Memphis Daily News Chandler Reports Nashville Ledger
» Subscribe Today!
The Power of Information
Home
The Ledger - EST. 1978 - Nashville Edition
X
Skip Navigation LinksHome > Article
VOL. 43 | NO. 48 | Friday, November 29, 2019

Strange houses overlooking I-440 skyrocket in value

Print | Front Page | Email this story

309A 33rd Avenue North

Fifty years from now, visitors to Nashville will gaze upon the thousands of structures that are similar in appearance to 309A 33rd Avenue North and perhaps wonder during which year they were they built.

The “Name the Year” contest is a favorite among those migrating into the area. Was this one built in 2013? Maybe 2016? No looks more 2019.

In the case of this Nevada Heights property, such guesses would have sent them home with only parting gifts. Although 309A 33rd Avenue North was built in 2008, it came some 10 years after this style of architecture began to appear on the hills of the area known as Nevada Heights, says Christie Wilson, knower of all things Sylvan.

Wilson recalls a developer began building these properties in the late 1990s. As they were prominently placed upon the hills overlooking the junction of Interstates 40 and 440, they caught the attention of drivers passing by. People began to ask Realtors the whos, whats and wheres of the area, especially after one of the buildings burned and the owner let its charred carcass lie in state for all to see.

Most had no idea how to navigate their way into the uncharted hillside. Once they learned, their interest waned. Especially after viewing the extra crispy, skeletal timbers somehow battling the elements and remaining upright for years in defiance of the rumored torch that sought to sink it.

As is the case with most myths and rumors, there was no torch.

The myth that “you can see Nevada from here” is not how the name of the neighborhood originated, rather due to its proximity to Nevada Avenue and its location high above its Sylvan Park sister.

It caught the attention of Joe Kovalick, who rekindled the vision of the original developer, Brett Massey, and painted the hillside landscape with more and more contemporary homes, a rarity in Nashville at that time.

Kovalick’ s success did not go unnoticed by area developers who were surprised to see these strange structures selling for high prices in a neighborhood that was not prone to high prices.

A quick look at the 1999 photo of the neighborhood versus today makes a strong case for teardowns where warranted. Now there are two $680,000 homes where the previous modest home rested, as tired as it was.

Now, the formula has spread throughout the city and is especially prevalent in The Nations, the nearby neighborhood where prices have skyrocketed on all real estate, especially the more contemporary houses.

Some wonder if the contemporary craze is merely temporary. It does not appear that is the case.

With the market in its current condition, it is difficult to imagine the pains some of the early residents and visionaries endured while driving the force into its current state.

The increased popularity of the style and the Nevada Heights area can be traced in the history of 309A 33rd, which was listed as the duplex in 1999 for $44,900. It stayed on the market for 91 days with no takers.

It reared its proud head again in 2003 for the same price and stayed on the market 1,028 days – yes, almost three years – and again did not sell. That is one patient seller.

Finally, the duplex was purchased by a developer who divided one lot into two and built zero-lot-line homes, according to the current listing by Laura Baugh and Jennifer Cooke of Worth Properties who were the listing agents on the last sale. They sold the property in two days.

Upon completion of the new dwellings in 2007, things did not go exceedingly well. The listing stayed on the market for 91 days priced at $535,000. In November 2007, the price was lowered to $499,000 for an additional 193 days. In 2008, the price dropped to $469,000. An individual purchased the home, only to have GreenBank take ownership for $300,000 in 2010 as the Recession rolled in.

In 2011, GreenBank sold the property for $285,000 and was probably thrilled to get that price.

That’s when the tide changed.

The buyer in March 2011 decided to try to grab a quick $100,000 and listed it for $399,900 in August after seeing the newfound excitement about the neighborhood. It sold for $318,500, a respectable return on his investment.

That buyer sold two years later in 2013 for $385,000, and that buyer sold last week for $680,000 in two days with Jimmy Petty representing the buyers, who apparently fared well since the aforementioned Christie Wilson and her cohort Karen Roach sold a home down the street at 318 33rd Avenue North for $800,000 last week.

Timing. It’s everything.

Richard Courtney is a licensed real estate broker with Fridrich and Clark Realty and can be reached at richard@richardcourtney.com.

Follow us on Facebook, Twitter & RSS:
Sign-Up For Our FREE email edition
Get the news first with our free weekly email
Name
Email  
TNLedger.com Knoxville Editon
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0