Nashville Bits and Pieces

[titanhog]

44 minutes ago, MLBrumby said:

Same here in Chatty.  I was just offered twice what I paid for my house last weekend... and it's NOT on the market. I thought about it for a minute then realized I couldn't find another house for that price. Declined. We're heading for another bubble. 

Yeah…I think about gentrification.  You own a house in an up-and-coming neighborhood and someone offers you more money than your ever thought your house would be worth.  So…you sell and then realize you’re still gonna have to move 30 miles outside of Nashville to buy a house with the money you just made.  You may get a nicer house, but you’re suddenly living in an area you don’t really know anyone.

[Flatrock]

8 hours ago, MLBrumby said:

We're heading for another bubble. 

#MLBrumby that's certainly possible. But I've seen bubbles pop in markets/regions when other regions aren't phased. Real estate isn't homogeneous. Chattanooga vs Nashville vs Tampa vs Boise vs Seattle, etc.  So many dynamics in  individual markets at play here.  IF (and there's certainly no guarantee) Nashville's MSA continues to attract significant new business investment and relo's from Cali, etc., IF local industry verticals perform well and continue to expand, IF net migration from other States to the Nashville area continues,  and IF the local and broader U.S. economy - continues to chug along, I cannot see the Mid-State doing a face-plant. Biggest risk to Nashville will be a significant economic retraction nation-wide. Other than that, I don't see a bubble here (yet). But that may certainly come....

[nashvylle]

My whole point (theory) from the WeHo discussion is if associations like SNAP WeHo and whoever else prohibit supply of fair market units via height restrictions, affordability requirements, traffic concerns, etc. all in an attempt to maintain your neighborhood's affordability and context, the situation will backfire. Given no other options, these rich renters/buyers will just come for your individual lot instead. 

 

[Mr_Bond]

On 6/23/2021 at 10:34 PM, titanhog said:

Yeah…I think about gentrification.  You own a house in an up-and-coming neighborhood and someone offers you more money than your ever thought your house would be worth.  So…you sell and then realize you’re still gonna have to move 30 miles outside of Nashville to buy a house with the money you just made.  You may get a nicer house, but you’re suddenly living in an area you don’t really know anyone.

This transaction is ideal for a homeowner who is near/at retirement and wants to make a change in their life.

 

On 6/24/2021 at 6:46 AM, Flatrock said:

#MLBrumby that's certainly possible. But I've seen bubbles pop in markets/regions when other regions aren't phased. Real estate isn't homogeneous. Chattanooga vs Nashville vs Tampa vs Boise vs Seattle, etc.  So many dynamics in  individual markets at play here.  IF (and there's certainly no guarantee) Nashville's MSA continues to attract significant new business investment and relo's from Cali, etc., IF local industry verticals perform well and continue to expand, IF net migration from other States to the Nashville area continues,  and IF the local and broader U.S. economy - continues to chug along, I cannot see the Mid-State doing a face-plant. Biggest risk to Nashville will be a significant economic retraction nation-wide. Other than that, I don't see a bubble here (yet). But that may certainly come....

All real estate analysis is local.  There is no 'national' RE market.  Mortgage rates affect all U.S. markets but even that key variable affects some markets more than others.  The Nashville job market is largely based on healthcare which is recession-resistant.  The tourist industry is growing and will take a big hit during the next recession.  Having the state government here is a positive.

[titanhog]

2 hours ago, Mr_Bond said:

This transaction is ideal for a homeowner who is near/at retirement and wants to make a change in their life.

The problem is that not everyone is 65 or older who owns the homes in gentrifying neighborhoods.  And don’t get me wrong…I realize neighborhoods change over time, especially in a nation like this…and overall, it’s healthy.  It’s just that some areas go from  having homes owned by legitimately poor to lower middle class people…to basically rich people or upper middle class overnight.  Even with the money they make from selling, they’re more than likely going to have to move to a “poorer” part of the region.  

I’m sure many of these people are super-happy to receive a large sum for their home…while some are not and really don’t want to move but they see the writing on the wall.  And I don’t have the answer…especially in a “free market."

[markhollin]

Local creators, in partnership with Nashville Convention and Visitors Corp, have launched a location- and interest-based app, Stroll, featuring Nashville as its flagship US city.  The new app allows visitors + locals to explore the city via real-time, location-based suggestions about what to do, eat, see, and more — with the help of interactive maps, photos, and descriptions. 

Check it out here:

https://www.strollnow.com/

[PaulChinetti]

Took this yesterday.  Wanted to make it longer but it was quite windy yesterday.

Some random thoughts... 

