Home Buying in Nashville>Question Details

Susan, Home Buyer in Philadelphia, PA

Can you suggest great places for condos close to Vandy for a single person, first time home buyer?

Asked by Susan, Philadelphia, PA Tue Feb 12, 2008

This will be my first time buying and I was hoping to spend around 140K. How far out of the city would be too far out? It seems like most people suggest the southwest direction of the city, do you agree? How about the re-sale value for these areas if I may only be in the city 3-5 years?

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Susan, as many of these answers suggest, the areas that look far from town on our map are really not a long commute. So the good news is, you do have lots of options around $140K. From a commute standpoint, your least crowded options are going to be against the flow of commuters. South and West offer the best options for a low traffic commute into the Vandy area.

If you want to stay walking or riding distance, there are some condo conversions from apartments in the Music Row and 12 South areas that have been very nicely renovated and are currently priced much lower than many newer condos. This offers a good option for living closer to Vandy and selling in 3-5 years with an upside.

On the west side, there are also some options in Hope Gardens/Farmers Market area (although these might be more difficult to come by as prices for the larger 1 bedrooms are rising to around $180's in those areas.

Although I don't have a crystal ball..resale should not be much of an issue, as long as you are convenient to Vandy. The nice thing about having so many schools and the medical center in that area is that there is always a revolving demand for just what you are looking for. And Nashville, unlike many areas of the country, has had a very steady, consistent rise in real estate values of about 6-7% per year over the past 15 years. We managed to avoid the high double-digit percentage spikes in value that have created problems and price adjustments elsewhere. Good luck with your search and welcome!
0 votes Thank Flag Link Tue Mar 4, 2008
Susan: I will be glad to guide you around the city of Nashville. The condos around Vandy that are within your budget average between 600 and 700 sq. ft. I saw one the other day and the bathroom was so small, you had to back in. But seriously- As you travel away from the Vanderbilt area they get much bigger and nicer. Please take a look on my web site. Its divided up by neighborhoods and full of good information.
0 votes Thank Flag Link Tue Feb 19, 2008
Thanks again for more answers--to be more specific, I will be working at the hospital and I am far out of college, so no need to be around students. I am single but looking for 2 bedrooms since I hope to start a family soon. I will definitely be in the area for three years, but then may have to relocate.
0 votes Thank Flag Link Tue Feb 19, 2008
Wow, thats a wide open question. Without price as a prime ingredient, you can buy hundreds of condos, all within walking distance of Vandy. The area is (and has been for a long time) going through a rapid growth in quality and quantity of newer units. If you plan to stay only for the period of time you are in school, then shoot for convenience...ie bike, short walk, etc. Parking is tough on campus.....Hire a realtor that has direct experience in the area, knows where all the bodies are buried and knows what is good quality construction and what is weak.
0 votes Thank Flag Link Tue Feb 19, 2008
I work with a ton of Vandy students with exactly your request. Many of them are finding what they want in Woodbine (7 minutes from Vandy), Historic West Town (7 minutes), Cleveland/McFerrin Park (8 minutes), Eatons Creek (12 minutes), Buena Vista Heights (5 minutes). They are not the hippest, coolest areas of town but the yummy factor is going up in many of these areas. You don't have to live too far from Vandy to land a great place, just don't let the stereotypes of "what's in" or "what's trendy" keep you from getting exactly what you can afford. You CAN afford something nice here within reasonable commute.
0 votes Thank Flag Link Mon Feb 18, 2008
Thanks so much for your help--it seems like I would like alittle more living space, so I will think more about living alittle further away from the univertity. :)
0 votes Thank Flag Link Thu Feb 14, 2008
There have been and abundance of condos being built and in the planning stages for the Vandy area. Unfortunately they are newer and more expensive. Here is a link to some of the condos in the area for $140K or less. These are located within 10 minutes of Vandy. You may have to copy and paste this into your browser. http://listings.realtracs.com/BuyerFull.aspx?EmailID=17479516
0 votes Thank Flag Link Thu Feb 14, 2008
It really depends on your lifestyle and what you like to do in your spare time. If you like the urban scene, you'll be happier close to Vanderbilt. Most of what's available for less than 140k near Vanderbilt are apartment complexes that have been converted to condos. In that price range you’ll get a one bedroom with 465 to 650 square feet of living space. Most don't have laundry hookups so you'll have to go out to do your laundry, and you'll have the general feel of living in an apartment complex, but many are within walking distance of the campus and hospital as well as shopping and restaurants. Bellevue is a suburban community about 20 minutes (southwest) from Vanderbilt and offers a number of choices in your price range. You’ll find two and three bedroom condo’s with up to 1600 sq ft of living space, and most have washer dryer hookups. There are some apartment conversions there too, but also purpose built condo developments that offer good amenities. If you are nature oriented, Bellevue is close to the Warner Parks which offer 2684 acres of forest and field for hiking and leisure. As for resale value, I don’t think you can go wrong with either choice. Affordable housing with an easy commute to Vanderbilt will always be in demand. Good luck with your house hunting!
0 votes Thank Flag Link Thu Feb 14, 2008
Hi there. There are quite a few condos that are within the price range. However, if size is an issue for you, it will be hard to find anything at least 1000 square foot in the very close vicinity less than $150,000. Here are a few that you might check out: Georgetown, Green Hills Terrace, The Columns, University Square, Four Seasons, West End Square, Villager East and West Lawn Green Condos, and Versailles. These will be small, but they are within the price range and very close to the action. Options increase with each increment of $10,000 from this price on up. Bellevue is the closest suburb area that will give you some similar options, but increase your options, if you're willing to be a little farther away. Berry Hill is also close by, but the lowest prices I saw in condos there were $160k's.
Web Reference: http://homenashvilletn.com
0 votes Thank Flag Link Tue Feb 12, 2008
Are you looking for a 1 or 2 bedroom? There are lots of options coming up in my initial search, but it will help to know more...do you plan to have a roommate or live alone?
0 votes Thank Flag Link Tue Feb 12, 2008
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