The tiny house movement is growing in popularity. In fact, the fine folks of Portlandia took time to create a rather humorous 90 second skit about micro-living at it’s finest. While many tiny house aficionados consider 500 square feet to be the maximum to qualify as being truly tiny, the listings featured here are between 600 and 700 hundred square feet. Even if they seem too large for hardcore micro-dwellers, these listings are still substantially smaller than the average new construction homes in America, which are nearly 2,600 square feet each. Arranged from largest to smallest, here are The Three Smallest Houses For Sale in Nashville, TN.
3. 308 Oriel Avenue. $124,900
This two bedroom cottage is located in the Woodbine neighborhood and has 690 square feet of living space. The listing agent, Rick Schell with Crye-Leike, encourages buyers to, “Get in on this rapidly appreciating neighborhood.” He also mentions, “The large privacy fenced back yard and covered deck.” Smaller houses tend to be priced higher per square foot than other homes in the neighborhood, and this one is no exception, listed at $181 per foot.
A modern house built in 1955 in Glasgow, Kentucky was recently listed for sale by owner on Craigslist. It is a solid example of classic mid-century design, by an architect named Jack West who is known for his work in Sarasota, Florida. The home has 1,850 square feet, two bedrooms and two bathrooms. The asking price is $225,000.
According to the owners, this is the first time the house has been for sale since it was built in 1955. They call it an, “All original home with updates in the kitchen and baths,” situated on a, “Large wooded lot on quiet street in a beautiful neighborhood.” The house features an open floor plan with glass
walls on two sides and slate floors. The property also has over-sized two car detached garage.
The architect, Jack West, has an impressive body of design work, including several schools in Sarasota and the Sarasota City Hall. He worked with renowned architect Paul Rudolph, as part of the Sarasota School of Architecture.
According to Realtracs MLS listing service, there are 2,885 total listings for sale in Nashville, TN, within Davidson County’s borders. I got that number from Red Panda Properties, and I was informed that 616 of those listings are pending. The pending houses already have buyers lined up who have passed the inspection and appraisal periods, and are simply waiting until the closing date. Essentially those properties are already taken. That leaves 2,269 that are active listings, available for purchase. Out of those, only 147 are priced below $100,000, a meager 6.5% of the listings. There are plenty of markets across the country where $100k isn’t considered cheap at all. But in Nashville, that amount can buy only one out of every fifteen houses for sale. In short, there aren’t many options.
Corresponding with the dramatic drop of cheap house inventory, the quality of house that $100k buys has diminished as well. These available properties are typically not in highly desirable locations, and the houses are small and usually in desperate need of major updates, if not entire renovations. Some have moved into the category of being considered more for the land value, where the existing structure is simply torn down in favor of a newly constructed house. The result is that prospective homeowners and investors across Nashville are faced with fewer choices of houses, higher price tags, and a lesser quality product. Welcome to Music City’s real estate market in 2015.
Last week The Urban Investor featured The Five Most Expensive Homes in Nashville. Because the cheapest property on that list was $10,900,000, it only seems fair to take a look at the low end of the market, where the highest priced home is only $47,000. In this price range, the real estate agent descriptions aren’t as flowery, and there are no high resolution photos. These properties don’t have video tours, and certainly don’t have their own websites. They are the bottom- feeders, The Five Least Expensive Homes in Nashville, TN:
1. 1114 Old Hickory Blvd is listed for $31,900. This two bedroom, one bath house is 860 square feet. Listing agent Jennifer Skinner calls it a, “Cozy cottage in Madison!” I’m not sure if that fact is worth exclaiming, but the “convenient location, near schools, shopping, and highways” is notable. As expected in this price range, the interior appears to need some updates. This is a bank owned property, as the tax records reveal that BMO Harris Bank, N.A. took over ownership two months ago for $47,585. The house, built in 1945, could be a great cash-flowing rental. Any buyer should be prepared to encounter hidden repair costs as well as the obvious. A foreclosure like this has often been vacant for an extended period of time (sometimes years) and is sold in as-is condition. A faulty HVAC system, leaking plumbing, and fungal growth are par for the course. Replacing the worn out floors and addressing the wood paneling would help attract a better tenant and higher monthly rents. Oh, a refrigerator and range would be nice, too.
The top end of the real estate market has come roaring back in Nashville, TN since “The Great Recession.” The most expensive home that sold in 2012 was 4410 Gerald Place, that closed for $5,994,000. Four of our current top five are at least double that price. Here are the five most expensive houses on the market in Nashville, TN:
1. 1358 Page Road in Belle Meade is available for $17,999,999. Boasting over 20,000 square feet of what agent Steve Fridrich calls “southern brilliance,” this six bedroom, eight bathroom house was built in 1999. House details include a “stairway to heaven, botanical terrace, (and) Swan Lake.” It is situated on six acres and features a 3,000 bottle wine cellar, pool/cabana, and a barn. Hmmm… a barn sounds rather ordinary. Be sure to check out the property’s website, complete with overhead helicopter views.
2. 530 Jackson Blvd, also in Belle Meade, is for sale for $16,300,000. This 22,000 square foot behemoth is in the words of agent Laura Stroud, “a place of magic, a fully realized dream estate.” It is “set on the most prestigious street in Belle Meade,” a neighborhood where my wife and I got pulled over by a police officer for jogging with a stroller. Seriously. But he let us off without a ticket. 530 Jackson includes a portico, veranda, patio, terrace, tennis court, pool and spa on its five acre gated estate. It also has what appears to be an indoor roller coaster, or perhaps just a staircase.