McSquared in Music City April 2024

"The Finer things keep shining through"

🎶🎵🎶🎶🎶

The tea leaves continue to show we're in a strengthening real estate market. While inventories remain light, Davidson County (Nashville) new listings fell 2% MoM and Williamson County (Brentwood, Franklin) only adding single digit supply (~7% increase), the numbers show buyers are grabbing what's available. The number of homes going under contract MoM increased 12% and 2% in these locales, respectively. The number of properties SOLD increased MoM 11+ percent in greater Nashville and almost 28% in Williamson County.   

The data tells me, in the face of the macro headline risks that prevail, greater Nashvillians are still putting money to work. The biggest headlines in our industry remain the NAR settlement and Interest rates. 

While much is still being sorted through of the settlement, the biggest thing I think you should know is that commission rates have ALWAYS BEEN NEGOTIABLE; Individual agents may not be in their own businesses. 

Remember, the barrier to entry in this business is pretty low. Too low in my humble opinion. Regardless, there are vast definitions of "client representation" including, but not limited to, market knowledge/insightfulness and levels of services provided. Just as in any industry,  the level of skill & service are commensurate with compensation or "cost". That's not collusion; that's fair market value. In the stock market, we as traders talk about "opening up the other side" - operating under proven economic principle whereby transparency begets true price discovery. This ruling effectively does the opposite; making pricing more opaque.  

My understanding of the rulings as they're set today, leads me to believe those most adversely affected by the decision will be first time homebuyers who barely have enough money for a down payment, let alone to pay a trustworthy, educated advisor. They'll be left with the internet and the multitude of artificial intelligence "services" (at a cost I would presume) that will be created to "advise" them in the largest acquisition of their life! Sure, we'll find creative ways to do things; this always happens in any industry facing oversight. I'm not arguing the "old" was right, but this surely doesn't seem to be the fix. 

Sellers, I urge you to continue working with agents who understand the value a professional buyer's agent brings to a deal and continue including that fee as part of your deal. Remember who writes the check or sends the wire on closing day! You've always split this cost - it's baked in your sales price! (all my own personal opinions, of course)

I am always available to discuss in further detail, as this unfolds should you have interest and/or concern.  

Personal life update: I started March fundraising for my alma mater, SMU and I'm happy to report we had the most participation among our peer cities. I popped up to Compass Chicago for a quick educational event with our President, CFO and President of Growth & Communications. I find tremendous value hearing from our leadership team in these dynamic times and discussing business practices with best-in-class agents across the country. We closed out the month hosting family in town and celebrating Easter at a new church followed by a delicious feast!  

Wishing you well ❤️

Local Events

MARCH 9th - April 14th

Cheekwood in Bloom

Cheekwood Estate & Gardens

april 2nd, 8pm

Maren Morris + Joy Oladokun Benefit Show

Basement East

april 2nd, 7:30pm

Dustin Lynch

Ryman Auditorium

april 3rd, 7:30pm

Bobby Bones’ Million Dollar Show

Ryman Auditorium

april 6th, 6-10pm

TPAC GALA

Four Seasons

april 9th, 7pm

Grand Ole Opry

Featuring Ashley Cooke, Nicolle Galyon, Ashley Gorley, Tyler Hubbard, Hillary Lindsey, Ian Munsick, Hailey Whitters and Trisha Yearwood.
Opry House, Nashville, TN Ages: All Ages

april 11th, 6-9pm

Nashville Predators Wine Festival Tasting

Bridgestone Arena

april 13th, 9:30-5pm

Nashville Cherry Blossom Festival

Public Square Park

april 13th, 12-5pm

East Nashville Beer Fest

East Park

april 24th, 12-4pm

Family Day at the Ballet

The annual Family Day at the Ballet is Sunday, April 24, 2022, from noon to 4:00pm at the Nashville Ballet. This event will include games, movement activities, Cinderella storytime, an obstacle course, and arts and crafts. Guests can expect two performances by NB2 at 12:30pm and 2:30pm. Tickets for the performances are $20.

