Howard Corey, Other/Just Looking in Boston, MA

Graduate Student looking for Condo/Townhome near Vanderbilt

Asked by Howard Corey, Boston, MA Wed Feb 18, 2009

I will attending Vanderbilt for graduate school in the fall and am potentially looking at buying a condo asopposed to renting. I would like to keep it as close to the school as possible, 2 bedrooms, dog friendly. Could I do this for under 250K? Secondly, what are you predicting for home values in the Hillsboro/ West End area over the next 5 years?

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Howard, congratulations on coming to Vanderbilt, and to Nashville. If you are looking for town homes with a possible outdoor space, here are a few that might be worth your consideration (and that will hopefully negotiate into your price range):
http://listings.realtracs.com/Buyer4.aspx?EmailID=24858990

If closer is better, but dog walks are more regular, its worth looking a little higher at these brand new options next to campus - less space, but great lifestyle:
http://listings.realtracs.com/Buyer4.aspx?EmailID=24859114

Overall, from the breif description above, maybe 510 Acklen Park is one to keep on the list to see:
http://listings.realtracs.com/BuyerFull.aspx?EmailID=24859378

The area is pretty well protected thanks to folks like yourself making the move close to campus, employees of the largest institutions in Nashville close by, and one of the most convenient, fun areas we have to offer to you today. Its always done well, and continue to be in higher demand than most of the city or surrounding areas.

Love to help with the specifics and your research on market values (kpellatiro@realtracs.com). Does this help you get started?
1 vote Thank Flag Link Wed Feb 18, 2009
Hello Howard,
There are about 100+ condos presently listed in the three zip codes closest to Vandy. Good news! Be careful however how you choose. For instance, learn how well the condo association is managed, talk to the PAST president of the association....not the one serving now....the reason you talk to the past pres. is that they have less to hide and protect, and will most likely be open and honest with you. Also, review the past 3 years operating statements for the association. It will tell you how well they are being managed. Next drive the 'hood. Is it well kept? Are the roofs in good shape, how about the drive? Does it have a pool and tennis courts....that you may never use, yet must pay for? How about the owner mix? Does there seem to be lots of party people, or folks that like to hang around and garden, or perhaps are never there at all and just crash there occasionally? And finally, when you choose a particular unit...interview the immediate neighbors...after all, they will become your good friends...or will they....I suggest you drop by one afternoon after work, or knock on the door on a mid-Saturday morning. I guarantee you will learn ALOT. Its your money, you might as well enjoy the stay and have a good shot at a profit.....BTW, you may think I did not identify those properties that are most likely to make you a profit when you sell.....but if you identify a property like a just described and do the due dilligence I described, you will!

Steve Condurelis
Broker, co-owner,
Keller Williams Realty
Nashville/Brentwood/Green Hills
1 vote Thank Flag Link Wed Feb 18, 2009
Howard,
There are several options in the price range you've indicated - depending on how close you'd like to be to the campus. Here is a link showing the available units in 37212 and the surrounding zips:
http://listings.realtracs.com/Reports/EmailPublicReports.asp…

As for value projections, it's hard to say in this market. I can tell you that Metro Nashville area values are down just 2.6% from the same time last year which is much more stable than the national average of over 11%. The Vandy/Belmont area has always been a desireable area. There is absolutely no reason to believe that will ever change.

I specialize in the condo market. You can learn about just about every development on my page below.
I'd love to opportunity to earn your business. Please let me know if i can help at all.
1 vote Thank Flag Link Wed Feb 18, 2009
I have a duplex for sell within 3 miles of Vanderbilt which has tenant paying $995 for one side. Each side has deck with fenced back yard, hardwood floorsing, 2 bedrooms, bath and kitchen with washer/dryer. Great for pets. This property would pay for itself! This duplex is in Green Hills/Lipscomb University area with great neighborhood. Price is $279,900. Contact: faye.smith@bellsouth.net
0 votes Thank Flag Link Sun Apr 4, 2010
Howard, did you find the right place for you?
0 votes Thank Flag Link Mon Apr 27, 2009
Howard,

I currently work at Vanderbilt, and I am a surgical resident. I live on West End Ave and I love it. My wife and little girl love it as it is close to some great parks, all the nightlife, and most importantly for me, Vanderbilt. My condo is currently for sale, but you can see all of the residents who are trying to sell their home at the below website. Mine is $239,900, 2BR, 2BA, 1627sq ft, dog friendly, on West End Ave/Acklen park (we walk our dog in Acklen Park 3x daily). Everyone has to live relatively close (Bellevue as the farthest for most), so it is a good place to start. There are quite a few homes in your price range on this list. Best of luck to you, and you will like being in the Vanderbilt system!

All resident homes for sale website:
http://sitemason.vanderbilt.edu/newspub/bvMyw8?id=41622

My site:
http://www.zillow.com/homedetails/3314-W-End-Ave-APT-501-Nas…
0 votes Thank Flag Link Sun Apr 26, 2009
Howard,

I attended Grad school at Vandy (2003) and have a 1 bedroom condo for rent. Walking distance to campus (3 blocks) brand news as of Oct 2007.

