Nashville Real Estate Talk

Rare Villa Available in Del Webb’s Lake Providence,  Just $163,500

Lake Providence Club house

Since lake Providence opened in Mt. Juliet, Tn., several years ago,  it has become the fastest growing 55 and older community in Tennessee and the South East.  The Fox Run Villas have been one of the most popular homes.

One-level living with amenities and affordable. These homes were an upgrade from the original, simpler designs in Del Webb’s first offerings.

With 2 Bedrooms and 2 Full Baths and 1244 Sq. Ft. the Villas were a great fit for Active Adults who needed less space and more free time.

These homes are no longer being built in Mt. Juliet because the builder ( Pulte) says they are too expensive to build.

This home at 307 Blockade Lane was built in 2009.  The owner, who lives in another Lake Providence home 2 blocks away, has been renting this unit to the steady stream of people waiting for their own Del Webb homes to be built.

Now he has decided to sell this one.

As you can see from the photos this home is in wonderful condition.

307 Blockade Lane, Mt. Juliet, TN

Reduced Costs of Ownership

One very interesting thing about the Villas is that they INCLUDE All  Exterior   Maintenance!

These homes are covered by the Del Webb Home Owners Association (HOA), and everything on the outside is covered.

That means home owners insurance is reduced, the homeowner’s insurance on this home is about $300 per year.

Taxes on this home are also very low, just $1,013 per year.

This home has approximately $14,000 in upgrades from the basic Villa Plan.

Kitchen

Master Bedroom

This home will be available to move in after April 15, It is in “like New” condition and is much less expensive then a new unit.

Living area

Rear Patio

Master Bath

The rear Patio can screened, enclosed or extended.

The rear of the house has open space behind it which is not available with new units.

SELLER PAID OVER $14,000 IN UPGRADES
ABOVE PULTE LIST PRICE:
Full irrigation system with timer: $2500
Floored and shelved attic above garage: $800
Finished and painted garage: $600
Shelves installed in garage: $200
Can lights in kitchen: $600
Ceiling fan, wire and installed in living room: $250
Upgrade shower in master bath: $650
Extra outlet in garage: $150
Three extra TV outlets, one in living room and two in bedrooms: 3@$175: $525
Back lights: $250
Patio wired for ceiling fan: $175
Patio wired for electric: $125
Back of house wired for electric: $125
Elevation fee for front of house: $3200
View fee for unobstructed rear of house (nothing can ever be built in the 1 ½ acre of lawn): $4000
Additionally: new stove, blinds, wired for alarm

The view from the patio

To see this great Home call Jim Or Cathy at 615-481-7609

Or email us at Cathy@CathyWood.com

Nashville Home Showings Reach Milestone in December.

As many of you know we have been tracking Home Showings in Nashville since 2002.  These showings are a barometer of home buyers and can be used to predict home sales in the following months.

Looking at December’s showings we can see that for the 8th month in a row Nashville home buyers outpaced home buyers in 2010.

More importantly, for the first time in almost two years, home showings in Nashville were were not only higher than the year before, but they very nearly passed the number of showings in 2009 as well. (2418 vs. 2462).  Adjusting these numbers for the Christmas holidays which were extended due to Christmas falling on Sunday, we could easily make the case that December 2011 passed both 2010 and 2011 for showings.

Nashville Home Showings for December 2011

Why is this important?

What we are seeing appears to be a trend. We first noted in May that appointments to show homes for sale in Nashville had surpassed the previous years totals.

Home sales immedietly began to rise in the months following May.  Each month since then has surpassed last year in home sales. That became a trend and now we have seen that trend grow.

Nashville home owners who want to sell their homes should take note.  Demand is growing.  Likewise if your shopping for a home in Nashville, you’re not alone.

This week we had home buyers from California  visiting Cathy and me to buy a home in Mt. Juliet.  Out of 6 homes we planned to see, two had offers in and accepted that week.

We still found a great home for them and they left with a contract in hand.  But as a home buyer in Nashville, be prepared to bid competitivly.

To search homes in Nashville, we suggest our award winning site, www.NashvilleHomeSearcher.com .  It provides enlarged pics and googles maps/aerial photos of each home so you can get an accurate picture of these homes.

