McSquared in Music City February 2024

"Don't call it a Comeback..."

🎶🎵🎶🎶🎶

Too early to call it a bottom, but a good start to the year here in the Greater Nashville real estate market! The number of properties going under contract for purchase/sale increased 25% & 30% MoM for Williamson and Davidson counties respectively (Franklin, Brentwood, Nashville). Is this the start of something? Time will tell... 

JPow put out some flames on 60min last weekend with his "no rush to lower rates" commentary, but according to Business Insider, Fannie Mae predicts interest rates will be below 6% in 2024. 

I wouldn't be surprised to see a lot of off-market deals happening, especially in this first half of the year. The expired listings of '23 coming back around as pocket listings or private exclusives allowing sellers to feel "in-control" as they come off the sidelines in an wobbly marketplace trying to find it's footing.  

When buyers DO decide to come back in a major way, the competition could be fierce. During the quiet times, some of you have been suffering - afraid to move because you couldn't afford to, or didn't want to look a fool buying with an 8% interest rate or selling to sparse pool of buyers. I get it! Let's get you where you belong now. Where your sensibilities can ignite🔥. And let's begin while you still have negotiating power and a little bit of runway to make decisions. Pricing is relatively stable there are quality players on the field.  

Speaking of fields, February brings talk of love, pink hearts 💕 and the Superbowl! (go Niners) Who's going? Love to our friends and family in California getting slogged in the atmospheric river and hopeful for snowy mountains for the ski bums and reservoirs. 

❤

Local Events

FEBRUARY 7, 7pm

Drake with J. Cole, It’s All a Blur Tour – Big as the What?

(Reschedule)

Bridgestone Arena

FEBRUARY 7, 7:30pm

Lunar New Year
Year of the Dragon with Nashville Symphony

Schermerhorn Symphony Center

FEBRUARY 8, 8pm

Throwback Thursday John Hughes Month: Sixteen Candles

Franklin Theatre

FEBRUARY 9, 8pm

Grace Potter with Brittney Spencer

Ryman Auditorium

FEBRUARY 13-18th, 7pm

TINA – The Tina Turner Musical

Tennessee Performing Arts Center
[ TPAC ]

FEBRUARY 16, 8pm

Clint Black 
Celebrating the 35th Anniversary of Killin’ Time

Ryman Auditorium, Nashville, TN

FEBRUARY 21, 6:30pm

Conversations at OZ

Nashville’s Nonprofit Contemporary Art and Performance Center

FEBRUARY 28, 7pm

Enrique Iglesias, Pitbull, Ricky Martin: The Trilogy Tour

Bridgestone Arena

FEBRUARY 28, 7:30pm

Jon Batiste

Ryman Auditorium

Notable in Nashville

Sylvan Heights

3512 Elkins Avenue

4 BD   4 BA   3296 SF   $1,347,500

Superb luxury new construction in one of the most popular neighborhoods in Nashville. Amazing walkability to trendy shops, restaurants, community center, parks, & minutes to Downtown. This Sylvan Heights gem is a gorgeous blend of style, elegance & thoughtful interior design, creating a cohesive & cozy environment. Enjoy an open concept main floor ideal for the entertainer, with spacious kitchen and living space, generous butler's pantry, formal dining, & large screened-in deck with fireplace. Relax in the main level primary suite featuring a vaulted ceiling, spa-like bath & large walk-in closet. Enjoy the bonus room upstairs with vaulted ceiling, along with three additional bedrooms & two baths. Large 2-car garage with storage on basement level. Plans available upon request.

Lockeland Springs

1814 Holly Street

5 BD   5 BA   4498 SF   $2,390,000

Welcome to 1814 Holly St! This stunning home offers a perfect blend of elegance, functionality, and modern luxury. Boasting an impressive 5 bed, 4.5 baths, and a sprawling 4499 sf, this residence is a true masterpiece! As you step inside, you'll be immediately captivated by the meticulous attention to detail showcased throughout. Custom millwork and oak hardwood floors create a warm and inviting atmosphere, while the vast openness of the floor plan allows for seamless flow and effortless entertaining. The interior of this home is bathed in an abundance of natural light, creating a bright and cheerful ambiance in every room. The walk-out patio, complete with a kitchen area, provides an idyllic setting for hosting gatherings and enjoying the beautiful Tennessee weather. The possibilities are endless with the option of an upstairs primary bedroom, offering flexibility to suit your lifestyle. Even a safe room is present in the main home! Detached apt is 1/1 w/a private garage.

