Nashville Real Estate

Blog has moved to www.GrantHammond.com

2009-08-05T00:22:00.005-05:00

So I began using Blogger way back in 2005 and was very, very loyal until I finally could not optimize this blog platform any further. I found that I was not able to give my readers all of the tools they needed in order to make the best investment decisions.

I am excited to say that this entire blog has moved to www.GrantHammond.com where you will find all of these old posts, tons of news ones and several excellent tools to help you make better purchase, sale and investment decisions in Nashville.

Be sure to follow this link to Nashville's Best Real Estate Blog

Mortgage Rates Eased Last Week in Tennessee

2009-07-16T21:24:00.004-05:00

Interest rates on 30-year fixed mortgages, 15-year fixed loans, five-year adjustable-rate mortgages, and one-year ARMs all fell this past week...read the rest of this Nashville mortgage story

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Mortgage Loan Rates Unchanged in Nashville
Fixed Rate Mortgages Settle After Sharp Gains
Mortgage Rates Hold Steady & Low

Whetstone Subdivision in Brentwood Foreclosed

2009-07-14T14:29:00.006-05:00

A Brentwood housing development with million-dollar homes, Whetstone, is in foreclosure.

Developers say this is the first major development in Brentwood to go into foreclosure...read the rest of the Brentwood Whetstone foreclosure story

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Huge Deal on Foreclosed House in Brentwood

Rolling Mill Hill to Enter Receivership

Buying a Condo at the Icon in the Gulch?

Foreclosure in The Governors Club in Brentwood!

Buying a Condo in the Encore Condos?

2009-07-13T08:02:00.006-05:00

If you are thinking about buying a condo in the Encore condos building in the SoBro area of Nashville, you need to speak with me now. If you are buying a condo or loft in any building in downtown Nashville...read the rest of the Encore condos story

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Pictures of The Encore in Nashville, TN

New Nashville Convention Center Already Booking

Downtown Nashville Condos Sold in 2009

Downtown Nashville Condo Update

Buying a Condo at the Icon in the Gulch?

2009-07-11T14:35:00.010-05:00

If you are considering buying a condo at the Icon in the Gulch, you need to speak with me first. If you have a pre-construction contract on a condo in the Icon that you would like to renegotiate, you need to speak with...read the full Icon in the Gulch story here

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The Gulch in Nashville Featured in USA Today

Downtown Nashville Condos Sold in 2009

Icon Developer Sued by Several Condo Buyers

The Icon In The Gulch - Nashville, TN

Nashville Rental Properties are Scarce

Music City Center Hotel Build Team Chosen

2009-07-07T09:15:00.003-05:00

Phelps Portman Nashville, LLC Selected to Develop, Design and Build 1,000-room Convention Center Headquarters Hotel in Nashville, Tenn.

NASHVILLE, Tenn. and ATLANTA, June 19 /PRNewswire/ - The Nashville Metropolitan Development and Housing Agency (MDHA) announced that it has selected Phelps Portman Nashville, LLC to develop, design and construct a 1,000-room hotel adjacent to the planned new Music City Center in downtown Nashville...read the full Nashville convention center story

More Music City Convention Center News and Updates:

New Nashville Convention Center Already Booking

Music City Convention Center Update

The New Nashville Convention Center
2 Year Analysis of Nashville Home Prices

New Nashville Convention Center Already Booking

2009-07-06T15:37:00.005-05:00

Two large associations representing 40,300 booked room nights in all have signed on to hold their conventions at the yet unbuilt Music City Center...read the entire Nashville convention center booking story

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Medical Trade Center May Come to Nashville

Metro Council agrees to Fund Convention Center
Music City Convention Center Update

Proposed Nashville Convention Center Con't

Steve McNair House in Green Hills area Nashville

2009-07-04T18:41:00.009-05:00

This is the current home of murdered Titan's quarterback Steve McNair. The home is located at 2430 Bear Road in the Green Hills area of Nashville...read the full Steve McNair home story

If you enjoyed this information, you may also like:
Pictures of Velocity in the Gulch in Nashville
5th and Main Condos in Nashville Survive
May 2009 Nashville Real Estate Market Stats
2 Year Analysis of Nashville Home Prices

Mortgage Loan Rates Unchanged in Nashville

2009-07-02T10:59:00.005-05:00

Interest on 30-year fixed mortgages settled at an average of 5.40 percent this past week, reports Freddie Mac, up from 5.38 percent in the previous week and much lower than the prevailing rate of 6.45 percent a year ago. Five-year, hybrid adjustable-rate mortgages...read the entire Nashville mortgage rates update

If you liked this mortgage article, you may also enjoy:
Fixed Rate Mortgages Settle After Sharp Gains
Freddie Mac Reports Rising Mortgage Rates
Mortgage Rates Continue to Soften
Fixed Mortgage Rates Rise Slightly

Nashville Rental Properties are Scarce

2009-07-01T12:11:00.002-05:00

NASHVILLE, Tenn. - While the real estate market remains a tough sell, the rental market in Nashville is red hot. According to local real estate experts, owners of luxury condominiums and million dollar houses may not be able to sell their homes but they can rent them for top dollar...read the full Nashville rental properties story

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“For Sale” Becoming “For Rent”
Luxury Rental Property in Nashville, TN
Pictures of Velocity in the Gulch in Nashville
5th and Main Condos in Nashville Survive

The Rhythm Sues Cash Strapped Buyers

2009-06-30T18:18:00.006-05:00

The Rhythm at Music Row has become the latest new Middle Tennessee condo development to sue buyers who try to back out of their purchases.

Rhythm Partners LLC, the Brentwood-based developer of the 14-story, 105-unit condo building that came online this spring, filed suit Friday against four buyers who would not or could not close on their units...read the entire Rhythm sues condo buyers story

If you found this article helpful, you may also like:
The Terrazzo is Sued, ILSFDA Cited
Downtown Nashville Condo Update
Bristol Development May Sue..Continued
The Icon In The Gulch - Nashville, TN

Pictures of Velocity in the Gulch in Nashville

2009-06-28T10:07:00.018-05:00

The entrance to the Velocity is located on the Pine Street side of the building. This side of the building is currently 95 percent complete and looks quite modern....see dozens more Velocity condo pictures

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The Gulch Racks Up Another Honorable Mention

Video of the Condos in the Gulch

5th and Main Condos in Nashville Survive

Fixed Rate Mortgages Settle After Sharp Gains

2009-06-22T21:36:00.008-05:00

Coming down from a seven-month high of 5.59 percent a week ago, rates on 30-year fixed home loans lowered to 5.38 percent last week. Freddie Mac reports that interest on 15-year fixed mortgages was lower as well, slipping to 4.89 percent from 5.06 percent over the same period...read the entire Nashville mortgage rates article

If you found this information helpful, you may also like:
Freddie Mac Reports Rising Mortgage Rates
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Nashville Mortgage Rates Drop Again
Mortgage Rates Drop Below 6%, Again

Real Living Properties Caught in Clarksville Fraud

2009-06-16T18:17:00.003-05:00

When hiring a property management company you need to do your due diligence to be sure that you are dealing with a reputable company.

'CLARKSVILLE, Tenn. - A woman was hired to collect rent checks, but police said she pocketed the money instead of delivering thousands of dollars to property owners...read the full Real Living Properties fraud story

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“For Sale” Becoming “For Rent”
Luxury Rental Property in Nashville, TN
Is Crye-Leike The Next Company to Fold?
Freddie Mac Reports Rising Mortgage Rates

Freddie Mac Reports Rising Mortgage Rates

2009-06-15T23:22:00.005-05:00

Rising mortgage rates put the brakes on mortgage refinancing last week, according to Freddie Mac. The firm’s weekly survey pegged interest on 30-year fixed mortgages at an average of 5.59 percent - up from 5.29 percent last week and the highest rate since November 2008...read the entire Freddie Mac mortgage rates article

If you liked this mortgage info, you might also like:
Nashville, TN Mortgage Rates Surge
Mortgage Rates Rise - HASP Program Fixed?
Nashville Mortgage Rates Still Under 5%
Nashville Mortgage Rates on the Rise

5th and Main Condos in Nashville Survive

2009-06-13T23:05:00.005-05:00

It is rumored that the 5th and Main condos in Nashville have endured receivership and will be placed back on the market any day. From what I understand, Wachovia Bank continues to be involved in the project as the primary construction lender and has actually already resumed construction in phase II...read the full 5th & Main condo story

If you found this post helpful, you may also like:

May 2009 Nashville Real Estate Market Stats

2 Year Analysis of Nashville Condo Prices

Rolling Mill Hill to Enter Receivership

First Major Condo Project Is Seized

Is Crye-Leike The Next Company to Fold?

