Let's Talk about hot neighborhoods, flipping properties and investing in some
still affordable rental property.
Property under a list price of $650,000 in Brentwood and under a list price of $450,000 in Franklin is
Hot! Recently a home listed in Wildwood at $595,000 received multiple offers the first day it was on the market. Clients of mine made an
offer of $30,000 in excess of list price and they were not the winners of the bidding war for this Wildwood property. By way of the grapevine,
I have heard that the selected offer (not my client's offer) was written and accepted without the option of a home inspection or an appraisal.
It has been years since I have seen any offer other than a tear-down written without the benefit of a contingency clause for a satisfactory
inspection for the proposed buyers. For the record, it is not good business in my book to purchase a property without the benefit of a home
inspection or a satisfactory appraisal.
The Brentwood neighborhoods of Wildwood, Laurelwood and River Oaks are big favorites of
buyers choosing not to invest in over $650,000. Westhaven in Franklin continues to have a strong presence in our hot communities; however, I
have noticed that there are several completed new homes on the market in Westhaven priced in the $700,000+ range. This is the first time I have
noticed any inventory at anytime in Westhaven's short storied history.
I also think that savvy investor/buyers need to watch the communities of Spring Hill and
Thompson Station for smaller properties equating to $175,000 or less. That market spot is going to soar in value over the next few years ahead
due to the completion of I-840, and its very own affordability factor. Additionally, those wanting really nice housing at a more affordable
price, ($375,000-$450,000) will find great opportunities to purchase today in south Williamson County.
Flipping property remains a good way to earn a few extra bucks. Recently a property
purchased in Abbottsford for $554,400 in April was sold in June for $693,400. Some very talented investor/renovators completed this move with a
relatively small "spruce the property up" budget. A very, very nice return was created for them. They key remains to be patient, and to be
in the right spot at the right time to find these properties.
Until next time stay safe and well.
Marty
Tennessee Tidbits:
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South Fulton, which for 60 years was the redistribution center for 70% of all bananas brought in to
the U.S., hosts an annual International Banana Festival each September that features a one-ton banana pudding. Don't slip!
-
Krystal's famous burgers first felt the mustard in Chattanooga in 1932. The price for this
Chattanooga chew-chew: a nickel.
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The Natchez Trace Parkway Bridge, which crosses over Highway 96 in Williamson County, is the
largest segmented, arched bridge in the United States.
*These tidbits were taken from Terrific Tennessee, by Ken Beck; published 1999.
