J.S., Real Estate Pro in

East Nashville- Trends in home values by area

Asked by J.S., Sat Dec 1, 2012

Hi,

I'm curious to know the opinion of real estate pros who specialize in East Nashville real estate...
Do you see more future value in properties in the Shelby Park area or in the Inglewood area? Obviously, there are pockets/ streets in each area that are further along in terms of rehabilitation, but generally speaking, do you see a greater potential for increase in value by homes that are walking distance to the park?

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I know what you mean. There aren't any national websites that pull MLS data for comparison to a sample size smaller than a zip code. 37206 is a pretty large zip. If you align yourself with a techie agent, they can export the info you are seeking from the MLS by searching for neighborhood names (which are inconsistent here so school zones would work even better).

Another way to research this topic would be to take a look at changing demographics. This site is great for that: http://projects.nytimes.com/census/2010/map

Personally I see great things happening among the majority of our affordable urban neighborhoods. You may have to be a bit of a pioneer, but I'd feel confident investing in Shelby Village or Inglewood. Also, you should look to the west of Gallatin Pk. See 37207: http://www.tennessean.com/apps/pbcs.dll/article?AID=20123112…

Also, I'd look towards Woodbine/Flat Rock, Buena Vista, Croleywood, & Donelson. You can't put a price on convenience.

Finally, my site linked below might help a little.
0 votes Thank Flag Link Sun Dec 2, 2012
Thanks for the detailed response, Stephanie! You hit the nail on the head. I'm doing alot of due diligence in the target areas now, will dig into this information. Thanks again!
Flag Mon Dec 3, 2012
All things being equal, then yes being walking distance to the park (or 5 points) makes a home more desirable (unless it flooded in 2010 and then that changes things a bit). However, that may not translate into more dollars, but into less days on the market (which translates into dollars if you have holding costs). That being said, things usually aren't equal - especially in East Nashville where you can buy something that needs a gut job for $30k and then someone else buys it later for $300k. What I have found across the board is the majority of people will usually go for the home in best condition. Even when buyers say they'll take a fixer they'll often take an already renovated home. This is why flippers/rehabbers do so well. They know if they do a good job their renovated house will sell quick for top dollar. I have seen many people pass on properties where the cost plus renovations would total much less than the already renovated home they ultimately chose.

My best advice is to try to beat the crowd. I bought on the south side of Shelby back in 2004 and people thought I was crazy. The people who started renovating in Cleveland Park were completely out of their minds and on the wrong side of Gallatin Rd people thought. It really is block by block in East Nashville from Shelby Village all the way to Inglewood. You also need to take into consideration how long it'll take the rest of the block to catch up. The neighbors are a factor in buyers' decisions.

If you have your areas pretty well pinpointed I can map the comps and we could really analyze the data for the particular areas you're considering.
0 votes Thank Flag Link Tue Dec 11, 2012
Send me your email address and I'll send you a report of the active/pending / sold etc for those specific areas, will show days on market, list price, sold price, % etc. Also rentals etc.
sharon.wayman@crye-leike.com
0 votes Thank Flag Link Sun Dec 2, 2012
Thank you for the reply, Sharon. But I'm referrfing to current/ recent trends in appreciation in specific areas overall (i.e. Boscobel Heights vs Rosebank vs Inglewood). I'm not finding very specific appreciation / trend information in a general Google search. Thanks again!
0 votes Thank Flag Link Sat Dec 1, 2012
Both areas have their pros and cons. I have lived in the Inglewood area for 14 years, and it's convenient to the Shelby Bottom trailways for walking or biking. It just depends on your personal taste, and location, price, etc. There are more restaurants, night life etc around 5 points, but the prices are much higher than around Shelby Park and other parts of East Nashville. South or North Inglewood area.

I will be happy to show properties in any area of Davidson County.
0 votes Thank Flag Link Sat Dec 1, 2012
Thank you for the reply, Sharon. But I'm referrfing to current/ recent trends in appreciation in specific areas overall (i.e. Boscobel Heights vs Rosebank vs Inglewood). I'm not finding very specific appreciation / trend information in a general Google search. Thanks again!
Flag Sat Dec 1, 2012
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