2009-06-12T21:16:00.004-05:00

Not likely. This appears to be an isolated case where Harold Crye happens to be the defendant. Although, I have spoken with a few people close to the situation who are quick to point out that Mr. Crye did build quite a few commercial developments over the past decade and that his commercial real estate division seems to be in trouble. I have no way to confirm these claims except to agree that I have seen quite a few vacancies in Crye-Leike anchored strip centers...read the entire Crye-Leike article here

If you found this information helpful, you may also like:
May 2009 Nashville Real Estate Market Stats
Rolling Mill Hill to Enter Receivership
First Major Condo Project Is Seized
2 Year Analysis of Nashville Home Prices

May 2009 Nashville Real Estate Market Stats

2009-06-10T08:27:00.003-05:00

The Middle Tennessee MLS (Realtracs) just released May 2009 stats. The following graph and analysis are based upon the residential single family homes and condos market. As you may recall in April, closings were up almost 65% from January. Did May continue breaking our expectations?

Inventory levels continued a slight rise in May, up 1.2 percent from April and 10.8 percent since January. There were a total of 17,626 active homes and condos in Nashville last month...read the full Nashville real estate market analysis

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2 Year Analysis of Nashville Home Prices

2 Year Analysis of Nashville Condo Prices

Nashville, TN Mortgage Rates Surge

Real Estate Market Trends in Nashville

Rolling Mill Hill to Enter Receivership

Nashville, TN Mortgage Rates Surge

2009-06-09T08:59:00.005-05:00

Freddie Mac reports a surge in the 30-year fixed mortgage rate to a 25-week high of 5.29 percent during the week ended June 4, up from 4.91 percent the prior week. This is the second straight week of significant rate jumps, up almost 10 percent in just 2 weeks...read the complete Nashville, TN mortgage rate story

If you found this information helpful, you may also like:
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The Gulch Racks Up Another Honorable Mention

2009-06-08T17:09:00.006-05:00

For a century the Gulch was just a barren railroad corridor, then redevelopment brought it back from the dead. It also created the first LEED Neighborhood Development certification in the South - all while preserving some history. Don’t miss the Station Inn, the mother church of bluegrass, now flanked by new condos and sushi bars...read the full Nashville Gulch awards story

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The Gulch in Nashville Featured in USA Today

Video of the Condos in the Gulch

The Terrazzo Gains Commercial Office Tenant

Nashville: The 20th Century in Photographs

2009-06-07T10:25:00.012-05:00

I just caught the first hour of "Nashville: The 20th Century in Photographs" on NPT and cannot wait to see the next few hours! It was strange to learn that Nashville was the center of banking for the South and was even known as the Wall Street of the South until the Great Depression...read the full Nashville article here

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2 Year Analysis of Nashville Condo Prices
2 Year Analysis of Nashville Home Prices
GM Received $19.4 Billion in Bailouts Still Bankrupt
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2 Year Analysis of Nashville Home Prices

2009-06-05T08:33:00.007-05:00

The above graph shows a median price analysis compared to the average inventory held for the Nashville single family home market since the first quarter of 2007 through the second quarter of 2009. This is market information that I have collected using the official home sales numbers from GNAR and are deemed to be accurate...see the entire analysis of Nashville home prices

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2 Year Analysis of Nashville Condo Prices

Federal Tax Credit Used as Down Payment

The Healthiest Housing Markets for 2009

January Home Sales Numbers For Nashville

Rolling Mill Hill to Enter Receivership

2009-06-04T16:25:00.008-05:00

It is not my habit to speculate, although I have privately for some time, that the Rolling Mill Hill project is going to enter receivership, but I have it on good accord that this will come to pass. Should this project enter receivership, it will be the third condo development in Middle Tennessee to do so since February 5, 2009. The previous two projects were the 5th and Main building in East Nashville and The Braxton project in Ashland City, 25 miles from downtown...read the entire Rolling Mill Hill receivership posting

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Mortgage Rates Rise - HASP Program Fixed?

2009-06-02T16:44:00.006-05:00

Freddie Mac reports that interest on most long-term mortgages rose this past week. According to the firm, 30-year fixed loans came in last week at an average rate of 4.91 percent, up from 4.82 percent a week earlier; while 15-year fixed mortgages settled at 4.53 percent compared to 4.50 percent over the same period. Interest was also higher on five-year adjustable-rate mortgages, which bumped up to 4.82 from 4.79; but the one-year ARM slipped down to 4.69 percent from 4.82 percent. Read more about Nashville mortgage rates and HASP

Past information on Nashville mortgage rates:

Mortgage Rates in Nashville Lower Again

Nashville Mortgage Rates Still Under 5%

Nashville Mortgage Rates Inch Upward

Nashville Mortgage Rates Continue Record Fall

2 Year Analysis of Nashville Condo Prices

2009-06-01T11:40:00.005-05:00

The above graph shows a median price analysis compared to the average inventory held for the Nashville condo market since the first quarter of 2007 through the second quarter of 2009. This is market information that I have collected using the official condo sales numbers from GNAR and are deemed to be accurate. See the full Nashville condo price analysis

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The Terrazzo Gains Commercial Office Tenant

Upcoming Condo Foreclosure in The Enclave

The Gulch in Nashville Featured in USA Today

Downtown Nashville Condos Sold in 2009

Nashville Real Estate Market Report February 2009

Upcoming Condo Foreclosure in The Enclave

2009-06-01T10:37:00.005-05:00

If you have been patiently waiting for your opportunity to purchase a 2 bedroom, 2 bathroom condo in a premier condo property in Nashville, your wait may be over. There is an upcoming foreclosure in the Enclave on a Strata floor plan which boasts 1,298 square feet and incredible upscale finishes. This is a property that sold more than 3 years ago for well over $320,000 that will be able to bought in the...read the full Enclave condo foreclosure story.

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Modified Subprime Mortgages Redefault

2009-05-30T12:08:00.004-05:00

Fitch Ratings is slated to release a report this week showing that 65 percent to 75 percent of modified subprime mortgages will still fall behind by 60 days or more within one year of the loan change. Although some experts believe that reducing the principal amount owed is the best way to keep distressed borrowers in their homes, Fitch found that...read the full subprime mortgage redefault article.

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Mortgage Rates in Nashville Lower Again

2009-05-29T11:38:00.004-05:00

Freddie Mac reports a drop in the 30-year fixed mortgage rate to 4.82 percent during the week ended May 21 from 4.86 percent the prior week, while the 15-year fixed mortgage rate dipped to 4.5 percent. The Federal Reserve is working to hold down rates. See the full Nashville mortgage rates story.

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GM Received $19.4 Billion in Bailouts Still Bankrupt

SEC & Auburn Football TV Schedule

2009-05-28T17:59:00.007-05:00

Greetings from the Gulf Coast and the 2009 SEC Spring Meeting.

As you may know, all 12 athletic directors from the conference are meeting in Destin this week just as we do every year. Coach Gene Chizik, Coach Jeff Lebo and Coach Nell Fortner are also here along with their colleagues from across the conference.

I thought you might be interested in some of the highlights from the sessions that were held this week. Read the entire Auburn football schedule for TV article.

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A Word From Jay Jacobs
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GM Received $19.4 Billion in Bailouts Still Bankrupt

2009-05-27T10:04:00.005-05:00

My thoughts about the news that GM has announced they are most likely going to file for Chapter 11 bankruptcy on Monday.

Okay, so let me get this straight. The American taxpayers gave GM $19.4 Billion dollars to put this economically inept company on life support for 6 months only to have them file the bankruptcy that they should have at the beginning of the year? Was it really that smart to buy GM time in the hopes that a miraculous restructuring could be negotiated with the bondholders and UAW without filing for bankruptcy? See more of my GM Bailout Money Rant post.

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Real Estate Market Trends in Nashville

2009-05-26T16:48:00.004-05:00

According to the latest Zillow real estate market reports, home values in Nashville decreased 5.6 percent in the first quarter of 2009, compared to the first quarter of 2008. Nationally, home values decreased 14.2 percent during this same period and have fallen 21.8 percent since the market peak in 2006. Additionally, one-fifth (21.9%) of all homeowners in the United States is in negative equity, and one in five homes sold in the past 12 months was a foreclosure...read the entire Nashville real estate market trends story.

If you found this market information helpful, you may also like:
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Nashville Real Estate Market Report February 2009
Multifamily Housing Starts Unexpectedly Surge
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Foreclosures Rise on Prime Mortgages

2009-05-25T10:31:00.007-05:00

This article entitled “Job Losses Push Safer Mortgages to Foreclosure” appeared in the NY Times on May the 25th, 2009. The authors are Peter Goodman and Jack Healy:

As job losses rise, growing numbers of American homeowners with once solid credit are falling behind on their mortgages, amplifying a wave of foreclosures.