For detailed information, like Foreclosure lists and Short sales, call us or visit our website at www.CathyWood.com.

Home Buyers Having Trouble Locating 203K Loans in Murfreesboro.

Jim Wood

I received a call today from one of my readers. She was calling to let me know that she had tried unsuccessfully to locate a Mortgage lender in Murfreesboro TN who would provide a 203K loan for her on a foreclosure property she had found.

You may recall we had written about the advantages of the 203K   loan which we had used for home buyers in both Davidson and Wilson Counties over the last year.  These loans allowed the home buyers to make repairs and rehab to some foreclosure homes without suffering the out-of-pocket expenses they would have needed.

After setting her up with a 203K provider in Mt. Juliet who could help her, I looked at the reasons why this home buyer was having this trouble.

First, many mortgage providers are avoiding the 203 K  loan because of the additional paperwork needed. Like any government secured loan these loans add considerable amounts of work to the process.  They  also require the lender to ‘get involved”, helping the buyer to identify contractors to do the work.

The simple fact is that over the last few years lenders grew to expect a quick and easy transaction.  That ship has left the port. Lenders need to be more versatile in this market, offering any and every type of loan.

Secondly, many Realtors are also suffering from “easy money”,  disease and also need to admit, times have changed.  In the case of the Murfreesboro home buyer, she had a Realtor, whom had not even tried to explore 203K with the Listing Realtor.

Lastly, and this is a big one, Lenders are reluctant to provide these govt. loans simply because they have a limits on how much the lender is allowed to charge for the loan.

Since most FHA and 203K  buyers are first time buyers, they do not have the kinds of credit ( or funds) that lenders can use to move them into conventional and more profitable loans.

If you, or someone you know, want to buy a fixer-upper, but you don’t have the money for both the down payment and the repairs, call me.  We’ll be glad to work with you to negotiate a 203K type offer on your dream home. Cathy and I have been helping our buyers secure 203K loans since 2009, we were the first in Nashville with this method and we understand how to make it work for you.

Call us with your 203K questions: 615-347-4424.

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Gorgeous Townhouse in Tulip Cove. Located on the border of Mt. Juliet and Hermitage , this contemporary condo is loaded with amenities. Crown Molding, Open Floor Plan, Contemporary Kitchen, Walk-in closets, 2 1/2 baths everything you need to start out in your first home.

2 Bedrooms, Both with private baths,

With 2 matching owner suites featuring private baths and walk-in closets, this home is perfect for the young executive who is too smart to pay rent. The open floor plan deluxe kitchen and 1/2 bath for guests are great for entertaining too.

The home Includes all appliances, Cooktop Stove and Oven, Refrigerator, Dishwasher all in matching black. There is also a pantry.  The kitchen cabinets are a beautiful deep a  There is also a Washer and Dryer in the laundry area AND a very new wallmounted HD TV in the Master bedroom.

The home also has a private patio and storage facility too. from the patio there is access to the community common area for Pets and outdoor activities.

This home qualifies for very low down payment FHA financing or THDA down payment assistance. In either case the monthly cost will be LESS than renting.

The Sellers are including a one year Home Warranty at no extra cost.

The patio has a concrete pad and a storage building, the owner added electricity for outdoor entertaining and cooking.

This Mt. Juliet home owners’s company needed him to relocate to their home office so badly that they bought his home and they are offering it for $40,000 less than he paid for it just 3 years ago.

Beautiful Home in Willoughby Station, Mt. Juliet

Willoughby station, Mt. Juliet’s first planned community, is known for it’s great family atmosphere, . The pools, the recreation area, tennis courts and the great local schools.  But there is another aspect to Willoughby that is not so well known. The executive homes up on Sydney Terrace ridge.

4 Bedrooms, 3 full Baths, Fully fenced and private backyard with covered Deck.

These homes were built in 2007 and 2008 and were designed for the younger executive  home buyers who began moving to Mt. Juliet then.  These buyers wanted Open Floor Plans,  Amazing kitchens where they could entertain as well as cook and great outdoor spaces.

