Site Work Underway for 28 New Homes in Green Hills

The early stages of construction preparation have already begun on a new development called Graymont in the Green Hills neighborhood in Nashville, TN. Twenty-eight single family homes will be built on the corner of Woodmont Boulevard and Hopkins Street, just east of bustling Hillsboro Pike. The developers, Landmark Realty Services, are projecting sales prices starting in the $800,000’s and rising to over a million dollars for the larger homes. Sizes will range between 3,600-5,000 square feet and the initial houses should be available for purchase in autumn of 2015.

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Preview of Graymont, a 28 single-family home development by Landmark Services.

The approximately $17 million dollar undertaking is on a large, 9.1 acre plot of land. There were previously five rental homes on the site that were demolished for the Graymont plans. Steve Ezell, the president of Landmark said, “We have made great efforts to save the tree canopy and we will add a half mile of new sidewalks.” He added that garages would be on the backs of houses, and private drives would serve trash and recycling pickup and mail delivery.

Landmark Realty Services has completed several other projects in the Nashville area, including Arundel Court, Dorset Park and Moore’s Landing. Highly respected architects Allard Ward will be involved in the design of Graymont, and TriMark Builders will take on the construction.

The Housing Bubble Discussion (Part 1)

It is 2015, nearly eight years since the beginning of the end of the nationwide housing bubble that grew in the mid 2000’s. Different parts of the country were impacted more severely than others, and some areas still haven’t recovered completely. Meanwhile, enough time has passed that a few cities such as Austin, Miami, San Francisco, and Los Angeles are experiencing rapid price increases and heavy demand. Are the real estate prices in some cities becoming overvalued again? What does a housing bubble look like? And how can you tell if you are in the middle of one? It seems like it would be easily recognizable, but history has told us otherwise. Investopedia smartly defines a housing bubble as:

 A run-up in housing prices fueled by demand, speculation and the belief that recent history is an infallible forecast of the future. Housing bubbles usually start with an increase in demand (a shift to the right in the demand curve), in the face of limited supply which takes a relatively long period of time to replenish and increase. Speculators enter the market, believing that profits can be made through short-term buying and selling. This further drives demand. At some point, demand decreases (a shift to the left in the demand curve), or stagnates at the same time supply increases, resulting in a sharp drop in prices – and the bubble bursts.

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The Top Ten New Year’s Resolutions For Nashville, TN

Nashville is a nice place to live. More people are figuring that out and moving here every year. But just because Nashville is the “It City” doesn’t mean that everything is perfect, so here are the top ten new year’s resolutions for beloved Music City.

10. More mixed-use development. Nashville needs more neighborhood commercial uses and live/work units. Traffic is becoming more of an issue throughout the city and strategic zoning will help solve traffic problems as much as anything. There are four different Mixed Use zoning designations that have varying levels of “intensity,” but they all allow for a combination of residential, retail, and office uses. When CL (commercial limited) zoning is applied to a property, it allows retail, office, restaurant, and other consumer service uses. Imagine walking to the corner store for a gallon of milk instead of dealing with the drive that includes two left turns and a prolonged search for a parking space (Green Hills Kroger) before even getting in the door of the shopping center grocery store.

9. Lower property tax rates. Nashville has benefited from a tremendous amount of infill development over the past few years. Because the existing infrastructure is already in place, the city accounts gain from a larger tax base, without the same expenses of new development on the fringes of the county. Also the assessed values for properties in nearly all neighborhoods will be higher from the rapid appreciation of the past two years. Rates can be lowered and the total taxes collected can still be the same or greater. This is a similar concept to the Laffer Curve. If rates aren’t lowered and the property taxes rise, some families will move to neighboring counties, or out of the area altogether. Higher taxes also typically cause rents to increase, as the tax burden often gets passed on to the tenants, who may be forced to move as well. Low property taxes will keep the city open to more economically diverse residents, and widen the tax base with more growth.

8. Fix the caving in walkway at Radnor Lake. I haven’t met anyone that doesn’t like Radnor Lake State Natural Area. Most Nashvillians see it as a treasure, but the walkway that used to be Otter Creek Road has been deteriorating and getting worse every year. Now the ankle-spraining cracked pavement seems to be sinking in toward the lake. I know it is a State Park and therefore should receive funding from the state. But if the Metro Council and Mayor Karl Dean can easily approve the $18 million dollar Gulch-Sobro pedestrian bridge, then surely they can toss a couple million from the Capital Improvement Budget  toward one of the best green spaces in the city.

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House of the Week – Fredricksburg Drive

The featured house this week is 5854 Fredricksburg Drive, Nashville, TN 37215. View the full MLS listing here, and additional photos and a video tour here. I’ll go ahead and disclose that this is a property that I own, as my family enjoyed many great memories in the seven years we lived here. But now this modern retreat is fully renovated and ready for new owners. It was designed by a local architect in 1969, and construction was completed in 1971. My family purchased it from the original owners in 2007. It had been meticulously maintained and retained all originality, right down to the avacado cooktop and range hood.

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