In the latest phase of the nation’s real estate disaster, the locus of trouble has shifted from subprime loans - those extended to home buyers with troubled credit - to the far more numerous prime loans issued to those with decent financial histories. Read the full foreclosures rise on prime mortgages story.

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Federal Tax Credit Used as Down Payment

2009-05-22T08:34:00.005-05:00

At last week’s NAR Mid-Year Conference in Washington, HUD Secretary Shaun Donovan, said that the Federal Housing Administration (FHA) is going to permit its lenders to allow home buyers to “monetize” the $8,000 tax credit for first-time home buyers, to be used as a down payment. In his remarks to Realtors, Secretary Donovan indicated that details of this plan will be released shortly. This is an excellent move that further aids first-time buyers in their pursuit to purchase real estate as many first timers simply have not saved enough money to afford the lender required down payments. See the rest of the federal tax credit used as a down payment article.

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First Time Home Buyers Tax Credit Explained
Nashville Mortgage Rates Still Under 5%
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HUD Releases New FHA, Conforming Loan Limits - Home Sales Stable

Nashville Mortgage Rates Still Under 5%

2009-05-21T07:48:00.004-05:00

Freddie Mac reports a slight rise in the 30-year fixed mortgage rate to 4.86 percent during the week ended May 14 from 4.84 percent the previous week. The 15-year fixed mortgage rate inched up to 4.52 percent from 4.51 percent. Meanwhile, the five-year adjustable mortgage rate slipped to...read the entire Nashville mortgage rates under 5% article.

If you enjoyed this post, you may also enjoy:
Nashville Mortgage Rates Inch Upward
Nashville Mortgage Rates Continue Record Fall
Nashville Mortgage Rates Lower with Fed Action

Nashville Short Sales and Foreclosures

2009-05-20T18:57:00.005-05:00

It amazes me how many buyers that do not consider short sales, foreclosures and REO properties when they are looking for a home or condo in Nashville. Part of the problem is that your Realtor probably does not know how to find these properties in the first place, or perhaps they are not sure how to present an offer. Learn how to buy Nashville foreclosures and short sales.

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Nashville Mortgage Rates Continue Record Fall
Another Tax Credit for First Time Home Buyers

Medical Trade Center May Come to Nashville

2009-05-18T19:35:00.007-05:00

This article entitled “Dallas company plans huge medical trade center in Nashville” appeared in the Tennessean on May the 18th, 2009. The author is Naomi Snyder:

"A subsidiary the real estate conglomerate owned by the Trammell Crow family plans a medical trade center in Nashville that would rival the size of the planned Nashville convention center.

The company, Market Center Management Co., says on its web site that it could open a facility as early as next year that would eventually reach 1.5 million square feet. See the full Nashville medical trade center article.

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NAR Believes Real Estate Slump Ending

2009-05-14T23:16:00.005-05:00

A couple of weeks ago, I referenced a cautiously optimistic outlook on the economy (”Real Estate Slump End in Sight?”) by NAR’s former Chief Economist John Tuccillo. At the end of last week, John sounded even more positive: "Real estate professionals who are in this for the long haul are back in business in a big way. All in all, the late summer beginning of the recovery appears to be right on track.” Continue reading the full NAR believes the real estate slump ending story.

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Nashville Mortgage Rates Inch Upward

2009-05-12T09:46:00.004-05:00

Freddie Mac reports a jump in the 30-year fixed mortgage rate to 4.84 percent during the week ended May 7 from 4.78 percent the previous week, which matched the record low. Meanwhile, average interest on 15-year fixed loans climbed to 4.51 percent from 4.48 percent. Low borrowing costs have energized the refinance market. Read the full Nashville mortgage rates inch upward article.

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Nashville Mortgage Rates Continue Record Fall
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A little Real Estate Humor

Nashville Tax Assessment Reappraisal Deadline

2009-05-11T10:01:00.002-05:00

This article entitled “Reappraisal review deadline nears” appeared in the Tennessean on May the 10th, 2009. The author is Jenny Upchurch:

"Property owners in Davidson County can get an informal review of their new appraisal values through Friday. But the assessor's office urges folks to make requests as soon as possible so the office can have time to fully weigh the information.

Values are adjusted every four years, and reassessment notices were mailed out last month. If an owner disagrees with the valuation, there are appeals. See the entire Nashville tax assessment deadline story.

If you found this post helpful, you might also like:
Nationally Pending Home Sales Are Up
Nashville Real Estate Market Report February 2009
Nashville Housing Inventory Declines
Home Prices Slide in Nashville Area
Home Sales for Nashville, TN - December 2008

Nashville Mortgage Rates Continue Record Fall

2009-05-07T11:02:00.004-05:00

Freddie Mac reports a drop in the 30-year fixed mortgage rate to an all-time record low of 4.78 percent during the week ended April 30 from 4.80 percent the prior week. The 15-year fixed mortgage rate held steady at 4.48 percent...see the full Nashville mortgage rates continue to fall story.

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Nashville Homes and Condos
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Mortgage Rates Hits New Record Low
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Real Estate Market Boosted by First Time Buyers

2009-05-06T17:07:00.006-05:00

The National Association of REALTORS (NAR) says over 50 percent of March’s home sales were tied to first-time buyers, many of whom snapped up foreclosed homes and other distressed properties. Experts believe getting first-time buyers off the sidelines to take advantage of historically low interest rates and federal tax credits will reduce the glut of homes on the market and spark a recovery...see the full real estate market boosted by first time buyers article.

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Another Tax Credit for First Time Home Buyers
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Another Tax Credit for First Time Home Buyers

2009-05-05T08:09:00.003-05:00

Earlier this year, Congress passed the American Recovery and Reinvestment Tax Act of 2009 (”2009 Tax Act”). In division B, Title I, Section 1006, there is a provision for a First Time Homebuyer Tax Credit (Form 5405) up to $8,000 or 10% of the purchase price. This act provides for an exception for principal residences purchased between January 1, 2009, and November 30, 2009, which enables a first time homebuyer to receive the tax credit with no repayment required if...read the rest of the tax credit for first time home buyers story.

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Real Estate Slump End in Sight?

2009-05-01T09:13:00.006-05:00

It's the 10 trillion dollar question and there are quite a few opinions:

Over this past weekend, former NAR Chief Economist John Tuccillo posted a weblog entry (“Is the End in Sight?”) with a good analysis of several factors in the current economy and housing market. He seems generally hopeful...see the rest of the real estate slump end in sight story.

If you enjoyed this post, you might also enjoy:
Nationally Pending Home Sales Are Up
Nashville Real Estate Market Report February 2009
The Healthiest Housing Markets for 2009
Nashville Housing Inventory Declines
April Home Sales Data - Nashville, TN

Nashville Mortgage Rates Lower with Fed Action

2009-04-30T17:41:00.005-05:00

Freddie Mac reports a decline in the 30-year fixed mortgage rate to 4.80 percent during the week ended April 23 from 4.82 percent the prior week, while average interest on 15-year fixed loans held steady at 4.48 percent. Experts attribute the drop in the 30-year rate to the Federal Reserve’s plan to purchase upwards of $750 billion in additional...see the rest of the Nashville mortgage rates and fed action article.

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Slight Drop in Nashville Mortgage Rates
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2009 Relocation Forecast Lower Than Expected

2009-04-26T13:43:00.005-05:00

That’s the conclusion reported last week by Atlas Van Lines. According to their annual Corporate Relocation Survey, companies are cutting their relocation budgets as well as the number of people being relocated, and expect that trend to continue at least through 2009.

"More than half (52 percent) predict that they will decrease the number of employees they move in 2009, and 48 percent predict relocation budgets will be cut again, as well. These percentages are more than double...see the rest of the 2009 relocation forecast article.

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Nationally Pending Home Sales Are Up

2009-04-23T08:02:00.003-05:00

From NAR’s Research Division this past week:

"Pending home sales have edged up, hinting at a possible pickup of sales activity in coming months, according to the National Association of Realtors. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, rose 2.1 percent to 82.1 from a reading of 80.4 in January, but is 1.4 percent below February 2008 when it was 83.3...rest the rest of the pending home sales are up nationally story.

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Nashville Real Estate Market Report February 2009
The Healthiest Housing Markets for 2009
Philosophically, Where is the Nashville Market?
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Freddie Mac CFO Dead; Suicide Suspected

2009-04-22T10:34:00.005-05:00

This is not the type of news that I like to report on my blog, but the rampant rumors about Freddie Mac's solvency coupled with some wild speculation about the many plausible reasons for this act has compelled me to post this story.

