Home Buying in 37201>Question Details

Kaitlyn, Home Buyer in 37203

Best places to invest in Nashville?

Asked by Kaitlyn, 37203 Sat Jan 24, 2009

I'm wondering what the "up-and-coming" areas of Nashville are; that is, the places that investing in now might might pay off later (in a few years). I'm going to be going to school in the area and am looking into buying, but don't want to end up getting less than I pay...any suggestions?

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Thanks again for the advice.

I've been focusing of late on a few specific areas: Cleveland Park, McFerrin Park, East Nashville generally , Inglewood (where I still have NO idea where the good pockets are, and I would like to stay within 7 or 8 miles of Vanderbilt so I can bike to school), the Charlotte Park area (again, not entirely sure which parts of that area to stick to--I've heard to stick to the Ford-named streets, but what about other streets, like James, Annex, American...? I've seen some cute homes around there). Is Sylvan Park/Heights area completely out of reach or is it possible I could find something small there? Maybe something bank-owned or for auction? And the last area I'm looking now is the area east of Charlotte Park, but again, I don't know how safe the area is and where I should limit my search to.

I would welcome any other suggestions about places to look, maybe places in the 37210 area code that would allow me to bike into downtown?

One more question: In general, how negotiable are sellers now in this market? Can I be looking at homes slightly above my price range with the assumption that the seller will go down a bit, or is this a foolish assumption?
1 vote Thank Flag Link Thu Jan 29, 2009
Katilyn,
Looks like you've got the time and money to buy! Your instincts concerning condo's is spot-on. Condo ownership turns a major part of the control for expenses over to someone else (the condo assn or its management company). Not a good thing.
May I ask whether you plan to want a real clunker that needs new electric, water, and hvac? Shall it have structural issues and a leaky roof? I'm not kidding. They are out there and you can buy them!
Or do you want something that may need just some carpet, floor refinishing, a paint job and some new countertops? Specific goals lead to good final outcomes.
Or do you just want to find the very best property for the very best price with the fewest issues..and uncover the sellers needs and then fulfill those needs by proper questioning and the proper presentation of a contract that gets the seller on with their life?
To answer your question directly:
Inglewood is the next great thing in East Nashville. Charlotte Park is the thing in West Nashville.
The area beween I-24 and I-40 going towards Murfreesboro offers some excellant values (and many of the homes are very well built).
Donelson has some great sleeper neighborhoods as well as Old Hickory.....
Enjoy your stay here...I hope you fall in love and live here forever!

Steve Condurelis
Broker, co-owner
Keller Williams Realty
1 vote Thank Flag Link Mon Jan 26, 2009
I really like Inglewood for the money. They have a variety of architecture, easy access to Elington Pky and Briley, and there is a resurgence of Riverside Village on McGavock that is really hot right now with a coffee shop, music and dance studios, asian fusion, deli, etc... Cleveland Park has also performed well in the last couple of years but is still in heavy transition so you have to decide whether you are comfortable living around homes and businesses that still need a lot of work. There is some lovely architecture and pricing is still affordable compared to Lockeland or Edgefield so there are real pro's to that side of Gallatin for short turn around on investment. I also like Eastland Acres which is on the East side of Shelby Park across Riverside. They are modest ranch style homes but there are some beautiful yards, the park is walkable/bikable. A number of new businesses like book stores and restaurants have located on or around Riverside in the last year or so, which is a healthy sign that the residential sector is solid and getting better in the area. What I love about my beloved East Nashville, is there really is a little something for everyone and it really is the ultimate flee market shopping experience. There are hidden gems, deals etc... so looking is really quite the adventure.

