McSquared in Music City May 2023

PROMISE?

PRICING, RATES, and SWIFTIES

WOW! There's a lot happening in our little city. Just this past weekend Belmont University hosted graduation ceremonies for the class of 2023, Vanderbilt is this upcoming weekend, and Oprah gave the commencement address at her alma mater, Tennessee State University. Congratulations to all! Sevier Park Fest celebrated local artists, makers and musicians in 12 South, margs were flowing for Cinco de Mayo and folks adorned their best headwear for the Kentucky Derby parties that ensued. All the while Swifties cascaded into Nissan Stadium where Taylor Swift lit up the midnight sky with her 3 1/2 hour sold-out shows Friday, Saturday and a delayed rain show Sunday night. 

Must be the Spring air. Take a look below for more goings on. The city is buzzing with people. Recession? It appears people are spending money here...don't tell Powell. 

The property market continues to show it's Spring buds even in the face of another rate hike and the "forced" consolidation among regional banks rippling through the equity markets. New listings in Nashville and Franklin increased MoM, (4% & 11% respectively). The number of properties sold was just shy of flat.  Where we see the most awakening is in the number of properties that went under contract last month - up apprx 10% in Davidson County (Nashville) and up close to 30% in Williamson County (Brentwood & Franklin). PROMISE of a fruitful May? Time will tell.  Remember, the Fed operates on somewhat stale data. Real Estate is hyper local. TN unemployment is at all time low (TN.gov). Pricing is somewhat stabilized at the moment. 

The following still holds true from last month: 
>> Sellers: buyers remain picky. 
>> Buyers: you know what you want! Let's talk about the off market opportunities I can see at Compass. 

Keep an open dialogue with me about your plans, your dreams, your wants and needs. Let's partner together to get you closer, sooner. 

Local Events

May 11th, 6pm

MARTINIS & JAZZ

Join Nashville Pride for its annual fundraising event, Martinis & Jazz on Thursday May 11 from 6-9 pm at Center615. Funds raised at this event help support the annual festival and parade as well as Pride’s ongoing mission to support the LGBTQ+ community.

May 11th, 5:30m

THURSDAY NIGHT OUT
Cheekwood

The evening invites guests to sample seasonal beers, specialty cocktails created by premier spirit providers, irresistible bites from Café 29 and the city’s favorite food trucks while the always diverse music lineup provides the eclectic soundtrack. Thursday Night Out is a ticketed event. 

May 13,2023

The Iroquois Steeplechase 

Since 1941, the Iroquois Steeplechase, an annual horse race hosted at Percy Warner Park, has been drawing crowds of spectators to witness elite horses and riders competing over hurdles on a three-mile turf track. This year marks the race's 80th anniversary.

Click here for more information. 

May 18th

YUM! EAST

Annual showcase of East Nashville’s best food and drink, where 100 percent of proceeds directly support Fannie Battle Day Home for Children

May 19th, 7pm

BILLY JOEL & 
STEVIE NICKS

Music legends Billy Joel and Stevie Nicks, two of the most loved and universally respected
entertainers of all time, announce one unforgettable evening of live music at Nissan Stadium on Friday, May 19. The spectacular one night only show marks the first time the two have ever
performed on the same stage in Nashville.

May 20th, 3-7pm

Nashville Rosé Festival

Celebrating it's fourth year and to welcome all to Nashville’s ONLY Rosé themed festival benefitting the Tennessee Breast Cancer Coalition.

May 24th, 6pm

BOB DYLAN'S 
BIRTHDAY BASH

Come celebrate Bob Dylan's 82nd Birthday with Mike Miz and over 20 other Nashville musicians. All night long we will be diving deep into Dylans' vast catalog with unique interpretations of his timeless American songbook.
50% of the proceeds to benefit MUSICARES

May 26th, 7:30pm

DAVE MATTHEWS BAND

Notable in Nashville

Sylvan Park

4506 Nebraska Avenue

3 BD   3 BA   2369 SF   $1,250,000

Fully restored and renovated bungalow on a favorite Sylvan Park street ready for you to call home! All new everything! With the possibility of five bedrooms, this is a unique opportunity to have a little piece of history, with modern day conveniences and space for your everyday needs, just a short walk to all of your neighborhood favorites. Open kitchen and living room, two or three bedrooms downstairs, with the primary retreat encompassing the whole second floor. The detached garage has space to park and use as a guest house, home office, pool house, etc! Pool is being sold in as-is condition.

