Home Buying in Nashville>Question Details

Donna, Home Buyer in Nashville, TN

Considering buying a house either in Sugar Valley subdivision or Lenox Village subdiviion. The one in Sugar

Asked by Donna, Nashville, TN Wed May 7, 2008

Valley has a Cane Ridge Address while Lenox one has Nashville address. Which would be better? We have no children - but are concerned with resale within 5 years.

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Cane Ridge has become a city, incorporated on its own. Antioch's answer to perceived reputation issues possibly? Basically Cane Ridge is part of Antioch in location if not in name any longer. Resale is higher(going by numbers) in Nashville than Antioch. Lenox Village has good resale numbers, however there are many more to be built in there and that gives you more possibility of competition when it comes time to sell. Basically, you need to take the the resale numbers and put them down on paper, side by side and examine all the pro's and cons before making a choice. What has the area done in the last 6 months, 1yr, 2yrs and so on. The closer to Brentwood it is, the higher the demand and thus the higher the resale. That is the supply and demand in market values. Ultimately it is only worth what a buyer will pay so paying close attention to the numbers is definately in order here. Please do not hesitate to call on me or visit my web site for more tips and information. :.)
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1 vote Thank Flag Link Mon May 12, 2008
They are good subcivions to buy in. Lenox Village is still growing. You should however, consider traffic .Perhaps you could visit the area one morning and see if you can live with the traffic, if there are issues to consider and what solutions exist - maybe other routes to work, if that is an issue for you. Let me know if I can help you with your choice. Where do you live now?
0 votes Thank Flag Link Thu May 8, 2008
Both are nice subdivisions and are not that far from the other. However, I believe Lenox Village is the better subdivision as this subdivision has much higher sales for the last six months.
I'm not sure what size home you are considering, but to give you examples:

Sugar Valley 2400 - 2600 sq ft Average sales for the last six months are from $220,000 to $260,000.
Lenox Village 2400 - 2600 sq ft Average sales for the last six months start at $245,000 and go up to $295,000.

Should you need more information, please don't hesitate to ask. Good luck on your search.

God Bless!
0 votes Thank Flag Link Thu May 8, 2008
Hi Donna. I can understand your concern in buying a house and wanting to predict the best place for resale down the road. You definitely want to protect your investment. I can't exactly tell you which is the best for you. However, I can tell you what I know about those two subdivisions. They are actually right near each other. I'm not sure where Cane Ridge came from, but if you're referring to Sugar Valley the subdivision like I think you are, then it's not in the Cane Ridge area. Sugar Valley subdivision straddles the Antioch and Nashville city lines. You'll find some houses with an Antioch address and some with a Nashville address. The same will be true about Lenox Village, actually.
Let's stick with Sugar Valley first. It is comprised of homes only and has several hundred in the neighborhood. There are 21 for sale right now. This year, there have been 15 sales, averaging 37 days on the market. If we go back a little further encompassing the last 6 months, 28 were sold total in an average of 47 days at an average of $89.55/sf. If we look back an entire year from now, we were looking at 53 sold in an average of 59 days at an average of $91.93/sf. There are 4 houses pending. The average price per square foot could definitely have a few outliers in there making the numbers a little off balance, but it looks like they are selling faster as we move on through time in the last year perhaps at a little less than they were a year ago. However, of the 21 for sale now, they are averaging about 68 days on the market. As you know, with more inventory in general, it's taking homes a little longer to sell.
Now, let's take Lenox Village which is of several mixed uses. it includes houses, condos, townhomes, and commercial. You can walk to get some pizza for lunch and then get your nails done before walking home. If some walkability would be give a neighborhood brownie points, then Lenox Village would get a point. Granted, it doesn't have a ton of services there yet, but even the retail it has makes several things quite convenient. The sales picture doesn't look much different except that the price per square foot seems to be higher in Lenox Village, which may or may not matter to you. Lenox Village has been looking at 19 sold in the last 6 months at an average of 103 days at an average of $121.71/sf. In the last year, it has been 32 sold with an average of 83 days on the market and at an average of $122.32/sf.
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0 votes Thank Flag Link Thu May 8, 2008
Actually Cane Ridge is the subdivision name. Antioch is the city. Resale is always a hard call. You have to first decide if you can see that place as a home you'll enjoy for the next five years.
0 votes Thank Flag Link Wed May 7, 2008
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