Best of luck to you.
1 vote Thank Flag Link Mon Jan 26, 2009
Hi Kaitlyn,

I personally have began selling environmentaly friendly energy efficient homes and condos and feel this is a new and emergant market in Nashville. There seems to be a national shift of builders to start moving in this direction based on some pent up demand and Nashville is no exception. We now have several projects either complete or nearly complete with some innovative building componets in solid locations and price points. Beyond the substantial energy savings most owners will experience, in general the products used are of much higher and healthier quality and will be less costly over time to maintain. All of this we hope will translate in to a greater return on investment considering people are really begining to be more conscious about fuels, energy, and the environment. Please feel free to contact me if you would like to know more.
1 vote Thank Flag Link Mon Jan 26, 2009
Hello Kaitlyn!
A fundamental question to ask yourself is....if I leave Nashville following graduation and must sell, what are my chances of coming out whole? The answer lies in your appetite for risk and the amount of sweat equity you are willing to put into a condo/home to make it appealing to a buyer....in two or three years.
A conservative view is to look at any real estate investment as a minimum 5 year hold. Why? because that is the trend of the market for the past several decades.....every 5 years we go through and up and down cycle. Obviously, we have entered the beginning of a down cycle in the Nashville area.
So that means that if you want to buy you've got to either buy in an area that is in the early stages of a renaissance (and you buy it very inexpensively)...or you hedge your bet and look to buy in a more stable neighborhood and look to buy wholesale...which entails lots of looking, lots of low offers that are turned down, and boatloads of footwork....even if you have a buyers broker looking for you. Remember that regardless of what you buy must go through the gauntlet of title search, general home inspection, termite inspection, and survey..... All of that costs you money and effort. All of that takes you away from your studies....So Kaitlyn, what's your real goal...a degree or the time, effort, and money that you place at risk to own a home?
Please don"t get me wrong....I earn my living selling and buying homes for my clients...but not at the risk and expense of their time, money, and effort.
Only you can make those choices..and there probably is no right or wrong answer...I love your attitude!

Steve Condurelis
Broker, co-owner
Keller Williams Realty
Nashville/Brentwood
1 vote Thank Flag Link Mon Jan 26, 2009
There are a bunch of great upcoming areas in Nashville! East Nashville ( http://www.nashvillespropertysearch.com/eastnashville.php ), Germantown ( http://www.nashvillespropertysearch.com/germantown.php ), and Sylvan Park (http://www.nashvillespropertysearch.com/sylvanpark.php ) are all under a lot of development. East Nashville and Sylvan Park are a bit more in family-oriented areas, with lawns, historic homes, while Germantown is often a bit more urban in feel, with more condos to offer than homes (though like much of Nashville, it's still relatively easy to find nice historic homes!)

However, if you're going into school, I would highly recommend the Hillsboro Village ( http://www.nashvillespropertysearch.com/hillsborovillage.php ) or West End ( http://www.nashvillespropertysearch.com/westend.php ) area, as well! These areas are chock-full of homes owned by local university professors and students, and you would likely be able to turn around and sell a home with ease to someone in a similar situation as you are now. :)
0 votes Thank Flag Link Sat Sep 14, 2013
If you want quiet.. West Meade.
If you got lots of money... Belle Meade or Green Hills
If you like cute and funky... Sylvan Park
If you like shopping and chain restaurants.... Cool Springs/Franklin/Brentwood.
If you want to be cool.... the Gulch.....
0 votes Thank Flag Link Thu May 23, 2013
I know this question's quite old, but the answers here in 2013 may be a little different.

Midtown, East Nashville, and Sylvan park are perhaps the biggest up-and-coming areas of Nashville, which are all getting significant media interest, development, and buyers. Longer-term investments in the Nashville area might include condos in Germantown, South Broadway, or the Market District.

But that said, many areas of Nashville have held very steady in terms of demand, meaning that purchasing property there might be safer than in an up-and-coming area. This includes primarily places like West End, Hillsboro Village, and Belmont- in particular, areas close to Vanderbilt and the other major colleges.
0 votes Thank Flag Link Fri Apr 26, 2013
More opinions from someone who works all over Nashville.....for riding to school you should probably most consider Sylvan Park(and watch for the prices to decline, or offer less) and Sylvan Heights(the extension of Sylvan Park)....see the link below for houses up to $170,000...

http://www.realtracs.net/Search/Residential/QuickSearch_Resi…
For Charlotte Park, there are 3 to consider and this is a great area near the new West shopping area.

http://www.realtracs.net/Search/Residential/QuickSearch_Resi…

For a more complete study of the best deals and areas to meet your qualifications,you can send an e-mail to LauraScott@RealTracs.com and I will be glad to help!

