Housing market research firm Zillow has updated its 2014 home price forecasts for cities across the country and the news for Nashville-area homeowners is a bit more positive than it was three months ago. The company now sees home values in Middle Tennessee climbing 1.3 percent from now until March of next year, up from 0.9 percent in January. Conversely, the national value appreciation forecast has been trimmed to 3.3 percent from 4.8 percent.
The local number incorporates forecasts for individual area cities that vary almost three percentage points. Here are the cities with the greatest projected price growth:
• Thompson's Station: 2.9 percent
• La Vergne: 2.5 percent
• Franklin: 1.8 percent
• Goodlettsville: 1.8 percent
• Dickson: 1.6 percent
And those with the smallest expected changes...
• Gallatin: 0.8 percent
• Springfield: 0.7 percent
• Lafayette: 0.5 percent
• Portland: 0.5 percent
• Westmoreland: -1.0 percent
Check out Zillow's full market report here.
Just five cities are seeing bigger increases in median home prices than Nashville these days, according to the researchers at ZipRealty. Of that group, all but Chicago are in the far West. The value of Middle Tennessee's median home is up 13 percent year over year, more than four points higher than the national average — which is in the single digits for the first time in a year.
On-site work has begun on 909 Flats, the five-story apartment building to rise in Hope Gardens across from the Nashville Farmer’s Market.
Dallas-based Lincoln Property Co. and MetLife Inc., which are co-developing 909 Flats, have secured multiple permits, valued at about $31.9 million, for the work, according to the Metro Codes Administration Department. Originally, Lincoln had wanted to break ground by the end of 2013. (Read more about the project here and here.)
Cambridge Swinerton Builders Inc. is serving as the general contractor for the project. Relatedly, the Atlanta-based company is the GC for Artisan on 18th, which Nashville-based Stonehenge Real Estate Group has under construction in Midtown. Both Lincoln and Stonehenge have offices in Atlanta.
Of note, the 232-units 909 Flats is expected to be U.S. Green Building Council Leadership in Energy and Environmental Design (LEED) certified. The street address is 909 Rosa L. Parks Blvd.
Look here, Nashville is at the top of another list.
Research firm RealtyTrac has updated its data on foreclosures around the country, and it turns out that Music City is the city where no fewer than 80 percent of foreclosed properties are still occupied by a former homeowner or tenant. Only Richmond, Va., comes close.
Nationally, foreclosures in March were down 23 percent from the year before.
"Banks will also now be able to devote more resources to dealing with the lingering inventory of nearly half a million already-foreclosed homes that still need to be sold," said Daren Blomquist, vice president at RealtyTrac. "Our estimates indicate only 10 percent of these bank-owned properties are listed for sale and more than half are still occupied by the former homeowner or tenant."
Jay Parsons at MPF Research has delivered an update on Nashville's red-hot apartment market, which produced year-over-year rent growth of 4.3 percent in the first quarter, one of the best numbers in the country. But all those construction cranes and work crews will soon give way to hundreds of finished units, which will push down both occupancy and rent growth about a year from now. But renters shouldn't expect that dip to hold: Parson says "market fundamentals could heat up again 2015 and 2016."
Nashville-based Split Rock Development has released a rendering for its infill townhouse project in Midtown.
The boutique development company has enlisted Nashville-based Tarl LaRocco Designs (read about here) to serve as architect for the three-story building, which will feature an exterior comprising brick and cast stone. The color scheme will be off white and Ryan Talbert, Split Rock owner, said the structure will reach a height of almost 40 feet.
“Our effort is to provide executive-focused housing with high-end finish levels,” Talbert said. “The homes will be convenient to Vanderbilt, various hospitals and downtown-based businesses.”
Talbert (pictured) is teaming with Franklin-based real estate investor Joe Bauer on the six-unit approximately $4 million project. Bauer created JJB Properties LLC for the effort and recently paid $1.1 million for the two parcels, located at 2118 and 2120 Hayes St., on which the project will rise. (Read more here.)
(Image courtesy of Tarl LaRocco Designs)
- BRASWELL, ROBERT
- GARRETT, JOHNNY C EXECUTOR; GARRETT, JOHNNY C IV EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, TIMOTHY M EXECUTOR
- GARRETT, TIMOTHY M EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, JOHNNY C EXECUTOR; GARRETT, JOHNNY C IV EXECUTOR
- GARRETT, JOHNNY C IV EXECUTOR; GARRETT, JOHNNY C EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, TIMOTHY M EXECUTOR