• How much room there is between Lafayette and the Interstate
  • which also really shows HOW MUCH space the railroad takes up and divides the gulch from the rest of the city
• Also just how much room the interstate takes up, and is just dead space smack dab in the middle of the city
• So much traffic on all the streets for a Sunday afternoon
• Broadwest and the others in midtown are starting to make their own mini skyline
• You can see the new Vandy tower off in the distance
• 805 Lea continues to mystify me as to what size it is, haha
• The orange/white public storage off of Layfayette is quite large
• If 4 Seasons had an interesting crown it would standout even more in the skyline
• A couple more weeks of no rain and I don't think anyone will have to mow their grass anymore, everything is starting to look really dry
• If the project on 8th by the interstate every get off the ground that will significantly change the look of that area

Edited June 28, 2021 by PaulChinetti
addition

[satalac]

3 hours ago, PaulChinetti said:

Took this yesterday.  Wanted to make it longer but it was quite windy yesterday.

Some random thoughts... 

• How much room there is between Lafayette and the Interstate
  • which also really shows HOW MUCH space the railroad takes up and divides the gulch from the rest of the city
• Also just how much room the interstate takes up, and is just dead space smack dab in the middle of the city
• So much traffic on all the streets for a Sunday afternoon
• Broadwest and the others in midtown are starting to make their own mini skyline
• You can see the new Vandy tower off in the distance
• 805 Lea continues to mystify me as to what size it is, haha
• The orange/white public storage off of Layfayette is quite large
• If 4 Seasons had an interesting crown it would standout even more in the skyline
• A couple more weeks of no rain and I don't think anyone will have to mow their grass anymore, everything is starting to look really dry
• If the project on 8th by the interstate every get off the ground that will significantly change the look of that area

Gorgeous shot! Perfect use of hyperlapse.

[smeagolsfree]

18 hours ago, PaulChinetti said:

Took this yesterday.  Wanted to make it longer but it was quite windy yesterday.

Some random thoughts... 

• How much room there is between Lafayette and the Interstate
  • which also really shows HOW MUCH space the railroad takes up and divides the gulch from the rest of the city
• Also just how much room the interstate takes up, and is just dead space smack dab in the middle of the city
• So much traffic on all the streets for a Sunday afternoon
• Broadwest and the others in midtown are starting to make their own mini skyline
• You can see the new Vandy tower off in the distance
• 805 Lea continues to mystify me as to what size it is, haha
• The orange/white public storage off of Layfayette is quite large
• If 4 Seasons had an interesting crown it would standout even more in the skyline
• A couple more weeks of no rain and I don't think anyone will have to mow their grass anymore, everything is starting to look really dry
• If the project on 8th by the interstate every get off the ground that will significantly change the look of that area

We want more and longer!!!!!!!!

[BnaBreaker]

It's a beautiful concept that I hope to see come to fruition, but I think for it to ultimately be successful long term (if it gets built at all) it needs to be a little less Epcot Center and a little more Cedar Point. 

[smeagolsfree]

I accidently posted on the wrong thread but since it is here, this is what I think. 

How many times have we seen this...... Now here we are again, from one of the smallest boutique developers in Nashville.. It may happen and it may not. This may be a joke.

I will believe it when I see it finished. But my question is how does a small time developer raise 300 million in capitol quietly without a word getting out or a fund raising effort when you have the crack pots trying to do the crowd funding for the Blue Moon Drive In over in E Nashville that is not even up and running in Pigeon Forge yet!

Then we had the group trying to do the Purpose Hotel downtown..nothing!

My guess this is all hype, but maybe I am wrong. A theme park is badly needed here, but it will have to come from Cedar Fare or one of the big boys to make it happen.

[Rockatansky]

On 6/23/2021 at 9:47 PM, MLBrumby said:

We're heading for another bubble. 

Maybe in Chattanooga, but not here in Nashville. Our underlying population, economic and income growth are strong enough to support current pricing IMO.

[donNdonelson2]

I was out on the greenway just after sunset and while on the big pedestrian bridge between Two Rivers Park and Shelby Bottoms I spotted two “Pontoon Saloon” party boats, one headed downstream, one upstream. Both were packed with rowdy WOO-WHOO girls! (I hope they have plenty of safety equipment and trained personnel, cause you know some drunk fool will end up in the water from one of those things one day!)

[AsianintheNations]

On 6/29/2021 at 9:34 PM, donNdonelson2 said:

I was out on the greenway just after sunset and while on the big pedestrian bridge between Two Rivers Park and Shelby Bottoms I spotted two “Pontoon Saloon” party boats, one headed downstream, one upstream. Both were packed with rowdy WOO-WHOO girls! (I hope they have plenty of safety equipment and trained personnel, cause you know some drunk fool will end up in the water from one of those things one day!)