This seems to be a real up and coming area also that you might like to consider...check it out...The state streets, the west side, or the Nations...

http://www.realtracs.net/Search/Residential/QuickSearch_Resi…
Web Reference: http://www.Laura-Scott.com
0 votes Thank Flag Link Tue Feb 10, 2009
Inside the 440 Beltway and anywhere close to the River. Having lived in Chicago for over 25 years I believe that over time Nashville will do the same, stay valuable closer to downtown and the river. Public transportation would have to change TODAY to make many parts of the county of use to commuters in the future. But maybe they will get some light rail in and better bus connections to make this whole thing work!
I am praying for it myself.
Hope that helps,
Cheers,
Ross Rylance
Keller Williams Realty Franklin TN
0 votes Thank Flag Link Tue Feb 10, 2009
Biking from East Nashville to Vandy?? I find that a bit ambitious. But if you're up for it....

As for pricing, Nashville homes usually sell for about 96% of final asking price.
0 votes Thank Flag Link Thu Jan 29, 2009
Kaitlyn,
you absolutely can expect that an owner will negotiate. What is your price range? I think Sylvan Heights is a possibility and maybe even Sylvan Park. Some price ranges are moving quickly though.
0 votes Thank Flag Link Thu Jan 29, 2009
Kaitlyn, You gotten a lot of good advice and opinions of neighborhoods. Now you may want to do a little research to better inform yourself on these areas.
http://www.bhgrealestate.com/Views/Look/Default.aspx........… is from county public records and can be broken down into neighborhoods or zip codes...Housing trends, sales info, price averages, schools, crime statistics and more...
http://www.city-data.com/city/Nashville-Davidson-Tennessee.html ....info and an active nashville forum where you may be able to ask other nashville residents for their opinions.

https://www.bidselect.com/servlet/RouterServlet?p_build_page…
Hud site for TN homes for sale.

http://www.homesales.gov/homesales/mainAction.do

http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp
Check the bank REO sites...

http://www.trulia.com/home_prices/Tennessee/Nashville-heat_map/
This interactive map from Trulia has a lot of information...

If you take your time, learn what you can from the many sources available about the area you are interested in, you will do just fine. It's your money, your decision, and your future, make an informed choice...
http://mortgage-x.com/general/rate_trend.asp
http://www.fhfa.gov/
Just interesting stuff.
Best of luck, Dunes
0 votes Thank Flag Link Thu Jan 29, 2009
Kaitlyn,
So it's my understanding that you intend to live in the property until reselling it is that correct? I would suggest off Lebanon Road, off White Bridge Road (try Croleywood) and Charlotte Park. There are other areas depending upon your price point capabilities.
0 votes Thank Flag Link Thu Jan 29, 2009
Kaitlyn,
Anna's given you some wonderful advice in regards to East Nashville. You'd also asked about Charlotte Park - it's much, much smaller. Focus on American, Henry Ford, Thunderbird, Mercomatic - if it sounds like it has anything to do with a Ford vehicle, you sold be good to go.

You might also like some other pockets in 37209 - The "state streets" between 44th and 63rd north of Charlotte offer good potential. South of Chrlotte you'll find Sylvan Park and Sylvan Heights which are also very popular, but your budget won't stretch as far there.

One of the best tools for someone like you who wants to be in a lively urban neighborhood is:
http://www.walkscore.com
If you see a listing online the looks good, then check the address on this website. It will calculate the "walkability" of amenities like parks and grocery stores in the area.

You can also search neighborhoods from the link below. I'm happy to answer any questions you might have.
0 votes Thank Flag Link Tue Jan 27, 2009
Kaitlyn,

I can't speak to Charlotte Park because I dont' know it as well so will offer my thoughts on Inglewood. The Northern portion of it that is nearest the river is predominately ranch homes in a variety of sizes, styles, and finishes but the yards are big with lots of mature trees. The Southern parts of Inglewood are smaller lots and you find bungalows, cottages, and a cape cod here and there. My personal favorite parts of Inglewood are anything North of Mcgavock and East of Riverside and South of Gallatin. This is merely based on my personal aesthetic and access to the shops and things that I personally frequent. I have seen some beautiful homes and bargains outside those boundaries but I live in the area and I'm giving you my pesonal preferences.

If you want bike and car flexibility but under 200k then I will say again that the area of Eastland Acres offers all of that as there is quick access to the greenway or park but you are also 2-3 minute drive to 5 points. This is an off the radar little area right now that I feel is going to continue to grow.