Hillsboro West End

2518 Blair Boulevard

5 BD   5 BA   4643 SF   $2,450,000

No need to be nostalgic for a walkable neighborhood with friendly neighbors; it still exists in this completely reconstructed bungalow in Hillsboro Village. Oasis bkyrd w/room for games, play cards or dine without pests by using invisible remote controlled screens for porch, easy perennial landscaping and a pool big enough to play games but small enough to keep heated and swim year round. Incredible finishes & style featuring: 2 bedrooms on main floor + office, chef's kitchen, primary bedroom down & true DADU with multiple flex spaces for home offices and so much more. Custom blinds, SONOS, Ring, wifi and water-sensored controlled irrigation, kitchen garden with raised beds and drip irrigation. DADU has both 1st & 2nd floor conditioned spaces w/ kitchen roughed in & has laundry connections

Lindsley Home Place

1506 Holly Street

3 BD   3 BA   2204 SF   $1,175,000

It’s not everyday you find all the charm and character of an East Nashville Victorian with all the luxuries and peace of mind offered by a new build. In 2021, this sweet gem was rebuilt from the ground up to its original historic footprint. Offering 3 bedrooms and 3 full baths with primary suites on both floors, 1506 Holly St. checks all the boxes. Look forward to hosting in your formal living and dining rooms that share a luxurious double-sided fireplace along with an elegant pass-through window to display your own decorative accents. Enjoy covered parking for 2 cars in the detached garage, and make plans to transform its upstairs into a DADU for rental income or multi-generational living. Come see this lovely home for yourself; there are too many sweet details to list them all.

Sylvan Park

4303 Wyoming Avenue

2 BD   2 BA   1500 SF   $740,000

Adorable 1920's Victorian Farmhouse loaded with charm and character. Hdwds, many original leaded glass windows, original front door, 10' ceilings, crown moulding. Just waiting for your touches to make it the perfect place to land in Sylvan Park! Pull down attic with extra storage. Seller is using 2nd bedroom as den, and that closet is in the hallway. Roof appx 5 years old, HVAC appx 7 years old. Beautiful backyard with privacy fence and 2 car carport. Enjoy both the rocking chair front porch and the large deck for entertaining, relaxing and chatting it up with your neighbors.

In case you missed it

> Multi-family construction as a percentage of new construction soared to well over 30% - close to 40% - of all housing - near record levels - versus 10%. This could indicate buyers gravitating to more affordable options, more convenience, less maintenance responsibilities and more dense living environments with a sense of community? Single family permits are up though.

> New York City is the wealthiest in the world with 340,000 millionaires, while San Francisco Bay Area and Los Angeles come in 3rd and 6th places, with 285,000 and 205,400 resident HNWI, respectively. Tokyo, which led the pack 10 years ago, fell to 2nd place with 290,300 millionaires, and London, the wealthiest city in the world for many years, dropped to 4th place with 258,000. Singapore, widely regarded as the most business-friendly city in the world and one of the top destinations for migrating millionaires, sits in 5th place with 240,100 resident millionaires, while Sydney came in 10th place with 126,900 millionaires.

> Congressman Jimmy Panetta (Monterey, CA) and Mike Kelly (PA-16) introduced H.R. 1321 - More Homes on the Market Act - which would double the capital gains exemption on the sale of a personal residence to $500,000 for a single filer and $1,000,000 for joint filers.

> Wholesale diesel pricing recently fell to $2.65 a gallon in New York Harbor, down from $5.34 last May.....now that's called DEflation, and possibly an important indicator of slowing demand and a slowing economy. This could help bring down transportation costs AND construction costs as lots of building machinery use diesel. (WSJ)

> Tim Cook officially opened Apple’s first company-owned store in India, betting retail outlets will help accelerate sales growth. Only about 4% of India’s almost 700 million smartphone users have iPhones. (Bloomberg)

> Democrats continued to say that the nation’s borrowing limit must be raised without conditions, waving away Republican demands to begin talks after the House passed a bill coupling an increase in the debt ceiling with sharp spending cuts.

> New York and California lost $92 billion in income during the pandemic as high-rolling taxpayers decamped to states with lower tax rates, like Florida and Texas, according to CNBC’s analysis of new IRS data. Though the trend of high earners moving south to pay less in taxes and avoid having people pitch them screenplays had already started, Covid pushed it into high gear in 2020 and 2021 (their combined losses were three times higher in 2021 than 2019).

> IBM cancelled plans to hire 7,800 back office jobs. The functions will be filled with AI programs.  Dropbox announced last week it no longer needed to hire 500 people.

> "What gives you opportunities is other people doing dumb things.” (Warren Buffett) 

> The new Mansion Tax in Los Angeles has resulted in only 10 single-family home sales above the $5 million tax threshold during April..... compared to 144 homes in the same price range in the preceding month of March. In April 2022, there were 79 sales. IE:  Higher tax rates often leads to lower net revenues.

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.