Home Buying in Germantown>Question Details

John, Home Buyer in McLean, VA

Wondering if a loft in the Werthan Mills development will hold its value and appreciate much in the next 5

Asked by John, McLean, VA Sun Jun 15, 2008

years, any insight? I've heard they have some new construction as well as the refurbished factory buildings. Is this still considered a rough part of town?

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As usual, I feel it necessary to chime in on Werthan and the neighborhood - since I am a Realtor and I live in the building (big metal box on the roof that you can see from Rosa Parks Blvd on the Hume Street side...). I have written a couple of blogs about this part of town that you may find by googling Germantown Nashville; but I'm not going to cram all those details in this answer - just some notes on the "rough part of town). When I moved here in 2006, I did a lot of my own research because I am a girl and have two greyhounds who love to go on their walks and I wanted to be able to walk through the neighborhood with them. The best way to experience this neighborhood is to meet the neighbors. Here are a few of them: several folks of all shapes races and sizes who live in a sixplex (owned by my insurance agent, I later found out). All kinds of stories in that building. A grandma who looks after her two grandchildren while their mother struggles to make ends meet, and older gentleman who hosts pig roasts for his cousins in the summer, a young couple...Then. down the street, we have three houses owned by a man who's family has been here since the 50's and will stay til the houses fall down. He takes in stray pets, gets 'em cleaned up and neutered and then finds them homes. Further down the next block - several younger couples (one pregnant, two with young children); an artist; a few Realtors; a day laborer for construction, a caterer. That's a snapshot from Hume Street west to Buchanan, an area many people consider rough - it's just an eclectic group of people with a pretty diverse range of races, income levels, occupations. I do not feel at all unsafe in the area and continue to reach out to my neighbors to get to know them better.

As for the development going on, you got some good insight from the Brians. Additionally, look for a mixed use development of flats, condos and townhomes with light commercial space at Hume and Rosa Parks, Concept G at Garfield and 6th, and really high end townhomes on Hume at 6th (listed at $582,000).

The appeal of Werthan itself continues to be the TRUE loft nature of the development. The only other that could come close would be Neuhoff, when that gets built out. The addition of the pool, bocce courts, public outdoor spaces and eventually two light commercial spaces (plans are being worked out for coffee shop and ale house) will only enhance the appeal.

As for appreciation, I had an appraisal this year - our unit in Werthan appreciated 32% since 2006 and it is one of those with newer construction and very little brick (ok, it is a penthouse and it does ROCK...but still, very little brick.) Alright, I may be a little biased, but if you ever want to meet the neighbors, just call and I'll be happy to give you the tour. You can see for yourself how really diverse and special this area has become.

And one last thing, we knew the neighborhood had made it when the Kroger started selling pate'.
1 vote Thank Flag Link Mon Jun 16, 2008
Truth be told no agent can predict the future value of any property (liability) Viewiing the recent values of the properties, this part of Nashville has been climbing and holding. Any good Realtor can quantify and through an evaluation show the historical evidence.
Web Reference: http://www.gotobecky.com
0 votes Thank Flag Link Tue Feb 10, 2015
What about the smaller units in werthan...like lets sayyy a 500 square foot on the ground floor with only half a window. will that be a hard sell in the future? all this is hypothetical of course... ;)
0 votes Thank Flag Link Thu Feb 5, 2015
I really appreciate everyone's input here! Thanks for taking the time to answer my question.
0 votes Thank Flag Link Fri Jun 20, 2008
John: Kimble shares a wonderful insight. I have to laugh with the pate' comment. I was in that Kroger the other day getting some skim milk and was amazed at the changes there. Also, three of my favorite eating spots are in that neighborhood, Germantown Cafe, Monell's and King Fish!
0 votes Thank Flag Link Thu Jun 19, 2008
I think the newer units being in Werthan will still benefit from the historic nature of the property but demand may be higher for the true historic units with more character. Along with all the new developments stated below Bristol has recently announced a new apartment complex between 5th and 6th on Jefferson - Vista German Town Apartments (233 units).
0 votes Thank Flag Link Mon Jun 16, 2008
Yes, the same reasoning applies; however, the quirkiness of Werthan (and older buildings) help them market a bit better. There is the Museum of African American History going up near the corner of Jefferson and Rosa Parks Boulevard. Metropolitan 8 couldn't get off the ground at Garfield and Rosa Parks, but that land still holds promise. Nuehoff Meat Packing Plant has been buzzing with some hopes of restoration. District Lofts are closing now down the street. There are other phases planned for Morgan Park Place. Historic Buena Vista just started it's redevelopment plan. There's so many good things going on in the area.
0 votes Thank Flag Link Sun Jun 15, 2008
Do you think the same reasoning applies to the new construction townhouse/penthouse units within the Werthan Mills development?

Thanks for the answers! I recently moved here and appreciate the information. Are you aware of any other future development in the Germantown area. I'm not looking for other places to look to buy, but am curious about future improvements to the neighborhood in general. I heard something about a Museum of African American Music Art and Culture going in near the Farmers Market. Is this project going to happen? I think it would be great for that area. Thanks again.
0 votes Thank Flag Link Sun Jun 15, 2008
Great question, predicting real estate prices in the future is hard question to answer, but I’ll try to keep simple as possible with attempting to help as much as I can. Real estate value are always based on supply and demand, Werthan Mills in my opinion will always be in demand due to the character and historic nature of the property. After a couple years as the market reestablishes itself I’m sure there will be many more condo projects but there will not be another Werthan Mills. With this reasoning I would be confident that in 5 years Werthan should hold its value but how much will they increase nobody can say. In regards to German Town, this area is rapidly changing and as it gets better so will the prices at Werthan as it is German Town’s historic crown jewel.

Hope this helps.

Brian
0 votes Thank Flag Link Sun Jun 15, 2008
Everything in that area seems to be holding value well and has appreciated well. All of Nashville is holding value. I can't say it's the most conservative investment, however, it's not unsafe. Werthan is an old flour sack factory. They also used it in filming "Driving Miss Daisy." The Neuhoff Meat Packing Company is the other old building in that neighborhood that has refurbish potential. Everything else (development-wise) in that area is new construction including 5th & Monroe, Madison Square, Morgan Park Plance, Concept G and several 2 and 4 unit developments.

When I drove through this neighborhood in 1996, it was simply scary. No other way to put it...scary. Now, festivals like OctoberFest are commonplace with families, partygoers and almost any other type of person showing up. It's definitely far from where it was 10 years ago. As in many urban cores, there are areas that are perceived as rough due to poor sign ordinances, unrestored buildings and mixed-use/industrial buildings. "Rough" is all in the opinion of the resident. I love the area!
0 votes Thank Flag Link Sun Jun 15, 2008
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