McSquared in Music City October 2023

SIDEWAYS

"If they want to drink Merlot, we're drinking Merlot."

Here we are...just trading SIDEWAYS🥱 @ the mercy of mother market! 

What is the catalyst that's going to move markets? It's like "opposite-day" in the stock market, ie: More unemployment is "good" for the market because the Fed & J-Pow might feel they've made enough of an impact to lower rates or at least stop raising them. Wild times yes, but nothing ground breaking. Are we jaded because the good times have been rolling for so long? 

Historical averages tell us a 30 year mortgage rate in the 7's is normal - the high teens of the 80's and the sub 3% more recently are the outliers. Makes sense. The booming housing market in the early aughts saw rates in the mid fives and sixes. Okay, so what does that mean? If what I stated last month holds true, this could just be a little reprieve, healthy pull back, before we start again with buyers and seller's jumping in to the market. That feels a little premature, tbh. So should we settle in for a long winter with a glass of merlot?😉 What about a presidential election year? Or war-time policies if things get out of hand with Russia & Ukraine? Or trade policies with China? Exports from Japan? I don't have the answers obviously, but let's keep reading the tea leaves and make informed, educated decisions together.  

Let's look a what the last month brings us. Nashville saw more new listings last month than the previous! A growth of over 10% MoM in fact, as did Williamson county. Slight improvement in direction from September, but let's not get too excited. The number of homes sold stayed pretty much unchanged while the number of properties put under contract in both counties decreased last month. 

Remember, properties sell in every market. Life happens. Marriage, Divorce, Upsize, Downsize, Raise or job transfer, Loss of employment, and the inevitable pearly gates. There's opportunity in the spread so don't retreat to the sidelines entirely. Be ready to pounce. Being ready means being informed so let's work together to keep you informed. Happy to do so over some merlot, although martinis & Chardonnay are much preferred!  

Wishing you and yours well. SPM

Local Events

OCTOBER 6, 7:30PM

Common w/ Nashville Symphony

Schermerhorn Symphony Center

OCTOBER 7, 12-4PM

Brentwood Beer & Wine Festival

Crockett Park 
The 3rd Annual Brentwood Beer and Wine Festival will be bigger than ever this year!!!

OCTOBER 8, 7:30pM

PHISH

Bridgestone Arena

OCTOBER 11, 7:30pM

John Mayer: Solo Tour

Bridgestone Arena
Oct 11
7:30

OCTOBER 14, 8pM

Darius Rucker | Starting Fires Tour

Ascend Amphitheeater

OCTOBER 19-21st, 7:30pM

Trisha Yearwood w/Nashville Symphony

Schermerhorn Symphony Center

OCTOBER 20th, 7pM

Jonas Brothers: Five Albums. One Night. 

With special guest Lawrence.
Bridgestone

OCTOBER 30th, 8pM

Chris Isaak

Ryman

** He's from my hometown! Making Stockton, CA proud **

Notable in Nashville

12 South

1101 Halcyon Avenue

6 BD   6 BA   5007 SF   $2,450,000

One-of-a-kind Historic renovation steeped in character and luxury finishes on a quiet corner lot with spacious yard and brand new DADU. Entire home was fully renovated within the last year including a new living room addition, full kitchen renovation with new appliances, back porch with gas fireplace, and DADU. Designer light fixtures throughout, brand new hardwood floors, antique doors, and much more! This rare find is just 1 block from iconic 12 South with walkability to all the stores and retail. First Showings start Thursday, October 5th.

Green Hills-Midtown

1410 Chickering Road

4 BD   6 BA   6028 SF   $12,500,000

8.4-acre haven on iconic Chickering Road, a rare opportunity to own a private in-town estate in a prime location. Designed by Pfeffer Torode and renovated by Joshua Builders with the highest level of craftsmanship. Interiors blend color and texture with classic elements to create a jewel box of a home. One level living. Main home has office w full bath (can be optional 4th BR), orangery w heated terra cotta floors, scullery with wine fridge & dishwasher, exercise room w doors to patio, mud room w reclaimed brick floors. French oak floors, oak plank ceilings, plaster walls, quartzite, marble, and gold leaf finishes. The stylish pool house w/sliders, pool and spa, and curated landscaping offer resort living at home. 88'x43' black Dutch barn is a versatile space with a guest suite, conditioned studio space, stalls, and stylish chicken coop. Grounds include a fruit orchard, kitchen garden, Hartley greenhouse, and multiple fenced lawns. Multiple options for expansion.

Burton Valley

1621 Harding Place

4 BD   3 BA   3300 SF   $1,590,000

Welcome to your dream home in Green Hills! This completely renovated 4bed, 3-bath ranch home offers 3,300 sq ft of luxury living on over 2 acres with with one bedroom serving as a state-of-the-art music studio. Enjoy your private oasis less than 5 mins to the Green Hills Mall & Whole Foods, 15 mins to downtown, and 20 mins to the airport. Recent updates include remodeled bathrooms & entryway as well as a new tankless water heater with an instant hot circulator in 2023, remodeled kitchen in 2020, new HVAC system in 2021, deck addition off 4th bedroom/studio in 2019 and new roof in 2018.

