Nashville Real Estate Talk

Posh Green Hills Neighborhood Over Priced?

The World famous Blue Bird Cafe in Green Hills, Nashville

The popular and trendy Green Hills neighborhood of Nashville is begining to show the effects of the 2009 Recession.  Home sales in the chic areas around the BlueBird Cafe and The Mall at Green Hills have seen sales slow and inventories of unsold homes rise.

Green Hills homes have seen consistant increases in values for many years, now those home values may be in for an adjustment.

NashvilleRealEstateTalk.com’s own Gary Rabideau crunched the numbers for us and this was what he found.

Green Hills Absorption Rate

Green Hills Home Sales for 2009 show a definite downturn starting at about $400,000.  We consider inventories of more than 6 months to be a Buyer’s Market.  In most price ranges, Green Hills homes show 11, 13 and on up to as much as 2-4 years of inventory for sale.

The only Bright spots in the Green Hills Real Estate Market would Homes priced between $200,000 and $300,000 where we found just 4 homes available but only 8 had sold in the last 12 months. That means a 6 month supply.  Certainly not a sellers market, but relatively neutral.

Likewise in the $300,000 to $400,000 where an average month has 5 sales there are 25 Homes available , a 5 month supply.  Home sellers in Green Hills who have priced there homes in those two price areas are in good shape assuming their homes are attractively staged.

However, Home sellers in the higher price ranges are swimming upstream and have two strikes against them. First the large inventories of homes for sale in Green Hills.  Secondly, these home sellers need to be aware that mortgage rates in the $400,000 and above market comes with interest rates as high as 8% ( Ouch!).

Conclusions

Home sellers in Green Hills will need to be realistic in their pricing. Home buyers looking at the Green Hills neighborhood may want to sharpen their pencils and do some real negotiating armed with this knowledge.

2009 Absortion Rates for Green Hills Neighborhood of Nashville Tennessee

White sand and clear water at the Palmetto Hotel in Panama City Beach, Florida.Nashville has a love affair with Panama City Beach. Located just 7 hours south of Nashville, the Emerald Coast has much to offer to those looking to escape Nashville for a few days. We took off Thursday morning and had our toes in the delicious waters of the Gulf at 5 PM. If you're from the north or California, get ready for something really different, these beaches are unlike any you seen. In the Spring , between Spring Break and the the end of School, the beached can be deserted and the place is yours. Nashville loves how easy the drive is, with Interstate 65 taking you almost to the coast and good roads the rest of the way.Try to have atleast 4 dyas to spend, that'll give you at least 3 beautiful nights and two full days on the beach.For more than 7 years now we have enjoyed spending Mother's Day weekend at the Palmetto Hotel in Panama City. During that time we've seen Panama City grow a little, the Hotel remodeled and restaurants come and go, but our old favorites still remain.We always have at least 1 meal at Dusty's Oyster House. Oysters on the Half Shell at Dusty's Oyster House in Panama City, Florida

Apalachicola is just 50 miles down the coast from Panama City and the Oysters are always fresh, cold and sweet.  Dusty’s also serves Grouper and Amber jack to.

You can find any kind of seafood in Panama City, and it’s all fresh. New Restaurants include,  Margaretaville and the famous Hof-Brau House from Munich.

The Real star of the area is of course the white sand beaches.  The sand is very fine and the children love. The water this past weekend was almost 80 degrees with a gentle swell, just big enough for a little body surfing.  Typically you’ll see Dolphins and an occasional Ray in the waters through the day.

Nashville never gets tired of Panama City and the local communities of Seaside and Grayton Beach.  Be sure to check this out when you need a little getaway.

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The United States Department of Agriculture (USDA), through it’s Rural Development authority is making loans available to Home Buyers in the Nashville area.

last year the Rural Development Home Loan program provided Loans and grants totaling over $400 million in Tennessee.  

These USDA Rural Development Home Loans require no down payment and can cover up o 102% of the appraissal value of a the home. These loans are available to Home Buyers of average income.

Homes for sale in , Cheatham,Wilson, Williamson Sumner, Rutherford and Davidson counties are eligible for Rural Development loans.  The homes must be on the outskirts of City Limits.  To check the availability of a home go to this USDA website:

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

If the home qualifies, USDA will lend up to 100% of the homes value to the buyer.  In other words “Zero Down Payment”.

To qualify home buyers must earn less that 115% of the Median income in the area.  As an example, a family of 4 home buyer in Wilson County could earn up to $74,000 per year and still qualify. 

This Home in Wilson County on 2 Acres qualifies for a Rural Development Zero down loan.

This Home is a good example of a home that qualifies for Rural Development financing in Wilson County Tennessee.  It is located in Lebanon on 2 full acres, has 3 Bedrooms, a remodeled Kitchen and 2 full baths.  There is a full barn/workshop that could also be a 4 car garage. With a 5% FHA loan and Zero Down this home would have Federally Insured Fixed 30 year mortgage of approx. $795 per month.

For Details about this home or on the Rural Development 100% home loans in the Nashville Area call us at 615-347-4424.

There will be a USDA Home Loan Fair next week in Lebanon. The Fair will take place at 1-2PM , Tuesday May 19 at 925 E. Baddour Parkway., Suite 110.

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Former Orchard with two acres, Barn and Irrigation system, just $159,900

Looking for some acreage but don’t want to break the bank?  This fully remodeled Home with 2 acres (half of it fenced) might be just the trick.  The Owner has wonderfully updated the 1400 sq.ft. home with a new custom kitchen, appliances, Master bath and new carpet too.  The entire home has been painted has a new Heating and Air conditioning system.  The property includes a 1700 sq.ft. shop with concrete floor and electricity. For more info visit www.CathyWood.com

1700 Sq. Ft. Barn with concrete floor and Electricity too