april 25th, 7pm

Tim McGraw: Standing Room Only Tour 2024

Bridgestone Arena

april 27th, 8pm

JoDee Messina

Ryman Auditorium

april 27th & 28th, 10-6pm

Franklin Main Street Festival

Notable in Nashville

Otter Creek

5141 Granny White Pike

3 BD   3 BA   3935 SF   $3,000,000

Welcome to Graywood, a tranquil haven situated on 9.38 acres along Granny White Pike. This remarkable property features a spacious 3-bedroom, 2.1-bathroom log cabin encompassing 3,936 square feet of living space. Pass through the gated entrance to discover the enchanting beauty of Graywood's expansive grounds. Stroll along the winding walking trails, surrounded by lush greenery and soothing water features that enhance the natural splendor of the estate. Step inside the main residence, where warmth and sophistication converge in a thoughtfully designed layout adorned with upscale finishes. Sunlight fills the airy living spaces, offering an inviting atmosphere for both relaxation and entertainment. Whether you're lounging on the deck, exploring the grounds, or enjoying the ambiance of the log cabin, Graywood offers a lifestyle of serenity and sophistication. Experience the epitome of country living in the city at this stunning property on Granny White. Schedule your private tour today!

Belmont-Hillsboro

2223 Belmont Boulevard

5 BD   6 BA   4988 SF   $3,450,000
Listing Courtesy of Jessica Torres,
Zeitlin Sotheby’s International Realty

A thoughtfully designed renovation marries this historic Tudor with modern amenities like chefs kitchen with gas stove, heated bathroom floors, audio throughout, etc. The finished basement with kitchenette provides additional storage space. Spend the mornings on the front porch swing, and enjoy the evenings under the pergola on the back patio. Fully fenced back yard with ample green space and stone pathway leading from the main house to the detached 3 car garage boasting a 2 bed/1 bath apartment above. This floor plan is perfectly designed to entertain inside and out while walkable to all the best restaurants & retail in 12th S, Belmont, and Music Row! Current owner is a member of Belmont-Hillsboro Neighbors (BHN), the longest continually operating neighborhood organization in Nashville, working to preserve the neighborhood's residential quality of life.

Boscobel Heights

1518 Long Avenue

4 BD   3 BA   2632 SF   $1,125,000
Listing courtesy of Stefanie Ainslie, 
Compass RE

OPEN HOUSE 3/24 2-4 PM **Seller offering $10,000 towards rate buydown or closing costs** WINNER of the prestigious 2016 Nashville Historic Preservation Award now on the market! Step back into time with this meticulously designed replica of a classic Victorian-style home loaded with all of the modern amenities. Custom Victorian trim, stained glass windows, refurbished fireplace, wooden shutters & pristine hardwoods are just the beginning. True open floorplan with thoughtful touches throughout. From the covered front porch to new oversized back deck, fully fenced yard (front to back), exterior lighting- it is ready for all of your outdoor entertaining, as well. Premier location in Shelby Hills, short walk to 5 Points, Shelby Park & 5 minute drive downtown. Tankless water heater, 2022 HVAC (10 year warranty), alarm system, smart-home features & more. Definitely a must see!

Weakley Home Place

1425 Sumner Avenue

3 BD   3 BA   3466 SF   $1,395,000
Listing courtesy of Dorothy Curtis, 
Zeitlin Sotheby’s International Realty

Enchanting and warm with casual elegance. This renovated historic cottage is spacious, functional and filled with natural light. The harmonious blend of the historic characteristics and modern conveniences is reflected in the original hardwood floors and original windows alongside the open living spaces, chefs kitchen, custom bar cabinetry, new bathrooms, an ensuite primary bedroom with walk in closet, built in bookshelves and 2+ CAR GARAGE. The home also has smart home features -security system, thermostat and front door lock & video doorbell, front and back yard irrigation, ventless gas fireplace in living room, climate controlled wine space, and a workout area among other notable features. There are multiple options for enjoying time outside whether on the back deck or around the fire pit. Situated on a quiet street with walkable convenience to restaurants, bars & everything East Nashville offers, this is an opportunity to own a special, distinctive and loved home.

