House of the Week – Franklin Pike

A grand, historic home located at 4220 Franklin Pike, Nashville, TN 37204 is the House of the Week. “From Indian lore to civil war battles, this incredible one of a kind property is a dream home for history buffs,” according to listing agent Melanie Baker with Zeitlin & Co., Realtors. The house has four bedrooms, two bathrooms, and 3,148 square feet of living space priced at $995,000. It is, “nestled on 2.3 acres of mature trees and gardens.”

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House of the Week – Richard Neutra

The “House of the Week” is typically in Nashville, TN, but this week the featured property is so special it deserves our attention all the way in Shreveport, Louisiana. It is a rare offering of a home designed by the distinguished Richard Neutra, who is my favorite architect. Part of what makes it so rare is the geographic location. The vast majority of Neutra’s residential works are located in California, where his modern style is an ideal fit. Other than one home in Iowa and one in Texas, few known Neutra products are found outside of the west, other than a handful of commercial designs such as an auditorium, library, and chemical building. This Shreveport home is a wildly unique opportunity for a Neutra fan to purchase one of his houses east of the Mississippi River. The price of $597,298 is the second component of rarity. Compared to Neutra’s Kaufmann House, Singleton House, and Staller House which have all been for sale with price tags over $10,000,000 the Shreveport house is significantly more accessible. neutra1

The Neutra Shreveport house is a sprawling 5,137 square feet, with six bedrooms and five bathrooms. Due to it’s size, the asking price is only $116 per square foot. The listing agent, Lauren West with Keller Williams, says it is, “Not only a home, but a WORK OF

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House of the Week – S. 14th St.

East Nashville, TN is the location of the featured house of the week, where 909 S. 14th St. was just listed for sale for $359,900. A “custom” renovation was completed on this two story home that has three bedrooms, two and a half baths, and 1,580 square feet of living space. The listing agents Chad Sain and Matt Read, both with PARKS, call it a, “One of a Kind Charmer,” and instruct potential buyers to, “Stroll on Over to have All Your Dreams Come True.” Apparently the agents are fans of excessive capital letters and hyperbole. But their asking price of $227 a square foot is no exaggeration.

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“Before” condition, when I briefly owned the house.

I was very interested to see the final photos of this listing, as I sold this house in July, 2014 to the investors who renovated it. They had a great idea to add a second story on top of the existing cottage, doubling the total square footage. When the sales price per a square foot has a hefty margin over the cost to build per square foot, it is smart to add on as much as the neighborhood comps can support. Interestingly, the back corner of this property is in Metro Nashville’s flood overlay zoning designation, which means Metro will not allow an increase to the building footprint, meaning the structure cannot be expanded outwardly in a horizontal direction. When that is the case, building up is the best option.

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“After” condition, with a new 2nd story.

I had purchased this property at a foreclosure auction two months before I sold it to the renovators. It was a sad, dirty, single-story house that had been vacant for years. I toyed with the idea of conducting the renovation myself, but elected to clean out the trash and have my realtor put it on the MLS instead. It sold in about two weeks for $95,000, which was the cheapest priced home in the 37206 zip code at the time. The investors

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House of the Week – Quail Creek Road

This week the spotlight turns to the western edge of Nashville, TN, in the Bellevue area, where the House of the Week is 8039 Quail Creek Road. This custom home was built in 2000, and sits on nearly 15 acres of secluded land. The listing agent, Mike Jones with Jones Properties, describes the home as having, “Superior finishes- incredible detail and design.” He also notes that the location offers, “Ultimate privacy (with a) gated entry.” The list price is $795,000 for 4,098 square feet of living space which includes three bedrooms, two full baths and two half baths. The room sizes are rather large, with a recreation room that measures 32′ x 17′, and a second bedroom that is 29′ x 14′. The house also has an attached three car garage.