The first time I crossed that bridge while going for a walk at Shelby Bottoms, I hoped that I could then walk north and drop by Opry Mills. But of course not ... God forbid that a greenway serve any purpose other than dedicated leisure ... . (Edit: OK, not entirely fair. There are a few practical greenways around, like the fragment of the Richland Creek Greenway that connects Sylvan Park to the community college and Lion's Head shopping center.)

Edited July 1, 2021 by AsianintheNations

[donNdonelson2]

3 minutes ago, AsianintheNations said:

The first time I crossed that bridge while going for a walk at Shelby Bottoms, I hoped that I could then walk north and drop by Opry Mills. But of course not ... God forbid that a greenway serve any purpose other than dedicated leisure ... .

There are plans for a greenway extension to Opry Mills, but I am not informed on funding status or scheduling for the project.

[donNdonelson2]

43 minutes ago, AsianintheNations said:

The first time I crossed that bridge while going for a walk at Shelby Bottoms, I hoped that I could then walk north and drop by Opry Mills. But of course not ... God forbid that a greenway serve any purpose other than dedicated leisure ... .

Found a bit of information about the project, but assume the delay of starting work is due to Covid.

Master Plan | Greenways For Nashville.pdf

[smeagolsfree]

I dont want to even drive to that place, much less walk!

[markhollin]

Eric Birnbaum of Dreamscape, who last week bought the Sheraton Grand Nashville Downtown Hotel for $169.7 million, claims to have hundreds of millions more dollars he wants to invest in the Nashville market--most likely in hotels. Now word on if these would be existing properties, or new ventures. 

More at NBJ here:

https://www.bizjournals.com/nashville/news/2021/06/30/sheraton-buyer-on-nashville-hotel-market.html

[MLBrumby]

A long piece in the WSJ today on the difficulties Chris Cobb has through the pandemic trying to keep Exit/In in business. 

https://www.wsj.com/articles/a-historic-nashville-music-venue-has-reopened-but-everything-is-hard-11625147854

[markhollin]

Ultra-luxury high-rise condo market is taking off in Nashville:

https://www.tennessean.com/story/money/2021/07/02/downtown-nashville-ultra-luxury-high-rise-condo-market-takes-off/5329634001/

[Mr_Bond]

1 hour ago, markhollin said:

Ultra-luxury high-rise condo market is taking off in Nashville:

https://www.tennessean.com/story/money/2021/07/02/downtown-nashville-ultra-luxury-high-rise-condo-market-takes-off/5329634001/

Zillow seems to be reflecting this in the value of my condo in The Gulch.  I would not call it ultra-luxury but I'm not sure what their definition is.  Zillow says my value is up 15% in the past 6 months.  Of course, we can argue about the validity of a Zillow number but I think the trend is reflective of the market.

[nashville born]

3 hours ago, markhollin said:

Ultra-luxury high-rise condo market is taking off in Nashville:

https://www.tennessean.com/story/money/2021/07/02/downtown-nashville-ultra-luxury-high-rise-condo-market-takes-off/5329634001/

Then let's go 800 Lea!!!  And while you're at it, throw in a couple more 600 foot residential towers!!!  Giddy.....up.

[bigeasy]

2 hours ago, Mr_Bond said:

Zillow seems to be reflecting this in the value of my condo in The Gulch.  I would not call it ultra-luxury but I'm not sure what their definition is.  Zillow says my value is up 15% in the past 6 months.  Of course, we can argue about the validity of a Zillow number but I think the trend is reflective of the market.

At what point do the housing prices slow down here? It has become ridiculous over the past year.  According to Zillow mine has also gone up 15% in 6 months, and then 26% in about 15 months. The rates we see now have to be pricing tons of people out of buying .

[Luvemtall]

1 hour ago, nashville born said:

Then let's go 800 Lea!!!  And while you're at it, throw in a couple more 600 foot residential towers!!!  Giddy.....up.

I really love your way of thinking!!!! What are they all waiting for.....Giddy up!

[Luvemtall]

39 minutes ago, bigeasy said:

At what point do the housing prices slow down here? It has become ridiculous over the past year.  According to Zillow mine has also gone up 15% in 6 months, and then 26% in about 15 months. The rates we see now have to be pricing tons of people out of buying .

The rates you see now are still below other major cities in the country. These are bargains compared to others. Nashville is no longer a sleepy ole southern town, it’s a big boy ( girl) now!