If you are interested please email astaranto@yahoo.com for details.

From Mass originally. If you want to talk Vandy/Nashville in general, let me know as well.

Thanks,
Adam
0 votes Thank Flag Link Tue Mar 31, 2009
Since it looks like you got your question answered pretty thoroughly so far, I won't be redundant. I'll just add that while the median price of homes went down in the Greater Nashville area in January compared to last January...condo median price went up from $158, 890 the previous year to $165,000. This takes quite a few areas in account, but it is an interesting statistic, nonetheless.
Web Reference: http://homenashvilletn.com
0 votes Thank Flag Link Tue Mar 3, 2009
Well good news. I have been out looking yesterday and today with another family who's son is attending Vanderbilt. Their goal is to find a condo for under $250k with the same parameters. Together we have looked at over 22 condos. There is a lot for sale. This is a highly stable area of Nashville and should continue to appreciate better than most areas. In the "triangle" as it is commonly referred, homes and condos continue to sell and move because of the three universities that are in this area, Vanderbilt, Belmont and Lipscomb. Not only do students come looking for housing, but after they graduate, many stay in this area. This is a highly desirable and convenient area to anywhere in Nashville with lots of shopping and restaurants as well as nightlife, many of which you can walk to. If you would like an agent that is extremely familiar with what is for sale or just need some questions answered, give me a ring.
Web Reference: http://www.mariaholland.net
0 votes Thank Flag Link Sat Feb 28, 2009
Hey Howard,
Have you found your condo yet? I have a listing at The Enclave, great gated community near Vanderbilt.
Asking price 289K.
Sharon
0 votes Thank Flag Link Sat Feb 28, 2009
Hey Howard! Welcome to TN from one Bostonian to another! I moved here 11 years ago from Boston (grew up in Newton & moved here from Westford/Acton) and love it! You're going to find living here awesome! Weather is SO much nicer, no bone chilling damp feeling all winter long,,, we hardly ever get snow. I would agree with Brian that the Hillsboro Village area will give you your greatest array of condo choices that fit your parameters and keep you close to Vandy. Remember that real estate is cyclical by nature. While market values will increase within the next few years, we just can't give you an answer as to by what percentage. You can feel confident though, that should you purchase now, which it is a Buyer's market, you will probably realize some sort of profit if you sold in 5 years. I really believe you'll love it here.
If you would like a fellow New Englander's perspective of life in the south, feel free to contact me.
Welcome to this side of paradise!
Tina Evans, Broker
Luna Realty Group
tina@tinaevans.net
0 votes Thank Flag Link Thu Feb 19, 2009
Here's an analysis of what condos within a 3-5 mile radius of Vandy have sold for on average over the past five years. Of course, no one has an economy crystal ball, but we can certainly give you the facts and figures you need to analyze effectively.

Year / Average Sale Price / Average Square Footage
2008 $256,337 920 sq ft
2007 $239,461 885 sq ft
2006 $219,625 950 sq ft
2005 $199,503 869 sq ft
2004 $133,034 937 sq ft

Hillsboro Village area is your buffet of choices; so, it's just a matter of strapping on the feedbag and seeing what fits your tastes best. Welcome to Nashville!
0 votes Thank Flag Link Wed Feb 18, 2009
Hey Howard - Congrats on selecting Vandy for your graduate studies! As the others have said, Hillsboro/West End is a very desirable area and there is a lot to choose from condo-wise. It is possible to buy a place for well under $250K - in fact, prices currently start at $104K for about 550 square feet. I live about five minutes from this area (in Green Hills/Oak Hill) and bought a single family residence in late 2006 (just before the market started to really slow down). I feel confident that if I put my home back on the market today it would still bring the price that I paid for it, and most likely about $30K more!

A good thing to do before making a purchase is to go over the comparables of the neighborhood over the last ten years and see how much the value has increased or if it has decreased. In the Hillsboro/West End area, you will definitely find that it has increased in value.

As you can see here, there are plenty of Realtors here anxious to help you - so just add me to the list! :)

Best wishes to you -
Emily Lowe
Emily@EmilyLowe.net
0 votes Thank Flag Link Wed Feb 18, 2009
Howard,
Great choice for grad school. The West End area, and all areas are only going to go up in value. I'm pretty confident we could find something under 250K too, it is a buyers market so you are in total control. Feel free to contact me if I can be of assistance to you. Best of luck at Vandy,

Len
Web Reference: http://www.lenadcock.com
0 votes Thank Flag Link Wed Feb 18, 2009
Awesome and congratulations. You will love the area in and around Vanderbilt. I have a listing coming up very soon that you can check out on my website under condos in Green Hills. It will be approximately 200K. It is a 2 bedroom/2.5 bath with a one car garage. It has been nicely remodeled. There are others in the area as well. I would love to work with you. Give me a call or check out my client testimonies under about me on my website. http://www.mariaholland.net
Web Reference: http://www.mariaholland.net
0 votes Thank Flag Link Wed Feb 18, 2009
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