Larry Lipman featured in The Tennessean

Lawrence Lipman, The Lipman Group Sotheby's International Realty

Lawrence Lipman, The Lipman Group Sotheby’s International Realty

We were thrilled to have our very own Larry Lipman included in a feature article on the front page of the Real Estate section in The Tennessean this past Sunday. Larry has been a realtor and broker in Nashville for 24 years and is unsurpassed in the service he offers his clients.

In the current Nashville real estate market, homes are selling quickly and there is much more to consider than just a home, especially if you are relocating to Nashville. Larry and all of our agents at The Lipman Group Sotheby’s International Realty continue to educate themselves on everything from what is happening in different areas of Nashville, schools, quality contractors, and who might be willing to sell, but hasn’t listed yet. Clients need to be educated on more than just what a particular house has to offer.

Inventory continues to be low and there is an abundance of people moving up, downsizing and relocating to Nashville. It can be difficult to find the perfect home so it is imperative agents stay abreast of what is happening in the market to help their clients make an informed, speedy decision when they find a home and neighborhood they like. According to Larry, “If you wait too long, it won’t be there.” We have certainly seen this happen so we want to stay on top of things and offer clients everything we can.

To read the full article and hear directly from our customers (and new to Nashville homeowners!), click here to visit TheTennessean.com.

Nashville named one of the Best Cities to Retire

Nashville Skyline. Photo Credit: Nashville Visitors Bureau

Photo Credit: Nashville Visitors Bureau

After taking a look at 50 metro areas across the nation, NerdWallet.com recently named the top 10 cities for retirement. Retirees want to live in a city where their money stretches far, but they can retain a high quality of life.  NerdWallet examined factors that are important to seniors, including affordability of housing and medical care, social life, weather and walkability.

Nashville came in at #10 on the list and they found the following:

Nashville, TN

Nashville is very affordable, with a high percentage of seniors in the population.  Country music lovers will feel welcome in this city, with its Country Music Hall of Fame and regular concerts from top performers, and seniors can take classes at nearby Vanderbilt University as well.

City Overall cost of living index Annual cost of in-home homemaker services Cost of a doctor’s visit Percentage of population over 65 Average annual temperature (°F) Walkability Score Overall score for retirees
Nashville, TN 87.7 $38,896 $79 10.2% 58.9 36 54.6

 

Trying to convince a loved one to settle down here in Nashville? Other sources have also deemed it a great place to retire – just click here to read previous features on our blog!

Is There a Window of Opportunity for Nashville Sellers Right Now?

window-of-opportunity-nashville-real-estateOne of the most interesting revelations of the latest National Association of Realtors® (NAR) Existing Home Sales Report is the shortage of housing inventory being reported throughout much of the country. At the same time, buyer demand is dramatically up over last year.  Here are some key points:

  • Total housing inventory at the end of January fell 4.9 percent to 1.74 million existing homes available for sale, which represents a 4.2-month supply at the current sales pace.
  • This represents the lowest housing supply since April 2005 when it was also 4.2 months.
  • Listed inventory is 25.3 percent below a year ago when there was a 6.2-month supply.
  • Raw unsold inventory is at the lowest level since December 1999 when there were 1.71 million homes on the market.

What Does This Mean if You Are Selling a Home?

The price of anything is determined by supply and demand. According to NAR’s report, inventory is at its lowest level since the real estate boom eight years ago. At the same time, demand is up. Lawrence Yun, NAR chief economist, reveals:

“Buyer traffic is continuing to pick up, while seller traffic is holding steady. In fact, buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. We’ve transitioned into a seller’s market in much of the country.”

In our most recent sales meeting at The Lipman Group Sotheby’s International Realty, we had many agents express a need for more inventory in Nashville. Some are working with particular buyers who have seen all that is available on the market, others are working with sellers who need to purchase a new home in a move-up situation.

