McSquared in Music City November 2023

There is always Light

Higher Rates = Fewer Sales = ...Higher Prices ?!?

True story. Simple perspective shifts. Econ-101. Demand for housing still exists and supply is low. At least for some market participants. 

The "5 D's" (Diapers, Diplomas, Diamonds, Divorce, and Death) continue to keep the market moving and unemployment in our little pocket of Middle Tennessee remains low. I think this keeps our Hyper local market fairly insulated. Sellers, keep your patience as the days on market are ticking up a bit. Buyers, you're picky and taking your time. Have your moment and celebrate that win right now. You deserve it for staying active and recognizing opportunities exist even in high interest rate environments. 

The area I see struggling is the spec "modern farmhouse" stuff that became hot thanks in part to HGTV and mostly to buyer appetite. It was starting to be put up so quickly, the quality suffered in my opinion. A lot of it is priced too high with not-so-great finishes. I argue maybe putting some more money into the project in the way of higher end appliances, perhaps custom finished carpentry, quality flooring or updated landscaping could draw the demand and/or help command the price. I hold that may very well be true of almost any of the single family product that's been sitting for a long time. Any of you builders reading this, I'm happy to schedule a consultation with my team of interior design friends to discuss bang & buck vs. return...and sell it for you once "finishing work" is complete! (shameless plug)

The market was understandably quiet last month.  Deals are being done: A $12 million dollar elegant estate went into escrow in 3 days. A $2M restored gem in Sylvan Park in 2 days. Overall though, New listings, escrows and sold properties were off between 5% and 10% for Davidson and Williamson Counties MoM. Rates spiked above 8% for a bit. Israel. Ukraine. Border security, Sam Bankman-Fried and Trump trials. Are we all just tired and frazzled? Is that why retail sales are still high...Retail therapy?

Tell me what's going on in your world.

Later this month, Matt and I are off to California to be with my side for the Thanksgiving holiday. A quick Compass conference out there as well. 

See some of you soon!
Wishing you and yours well.

Local Events

NoVEMBER 7, 7:30PM

Brittany Howard with L’Rain

Ryman Auditorium

november 7-12th

Mrs. Doubtfire
The New Musical Comedy

TPAC - Tennessee Performing Arts Center

November 8th, 7pm

CMA AWARDS

Bridgestone

November 9th, 8pm

David Nail

Franklin Theatre

November 19th, 5pm

7th Annual Scott Hamilton & Friends. A Salute to 90' Country

Bridgestone Arena

November 21st, 7:30pm

Blues Traveler with Vanessa Collier

Ryman Auditorium

November 22, 7:30pm

Peter Frampton

Ryman Auditorium

November 24th, 8pm

Brett Eldredge

Ryman

November 29th, 7:30pm

Ms. Lauryn Hill & Fugees

Miseducation of Lauryn Hill 25th Anniv. Tour
Bridgestone Arena

Notable in Nashville

McFerrin Park

306 Hancock Street

4 BD   3 BA   3068 SF   $979,000

Discover the epitome of historic charm and modern convenience in this 4 bedroom, 2.5 bathroom McFerrin Park residence. Ideal for the discerning entertainer, it features a sunlit pool and a spacious, upgraded kitchen with an island, bar station, and wine fridge. The home showcases original architectural details, creating an inviting atmosphere for both formal and intimate gatherings. An upstairs bonus room/family den adds versatility to the living space. Located in the heart of East Nashville action. Epicurean delights like Red-Headed Stranger, Audrey, and Folk are around the corner, while the new River North development, rapidly transforming Dickerson Pike and more established Five-Points are moments away. Enjoy the city as it continues to flourish from your Nashville oasis.

Cherokee Park

3904 Valley Road

4 BD   5 BA   4157 SF   $2,000,000

This 1935 tutor style home has been beautifully renovated to boast timeless character with modern luxuries. The home’s addition was completed in 2010 by architect Ron Farris and constructed by the Kingston Group, and later transformed in 2016. William Morris wallpaper line the walls and custom built-ins throughout add charm and practicality. Built-ins in second level primary suite were constructed using salvaged mahogany from the original Magnolia lobby at Opryland Hotel. Walking distance to Sylvan Park shops and dining. One lap around the McCabe Park Greenway is exactly four miles from the house. Features plantation shutters throughout, heated bathroom floor, butler’s pantry with beverage cooler and espresso machine and a guesthouse with full bathroom. 2.5% assumable VA interest rate. Guest house square footage and details represented as third floor in listing information.