According to the New York Times: "David B. Kellermann, the acting chief financial officer of the troubled mortgage giant Freddie Mac, was found dead Wednesday morning at his home in Northern Virginia, the police said...see the rest of the Freddie Mac CFO deal and suicide is suspected sotry.

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Slight Drop in Nashville Mortgage Rates

Slight Drop in Nashville Mortgage Rates

2009-04-21T09:03:00.006-05:00

Freddie Mac reports a drop in the 30-year fixed mortgage rate to 4.82 percent during the week ended April 16 from 4.87 percent the prior week, while interest on 15-year fixed loans fell to an average of 4.48 percent from 4.54 percent. The five-year hybrid adjustable mortgage rate slipped to 4.88 percent from 4.93 percent, but the one-year ARM rose to 4.91 percent from 4.83 percent.

Read the entire Nashville mortgage rates story.

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The Terrazzo Gains Commercial Office Tenant

2009-04-15T09:46:00.005-05:00

This article entitled “BB&T makes moves to Terrazo in Gulch” appeared in the Nashville Business Journal on April the 13th, 2009. A staff writer wrote:

"BB&T has moved its commercial lending and wealth management operations from Belle Meade to the Terrazzo in the Gulch.

BB&T signed the lease for space in the $68 million mixed-use tower in early 2008, when it was the first commercial tenant to lease space in the building...continue reading the full Terrazzo office space tenant article.

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Huge Deal on Foreclosed House in Brentwood

2009-04-13T16:25:00.005-05:00

This house in Brentwood was forclosed upon last month and is located in the best school system in Williamson County. The house itself is a 4 bed, 3.5 bath, 3 car 4,644 square foot contemporary home with hardwood floors...read the full Brentwood foreclosure story.

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Foreclosure in Historic East Nashville

2009-04-13T13:54:00.015-05:00

If you love historic architecture and want to own a turn of the century home, this might be your best opportunity ever. This foreclosed home is located in East Nashville in the historic Lockeland Springs neighborhood. This classic Victorian home was built in 1899 and features many of the hallmarks of landmark mansion like a grand entry, 2 staircases, stained & leaded glass windows & transoms. 13.5' ceilings, ornate mantels, pocket doors...read the full East Nashville foreclosures article.

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The Gulch in Nashville Featured in USA Today

2009-04-09T20:38:00.009-05:00

This article entitled “Nashville works to liven The Gulch” appeared in the USA Today on April the 8th, 2009. Larry Copeland wrote:

"NASHVILLE - For decades it was little more than an eyesore, a sunken warren of freight railroad tracks and run-down brick warehouses that was home mostly to vagrants and a bluegrass bar with boarded windows.

The Gulch, as it is known, is now the focus of a $400 million makeover whose aim is to bring to Music City a trend that planted itself in cities of its size long ago - urban chic.

Read the entire the Gulch in Nashville featured in USA Today story.

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Video of the Condos in the Gulch

2009-04-07T15:42:00.005-05:00

On Saturday morning, I met a condo investor from California (Dennis Fong) in The Gulch to take a look at the progress being made on the Velocity condos. It was a beautiful morning so I took the oppotunity to film the layout of The Gulch. In this video you will see where the Velocity, the Icon, the Terrazzo and the Mercury View Lofts are in relation with one another...see the video of the condos in the Gulch.

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Mortgage Rates Hits New Record Low

2009-04-07T10:04:00.005-05:00

Freddie Mac reports that rates on 30-year mortgages fell to the lowest level on record for the second consecutive week. This week, average rates on 30-year fixed-rate mortgages declined to 4.78 percent, down from 4.85 percent a week ago. Refinancing activity has picked up...see the rest of the mortgage rates in Nashville hit new record low story.

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Downtown Nashville Condos Sold in 2009

2009-04-05T22:08:00.007-05:00

This article entitled “Adelicia closing on final units, garners national attention” appeared in the Nashville Business Journal on April the 3rd, 2009. Jenny Burns wrote:

"The luxury condominium tower Adelicia will close on its last four units this month after the developer offered deep discounts to sell out the remaining 20 units in the West End project...read the full downtown Nashville condos sold in 2009 story.

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Landmark Commercial Real Estate Sold Cheap

2009-04-02T13:48:00.007-05:00

This article entitled “Is the Distressed Sale Price of Boston’s Hancock Tower a Harbinger of Things to Come?” appeared on the National Real Estate Investor website on April the 1st, 2009. Sibley Fleming wrote:

"From a seller’s perspective, the sale price of Boston’s iconic John Hancock Tower yesterday was anything but positive. The 60-story building, the tallest in the city, was purchased at a foreclosure auction in New York City by a partnership between Normandy Real Estate Partners and Five Mile Capital Partners for $660.6 million...read the entire John Hancock tower sold at auction cheap article.

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Nashville Mortgage Rates Hit Record Low

2009-04-02T13:33:00.006-05:00

With the Federal Reserve planning to purchase another $750 billion in mortgage-backed securities and up to $300 million in Treasuries, Freddie Mac reports a drop in long-term mortgage rates. The average interest on a 30-year loan fell to a 38-year low of 4.85 percent during the week ended March 26 from 4.98 percent the prior week...see the rest of the Nashville mortgage rates hit another new record low article.

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National Foreclosures Spike, Lender Modifications

2009-03-30T16:25:00.007-05:00

This article entitled “Foreclosures spike - so do mortgage-help plans” appeared in the CNNMoney.com on March the 30th, 2009. Les Christie wrote:

"NEW YORK (CNNMoney.com) - Lenders have helped an increasing number of mortgage borrowers to get current on payments and stay in their homes, but the tide of foreclosures is still rising.

In February, nearly 250,000 homeowners received either mortgage modifications or repayment plans from their lenders, according to Hope Now, the coalition of lenders, investors and community advocacy groups put together to combat the foreclosure plague...read the full national foreclosures spike on lender modifications story.

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A Word From Jay Jacobs

2009-03-30T14:47:00.012-05:00

Swimming and diving championships have become so common at Auburn that it would be easy to take them for granted. Not this year, though.

Watching the Auburn men's swimming and diving team rally from behind Saturday night in College Station, Texas, to win their eighth national championship was quite a thrill and was one of the most inspiring and memorable moments in Auburn Athletics' recent history.

Our swimmers and divers dedicated their efforts this year to Head Coach Richard Quick, who as most of you know has been battling inoperable brain cancer since December...read more about Jay Jacobs and Auburn University.

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2009-03-29T10:30:00.007-05:00

Dear Auburn Family,

It's great to be an Auburn Tiger!

Spring practice is under way, and excitement is building for Auburn Football.

The effort and intensity our players have shown has been outstanding as we strive to improve each and every day.

Our goal is to build a strong foundation for Auburn Football. That starts with recruiting for the future, but it certainly doesn't end there...read more about Gene Chizik and the Auburn A-Day football game.

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A little Real Estate Humor

2009-03-28T15:25:00.011-05:00

This year has been tough on a lot of people, especially on home sellers. In an effort to lighten the mood and bring a little levity to your day, this is Your House As Seen By:

Yourself...

Your Buyer...

Your Lender...

See the rest of my Real Estate Humor!

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Mortgage Rates Drop Below 5% Again

2009-03-25T10:45:00.003-05:00

Freddie Mac reports a drop in the 30-year fixed mortgage rate to 4.98 percent during the week ended March 19 from 5.03 percent the prior week, marking the lowest rate since...see the rest of the mortgage rates in Nashville drop article.

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Fannie Mae Makes it Harder for Condo Buyers

2009-03-24T09:07:00.006-05:00

This article entitled “Fannie Mae adds restrictions for backing condo mortgages : WSJ - Update” appeared in the RTTNews on March the 18th, 2009. The staff writer wrote:

"Government backed mortgage finance company Fannie Mae (FNM) has enforced stricter guidelines for obtaining condominium mortgages, effective March 1, the Wall Street Journal reported Wednesday. The restrictions come at a time when the U.S. housing market is braced for a condo rush this year, and are expected to add pressure on developers struggling in the ongoing housing slump...continue reading the Fannie Mae makes is harder for condo buyers to attain loans article.

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Tearing Up Nashville Condo Contracts

2009-03-23T17:14:00.007-05:00

This article entitled “News Analysis: Tearing up condo contracts over a 40-year-old law” appeared in the Nashville Post on March the 18th, 2009. The author is Kyle Wenson:

Inside the contentious mechanics of the obscure legislation condo owners are using to take on developers - Are mixed-use spaces next?

With a glut of condos comes legal trouble, as both area developers and buyers are realizing this month.

The tension between purchasers rethinking their condo buys and developers eager to close contracts has produced a wave of lawsuits targeting area developments such as Ashland City’s Braxton and the Gulch’s Terrazzo and Icon projects...read the rest of the tearing up downtown Nashville condo contracts story.