Hillwood Estates

519 Huckleberry Road

5 BD   5 BA   4679 SF   $2,195,000

A hidden gem awaits on one of Hillwood’s most picturesque streets. Tucked back on a spacious lot interspersed w/ hardwood trees, the home’s sprawling design is perfect for entertaining. Completely renovated, the 4 bedrooms include the primary suite on the main level plus 2 additional bedroom with private baths, an office/guest bed, and a private 5th bedroom w/ bathroom in the finished basement. The open floor plan provides a compelling sense of flow & clarity from the foyer to the dining, kitchen, & great room. Abundant flex & storage space is also a key highlight. The sun-kissed patio & kitchenette are flanked on 3 sides by the home’s layout, creating a utopian private outdoor oasis. 2 blocks from Hillwood Country Club & just 15min to downtown Nashville, this home combines the comforts of the good life w/ an ideal location.

The Gulch

1212 Laurel Street, Unit 206

1 BD   1 BA   764 SF   $625,000

Indulge in the ultimate luxury lifestyle w/in one of The Gulch's most sought-after buildings! Immerse yourself in a vibrant neighborhood with unrivaled shopping, dining, & nightlife options just steps away from your door. The building offers an impressive array of amenities including a 24hr concierge, year-round salt-water pool & hot tub, state-of-the-art fitness gym, rooftop terrace showcasing breathtaking DT views, a dedicated dog park, bike storage, & much more! Situated on the 2nd floor, this well-designed floor-plan allows continuous flow. Built-in speakers create an immersive audio experience. Custom closet provides ample storage. An updated bath offers a spa-like, luxurious steam shower. For added convenience, gated covered parking on the same level as the unit ensures easy access.

In case you missed it

* Goldman Sachs now predicts a 15% chance of a recession, down from 20%. Bank of America and JPMorgan also lowered recession calls. (CNBC)

* San Francisco’s office market is seeing progress for the first time since the onset of the pandemic. Company searches for office space in the city are the highest they have been in years. Firms in the growing artificial-intelligence industry are leasing large blocks of space, signaling that the city’s appeal as a tech hub hasn’t evaporated. Companies renting space stand to make huge profits... at 350 California Street, asking rents are in the range of $50 - $70 a square foot. Before the pandemic, asking rents for comparable space were around $90 a square foot. San Francisco office brokers said that companies have search requests for 4.5 million square feet of office space, compared with 2.5 million square feet in January. (WSJ)

* While wages are growing faster than inflation again and price increases have slowed, Americans are also taking on more debt. The restart of federal student-loan payments next [ this ] month could further pressure budgets. (WSJ)

* Federal Reserve officials held interest rates steady but signaled they were prepared to raise rates again. (WSJ) FOMC meeting 9/20/23

* Free Covid tests are coming back. Sweater season is expected to bring a rise in Covid cases with it, so the government will restart a program that offers free at-home Covid tests. Starting Monday, you’ll be able to order up to four tests at COVIDtests.gov and have them delivered through the mail

* Neuralink, Elon Musk’s brain implant company, is recruiting subjects for its first human trial

* These days, about 23 million, or 45%, of all Americans ages 18 - 29 are living with family, roughly the same level as the 1940s. (Bloomberg)

* California Insurance Commissioner Ricardo Lara said the state will allow insurers to consider the future risk of climate change when setting prices. For years, insurers in California have only been able to set their prices based on historical losses. Despite high fire risk, California’s average home insurance rate is $1,225 per year for $250,000 in dwelling coverage, about 14% lower than the US average, according to Bankrate. While this will almost certainly raise premiums, it could prevent more insurers ceasing coverage. (Barrons)

* In a recent poll from the Pew Research Center, 10% of Americans reported that thinking about U.S. politics made them feel hopeful, and 4% were excited. By contrast, 55% said they were angry, and 65% were exhausted. (WSJ) Here we go! (insert STRONG eye roll)

* TECH TO SAVE MONEY??? After 2 years of no county tax increases, Rockland County of New York saw a 2% DECREASE in county taxes for its next 2024 budget ....miracle! The county employs 1,933 people in the proposed budget, compared to 2,161 employees in 2014.....might technology be the answer to help lower local taxes? Could A.I. accelerate these savings

If you're in the market or know someone who would benefit from an informal conversation with me, please click here and we'll schedule some time together. 

REMEMBER, 
I have established relationships nationwide, likely in in your local markets, with agent colleagues of mine.  Utilize the trust I've established with these high performing men & women to foster smooth dealings on your next transaction. 

See the map below for our broad reaching locations. Thank you!

Shane McCarty

Affiliate Broker
M: 209.601.1957
O: 615.475.5616
shane.mccarty@compass.com

Office: 615-475-5616

Compass RE is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.