McSquared in Music City August 2023

BREATHE

It's been a little quiet this summer. To be expected I suppose. Interest rates playing their role. Seasonality. Travel (Matthew & I went to España). The heat 🔥 stayed at bay in June but man, it seems to have come on with a vengeance in July - much to my dismay! 

Status Quo for the market at the moment: Hyper local markets (neighborhoods, streets, sometimes even specific blocks) are telling the unique story of "their" market conditions.  I'm happy to talk to you about yours or where you'd LIKE to be - show you the data, offer advice, strategize an exit or entry depending on your needs. Sometimes it's not always the right time, even if you think it might be. Let's talk it through. 

July closings were down MoM 12% and 17% respectively in Davidson (Nashville) and Williamson (Brentwood/Franklin) counties. Not surprising with data showing us properties going under contract was also down in May and June (assuming 30-45 day closings). Some necessary steam released from the boiling hot pot. Remember, breathers are necessary. They help with stability and often provide rationale to push higher. In the stock market, every bull market has down days - "pull backs" - healthy breaks. It is so easy to fall victim to a sensational headline or doom-and-gloom talking head and jump to conclusions. Call me. I'll listen to your concerns. Really listen... 

To me, we're operating in a spring-loaded market. Whenever there's a glimpse of rate relief or pricing stability, the tightly coiled buyers are POPPING in with energy and fervor from the sidelines where they've been anxiously watching the market. Seller's can feel the rush and release as well. We're in this ebb and flow until a larger catalyst emerges. Rate decrease 2024?!

In the meantime, let's watch the inventory, track the energy and pulse, watch for signs of the coiled springs. If you're in one of those hyper local markets that's DESIRABLE ANYTIME, you know it - what's hitting the market that is good, ready and priced correctly is GOING! Multiple offer situations are not uncommon. 

Communication is key. Let's start talking.

Local Events

August 12th, 7pm

LUKE BRYAN

Country on Tour
Bridgestone Arena

August 14th, 7:30pm

LYLE LOVETT

Lyle Lovett and His LARGE Band
Ryman Auditorium

August 15th, 8pm

THE NATIONAL

Rain or Shine @
Ascend Amphitheater

August 16th, 7:15pm

INCUBUS

FirstBank Amphitheater 
Franklin, TN

August 17th, 7:30pm

SARA EVANS

Still Restless - 20 Year Reunion
Ryman Auditorium

August 26th, 6pm

GUNS N' ROSES

Geodis Park

Notable in Nashville

Porter Heights

1508 Riverside Drive

3 BD   2 BA   1874 SF   $639,900

Charming Tudor home in East Nashville's Rosebank neighborhood- This might be the one! Original refinished hardwoods, fireplace in living room (non functioning), beautiful archways, dining room with plenty of space, wood beams in the ceiling in the kitchen, a pantry! and a stunning primary suite upstairs with clawfoot tub in primary bathroom. Covered back deck perfect for fall entertaining, outdoor storage shed for bikes, and a fully fenced in backyard to enjoy. Walking distance to your favorites like Babo Korean, Weak Coffee, Riverside Grill Shack, and Cafe Roze... plus sweetest soft serve station and Tabla Rasa toy shop. You are going to love calling this location home! Bike/walk lane on Riverside Dr can take you all the way to Shelby Park or South Inglewood Park. Great school options.

Belmont-Hillsboro

2000 Sweetbriar Avenue

4 BD   4 BA   3538 SF   $2,275,000

One of the most unique, historic homes in Nashville! Built in 1895, this home combines charm and character with modern upgrades, and excellent walkability to restaurants, shops, retail, Vanderbilt and 12th S neighborhoods. 2000 Sweetbriar has been lovingly restored and renovated over the years: Sellers have spent over $190,000 in improvements. Notable upgrades include Fisher Paykel appliances, a whole home generator, custom built-in shelving, refinished hardwood flooring, brand new primary shower, and so much more. See links for full list of upgrades. 14' ceilings! Generous back deck with hot tub, plus huge yard behind garage with plenty of room for a pool. Potential for DADU/ detached apartment above garage!