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Fed to buy $300 Billion in Treasuries: Rates Drop!

2009-03-21T10:33:00.003-05:00

Nashville Mortgage rates have dropped significantly and should continue to do so over the next few weeks as the Fed buys $300 billion in treasuries along with Fannie/Freddie MBS...see the rest of the Fed to buy $300 billion in treasuries story.

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Nashville Real Estate Market Report | February 2009

2009-03-19T20:23:00.007-05:00

There were 1,267 home closings reported for the month of February, according to figures provided by the Greater Nashville Association of Realtors®. This represents a decrease of 33 percent from the 1,892 closings reported for the same period last year.

There were 1,452 sales pending at the end of the month, compared with 2,183 pending sales at this time last year. The average number of...see the full February 2009 Nashville real estate market report.

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Icon Developer Sued by Several Condo Buyers

2009-03-18T15:35:00.007-05:00

This article entitled “Some buyers sue to get out of condo deals” appeared in the Tennessean on March the 18th, 2009. The author is Naomi Snyder who can be reached at 615-259-8284:

Now that many condo developers are finishing up work on their buildings downtown, buyers are seeking relief from the courts to get out of buying them.

Several Nashville-area residents filed a lawsuit Thursday in Davidson County Chancery Court against the developers of the 22-story Icon in the Gulch, saying the developers violated the terms of their purchase contracts and federal law.

The plaintiffs, Franke Elliott, David Haley, Scott Williams, Terry Miller and Deborah Williams, are seeking to cancel their contracts and get their earnest money returned, plus punitive damages and attorneys' fees. Read the full story about the Icon developer sued by several condo buyers.

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5th and Main Condos are Taking Offers

2009-03-18T12:19:00.008-05:00

In case anyone is interested in picking up a Nashville condo on the cheap, the 5th and Main condo project is now taking offers. What do I mean by offers? I mean that the entire project has been taken back by the bank and the bank wants to sell off the remaining condos as fast as possible, that kind of offer. The project is complete and the condos are being purchased completed as well. Hurry before the best ones are gonzo! For more purchase information, call Grant 615-945-7123...read more about the 5th & Main condos in Nashville.

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Multifamily Housing Starts Unexpectedly Surge

2009-03-17T08:27:00.004-05:00

According to CNNMoney.com: February's 22% overall housing increase was driven by a nearly 80% increase in construction of multi-family homes. New construction of buildings with 5 or more units increased nearly 80% to 212,000 from 118,000 in January.

Applications for building permits, considered a reliable sign of future construction activity, rose 3% to a seasonally adjusted annual rate of 547,000 last month. Economists were expecting permits to fall to 500,000...read the full multifamily housing starts unexpectedly surge story.

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Client Shoots SC Real Estate Broker

2009-03-12T08:19:00.004-05:00

ROCK HILL, S.C. - Police say an 88-year-old client who wanted his down payment back on a deal shot a South Carolina real estate broker.

Rock Hill Police Lt. Michael Belk says Richard Blow burst into a Coldwell Banker office in Rock Hill Wednesday and shot 68-year-old Jerry O'Neil in the abdomen and was taken to a hospital...read the full client shoots South Carolina real estate broker story.

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The Terrazzo is Sued, ILSFDA Cited

2009-03-11T07:38:00.005-05:00

Appearing in the Nashville City Paper on Monday, March 9, 2009 12:00 AM by: E. Thomas Wood, Kyle Swenson and Walker Duncan:

Robert Elliott v. 12th & Division Properties LLC d/b/a Terrazzo and Bank of America N.A. Filed March 4. For the second time in recent weeks, a local condo buyer has sued a development accusing it of not complying with federal housing regulations...read more about the Terrazzo lawsuit and learn about the ILSFDA.

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Nashville Mortgage Rates Rise Slightly

2009-03-10T14:52:00.006-05:00

Freddie Mac reports that interest on 30-year, fixed rate mortgages rose to an average of 5.15 percent this past week, up from 5.07 percent a week earlier. Mortgage rates increased along with the increase in bond yields following reports of a decline in economic growth in the fourth quarter and rising jobless claims, according to Freddie Mac chief economist Frank Nothaft. He also cites the slowing housing market as a factor...read more about Nashville mortgage rates rising.

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To Refinance or Not to Refinance, That is the Question

2009-03-09T15:11:00.005-05:00

Low mortgage rates are expected to continue…at least according to the Washington Post and the Mortgage Bankers Association. Although there have been, and will continue to be, variations from week to week, experts predict rates will remain low for a while, but won’t go very much lower...read the entire "to refinance or not to refinance" story.

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Downtown Nashville Condo Update

2009-03-06T23:21:00.006-06:00

This article entitled “Condos face crucial test” appeared in the Nashville Business Journal on March the 6th, 2009. The author is Turner Hutchens who can be reached at 615-846-4254:

More than a thousand new luxury condos in downtown Nashville seemed like a good idea at the time.

That was just a couple of years ago, and despite the housing, credit and job busts since, developers argue that it still is...read the entire downtown Nashville condo update article.

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2009-03-04T08:13:00.001-06:00

Freddie Mac reports an increase in the 30-year fixed mortgage rate to 5.07% during the week ended February 26 from 5.04% the prior week. The five-year adjustable-mortgage rate rose to 5.06% from 5.04% over the same period, while the one-year ARM eased up to...read the full mortgage rates in Nashville article.

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Fannie Mae Releases New Short Sale Guidelines

2009-03-03T17:47:00.004-06:00

Fannie Mae just released new guidelines - effective March 1, 2009 - affecting short sales. These changes are very much welcomed by any Realtor who has been pressured to reduce his/her commission on a short sale:

"Servicing Guide, Part VII, Section 504.02: Contacting Selected Borrowers Effective March 1, 2009, closing of pre-foreclosure sales may not be conditioned upon a reduction of...read the rest of the Fannie Mae releases new short sale guidelines article.

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You Can't Blame Bush for the Economy!

2009-03-01T11:49:00.009-06:00

I normally write a very straight forward, non-opinionated blog, but today I digress. I simply cannot take hearing one more person blaming the Bush administration for today's current economic recession. Yes, the Bush administration did contribute, but the whole chain of events was set in motion by the Clinton administration. In fact, I can tell you that the Clinton administration put us on this collision path with Bank failure on September 30th, 1999. Yes, it was one of those "I'm leaving office, now I am going to make all of my constituents happy" policy changes. It was banking sabotage. It was irresponsible and reprehensible. In an article dated the same day in the NY Times:

A little research can go a long way... pay very close attention to this part...read the rest of the Blame Bush for the Economy article and opinions.

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Nashville Mortgage Rates Drop Again

2009-02-25T15:40:00.007-06:00

Freddie Mac reports a drop in the 30-year fixed mortgage rate to 5.04% during the week ended February 19 from 5.16% the prior week, while the 15-year fixed rate fell to 4.68% from 4.81%. Meanwhile, interest on five-year hybrid adjustable-rate loans dropped to 5.04% from 5.23%; and the one-year ARM slipped to 4.80% from 4.94%. Freddie Mac chief economist Frank Nothaft attributes the declines to reports indicating further weakness in the economy.

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First Time Home Buyers Tax Credit Explained

2009-02-24T19:41:00.005-06:00

First Time Home Buyers - $8,000 first-time home buyers (or if you have not owned a home in 3 years) tax credit for qualified home purchases in 2009. This tax credit is specifically designed to encourage prospective home buyers to get off the fence.

What is the tax credit?

Does not have to be repaid, it is a true credit
Is fully refundable
Will remain in effect until Dec. 1, 2009 so that consumers can utilize it during the critical summer and fall home-buying months
Allows tax credit home buyers to participate in the mortgage revenue bond program
Permits state housing finance agencies to help buyers at closing by advancing the credit amount as a loan using tax-exempt bond proceeds

Other Key components that the legislation will create:

Help home borrowers by restoring the higher 2008 FHA, Fannie Mae and Freddie Mac loan limits through the end of this year (the limit will return to $729,750 from the current $625,500 in the highest cost markets, and will also rise in many other areas because the 2008 maximums were based on a more generous formula and, for most areas, higher median prices)
Temporarily allow exchange of Low-Income Housing Tax Credit allocating authority for tax-exempt grants and it appropriates $2 billion in HOME funding for affordable housing projects
Provide up to a 10-year deferral of tax due to business debt restructuring
Expand the net operating loss carry-back period from two years to five years for small businesses (businesses with average gross receipts of no more than $15 million over the prior three years) for losses arising in tax year 2008
Extend the 25C existing home remodeler credit through the end of 2010, increase the credit rate from 10% to 30%, raise the lifetime cap from $500 to $1,500 and expand the set of qualifying property
Provide an Alternative Minimum Tax patch for tax year 2009
Increase bonus depreciation and Section 179 small business expensing for business investment in 2009

This tax credit is available to you whether you purchase your property at a real estate auction, through a Realtor or on the private Nashville real estate market.