What it sounds like you are in the market for is a livable fixer upper. I.e. kitchens and bathrooms that are dated but completely functional and can be replaced over time. East Nashville certainly offers this option in the under 200k range and certainly you can find this in Inglewood or Eastland Acres. My suggestion if you are looking for a home in need of some updating and minor TLC is that you must buy it for the right price so that you can recoop and hopefully gain on any improvements you make. Usually, I have my buyers look at both the things in need of work and what the updated homes in a similiar size are going for in the neighborhood. This should give you a general idea of how much additional value can be gained from improvements and should give you a starting point on what projects will give you the most bang for your buck.

Please dont' hesitate to call if you would like more information.

Anna Altic
aaltic@villagerealestate.com
615-423-7267
0 votes Thank Flag Link Tue Jan 27, 2009
Kaitlyn, here are few choices in Inglewood that may give you an idea of what you get for the money, and which updates you can plan for this fun, stylized neighborhood (we also have some great clients living and loving it here):
http://listings.realtracs.com/Buyer4.aspx?EmailID=24414629

And, here are a few homes in an area between Brentwood, Nashville, and Antioch that is jokingly referred to as Brentioch (just off Old Hickory Blvd). These are not as walking friendly by any means, but they have proven to be a strong selling neighborhood in good and bad markets (with desirable schools for the long run too):
http://listings.realtracs.com/Buyer4.aspx?EmailID=24414591

Do some of these, from either lists or some that you have found online, start to stand out for you?
0 votes Thank Flag Link Tue Jan 27, 2009
Hey, Pete, I'm not interested in a condo. But thanks for the info.

For those who actually read my post: thank you! I appreciate it.

Steve: I'm aware you can buy homes that are in shambles (I've seen them!) but no, I don't think that kind of intense repair is really what I'm looking for. Ideally, the home would need minor repair (new countertops, floor refinishing, carpet, paint...things that could be done over time, when I have a free weekend or a fall break or in the summer before I move in). But if I could find a really good deal that didn't need a whole lot of work, that would be great. The most important thing for me is location, I would like to be somewhere that's safe, young, and accessible...I'm happy biking but would prefer to not rely on a car (although I will have one). Thus, places that are out someplace on the highway...no thanks.

Which areas around Charlotte Park should I be looking? Any particular streets I should avoid? As for Inglewood, it seems great, but also very large...should I limit my search there to a particular area?

Thanks again!
0 votes Thank Flag Link Mon Jan 26, 2009
Kaitlyn,

Before you begin condo shopping here are some tips I recommend for a better buying experience that you need to know and as a buyer’s agent it is very important to advise you and get the facts to you so you can make an informed buying decision. Since price is important all of these items should be taken into consideration for your benefit.

• Find out exactly what the maintenance fees are. Don’t even walk into an open house before you know how much you’ll have to pay to the condo association every month and what those fees cover. Dues can range anywhere from several hundred to thousands of dollars a month. Does it include trash, cable or satellite? When was the last time the association board installed a new roof? How often is the building painted? These are all questions you need to ask before you ever set foot inside a unit.

• Read the condo documents carefully. Every condo association has them and the board is required to give you a copy when you purchase the property. But don’t wait until then. Get a copy before you make an offer and read the fine print. If you decide to rent out your unit and the condo board doesn’t allow leases, you need to know that before signing a contract. The condo docs will also tell you if there are any age restrictions on tenants. They also cover rules concerning common property such as a pool or tennis courts.

• Examine the building exterior and grounds. Each condominium complex may have different associations and each one runs differently. That’s why one building may look well-kept, while another in the same community is old and tired-looking. Drive by at different times during the day to determine how often maintenance crews are working.

• Get a copy of the condo board’s financial statement. Remember, owners elect the condo board and you need to find out how well the association manages money. You pay dues every month and you want to find out where every penny is going and how it’s spent.

• Talk to residents. Walk around on a Saturday afternoon and chat up some of your potential neighbors. If you tell them you’re thinking about buying there, some may be very candid with you about life in the community. Even if they’re not, you can often read between the lines and sense any problems or discord in the complex.

• Finally, negotiate, negotiate, and negotiate! Remember, this is a buyer's market. Study comparables carefully and don't be afraid to make a low-ball offer. Sure, the seller can turn it down without a counter-offer, but with a glut of condos on the market, you'll surely find another one you like just as much.

Will Rodgers was a very sharp person and he said it best “Know what you are doing, Love what you are doing and believe it what you are doing.

Let me know if I can assist you in any way.