Does that mean you should sell your house now? Take a look at the current inventory levels in Nashville compared to last year:

2012 2013
INVENTORY 17,949 15,478
Residential 10,971 9,342
Condominium 1,526 1,153
Multi-Family 319 207
Farm/Land/Lots 5,133 4,776

If we can help manage the sale or purchase of your home, contact us at 615-463-3333 or stop by our office at 2002 Richard Jones Road, Suite C-104; Nashville 37215.

Source: KCM Blog, National Association of Realtors® and Greater Nashville Association of Realtors®

Nashville’s Wealthiest Zip Codes in 2012

The Nashville Business Journal recently featured a list of the five wealthiest zip codes in Greater Nashville, ranked by the percent of households earning $200,000 plus. Check out what we found below when we took a closer look at each zip code and the real estate trends within them.

We pulled the average listing price, average sales prices and the average days on market for homes sold in these Nashville zip codes over the previous year.

Nashville_richest_ZIPcodes_slideMain

Most Affluent Zip Codes in Nashville during 2012

1. 37027

2012 rank: 1
2011 rank: 1

This Brentwood ZIP Code had, in 2011, 19.8 percent of households earning $200,000 plus.  The median household income was $106,667.

Average List Price Average Sales Price Average Days on Market
$1,519,442 $1,417,070 99
The most expensive home currently for sale in Brentwood's 37027: 6 Pickney Drive. Click on the image for more photos and information.

The most expensive home currently for sale in Brentwood’s 37027: 6 Pickney Drive. Click on the image for more photos and information.

2. 37215

2012 rank: 2
2011 rank: 2

This Nashville ZIP Code had, in 2011, 17.7 percent of households earning $200,000 plus.  The median household income was $72,623.

Average List Price Average Sales Price Average Days on Market
$1,487,244 $1,338,355 100
The most expensive home currently for sale in Nashville's 37215 is a Belle Meade estate at 1311 Chickering Road. Click on the image for more photos and information.

The most expensive home currently for sale in Nashville’s 37215 is a Belle Meade estate at 1311 Chickering Road. Click on the image for more photos and information.

3. 37205

2012 rank: 3
2011 rank: 3

This Nashville ZIP Code had, in 2011, 14.1 percent of households earning $200,000 plus.  The median household income was $71,881.

Average List Price Average Sales Price Average Days on Market
$1,747,872 $1,596,218 108
The most expensive home currently for sale in Nashville's 37205 is another home in Belle Meade: 1358 Page Road. You may also recognize this home from ABC's Nashville! Click on the image for more photos and information.

The most expensive home currently for sale in Nashville’s 37205 is another home in Belle Meade: 1358 Page Road. You may also recognize this home from ABC’s Nashville! Click on the image for more photos and information.

4. 37220

2012 rank: 4
2011 rank: 4

This Nashville ZIP Code had, in 2011, 13.1 percent of households earning $200,000 plus.  The median household income was $78,269.

Average List Price Average Sales Price Average Days on Market
$2,349,500 $2,100,000 91
The most expensive home currently for sale in Nashville's 37220 is is this Oak Hill estate inspired by Frank Lloyd Wright at 5011 Tyne Ridge Court. Click on the image for more photos and information.

The most expensive home currently for sale in Nashville’s 37220 is is this Oak Hill estate inspired by Frank Lloyd Wright at 5011 Tyne Ridge Court. Click on the image for more photos and information.

5. 37069

2012 rank: 5
2011 rank: 5

This Franklin ZIP Code had, in 2011, 12.6 percent of households earning $200,000 plus.  The median household income was $102,005.

Average List Price Average Sales Price Average Days on Market
$1,754,331 $1,613,635 116
The most expensive home for sale in the Franklin zip code of 37067 is this estate situated on 48 acres with lavish amenities: 2467 Hidden River Lane. Click on the image for more photos and information.

The most expensive home for sale in the Franklin zip code of 37067 is this estate situated on 48 acres with lavish amenities: 2467 Hidden River Lane. Click on the image for more photos and information.

