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VOL. 44 | NO. 36 | Friday, September 4, 2020

Pending, closing lag makes tracking trends difficult

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There is little evidence that the COVID-19 pandemic has affected the Middle Tennessee real estate market, though some say there has been an invisible reaction, one difficult to prove.

Others in the industry feel sales have slowed considerably.

One of the reasons the market seems to have been unfazed by COVID-19 and the accompanying Safer at Home orders is because a large number of real estate sales went under contract in January and February and closed later.

A quick check of the early 2020 sales shows closed sales were off slightly at the first of the year, at least when compared to record-setting 2019. While the closings were slower, homes were going under contract at a phenomenal pace, possibly higher than ever.

These pending sales went to closing in March, April and May and provided enough transactions to eclipse last year’s record numbers. Many contend that COVID slowed things, as several top producers saw their volume of contracts dip in March and April, all the while having record years as far as closings in those months.

To summarize, there is a feeling among the most effective real estate brokers that Nashville was on track to have a monumental increase in sales such that the city had never known.

The news now is even better though – like January and February – it might take a few months to show the current market conditions.

Another trend prevalent in today’s market is that many companies are realizing physical location of employees does not affect their performance. These employees have been given the freedom to move wherever they like, with many choosing Middle Tennessee.

As Convention and Visitors Corporation president and CEO Butch Spyridon notes, New Orleans has lost 1,400 restaurants, New York has lost 70% of its international business and Tampa is a ghost town. There are ongoing protests and other mayhem in many cities that have cast a pall upon them.

Tennessee has no state income tax, which means those moving here from California and some of the New England states get the equivalent of a pay raise without having to beg their boss.

The spring selling season hit in late summer and will continue into the fall season unnoticed. Those who want Nashville’s growth to slow are not going to be happy.

Sale of the Week

When the property at 5925 Sedberry Road was unveiled, listing agents Alissa Razansky-Robinson and her cohort, Ivy Arnold, had a full house at the pre-COVID reception announcing its listing.

Razansky-Robinson is a veteran Village person, while Arnold is mainstay at Parks and, for a few months, those were the same company.

Both Realtors are trendsetters in their own right. And while most of their listings wreak of coolness, the Sedberry home shrieks with psychedelic vibes of hipness. The reception itself was a work of artistic magnitude with a DJ whose speakers reached a supersonic range of bassness, a tribute to the structural integrity of the house as it withstood the thundering beat void of vibrations, be they good or bad.

Lucy Smith, a past president of the Greater Nashville Realtors, was in attendance at the event, as she absorbed the music and the exquisitely catered desserts and hors d’oeuvres. The glitterati arrived in full force, and this stunning house was up for the task of accommodating the masses.

The $2.49 million price drew gasps from those receiving their invitations, yet any reservations as to the value of the estate were put to rest upon entering the 5,572-square-foot, one-level palace.

The five bedrooms were spread in such fashion as to allow privacy in each suite. Described by Razansky-Robinson as “a portrait of mid-century perfection,” she noted the five bedroom, four and a-half bath home includes a three-car garage and a gunite pool.

With another mid-century only 30 years away, it is worth taking a look 30 years back to see what defined 1990 in order to take a peek into 2050. Of course, mid-century architecture reaches into 1960, the year this house was built.

To add to the sizzle of the Sedberry house, the owners’ suite has an infrared sauna and a steam shower. The home sits on a 1-acre irrigated lot, and the full-home sound system can compete with the public address system at Nissan Stadium.

Not surprisingly, the buyer was represented by none other than Chip Wilkison, whose name is misspelled as much as his company, Engel and Voelkers. Wilkison has mastered youthfulness coupled with an encyclopedic knowledge of all things real estate. He routinely delivers buyers to Sedberry-like properties.

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

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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