Pete Prosser
The Premier Group
Village Real Estate Services
615-383-6964
0 votes Thank Flag Link Mon Jan 26, 2009
Thank you for the feedback!

I have an aversion to condos; they often cost as much as a house (but require less maintenance, I know), typically don't appreciate in value the same way a house would, and have sometimes horrible monthly fees (especially, I've noticed, in the area south of Vanderbilt--some upwards of $200 a month!).

As far as footwork associated with home-buying, I have from now until August to find a home, and can always lease until I move in. I'm okay with lots of looking, especially if it means I can find a place that's a good deal and a good investment.

Another sub-question: Which parts of East Nashville are worth looking into? Historic Edgefield is a bit out of my price range, but I love the architecture and history in that area. Is the area around Cleveland Park/McFerrin Park worthwhile? Any other places I should check out?

Thanks again!
0 votes Thank Flag Link Mon Jan 26, 2009
The Nashville market has many great areas that would fit into what you’re looking for. What’s most important is that you do not buy one in an overbuilt area; this would affect your ROI.
East Nashville is really up and coming, 12th South “The Gulch”, West End Corridor, it all depends on what your budget is too. Are you planning to buy a unit that needs work? If so you could maximize your return later on once it’s rented. Is this a long term investment? Once you’ve identified what your investment goals you can make better decisions about which property best fits in your model.
Please contact me with any questions and my Team and I would love the opportunity to work with and for you when you’re ready to begin the process.
In order to get the best return for your investment here’s some information that you will find useful.
Return on investment (ROI) is a popular, useful way to evaluate an investment. Simply, it’s the return you get from an investment, divided by how much it cost you. E.g. you buy a GIC/CD for $1,000, a year later they return your $1,000 and give you $50 in interest, and you’ve got a 5% (50/1000) return.
Say I bought a condo for $100k 10 years ago and you bought an identical condo for $150k yesterday (which is the fair market value for both of our properties). Say we both rent our condos out for $1300 / month. My ROI is 15.6% (1300*12/100000) while yours is 10.4% (1300*12/150000).
The problem with this thinking is that it’s considering my condo to be worth $100,000 when it’s not. It’s now worth $150,000. The only reasonable way to think about this is to consider the CURRENT value of the condo (look at the opportunity cost). The purchase price is totally irrelevant (except perhaps for tax calculations and whatnot).
The Nashville market has many great areas that would fit into what you’re looking for. What’s most important is that you do not buy one in an overbuilt area; this would affect your ROI.

Best regards,

Pete Prosser
The Premier Group
615.383.6964
615.423.0890
0 votes Thank Flag Link Mon Jan 26, 2009
A condo may be a good option for you. Since you are going to be a student, you may not have time to do maintenance on a house or take care of a yard. I've had alot of clients purchase condos that have gone to Vanderbilt, Belmont, TSU or David Lipscomb and then sell them when they are done with school, often to other students. They are good to hold on to and rent out as well. Area 02 in the zip codes of 37215 and 37212 have historically had good resale value. Georgetown, Green Hills Terrace and Bristol on Broadway are some of the popular condos complexes. In the past year, sales and prices have been down a little everywhere (houses and condos) but the economy should turn around. Please let me know if I can help you.
0 votes Thank Flag Link Sun Jan 25, 2009
There is a very small pocket around ES Rose Park that has started gentrifying of late (9th Ave S., South Street, Southside Place, and Archer). It still has a way to go, but wow, what a fantastic location.

On the higher end of your budget Charlotte Park and the Ford-named streets offer a coveted west-side location (American, Henry Ford, Thunderbird, Mercomatic).

I've always liked Woodbine/Glencliff for first-time buyers. It's still possible to find great old architecture there (bunglows, cottages, and a couple of victorians), but you'll have to completely redo the kitchen and probably the exterior trim.

Of couse East Nashville has long been a haven for young, hip buyers. I'd recommend something within walking distance to the emerging Eastland Village near Chapel and Scott Ave.
0 votes Thank Flag Link Sat Jan 24, 2009
I can afford up to $160k, but would prefer to stay under that. I would be willing to do renovations, but not right away and probably not all at once. So ideally something needing a bit of work but still livable.
0 votes Thank Flag Link Sat Jan 24, 2009
Kaitlyn,
What's your budget and are you willing to do any renovations?
0 votes Thank Flag Link Sat Jan 24, 2009
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