Green Hills

931 Caldwell Lane

5 BD   6 BA   4450 SF   $2,900,000

931 Caldwell Ln - a timeless masterpiece rich in character and personality. Every detail was thoughtful and intentional, from the accent stone that was natively sourced from this very property, to the restoration of the hardwood trim by a local Nashville craftsman. Airy and open screened-in porch off of the master bedroom. 11-foot ceilings, luxury finishes throughout, and a jaw-dropping professional-quality kitchen. Large walk-in butlers pantry, state of the art security/tech system, and automated irrigation system. An additional 0.6 acres is also available for purchase for your dream pool, pickle ball court, pool house, or second home. Comprehensive Tech Upgrade List in Doc Section.

Sylvan Park

196 44th Avenue North

3 BD   4 BA   2182 SF   $949,000

Charming Craftsman-style home in the heart of Sylvan Park. Conveniently located minutes from countless local hot spots & interstate access. Safe walkable neighborhood. Inviting front porch & expansive open floorplan perfect for entertaining. Sizeable living room w gas fireplace is the centerpiece of stunning main level. Spacious kitchen w stainless appliances & large island. Utility room w built-in folding table & extra storage. Each of the generously-sized bedrooms features oversized closet & private ensuite bath! Primary bedroom suite on main boasts walk-in closet, double vanities, walk-in shower & garden soaking tub. Bonus room upstairs perfect for office or playroom. Beautifully manicured landscaping & private fully-fenced backyard w patio. Single-car attached garage.

In case you missed it

* In a move that could be a boon to condo and co-op boards, New York City has proposed regulations to make unmanned aircrafts - drones - legal, paving the way for more widespread use of drones in building facade inspections. Maybe cutting back on the excessive use of scaffolding?

* "Longterm housing? We're super-bullish!" - Ted Decker, President and CEO of Home Depot who sees it taking at least 10 years to catch up with housing under-supply

* Rents are coming down in many parts of the US after massive hikes over the past 2-3 years...fueled by high demand and UNDER-supply. 2023 will represent the biggest delivery of new apartments in nearly 40 years (about 500,000 units)! (WSJ)

* What Do Austin, Nashville and Philadelphia Have in Common?
 They’re all standouts, adding jobs at a much faster pace than the rest of their states. Quality of life and the ability to add housing are important components. (Bloomberg)

* CNBC rated TOP STATES FOR BUSINESS: · 
   1. North Carolina (#1 for workforce, #3 for economy, #6 for access to capital)
   2. Virginia (great universities, top education system and access to capital)
   3. Tennessee (outstanding infrastructure with 107 million people within 1 day's drive, #3 for education, especially community colleges)
   4. Georgia. (Best infrastructure, solid economy and healthy housing market)
   5. Minnesota (solid infrastructure, growing semiconductor/tech!)
· ....and.... the Most Improved State in 2023 is .....New Jersey to #19, up from #42!  Texas and California tied for #1 for access to capital

* Among US homeowners who say they plan to sell in the next 3 years, 67% would be willing to wait until mortgage rates drop. (Credit Karma)

* Stanley Black & Decker found out after a $90 million investment that it didn’t have the tools to make wrenches in the U.S. The company is shuttering a Fort Worth, Texas, factory just 3½ years after breaking ground on a facility meant to burnish the Made-in-the-U.S.A. luster of the Craftsman brand. The high cost of American labor makes automation critical for plants to turn a profit. But the failure of the ambitious Stanley plant shows that turning manual tasks over to highly-automated assembly lines poses challenges. Faced with growing inventories of unfinished goods, Stanley decided to shut down the factory and keep importing many of its tools.

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 can easily source and vet a colleague of mine nationwide, in your local market.  Let me do the work. 

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.