack of a better term) for the last two years. It's no exaggeration to say half the active homes in the MLS have a contract on them. 

[HGMIII]

Two new properties on MLS today, these are the Front/Back town homes at corner of Cheatham Place & 9th Ave N.  Both are 2 / 2.5

 

1421 9th Ave North, MLS # 1613490 1,897 sq ft, List Price: $381,000 - has front balcony on 2nd floor

 

903 Cheatham Place, MLS # 1613442, 1,958 sq ft, List Price: $378,000

 

http://www.trulia.com/property/3190844989-Buena-Vista-903-Cheatham-Pl-Nashville-TN-37208  

[Bezoar]

Two new properties on MLS today, these are the Front/Back town homes at corner of Cheatham Place & 9th Ave N.  Both are 2 / 2.5

 

1421 9th Ave North, MLS # 1613490 1,897 sq ft, List Price: $381,000 - has front balcony on 2nd floor

 

903 Cheatham Place, MLS # 1613442, 1,958 sq ft, List Price: $378,000

 

http://www.trulia.com/property/3190844989-Buena-Vista-903-Cheatham-Pl-Nashville-TN-37208

 

Glad to see the waters being tested at these price points in HBV.  

I wonder if there have been any bites on the Trust site on Scovel?  

[MLBrumby]

Okay... I give!  What is HBV? 

[Bezoar]

Okay... I give!  What is HBV? 

 

Historic Buena Vista!  It's the Neighborhood bordered by Jefferson to the south,  Rosa Parks to the East, and 65 to the north and west.

[think365]

People are already paying too much for the low budget renovations that are going on in Elizabeth Park. It amazes me. I walked through the home on 1727 Heiman late last year when the owner was selling it for $55k. The house needed the interior updated. Apparently another investor purchased it for $52k did basic interior renovations and flipped it for $140k. Kudos for that guy for getting a big check on that flip, but that home wasn't worth that.

You can tell when a person is renovating these home to live in versus an investor renovation. Like the home on 1023 Cheatham in HBV, that house looks great, when I saw the work being done on that home I knew that was the home owner and not an investor just based on the quality of work. I don't know who owns the nice blue house at 1040 Scovel but I can only assume that is the owner who plans to live there because it's done too right. They removed the siding, put up new plywood, wrapped the house and put up new fiber cement siding. I'm sure the inside is fully insulated. I have not seen any investor renovations in Elizabeth Park get that kind of treatment. the majority of home I've seen in Elizabeth Park have at least 2-3 layers of siding. Where the top layer is covering some rotted out/outdated siding below it. That never gets addressed. It was ok when the houses were only selling for $50k, but at current prices buyers need to start demanding higher quality, or lower prices.

[rookzie]

People are already paying too much for the low budget renovations that are going on in Elizabeth Park. It amazes me. I walked through the home on 1727 Heiman late last year when the owner was selling it for $55k. The house needed the interior updated. Apparently another investor purchased it for $52k did basic interior renovations and flipped it for $140k. Kudos for that guy for getting a big check on that flip, but that home wasn't worth that.

You can tell when a person is renovating these home to live in versus an investor renovation. Like the home on 1023 Cheatham in HBV, that house looks great, when I saw the work being done on that home I knew that was the home owner and not an investor just based on the quality of work. I don't know who owns the nice blue house at 1040 Scovel but I can only assume that is the owner who plans to live there because it's done too right. They removed the siding, put up new plywood, wrapped the house and put up new fiber cement siding. I'm sure the inside is fully insulated. I have not seen any investor renovations in Elizabeth Park get that kind of treatment. the majority of home I've seen in Elizabeth Park have at least 2-3 layers of siding. Where the top layer is covering some rotted out/outdated siding below it. That never gets addressed. It was ok when the houses were only selling for $50k, but at current prices buyers need to start demanding higher quality, or lower prices.