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2009-02-23T19:36:00.001-06:00

From a recent article on Builder.com:

11. Nashville, Tennessee
2008 total building permits: 8,142

Nashville, the 20th largest home building market in the US, operated under the radar of the national housing boom. It didn't ramp up wildly during the boom years, and it's not contracting viciously during the bust. Median home prices remain an affordable $152,100, propped up by a growing job base. Eighty percent of the residential construction is single-family. Some of the market's resilience stems from above-average population growth of about 2.3% a year. Back in the day, 2005, Nashville accounted for 16,654 permits; it now runs at about half that level. But that's a better performance than most major markets.

Read the entire Builder.com new Article

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Developers of The Braxton Are Sued

2009-02-21T14:14:00.006-06:00

This article was published in The Nashville Post on February 20th. It is entitled, "Waterfront condo buyers want earnest money back":

Nine pre-sale buyers of condos in the Harpeth Shoals (The Braxton) waterfront development in Ashland City yesterday filed suit against The Braxton LLC, the firm behind the condos and one of several companies run by developer John T. Rankin, who has listed debts of $73.2 million in his personal bankruptcy.

Suing in Nashville's federal court, the would-be homeowners claim their units still are not ready, months after a contractual closing date of August 4, 2008. They also say Rankin promised them Harpeth Shoals would include destination attractions such as a restaurant and retail shops, none of which have come to pass. They are asking for the return of their earnest money – a total of just under $400,000 - plus other damages.

A copy of the complaint is available at this link. Philip Byron Jones of Evans, Jones & Reynolds in Nashville represents the plaintiffs.

Rankin has recently tried to withdraw the Chapter 7 bankruptcy filing he personally made late last year, acting "pro se" (without an attorney). As mentioned in The City Paper's "Headline Homes" column this month, the bankruptcy court had permitted a lender to foreclose on his massive house in Hill Place, taking title to it for $1.66 million after it was on the market for $3.75 million last year.

Representatives of the bankruptcy trustee, opposing Rankin's motion for dismissal, claimed in court filings that he had been "recalcitrant" in dealing with them and that his case did not pass the "smell-test."

Rankin attributed his mistakes in handling the case to "pro se fumbling." Shortly before the court denied his motion to dismiss last month, he sent notice that he "no longer has a home address."Attempts to reach Rankin today have been unsuccessful.

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Bristol Development May Sue..Continued

2009-02-20T15:03:00.013-06:00

Okay, now that I have had an opportunity to reflect and consider, here are my thoughts at this point:

1) I am not an attorney and my advise/point of view is not a legal opinion
2) I am a Realtor who represents almost 50 purchasers of Bristol Development’s projects, I am also a buyer in these projects
3) I am a fair and reasonable person who considers myself an advocate for my clients and the city of Nashville alike

These are extraordinary economic times. Many of us have never experienced an economy or a banking atmosphere anything like the one we currently experience. It is scary, it is terrifying, and it is uncharted.

That being said, it is my suggestion that we all put the cards on the table and stop playing this high stakes game of poker. It is time for a truce and for cooler heads to prevail.

No one deserves to make a profit on the purchase of their Icon purchase. The buyer, the seller, the developer or the builder. Seriously. We have all taken a risk. The developer has taken a risk with the bank, the buyer has taken a risk with the developer and their own bank, the construction company has also taken a risk with their bank and the developer. Without going into a huge analysis or dissertation on how the American banking industry has crippled, fooled and hurt us all, here is my suggestion.

Buyers who have contracted to purchase a condo in the Icon, including myself, you need to consummate your purchase. Why? Because you signed a piece of paper that promised you would. But, you are not going to pay what your contract says. Instead, the developer, builder and all banks involved are going to sit down in an open forum to share their actual, to date costs with all of us. We are all going to agree that interest is out the window and that actual, hard costs are the key to this equation.

Listen, no one wins here…but, no one loses either. We ALL have taken a risk and we all were wrong. That does not mean that one party or the other needs to be left holding the bag. Buyers, the Bristol Development Group shouldn’t bear all of the costs. Sellers, same thing. These buyers don’t owe you more than what the market will bear. This is simply true and no one will ever be able to squeeze water out of a stone.

Seriously, we have a unique opportunity to pave a bold new road in these ridiculous economic times. It is a road of compromise and a road of equitable fairness. I am bold enough to walk down this path. The question is, are you?

UPDATE 6/5/09:

It was reported in the Nashville Business Journal today that the Bristol Development Group has indeed filed lawsuits against 3 individuals for damages totaling around $80,000. When asked by the NBJ as to Bristol's motivation for bringing these lawsuits, CEO Charles Carlisle simply replied, "People who sign a contract should expect to perform." It is interesting to note that the Bristol Group was able to resell all of the condos that fell out of contract, some for higher prices.

I am no fool, it is clear to me that Bristol is sending this loud and clear message: If you don't plan on closing on your contracted condo, you will get sued no matter if we resell your unit or not.

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The Icon In The Gulch - Nashville, TN
2 Year Analysis of Nashville Condo Prices

Nashville Mortgage Rates Fall

2009-02-19T21:49:00.007-06:00

A dip in the long-term mortgage rate offered homeowners a refinancing opportunity, according to Freddie Mac, which said average interest on 30-year fixed loans fell to 5.16% from 5.25% last week. Interest on 15-year fixed loans also declined, slipping to 4.81% from 4.92%.

It would be naive of us to predict Nashville home sales to increase due to this mortgage rate slide, but a little voice inside us is still hoping it will help persuade those still on the fence.

This Nashville mortgage rate drop is not helping the commercial real estate market though, vacancy rates continue to rise as cap rates begin to drastically fall. Look for a 'rubber ball bounce' in the Nashville retail space market over the next 3 months.

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Bristol Development may sue West End condo buyers

2009-02-18T10:41:00.009-06:00

The following article was written by Chas Sisk and was published in The Tennessen on 2/18/2009:
---- ---- ----
"The developer of a Midtown condominium is demanding tens of thousands of dollars from people who backed out of their contracts, stepping up the battle over who should pay for the slowing condo market.

Franklin-based Bristol Development Group has told several former contract holders in its Bristol West End project that the firm would pursue legal action if they do not compensate the firm for money it says it lost when the units were sold to new buyers.

The firm has given these former contract holders until the end of the month to pay damages or face a court case. The contract holders, some of whose units were resold more than a year ago, were told they might face litigation in letters sent by special delivery that arrived Monday.

"This is about a handful of people that didn't fulfill their contracts," said Charles Carlisle, Bristol's chief executive. "Bristol honored their contracts."

Carlisle said the letters were sent to "10 or less" former contract holders, but he declined to discuss details of the demand, citing potential litigation.

The letters, which were sent by the Birmingham, Ala.-based law firm Burr & Forman, are the latest in a series of maneuvers taken by Nashville condo developers to deal with the slow pace of closings in their developments.

Many people who signed up in 2005 and 2006 to buy condos downtown and in Midtown now say they can't afford to follow through on their contracts because lending standards have toughened and because condo values have fallen.

They say the earnest money deposits they put down on the units, often as little as $5,000, are fair compensation for developers.

But Bristol has maintained that contract holders have a legal obligation to close, even if they forfeit their deposits. As early as 2007, the firm sent letters warning that those who back out of their deals could be dunned for not closing.

Bristol appeared to back off last year as it resold units that had been under contract to new buyers.
But in the letters received this week, the firm says it should be paid the difference between the original and the final sales price, as well as interest, lost profits, marketing, utilities, property taxes, attorney's fees and homeowners association dues.

The letters also say recipients could be made to pay legal costs if they fight the demand.
Bristol says it will give former contract holders credit for their earnest money, which continues to be held in escrow.

The firm decided to pursue litigation after closing the last of the Bristol West End's 161 units in October, Carlisle said. He declined to say how much Bristol seeks to recover, but individual letters demand $10,000 to $30,000.

Carlisle also declined to comment on whether Bristol would pursue damages from buyers who back out of its 418-unit tower Icon in the Gulch, which is trying to get contract holders to close.
Jean Harrison, an attorney who has represented former condo buyers in their dealings with developers, said condo developers around the country are trying such tactics to deal with the cooling condo market.

But no local developer to date has tried to recover losses on units that it has since resold. Other developers may try to copy the move as the shakeout continues, she said.

"This is going to be a continuing problem," Harrison said.

