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VOL. 45 | NO. 53 | Friday, December 31, 2021

We need to get a few things resolved in 2022

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A few months ago, many were excited for 2021 to end and thrilled to welcome 2022. That might have changed, as it seems that everyone knows someone who has contracted COVID recently. “As infectious as the measles,” people are saying, though it seems even more so.

Some seem to be faring better than others as far as the severity of cases go, but we seem to be heading into another year with COVID lurking. With fewer deaths, thereby less likelihood of closings and the dreaded shutdowns, life will go on for most.

Yet many businesses will continue to work remotely, and those companies that have committed to relocate to Nashville will continue on that path.

With some COVID precedent and sales data for almost two years of COVID in the books, the real estate market should remain on course. That course being a record-breaking surge into 2022.

That said, we need a few real estate resolutions for the new year. These promises should be something easily achieved less they fall by the wayside.

Put some teeth in the “transpotainment” regulations. This includes open-air trailers, peddle taverns and lowboys pulled by a tractor. Go for hayrides in the country. More fun, less invasive.

Design a mode of mass transit. It wasn’t a necessity when Nashville was smaller and tourists preferred Branson, Missouri. It is now.

Officially close Broadway from Fifth Avenue to the river at night.

Pick up the garbage, both in terms of trash, people and waste. There are some really bad people out there.

Appoint a local drug czar. Too many people are dying, too many profiting from the carnage.

Solve the affordable housing issue. The solution is affordable, and the housing is necessary to sustain the city’s growth.

House the homeless. This is a different issue than affordable housing.

Check in at this time next year for a progress report.

Sale of the Week

With the onslaught of multiple-offer scenarios dancing around the area, properties have appreciated more than seems possible. The house at 1634 South Observatory Drive bears witness to the wildness.

Built in 2004, the home located across from Lipscomb University sold for $550,000. A Hammond and Brandt Builders product, the well-built home housed its original owners for 10 years before they sold the house for $725,000 in 2014.

The new owners sold the house four years later for $850,000 to the current sellers, who added a $250,000 renovation and then sold the house last week for $1.6 million.

Listing agent Michele Nanna with Zeitlin Sotheby’s International Realty says the house was given a complete makeover with the help of Marilyn Kimberly, who worked with the owner on the interior design of the home and had Mott Construction handle the nuts and bolts of the operation.

Mott also added drywall, paint, trim, fireplaces, appliances, flooring, electrical, plumbing and other aspects of construction.

Nanna, who has a master’s degree in international marketing from John Hopkins University, listed the house for $1.495 million and it sold within hours for $1.6 million.

Navigating the fierce, swirling waters of the multiple-offer river was Debbie Beam of Compass RE fame who captained her buyer into ownership.

The property sold for $424 per square foot, a case of value versus worth. Real estate is worth what someone will pay for it, thereby giving it value. Today’s multiple-offer, $105,000 more than list price sale is tomorrow’s comp. If the listing broker uses the sale as a comp, the next house sells for $100,000 more than that. And so it goes, as Kurt Vonnegut used to say.

In the case of Observatory, there is value since each owner from 2004 on made improvements to the house. Kimberly’s renovations made the 19-year-old house something that would appeal to buyers relocating from all over the country.

The home’s 3,774 square feet include four bedrooms, four full bathrooms and one half bathroom with the primary suite on the first floor. Hammond and Brandt saw that trend coming in 2002 when they began construction on the residence.

Additionally, there are three ensuite bedrooms upstairs, a requirement in the upper-end world. This home features an office off the primary bedroom for those working to avoid COVID.

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

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