Richland-West End

3622 Central Avenue

5 BD   5 BA   6097 SF   $3,595,000

Step into the timeless elegance of a 1910 circa Richland/West End Four Square home, where history harmoniously meets the present. This remarkable residence effortlessly marries historic charm with modern conveniences in a coveted Nashville location. With 5 spacious bedrooms and 4.5 luxurious baths, this is your exclusive invitation to own a slice of Nashville's vibrant history while embracing the comforts of contemporary living. Home was professionally designed by Nashville designer Mitzi Maynard. Conveniently located to 440/downtown Nashville/West End/ Vanderbilt/Belmont. DADU approved. Drawings available upon request. Seize this extraordinary opportunity and make this distinctive property yours today.

Battlemont

2915 Snowden Road

5 BD   6 BA   5380 SF   $2,899,900

Timeless architecture, masterful craftsmanship & incredible features describe this brand new custom home, located off Woodmont in 12th South/Marengo Park. Local builder, Thomas Constructors, has set the standard with this stunning new home. Every small attention to detail has been carefully thought out, from the TN blue flagstone exterior, the spray foam insulated walls & batt insulation between floors, to the 5" white oak hardwood floors. Monogram Appliances, 48" gas range with dual ovens, undermount pellet ice maker & 48" refrigerator complete this amazing kitchen. Over $100K in decorative fixtures & over $140K in exterior upgrades. Full list of features in media section. Primary suite, study & laundry room/drop zone on main level. 4BR&BA's, bonus, flex room and 2nd laundry upstairs.

In case you missed it

* "One of the central challenges facing cities isn’t money. It’s management and, more specifically, managing innovation."- Michael Bloomberg

* The Biden administration is planning to resume construction of the border wall in Texas, a policy reversal that shows its desperation to tamp down illegal crossings

* Seasoned buyers are buying in a high-interest rate market assumably because they expect that when interest rates come down, home prices will go up ( higher rates = fewer sales = higher prices)

* Interest rates are at a 23-year high.  Instead of skirting the market, now is a good time to buy.  Once rates have a 5 in front of them, the market will flood and prices will go up at least 10%. -Barbara Corcoran

* PLANT MORE OAK TREES / All oak tree species are very efficient in carbon sequestration with the longest impact when it comes to carbon absorption as they can remain alive for up to 1000 years and continue producing fruits for up to 700 years

* Real Estate Changes.  There is a lot of publicity about the way a Buyer's broker is paid.  Typically, when a property is offered through the MLS, it includes a commission percentage that will go to the Buyer’s Broker.  That has been challenged by a group of plaintiffs, and the first case was won by them.  Lots more to come on this – way too soon to conjecture what it is going to look like and how it will impact buyers and Realtors®.

* Delta Airlines profits rose 60% in the third quarter after a summer of high travel demand, which the airline expects to continue this fall

* ON TREND / Sales of nonalcoholic beer rose 32% during the one-year period that ended September 9 compared to the year before, according to NielsenIQ. That’s in keeping with its 31% average sales growth over the last four years, even as sales of alcoholic drinks mostly plateaued after the pandemic. But it’s not just teetotalers knocking back zero-proof brewskis—Nielsen IQ found most nonalcoholic beer buyers also bought the hard stuff

* Florida’s citrus production has dropped by 75% since 2005 (USDA), and the number of growers dropped by 62% from 2002 to 2017 as the land becomes more valuable for real estate development. (Bloomberg)

* It's estimated that total existing-home sales in 2023 will be around 4.1 million, the smallest number of sales since about 2008, the year that Lehman Brothers collapsed and sparked the global financial crisis. (WSJ)

* U.S. retail sales outpaced expectations with robust 0.7% growth in September from a month earlier. (WSJ)

* Stockholm’s first 20-block environmental zone bans gas and diesel fuel vehicles starting in 2025 for a clean air zone. Stockholm is not the first to test low-emission areas, but this all-out ban is one of the boldest moves by a major European capital. London has several low-emissions zones that charge high-emissions vehicles a daily fee to drive within them. In Brussels only essential vehicles such as those for emergency services, health visits and some business deliveries would be allowed in 10 streets of the city’s center. While we may argue the impact on climate, no-one can argue about the noise and fumes gas/diesel cars and trucks trap in bigger cities. (CNBC)

* “The economy is slowing faster than recent data suggests,” - Bill Ackman, Pershing Capital

* CityLab announced a $50 million investment to build and staff the Bloomberg Cities Idea Exchange, creating a single, dedicated program that brings new muscle, science and rigor to the process of spreading ideas, to help good ideas to spread faster and take root. Urban replication - not only with high-profile ideas like bike share, 311 hotlines and smoking bans - works. Improving sustainability around waste management, accelerating language development for young children, digitizing paper-based construction permits to promote government transparency, the foundation’s Mayors Challenge has helped ideas like this spread from 38 cities to nearly 350 benefitting more than 100 million residents around the world. The exchange hopes to accelerate the pace of adoption. (BLOOMBERG)

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.