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VOL. 45 | NO. 26 | Friday, June 25, 2021

Don’t get starstruck when buying a celebrity’s home

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Nashville is a community that has always had its share of celebrities, with most of them hailing from the country music industry. Some homegrown talent such as Reese Witherspoon, Mookie Betts, David Price, Brant Snedeker and Oprah Winfrey have provided some diversity in the celebrity circles.

Many professional athletes have remained in town or relocated after their playing days have passed allowing sightings of Kirk Herbstreit, Trent Dilfer and Eddie George among others. Dennis Quaid recently joined the ranks of famous residents. He doubles as a musician and, of course, has had marquee value in the movie business for years.

Celebrity couples seem to be happy with the anonymity, as Nicole Kidman and Keith Urban are often seen at their favorite spots. Some have been elevated to the John and Yoko status with only first names needed: Vince and Amy, Tim and Faith, Big and Rich.

Sheryl Cow’s longhorns can be seen grazing on Hillsboro Road, and Roman Josi is often seen strolling his baby through his neighborhood. The Rascal Flatts gang is spread around town, and Jack White and John Oates are residents.

As they proliferate, the rich and famous are becoming less conspicuous by becoming more visible. For the most part, the locals respect the privacy of those in need of solitude and, for that reason, more are relocating into the area.

When they purchase homes, it is usually done through a trust so that their addresses do not become part of the public records, although some are a bit too clever when naming their trust or their LLC. Jerry Mathers would not have bought a house under the name Beaver’s Home Trust, although Beazer Homes had constructed numerous homes in the area.

When they show their homes, many of the walls are adorned with the plagues and trophies given to these remarkable individuals for all they have accomplished. Upon leaving the homes of these luminaries, the potential buyers can cite chapter and verse the awards but cannot remember where the bathrooms were.

While excited about the prospect of owning the former home of a well-known entity, buyers negotiate differently than they would from unknowns, often making lower offers and then objecting to the sellers’ counter offers.

“Like they need it!” comes the response. Buyers often think price should be dictated by the financial needs of the seller, especially when the seller is wealthy.

If the seller has no equity in the home or no money in the bank, the buyers often say ‘It’s not my fault they squandered away all their money” when they refuse to pay what the house is worth.

In the current market, the pedigree of the sellers, their accomplishments and their net worth matter not. The houses are going to sell for big numbers to the new kids in town.

They are landing in our neighborhoods by the gaggle, these high-flying, low-riding affluence-laden buyers. Some of them prefer recognition, others invisibility. Either way, they are on the way.

Sale of the Week

When is enough enough? Houses are selling all over the Midstate area for thousands of dollars more than list price. This trend began in March and has cycled through a few months of sales, meaning sellers are now using the inflated prices as comparable sales.

With sales reaching heights that were once considered impossible, market prices should reflect the increase.

4112 Utah Avenue

That is not happening, however, as evidenced by the sale at 4112 Utah Avenue in Sylvan Park last week.

Weighing in at $473 per square foot, the 3,232-square-foot home sold for $1.53 million, $280,000 more than the price Clay Kelton published as the list price. Kelton is a real estate veteran raised in a real estate home, with both parents highly regarded in the residential real estate industry. The man can price a home and has never missed one by $280,000 – until now.

Robin Thompson of Worth Properties proved her worth to her client as they crossed the finish line ahead of the pack with the $1.53 million offer. The home has four bedrooms, three full baths and one half bathroom in the main dwelling, and the owner’s suite was located on the first floor.

Kelton says the property is graced by “must-see outdoor living space and a detached Zoom Room home office with a full bath.”

The heralded Kelton has his license perched at Pilkerton Realtors, where he continues to amaze owner Jim Terrell, and that is no small feat.

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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