West End Park

3131 D Parthenon Avenue

3 BD   3 BA   3254 SF   $1,499,900

A rare gem and extraordinary opportunity to own a piece of West End Park's luxurious lifestyle. This well-appointed brownstone home boasts an expansive open kitchen with ample natural light and top-of-the-line stainless steel appliances, perfect for both chefs and home cooks alike. The primary suite is a dream come true with a custom closet and a coffee/beverage station, and fridge. The rooftop deck is perfect for entertaining guests, designed with a custom-built outdoor kitchen, and retractable shades, providing an unmatched view of the Nashville skyline. The gated private parking with a three-car garage adds to the convenience of this exceptional property. The location couldn't be more perfect, with Centennial Park just steps away. The property has many features that make it stand out, such as 5-inch hardwoods throughout, designer fixtures, and an elevator that connects to all levels. This beautiful brownstone is more than just a home, it's a lifestyle.

12 South

911 Gilmore Avenue

4 BD   4 BA   4200 SF   $2,450,000

Welcome to your dream home in the vibrant and trendy 12 South neighborhood! This home truly offers the best of both worlds – a stylish and comfortable living space in one of Nashville's most sought-after neighborhoods. Pfeffer Torode is the original architect. Sellers have meticulously and beautifully enhanced 9 whole rooms in the home since they purchased in 2015 (gorgeous marble countertops in kitchen/primary bath, and throughout the home, high end appliances, wallpaper, wainscoting, built-ins, screened-in and heated back porch & many more touches throughout the home). See attached document for full list. Embrace the magic of the fenced in backyard with new beautiful landscaping and a hardscape that brings it all together. This thriving community offers a diverse range of local amenities: cozy cafes, boutiques, upscale restaurants and appreciate the greenery with a nice picnic or leisurely stroll through Sevier Park!
COURTESY of www.thehachgroup.com

In case you missed it

* "We’ll look back at 2023 as a cyclical bottom for our firm,” -  Stephen Schwarzman, CEO Blackstone

* “The Federal Reserve can start to cut rates come this summer, and we will see unemployment touch up a little bit. But the overall economy looks pretty damn good right now,” - Ken Griffin, Citadel

* Federal Reserve Chair Jerome Powell said central bank officials don’t have to rush a decision on cutting interest rates. (WSJ)

* Fannie Mae now sees mortgage rates dipping below 6% in 2024. (BI)

* US GDP grew 3.3% in Q4, per the Commerce Department, annihilating Wall Street’s expectations of 2% growth

* RED-SEA-FLATION? Expect rising shipping costs with disruptions in the Red Sea to fuel inflation.....it will be felt globally, but especially in Europe. (CNBC)

* A recent survey by the University of Cambridge found that nearly 50% of British teens felt they were addicted to social media; in 2022, nearly 60% of  Americans told Gallup pollsters that they use their phones too much. (WSJ)

* The University of California is paying $700 million for a former Los Angeles shopping mall that had been redeveloped as offices for Google, with the school system planning to convert the campus to a medical and engineering research park. The future of the unloved mall? (Bloomberg)

* Walmart will expand the use of delivery drones to most of the Dallas-Fort Worth area. (WSJ)

* Vantage Data Centers plans to use a recent $6.4 billion capital infusion to add more than 3 gigawatts of capacity globally...... enough to power more than 2.5 million homes. Vantage already has 32 data-center campuses on 5 continents. The expansion is in response to growing AI demand from tech companies such as Microsoft, Google, Oracle and Amazon Web Services. The new capacity will cost about $30 billion, including debt. Electricity shortages have surfaced in some of the most desirable locations. (WSJ)

* In 2019, before the pandemic, 40% of listed homes were deemed affordable. In 2022, only 21% were. In a recent study, researchers defined “affordability” as housing that costs no more than 30% of income, assuming a relatively low down payment of 5% a 30-year-fixed-rate mortgage with the interest rate current to the month the home entered the market, plus homeowners insurance and private mortgage insurance. Prices and incomes in the 97 most populous U.S. metro areas were examined for the study. Detroit, and the Ohio metros of Akron and Dayton, had the highest shares of affordable homes for median earners — about 50%. Followed by St. Louis, Cleveland and Pittsburgh.  The lowest share of affordable homes were in San Francisco, Los Angeles, Oxnard, San Diego, San Jose, Boise, Anaheim and Miami. (NY TIMES)

*Chesapeake Energy and Southwestern Energy have agreed to merge in an all stock-transaction valued at $7.4 billion that is aimed at creating a premier natural gas company. (WSJ)

* YouTube will now provide short instructional videos from medical experts for health emergencies.

* The number of Americans ages 100 and older is projected to more than quadruple over the next 3 decades, from an estimated 101,000 in 2024 to about 422,000 in 2054, according to projections from the U.S. Census Bureau. Centenarians currently make up just 0.03% of the overall U.S. population, and they are expected to reach 0.1% in 2054. Expect people to work longer, remain active longer, and need homes that allow for those who don't like/want stairs!

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.