 

I really do have to agree, if for no other reason than the fact that your observations seem too authentic and convincing to be merely supposed.  Some reno investors bank on the phat chances of a fractional number of guys like you have a penchant for immediately noticing details as in your example.  You almost cannot help but notice it, if you drive around enough and observe the daily progression of rehab on the same places.  Those are the same types of practices that provide fresh meat and fodder for the local news teams to lead an exposé, when unsuspecting buyers (typically ones who hire unscrupulous inspectors) end up being shown their fleecing after it's become too late.  It's not limited to that sector, though, but especially to those areas which can bring the fastest flip-flops with the highest profit margins on relatively nominal investments.  I am encouraged to see an infusion of revivals between Herman (yes, as far south as Herman in the Hope Gardens district) and Clay, Owens, and Cass Streets on both sides of that portion of Jefferson, but, Indeed, that sort of legal deception will be caught up with in time.

-==-

Edited March 5, 2015 by rookzie

[nashmoney]

I wonder if thye are they still having the groundbreaking for the Thompson today??

 

[UTgrad09]

Nope. It's cancelled.

[smeagolsfree]

We now know of the probable location of Project Beacon in SoBro.

https://www.nashvillepost.com/blogs/postbusiness/2014/6/10/sobros_allure_continues

[nashwatcher]

Smeags, the link goes to a 9 month old article...

[MLBrumby]

Should let Ron answer, but I deduced from his link to the old thread and the post of Adam Goldberg's yuppie playground & work space project as he has proposed in Atlanta, and is rumored to build in Nashville.  Ron points to an old NBJ article from last summer to put the pieces together.  If I understood his link, then he is speculating that the Goldberg/Wilka project will go up at 504 Fifth Avenue South. 

Edited March 5, 2015 by MLBrumby

[MLBrumby]

More on Ken Larish's purchase of Centerstone HQ from the NBJ...  http://www.bizjournals.com/nashville/blog/real-estate/2015/03/in-germantown-developer-finds-perfect-example-of.html?page=all

 

There is some answer to my question about the fate of the century-old building. Apparently it is designated a historic building and is protected from demolition.  Additionally, Larish apparently has a reputation of saving old buildings and renovating instead of destroying them.  Hope that's the case. 

 

[smeagolsfree]

Or I would guess maybe somewhere close by. Not real sure but like you said putting the pieces together.

[BnaBreaker]

Great to hear.  You're my hero, Ken Larish!  lol

[evansnathan]

A few more progress shots of Amphitheater

[evansnathan]

Not sure if this belongs here but.. some progress photos of Hume-Fogg gym..

[HGMIII]

Thanks for the info on the RS-40A zoning stuff ya'll.

 

I know the neighborhood association over there is not wild about the rezoning... mainly due to density. But its 2 blocks off Jefferson and 2 blocks from TSU... several larger apartment complexes and some light retail in that area. Plus - I believe long term the adjacent railroad track is supposed to be some sort of commuter rail. It seems like it makes sense.

 

I will be attending the zoning hearing and will probably bring up an SP. Hopefully that will get the neighborhood on board if they have more of a say in the process.

 

As for Arthur and Elizabeth Park - remodels are starting to pop on multiple streets. I closed on on 17th Ave N last month for 180,900 and the investor I'm working with is finishing up rehabbing a folk victorian bungalow on 11th just north of Buchanan that will be listed in the mid 200s (2100 sq ft, 4 bed 3 bath). It seems most everything over there is along and south of Cockrill and East of 14th Ave N.

 

Also - something is going on at the old abandoned grocery store at 9th Ave N and Buchanan. Lots of permits pulled and significant work being done. I'm really excited for anything at this juncture that will bring some stability to the Buchanan corridor. Too many vacant commercial properties right now. Additionally - a permit was pulled at I believe 1411 Buchanan for rehab for Alex Lockwood's new gallery (he has been at 100 Taylor). 

 

BTW - here's the rehab on 11th - if you know anyone who might be interested, shoot me a PM.

 

 

I saw this property just sold for $243,000 on 3/6/15 on a list of $249,900, congrats.  

Edited March 9, 2015 by HGMIII

[CenterHill]

The 3 story garage on Church between 8th/9th was coming down today.