Hey look! Nashville's mayoral candidates agree on a big issue, that of supplying the city with more affordable housing. In conversations with WPLN's Tony Gonzalez, both Megan Barry and David Fox say they will look for ways to have the city consistently fund The Barnes Fund for Affordable Housing, seen by many as the best vehicle to grow Nashville's affordable housing inventory. Case in point: The replacement of the River Village apartments in North Nashville with the $3.2 million, 23-unit complex pictured here.
How the program compares to other cities was on Barry’s mind when asked what she thought of the $65 million target.
“I think that a lot of this is: What are our peer cities doing? And how do we best do what’s best for Nashville? I think that number is not unreasonable.”
Nashville-area homeowners continued to improve their financial standing in June: The 90-day delinquency rate among mortgage borrowers ticked down to 2.35 percent, half a point below where it was at the end of 2014. Here's how the delinquency and foreclosure rates have fared so far this year. And here's CoreLogic's national report.
There seems to be no stopping the Nashville-area housing market these days. The latest Freddie Mac Multi-Indicator Market Index shows a local housing economy rising for the fifth straight month to 90.0. It was under 79 in January and is now up 58 percent from its fall 2010 trough. Freddie Mac says Middle Tennessee is now the eighth-strongest housing market in the United States. (The company's national news release is here.)
In what should be an encouraging sign for many other local businesses, Freddie Mac researchers say the biggest gains are coming thanks to better payment-to-income ratios. Given how steadily home prices are rising, that statistic might suggest local workers' compensation is more than keeping up.
Nashville-base real estate investor and developer D.J. Wootson has a 22-unit apartment building in North Nashville under contract, The Tennessean reports.
Located at the northeast corner of the intersection of 28th Avenue North and Jefferson Street east of the Tennessee State University campus, the building is known as Jefferson Manor (see here courtesy of Google Maps).
Wootson (pictured), a principal with Nashville-based Titus Young Real Estate, also is eyeing 1821 Jefferson, a mixed-use building to offer 18 apartment units and about 3,000 square feet of retail space to house a Bongo Java-branded cafe and a Smoothie King (read more here). He is teaming with business partner John Ingram and Bongo Productions President Bob Bernstein on that project (an image for which is seen below) and hopes to break ground in October, according to the morning daily.
(Rendering courtesy of Titus Young Real Estate and Anthony Marlow)
One of Midtown’s more distinctive buildings is now for sale, thus continuing the hot real estate activity in the bustling district located west of downtown.
The property, listed for $2.5 million, is located at 1418 Church St. and recognized for its building’s unusual shape and color scheme. Spanning 9,729 square feet, the structure underwent an adaptive reuse update in the mid-2000s during the time when Nashville’s urban infill focus was developing some traction.
The building’s first floor serves as an events space; its second floor is home to three apartments. Kellie and Jerry Bryson own the property, having acquired it in June 2005 for $255,000.
Todd McGlamery of National Restaurant Properties has the listing.
The property is the most recent Midtown site to be listed for sale. Last week, the owners of the site home to Corner Pub Midtown listed their property (read more here).
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