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House of the Week – 22nd Ave. North

Our featured house of the week was just listed days ago in an incredibly desirable area near downtown at 333 22nd Avenue North, Nashville, TN 37203. The location is between West End Avenue and Charlotte Pike close to several medical centers and other offices. The house was built in 1899, and according to the MLS listing has 3,527 square feet. The tax records have that figure at 5,613 square feet from multiple additions that were made to the original structure. One of those additions has literally collapsed to the ground, and another is sagging badly and is not salvageable. I think the listing agent, Patricia Corcoran with Allison James Estates and Homes of Tennessee, went ahead and deducted the collapsed square footage to arrive at her more accurate figure. I went to view this property within an hour after seeing that it was for sale. Why the urgency? It is priced at only $239,000.

Despite the very poor condition of the building, the price is very enticing. Metro Nashville’s tax appraisal for the land alone is $273,000, and their assessments have been lagging behind the market values for the inner-ring neighborhoods for about two years. Adding just a minimal value for the original structure easily puts this property over $300,000.

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The foursquare still has lasting curb appeal, despite the poor decision to enclose the front porch.

The property is zoned MUG-A (mixed use, general, alternative), which according to Metro Planning is, “Intended for a moderately high intensity mixture of residential, retail, and office uses.” The location would be perfect for a law, medical, or accounting office. The building could even house a small design or marketing firm. MUG-A zoning provides the opportunity for creative uses of the space, including making the top floor and basement levels residential units, while the main floor is an office.

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House of the Week – Tyne Boulevard

The featured house of the week is 1709 Tyne Boulevard Nashville, TN 37215. It is a three bedroom, three and a half bathroom modern style dwelling that was built in 1989. The listing agent, Barbara Moutenot with Village Real Estate Services, says the house has a, “flowing floorplan with spacious rooms and soaring ceilings, truly one of a kind.” Situated on 5.2 acres of wooded land in the Forest Hills neighborhood, the property’s list price is $1,850,000. It has over 4600 square feet of living area and a two car garage. Ms. Moutenot says that it has, “stunning views of downtown and nature.” The winding driveway turns off of Tyne Blvd. and leads up to the home, perched on a hill where downtown Nashville is visible about eight miles away.

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House of the Week – Richland Avenue

The featured House of the Week is 3828 Richland Avenue, Nashville, TN 37205. This three-story home has five bedrooms, two full baths, two half baths, and a total of 3,205 square feet. The listing price is $874,800 and the listing agent is Tracy Barton with Neal Clayton Realtors. She describes it as a, “Beautiful historic home with graciously sized rooms,” and, “a true delight!” The white stucco exterior and terra cotta tile roof create a unique mix of Mediterranean and traditional craftsman styles. It has a distinctive appearance that is rarely encountered in Nashville’s housing stock.

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House of the Week – Twelve Twelve

Our featured House of the Week is 1212 Laurel Street #1605, Nashville, TN in the structure named Twelve Twelve. Although it is technically a condo and not a house, the prime location in The Gulch and lush green rooftop may be enough to make some buyers forget they wanted a yard. The newly constructed building contains, “286 finely finished residences enclosed in 23 stories of glass,” according to its website. However, many of the units sold quickly, and only a few dozen remain available. #1605 is a two bedroom two bath unit with 1,207 square feet, priced at $581,000, which comes out to $481 per

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House of the Week – Iverson Avenue

This week, the spotlight turns to 1007 Iverson Avenue, Nashville, TN for our featured House of the Week. This classic brick tudor was built in 1930 and has three bedrooms and three bathrooms. The list price of $199,900 represents a solid value for 1,536 square feet, at $130 per sq. ft. The listing agent, Amanda Bell of At Home Realty, notes the “high ceilings, and unfinished basement for storage or easy expansion.”

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House of the Week – 3rd Avenue South

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This week our featured house is 1128 3rd Avenue South in Nashville, TN. The substantial two-story brick structure is priced at $975,000 and has 3,600 square feet. The listing real estate agent Robert Wagner of Benchmark Realty is also the owner according to the tax records. He recently had the zoning changed to MUN-A (mixed use, neighborhood, alternative), which includes live/work options, and uses such as restaurant, office, recording studio, coffee shop, or home.

The wide range of potential uses is what makes this zoning so favorable in the eyes of investors. Interestingly, the appraised value by the county tax assessor is only $181,800. While the tax record appraisals are certainly lagging behind the current market values for Nashville’s urban neighborhoods, I doubt that the fair market value is almost $800,000   more.

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