The builders response was Willoughby Station Phase 8.  The builder set apart the most sought after lots, those with views and pastoral settings, and built these homes there.

Now we have one of these lovely homes with 4 bedrooms, 3 full baths and almost 3400 sq.ft. available for just $262,000

Curb Appeal

Brick and stacked stone are used to create a contemporary look. The front porch looks south and has afternoon light all year long.  Dormers tower above the second story adding a classic style.

Living Areas

Walking into the home you are presented with 3 choices: the large open room to your left is designed for either an office or a library.

To the right is the formal Dining Room with Hardwoods again, Chair Rail and Crown Molding. The towering stairway in the front of the house is classic.

Each room is painted in neutral colors.

The focal point of the home is the Living Area and Kitchen, melded into one large space , perfect for entertaining or just “staying in”.

The Kitchen   is a real stunner. Gleaming Hardwoods and rows of Cherry hardwood cabinets.

Outdoor Living Space

The homeowners invested in terracing their backyard, privacy fencing and this covered porch as well as a Patio.

One of two pools for families in Willoughby Station

Schools

Mt. Juliet Schools are consistently rated in the top 3 of the state.

The local schools are:

Mt. Juliet Elementary

Mt. Juliet Middle school

Mt. Juliet High School- Winner of SCORE Award for academic achievement

All three schools are within 5 minutes of this home. All three have bus service to this neighborhood

Public Transportation

This home is 5 minutes from the Mt. Juliet Music City Star station. This light rail commuter line provides trains into Nashville for commuters.

Parks and Recreation

Mt. Juliet is bordered on two sides by large recreation Lakes. The city is often called “the City Between the Lake”. Additionally there are 3 State parks within minutes of this home.

Percy Priest lake

Old hickory Lake

Long Hunter State park

Cedar Creek State Park

Cedars of  Lebanon State Park

Boating, fishing, horse back riding and camping are all available.

For further details on this house or to have a private showing, call Jim & Cathy at 615-347-4424

Willoughby Station and Providence Neighborhoods Lead  Home Sales in Mt. Juliet for 2011

Home sales in Mt. Juliet continue to surprise everyone even the local Realtors.  Through October of 2011 Mt. Juliet has seen 694 homes sold.

One of the Two Pools at Willoughby Station

That number comes into focus hen you realize that there are only 730 homes on the market in Mt. Juliet. That’s almost 100% turnover in 11 months.  Unheard of.

Mt. Juliet home sales were almost evenly divided between new and Existing homes too.  There have been 295 new homes to close in Mt. Juliet so far  in 2011.  399 existing homes  have also closed

The leading subdivision for existing home sales has been Providence with 25 sales followed closely by Willoughby Station with 22.

The Movie Theater at Providence

As for New homes in Mt. Juliet, Providence leads the pack with 88., no other neighborhood comes close to that.

Providence and Willoughby Station  share several key attributes which explains their success.

Both have great local schools, Mt. Juliet Elementary for Willoughby and Rutland Elementary for Providence.  Both have amazing family areas and Pools.  Both are great walking neighborhoods.

Providence has the great shopping and restaurants at Providence Market Place. Willoughby is close to the commuter rail station for the Music City Star connecting Mt. Juliet to Hermitage, Donelson and Nashville.

Providence offers new homes and a growing 55 and Older Community at Lake Providence Dell Web, While Willoughby Station has larger yards and a more laid back lifestyle.

Either way home buyers can’t go wrong with Mt. Juliet.

Search Mt. Juliet Homes at:

MtJulietHomeSearcher.com

Waiting for Next Year to Sell your Nashville Area Home? Don’t Count on it.

Many of you are thinking about waiting to sell your Mt. Juliet, Brentwood or Nashville homes in 2012 when many people think the market for Nashville homes will improve.   According to a board of 110 economists you may be mistaken.

Although the number of homes sold will improve, prices may not.

Zillow asked those economists to forecast home appreciation over the next 5 years.  They estimated that through 2015 Home Prices will see a very modest 1.1 % improvement ( see Chart below), .  More importantly, the current price slippage is not finished.  As the recent Case-Shiller Price Index  revealed, home prices over the last year have fallen 3.8% nationally.