"This is the fruit of what happens when people are buying on speculation."
---- ---- ----

Wow. I have tried to be an advocate for the Bristol Development group located in Franklin, but I have to say that their current actions are absolutely deplorable. The risk that their buyers have taken is quantified in amount of earnest money they (the Bristol Development Group) agreed to accept. If that earnest money amount is not high enough to cover any losses created by the seller, that is the fault of the developer and not the buyer.

It would now be my personal advice to all contracted buyers who do not think that they can qualify to purchase in any Bristol Development group project to gather in one large group represented by one law firm to prepare for a class action suit. This might be the only way to fight a giant like Bristol who might be in enough financial trouble to be desperate.

To the Bristol Development Group's Executives: I have been one of your staunchest advocates for more than 2 years and I thought that we could all pull through this economic downtown by working together. There was a great opportunity to meet in the middle and for some reason that was not good enough. But, it is my fiduciary duty to protect the buyers I represent, that is my charge as their buyer’s agent and I intend to do so to the fullest of my ability.

UPDATE 6/5/09:

It was reported in the Nashville Business Journal today that the Bristol Development Group has indeed filed lawsuits against 3 individuals for damages totaling around $80,000. When asked by the NBJ as to Bristol's motivation for bringing these lawsuits, CEO Charles Carlisle simply replied, "People who sign a contract should expect to perform." It is interesting to note that the Bristol Group was able to resell all of the condos that fell out of contract, some for higher prices.

I am no fool, it is clear to me that Bristol is sending this loud and clear message: If you don't plan on closing on your contracted condo, you will get sued no matter if we resell your unit or not. I should also mention that there are at least 5 individuals who are suing the Bristol Development Group claiming "the developers fraudulently represented a shorter than expected construction time to avoid financial and other disclosures required to the U.S. Department of Housing and Urban Development."

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So, What's Up With This $8,000 Tax Credit?

2009-02-17T15:01:00.004-06:00

Last week, as the world knows by now, Congress passed a rather large Economic Stimulus Bill, with President Obama's signature expected this week. One of its features - a tax credit of up to $8,000 for “first-time home buyers” within a certain income range - is included. It would be incredibly bold of me to try to explain this incentive, so instead, I give you NAR President Charles McMillan's explanation: First Time Home Buyer $8,000 Tax Credit

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2009 Real Estate Market Outlook and Advice

2009-02-15T16:14:00.005-06:00

This 3:39 video was produced by Keller Williams Corporate, but is a pretty good source of some basic real estate advice and touches on the 2009 market outlook. It does appear to be partially applicable to the Nashville real estate market as the mortgage rates, affordability index and general statistics track closely with the Nashville market. All of that being said, it is a little rah, rah for the industry. I have cautioned my Nashville buyers about buying too soon. I believe that the bottom of the market is still in the future.

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Short Sales, REO, and Foreclosures Rise in Nashville

2009-02-14T15:46:00.001-06:00

A new article by Marylyn Schwartz on RisMedia’s website addresses a topic that’s inescapable in the current economic downturn: short sales. Ms. Schwartz interviews an experienced attorney, Rick Cowle, about the procedures and pitfalls involved in the short sale process.

"MBS: Rick, you and I have worked with REO (real estate owned) properties and with sellers in all phases of foreclosure in the past. We’ve seen markets deal with the onslaught of short sales and foreclosures 15 years ago, but nothing comes close to what we are seeing today. The volume and rapidity of the properties cropping up is unparalleled. What advice do you have for the agents out there struggling to assist people fraught with problems?

RC: While it may be easier said than done, it is important to consult an expert. There are resources out there available to the public such as the Housing and Urban Development website, free credit counseling services, attorneys with extensive experience with distressed seller issues, etc. It is even possible to use Google to find attorneys who advertise their credentials as distressed property experts. The thing never to do is to give advice or guidance when you are not qualified to do so. Taking a three-hour short-sale class does not make one an expert on giving advice on the short-sale process. However, there is much that an agent can do in concert with an attorney. I always advise agents to help the seller find a Nashville attorney before they do anything else."

If you do move towards auctioning your distressed home, be sure you find an expert Nashville real estate auction company. This importance cannot be overstated.

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Mortgage Rates Rise, But Remain Low

2009-02-12T20:07:00.005-06:00

Despite the Federal Reserve’s campaign to lower Nashville mortgage rates, Freddie Mac reports a jump in the 30-year fixed rate to 5.25% in the week ended February 5 from 5.10% the prior week. Experts say home-loan interest is on the rise because long-term Treasury bond yields have climbed and because mortgage lenders are upping rates to ease the flood of refinancing applications.

Maybe it is just me, but maybe these lenders should appreciate the fact that consumers are willing to refinance with them at all. Refinancing your mortgage can stave off foreclosures, auctions and general price decline. I thought that they were in the business of protecting their investments...hummm, maybe your lender is the problem and not your home.

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January Home Sales Numbers For Nashville

2009-02-10T18:31:00.003-06:00

For the first time since 1994, there were less than 1,000 closings in Nashville during the month of January. Only 984 properties closed during the month, a 40% decline from just one year ago. So, what is selling? Auctions. Check out some of the incredible deals on Nashville auctions.

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First Major Condo Project Is Seized

2009-02-05T15:42:00.006-06:00

This article entitled “Fifth & Main condos seized for unpaid debts; Wachovia wins court order for receiver” appears in The Tennessean on February 5th, 2009. This article was written by Randy McClain:

Wachovia Bank won a court order Thursday appointing a receiver to take control of the Fifth & Main condo project after its owners had little success selling units and fell far behind on what the bank says is more than $29 million in principal, interest and other expenses.

John R. Cheadle Jr. was appointed receiver of the 130-unit property by the Davidson County Chancery Court. He said Wachovia, one of the lenders, would likely try to sell all or part of the property, although that could be complicated by the slow economy and iffy condo market.

“The receivership order just came down this morning,” Cheadle said. “We’ll do a quick survey and figure out the best approach. Off the cuff, I’d say there are a couple of approaches to try - continue to market on a per unit basis or try selling off pieces of the project or the whole development.”

Fifth & Main, situated at the entrance to East Nashville, had staked its claim as a project that aimed to merge condo ownership with affordable housing initiatives. Neighborhood advocates touted it as a “gateway” development that could spur other worthwhile projects along a rugged part of Main Street just across the Cumberland River from downtown.

Otter’s Chicken Tenders and Allium restaurant are among commercial businesses that have opened in the building.

Eddie Latimer, one of the principals, said in the end that contract holders on only seven or eight condos out of nearly 130 units closed. The developer’s board recently passed a resolution saying it was “no longer financially viable,” court filings said.

Latimer said the situation with Wachovia started to deteriorate last fall as sales proved difficult. After Jan. 1, the group cooperated with the bank “working in a surprisingly positive way to this unfortunate conclusion.”

Attorney Melissa B. Alexander of the Bradley Arant Boult Cummings law firm, which represents the bank, said the property is in good shape and she was pleased with the court order naming Cheadle receiver.

Latimer said there are perhaps 30 incomplete condo units in part of the building, but construction “is pretty much done.”

Receivership is legally defined as court action that places property under the control of a receiver during litigation so that it can be preserved for the benefit of all.

“We are understandably disappointed, but remain positive that this is the right step, as receivership allows Fifth & Main to continue moving forward to achieve our original goals. We still very much believe in this project,” Latimer said.

Metro Councilman Mike Jameson, who represents East Nashville, said he intends to discuss the future of project with Wachovia and hopes it can survive.

“My only concern is about what sort of signal this might send about East Nashville, but what’s happened isn’t unique to that neighborhood,” Jameson said, referring to tighter credit markets and weaker housing sales.

Fifth & Main opened last summer with its first phase alone priced at $47 million. The Home Co., a subsidiary of Affordable Housing Resources, a Nashville organization that builds low-income housing, was its developer. Latimer is executive director of Affordable Housing Resources.

A number of affordable housing units were set aside for residents making 80 percent or less of the median income in the Nashville area, or about $38,000.

The company initially signed up about 100 would-be buyers, but with credit much tighter than it was when construction started more than two years ago, most dropped out.

Steve Neighbors, who left the project late last year, said that at the time Affordable Housing tried to work out a compromise with its lenders but the toxic loan market was too much to overcome.

“The economy is about 99 percent of the problem,” said Neighbors, who now works with a federally funded neighborhood stabilization program.

Update 6/12/2009

I have just learned that the 5th and Main project is about to come out of receivership with Village Real Estate representing the condos for sale and Freeman and Webb representing the retail and residential property for lease. No word on what pricing will be, but I would expect only a slight drop from where the condos were previously priced.