Nashville named “it” city by New York Times

Good news concerning our city isn’t hard to find these days, with national sources like The Wall Street Journal and New York Times profiling the metro and all that is has to offer. New York Times writer, Kim Severson, wrote the following:

Downtown_Nashville_skylinePortland knows the feeling. Austin had it once, too. So did Dallas. Even Las Vegas enjoyed a brief moment as the nation’s “it” city.

Now, it’s Nashville’s turn.

Flush with young new residents and alive with immigrants, tourists and music, the city made its way to the top of all kinds of lists in 2012.

A Gallup poll ranked it in the top five regions for job growth. A national entrepreneurs’ group called it one of the best places to begin a technology start-up. Critics admire its growing food scene. GQ magazine declared it simply “Nowville.”

And then there is the television show.”Nashville,”a song-filled ABC drama about two warring country divas, had its premiere in October with nine million viewers. It appears to be doing for the city of 610,000 people what the prime-time soap opera”Dallas”did for that Texas city in the ‘80s.

Continue reading the full article here on NYTimes.com.

Have any of these national pieces highlighting Nashville featured your favorite things about the city? We are proud Nashvillians no matter what they say!

Good News for Nashville Real Estate

Looking at recent headlines from the Nashville Business Journal, we found many that bring good news to the local real estate industry. Click on the headlines below to read the full article from the Nashville Business Journal.

Streets of Brentwood clears first hurdle of many

The proposed mixed-use development at the southwest corner of Franklin Road and Maryland Way passed its first hurdle - a rezoning request that was unanimously approved on first reading this week - the 17-acre site is now zoned for office space only. Developers GBT Realty Corp. and H.G. Hill Realty Co. want Town Center zoning to allow for a 970,000-square-foot mixed-use project with retail and restaurants, an 11-screen CineBistro movie theater, a hotel, office space and 250-300 leased condo units.

A rendering of the proposed Streets of Brentwood shows several buildings of mixed-use development on the corner of Franklin Road and Maryland Way.

The proposed mixed-use development at the southwest corner of Franklin Road and Maryland Way passed its first hurdle – a rezoning request that was unanimously approved on first reading this week – the 17-acre site is now zoned for office space only. Developers GBT Realty Corp. and H.G. Hill Realty Co. want Town Center zoning to allow for a 970,000-square-foot mixed-use project with retail and restaurants, an 11-screen CineBistro movie theater, a hotel, office space and 250-300 leased condo units.

This development should bring several businesses to the Brentwood area, including entertainment, shops, and residences. A similar development in Atlanta’s Brookhaven neighborhood has seen much success with the Shop, Dine, and Dwell lifestyle. 

Steep discounts on foreclosed homes disappearing

An analysis by Zillow says that nationally the average discount in September on a foreclosed home was only about 8 percent below market, compared to the average markdown of 24 percent at the height of the housing bust in 2009. The change “is another signal that the country’s housing market is inching toward recovery.”

If you are looking for investment properties in Nashville, contact our office to discuss investment properties currently for sale in Greater Nashville.

Nashville apartment rents rise 5 percent

Rents at Nashville-area apartments continue to climb, according a new report from Colliers International. During the third quarter, the average monthly rent for a unit in Nashville climbed 5.1 percent to $865.

Are you still renting? Now is a great time to buy considering the previous and following headlines!

Nashville home sales jump 33% in October

Photo credit: Associated Press

Nashville-area home sales increased by 33.8 percent in October compared to a year ago, according to a new sales report from the Greater Nashville Association of Realtors. According to the report, 2,312 homes were sold in the area last month, up from 1,728 a year ago. Year-to-date home sales are up 26 percent.

Richard Exton, a real estate appraiser at Manier & Exton in Nashville, says “It’s still right on the edge. But it’s trending toward more of a sellers’ market where less inventory and increases in sales indicate sellers may be in an improving position.”