OUT OF TOWN SPOTLIGHT

8016 E CO Highway 30A

9 BD   10 BA   8,800 SF   $15,000,000
Listing courtesy of John Hammonds, 
Compass Emerald Coast

Welcome to your dream Gulf front home on 30A! This stunning property features 9 bedrooms and 9.5 bathrooms spread over multiple levels, providing ample space for your family and guests to relax and enjoy the breathtaking views of the Gulf of Mexico. As you enter the home, you will be greeted by a grand foyer leading into a spacious living room with large windows that showcase the stunning Gulf views. The gourmet kitchen is perfect for entertaining with high-end appliances, a large island, and plenty of counter space for meal prep. The adjacent dining area offers seating for large groups and direct access to the outdoor living space. The home boasts multiple outdoor living areas, including a covered porch, and balconies, all with panoramic views of the Gulf. Projected rental income of more than $950k offers a unique, legacy, investment opportunity. 
https://8016-e-co-hwy-30a.jhammonds.com/

In case you missed it

* “Spring is nature’s way of saying,’Let’s party!’” – Robin Williams

* "Any piece of anti-housing legislation that comes across my desk, I will veto,” - Mayor London Breed, San Francisco

* “Rather than be strategic, this Fed is overly data dependent, and has turned into a play-by-play commentator. That’s not the role of the Fed. The Fed should be strategic, the Fed should provide a strategic anchor, a stabilizer. The mistake that they may make is they’ll end up this time being too tight", - Mohamed El-Erian (CNBC)

* Rivian Automotive is suspending construction of its $5 billion electric-car factory in Georgia. (WSJ)

* The FDA is expediting the development of LSD to treat anxiety. A single dose of the LSD formulation MM120 had a 48% rate of remission from generalized anxiety disorder after 12 weeks, the biotech company MindMed revealed

* An annual tax credit for first time home buyers that will provide $400 a month for the next 2 years as mortgage rates come down to put toward their mortgages when they buy their first home or trade up for a little more space was proposed President Biden's  State of The Union Address. (NY POST)

* In 2021-22 almost 20% of homebuyers between the age of 24 - 32 used a gift from a friend or family member to help finance their down payment

* The number of family offices in the world has tripled since 2019, setting off a new race among private equity firms, hedge funds and venture capital firms to attract their investments. The number of family offices worldwide topped 4,500 last year, with a concentration in North America. Experts say family offices now manage $6 trillion or more, and their ranks are growing. (Preqin)

* State and local governments in California have committed tens of billions of dollars to build more affordable housing. A new complex for some of the neediest low-income people doesn’t use any of it: By forgoing government assistance and the many regulations and requirements that come with it, SDS Capital Group's 49-unit apartment building it is financing in South Los Angeles will cost about $291,000 a unit to build. By contrast, the roughly 4,500 apartments for low-income people that have been built with funding from a $1.2 billion bond measure L.A. voters approved in 2016 have cost an average of $600,000 each....more than double! (WSJ)

* Of Greenwich CT's sales in 2023 roughly $275 million of them - or 12.2% of the total sales volume - were properties that were never listed on the Greenwich MLS. In total, 93 sales were either truly private sales, which were never listed anywhere, or were listed on other multiple listing services. (Russel Pruner, COMPASS Greenwich)

*  Walmart is adding high-end products to more than 800 locations in a bid to lure wealthier shoppers.

* 53% of Chicago voters rejected the mayor’s plan to increase taxes on real estate transactions of $1 million or more in the recent referendum

* A new Florida law is set to  prohibit minors under 14 from having social-media accounts, regardless of parental consent.

* US workers who changed from fully remote jobs to fully in office roles through last year saw their pay jump 29.2%—almost twice the pay bump people got for switching in the opposite direction, according to data from ZipRecruiter

* America’s "snowballing debt"—at $34 trillion and counting—is putting the US on course to end up in a crisis reminiscent of Japan's lost decade, and Washington cannot take for granted the notion that investors will continue to fund its fiscal deficit forever, warns BlackRock CEO Larry Fink.

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.