On top of that, Nashville’s Realtors (GNAR) stated recently that our local home values had slid 5% during that period.

“The median residential price for a single-family home during September was $163,000, and for a condominium, it was $144,900.  This compares with last year’s median residential and condominium prices of $171,820 and $155,000, respectively.”

It appears then that Nashville home prices are sliding at a 30% higher rate than the rest of the country.

Why?

Because the Nashville area has been surprisingly resilient, up to now.  However, the glut of foreclosures and shortsales that have bedeviled the U.S has finally come to Nashville.   And remember, one foreclosure can lower home values by as much as 3-5% in your neighborhood.  So if you have decided to sell your home, don’t wait, get it on the market with a good marketing Realtor and price it to sell NOW!

Macro Markets Report November 2, 2011

Mt. Juliet High School Earns Statewide Honors

Principal Mel Brown

This week Mt. Juliet High School was honored by the State Collaborative on Reforming Education (SCORE), as a school that has dramatically improved student achievement. Mt. Juliet competed against al l High Schools in Tennessee to win this honor.

Mount Juliet Tennessee

SCORE is a nonprofit organization. The Chairmen of SCORE is Bill Frist, former Majority leader of the U.S. Senate.

Mt. Juliet High School Principal Mel Brown was presented an award in the amount of $10,000 for use by the school to further improve it’s achievements.

Education is taken very seriously in Mt. Juliet, this award is further proof that the people of Mt. Juliet were forward thinking when they built the new high school over the last 3 years.

If you are thinking about a place to live and raise a family, Mt. Juliet is a good one.

Search for homes in Mt. Juliet

Nashville Home Buyer Appointments For August Maintain Momementum

As many of you know we track the number of appointments made to view homes for sale in the Nashville area.  Over the last few years this has proven to be a very good predictor of home sales activity.

After declining for 14 months Nashville home buyer appointments rose this summer and of course so have home sales.  In August home buyers made appointments to see listings at a rate 20% higher than August 2010.  Although this is still below the 2009 numbers it means that for the fourth consecutive month home buyer activity exceeded 2010.

Nashville Home Buyer Appointments August 2010

Senior Economist Sees Nashville Home Prices Stabilizing

Dr. Frank Nothaft, Vice-President and Senior Economist for mortgage giant, Freddie Mac,

viisted Nashville on Thursday last and spoke with local realtors including Jim and Cathy Wood.

Chief Economist Likes Nashville's real Estate Future

Dr. Nothaft said he expects Nashville Real Estate prices to stabilize over the next several month.

‘Nashville has seen a 10-13% drop in home prices while the rest of the country has seen a 30% price adjustment. More importantly Nashville  Home prices are stabilizing and will rebound slightly in 2012.”

The economist further noted: ” I would put the chances of a Double Dip Recession at about 1 in 3″.

In regard to the future of housing prices in Nashville he said we should expect to see about 1% increase in Nashville home prices in 2012 and a long slow climb up from there.

The main drag on the home market has been the excess of “vacant” homes.  Dr. Nothaft put that excess at about 600,000 homes nationwide, down from a high 2 years ago of 1 million excess vacant homes.

Charting those vacant homes produces a curve that exactly matches the nationwide home market.

Locally Realtors were bouyed by a very satisfying spurt of sales in August. We had predicted that based on the strong showing of Home Buyer Appointments for June and July.  For the first time in 14 months those home showings had risen above the 2010 figures.

To see the Home Buyer Appointment for August click on this Link:

August 2011 Nashville Appointment Numbers.

Dr. Nothaft noted that the main game changer in Housing is unemployment.  55% of all mortgage delinquencies come from unemployment.  Add to that figure, family trouble (divorce) and secondary loans ( Credit Cards) and you have 85% of the reasons for default on american mortgages.

Nashville home buyers should take away from Dr. Nothaft that housing prices may be at the bottom now. Nashville area home sellers should note that they “may” realize a 1 %  price appreciation over the next 12 months.

For additional information on this meeting and the Nashville Real Estate Market- Email Jim@Jimwood.net