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Mortgage Rates Hold Steady & Low

2009-02-04T17:08:00.005-06:00

Freddie Mac reports a drop in the 30-year fixed mortgage rate to 5.10% during the week ended January 29 from 5.12% the prior week, while the 15-year fixed rate held steady at 4.80%. Meanwhile, interest on five-year adjustable-rate mortgages rose to 5.27% from 5.24%; and the one-year ARM slipped to 4.90% from 4.92%.

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Tennessee Realtors Look For Another Job

2009-02-02T15:22:00.005-06:00

The number of Realtors and Associate members of the Tennessee Association of Realtors dropped by 1,854 in one month, between the end of 2008 and the end of January of 2009 …from 25,161 to 23,307, a one-month drop of over 7%.

One year ago, the number of Realtors and Associate members in the Tennessee Association of Realtors totaled 26,226.

In related news, Investors Business Daily, a national newspaper, reports that the “mortgage brokerage business has shrunk from 54,000 firms in 2005 to just under 30,000 today.”

I suppose it's not just Tennessee Realtors looking for a new job!

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Mortgage Rates Inch Up, Still VERY Low

2009-01-29T17:29:00.010-06:00

Freddie Mac says the 30-year fixed mortgage rate climbed to 5.12% during the week ended January 22 from 4.96% the prior week, marking the first increase in 11 weeks.

The 15-year fixed mortgage rate climbed as well, reaching 4.8% from 4.65% over the same period. While the one-year adjustable mortgage rate rose to 4.92% from 4.89%, the five-year ARM slipped to 5.24% from 5.25%.

Despite this week's move higher, industry experts predict that Nashville mortgage rates will hit rock bottom by the end of February to early March 2009. Investors should be keyed to purchase Nashville real estate very soon.

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Historic US Home Values Chart

2009-01-27T12:02:00.009-06:00

Don't let this graph scare you, but let it sink in for just a moment. It is clear that we experienced an unprecedented real estate boom over the past 8 years, but don't expect an unprecedented depression as a result. We do expect values to drop, but only to the 160-170 basis level.

Why won't the index drop lower than 160 basis points? Interest rates are incredibly low, so low in fact, that they really cannot drop much lower at all. Also, relative inventory levels are dropping quite quickly across the country...let's not forget about a possible home builder bail out in the future.

We expect a new plateau to be established followed by a period of slow, steady incline.

- Chart provided by Bill Marsh with the New York Times

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Nashville Mortgage Rates Below 5%

2009-01-23T21:18:00.004-06:00

We've been telling you now is the time to buy, and we aren't lying! If your new year's resolution is to buy a new home in Nashville, we strongly encourage you to start looking now so you can take advantage of these historically low rates.

Not only are rates great, but there are some unique loan programs available that are designed to make a home purchase even easier - but some are only for a certain period of time. For example, if you are a first-time home buyer (defined as someone who has not owned a principal residence during the three-year period prior to the purchase) then you are likely eligible for the $7,500 tax credit. This is essentially an interest free loan that you pay back over the next 15 years. However, you must make this purchase before July 1, 2009. Don't hesitate to email us with any questions you might have: info@remarkablehomes.com

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New Construction Homes are Smaller

2009-01-21T10:20:00.004-06:00

According to USA TODAY, the “American Dream is shrinking.” Understandably, new construction is at a low ebb, if not an all-time low. Nevertheless, according to a recent article (“New homes being built smaller”), those homes that ARE being built in this sluggish economy are considerable smaller than in years past:

"For the first time in at least a decade, builders are substantially reducing the size of new houses.

“We’re trending toward smaller homes,” says Gopal Ahluwalia, director of research for the National Association of Home Builders. He says growth in the average size of new single-family homes, which went from 1,750 square feet in 1978 to 2,479 in 2007, is starting to reverse.

His analysis of Census data shows that homes started in the third quarter of 2008 averaged 2,438 square feet, down from 2,629 square feet in the second quarter. Ahluwalia, who began the quarterly analysis in 1999, says there have been slight dips before, but the latest drop was much steeper and is likely to hold even after the economy recovers.

In a survey of builders this month, his group found that 89% are building or planning smaller homes than they had been."

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Nashville Mortgage Rates Drop Below 5%

2009-01-20T14:11:00.006-06:00

Freddie Mac reports that the 30-year fixed mortgage rate fell to 4.96% for the week ended Jan. 15 from 5.01% the prior week, marking the 11th straight weekly decline. During the same period, the 15-year fixed mortgage rate edged up to 4.65% from 4.62%; and the five-year adjustable mortgage rate slipped to a three-year low of 5.25%. Additionally, the one-year ARM dropped to 4.89% from 4.95%.

These are simply unprecedented mortgage rates, if you purchased your Nashville home a year or more ago, you should probably consider refinancing. Additionally, if you are a savvy real estate investor, you might consider contacting a few banks to see what their REO portfolios look like!

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Nashville Housing Inventory Declines

2009-01-11T21:19:00.006-06:00

From Chas Sisk, December's median is lowest since 2004, The Tennessean:

The number of homes on the market also has started to fall. A total of 21,274 single-family homes, condos, multifamily homes, farms, land parcels and lots were listed for sale at year's end.

The housing inventory has fallen 15% since peaking at more than 25,000 listings in May.

Nonetheless, listings remain 3% higher than a year ago. An important factor in setting the direction of the market as this year unfolds will be separating homeowners who must sell from those who simply are willing to sell if they get the right price.

"The real challenge is that so many sellers that have homes on the market right now are discretionary," Exton said. "People seem to think it's the other guy's problem...They seem to have the expectation that their neighbor didn't get what they wanted to be paid, but they will."

Other data released by the GNAR suggest the slowdown in the real estate market has been most pronounced in some of Middle Tennessee's suburbs.

Robertson, Maury and Williamson counties experienced the sharpest drop in sales last year, with each recording a decline of more than 30%. Those same three counties also had three of the four biggest relative drops in median homes prices.

Price cuts and a slowdown in construction in new subdivisions may explain those declines.

"You're competing with a builder," Exton said. "They've got a profit built in, so they can go down in price and still be okay."

Sales in Cheatham County declined by about 20%. Sumner County saw a 24% decline in sales, and Davidson County experienced a 25% drop.

Those three counties did relatively better in pricing, though. The median price sank about 2% in Davidson and 1% in Cheatham, and it actually rose 3% in Sumner.

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Home Prices Slide in Nashville Area

2009-01-11T14:07:00.005-06:00

Written by Chas Sisk, December's median is lowest since 2004, The Tennessean:

Home prices dropped sharply in December - back to levels last seen before the real estate boom - as the Nashville housing market wrapped up its weakest year in a decade.

The median price of a single-family home sold last month dropped 13% compared with the same month a year ago, and the price of a condo unit fell even more, 21%, in the latest sign that homeowners may be more willing to sell at reduced prices.

The single-family median of $163,750 was the lowest for the month since December 2004, when the median was $153,000, according to data released Thursday by the Greater Nashville Association of Realtors. The condo median of $134,062 also was the lowest for the month since 2004.

The declines are a sharp reversal from a year earlier, when homeowners appeared to be holding out for their asking prices despite fewer buyers.

Since then, sales have slumped an additional 29%. The 24,246 closings recorded last year were the fewest since 1997 in the nine-county region tracked by the GNAR.

December sales were down a bit more. There were 1,422 closings in the month, a drop of 33% from a year ago. "It's consistent with what's been going on," said Mike Nichols, GNAR's president.

The declines in home prices essentially reversed the increases that Middle Tennessee had experienced over a three-year run that began in early 2005. From December 2004 to December 2007, the median price of a home rose nearly $35,000. That represented an increase of more than 22%.

But since this summer, sellers began to respond to the slower market with price cuts, and the median price settled lower back to a pre-boom level.

"If you bought in 2004, 2005, you're going to be fine," said Richard Exton, principal appraiser with the local firm Manier & Exton. "If you bought in 2006, you may not get out what you have in it."

We here at Remarkable Homes do not agree with Mr. Exton's generalization as certain areas of Nashville have held values much better than others.

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Home Sales for Nashville, TN - December 2008

2009-01-08T15:10:00.003-06:00

There were 1,422 closings during the month of December, which represents a 32.5% decrease form the 2,109 closings in the same period last year.

Fourth quarter closings were 4,413, down 35.6% compared to 6,856 closing in the fourth quarter of 2007.

And, the year ended with 24,246 total closings, down 29% from the 34,221 closing during all of 2007.

The median price for a Nashville home in December was $163,750, and for a condominium it was $134,062. That compares with last year's median single-family and Nashville condo prices of $187,900 and $169,750 respectively.

Inventory is currently at 21,274, compared with 20,673 in December of last year.

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