Owner: Nashville Real Estate | Housing Market and Mortgage Updates - Nashville, TN URL:http://remarkablehomes.blogspot.com/ Join Date: Sat, 19 Apr 2008 16:59:13 -0500 Rating:0 Site Description: Real time information on the Nashville housing market and Nashville mortgage rates. Read about Nashville real estate and discover how to get the best deals on Nashville homes, condos, and other real estate when relocating to Nashville, TN. Blog also featu Site statistics:Click here
Foreclosure Estate Home in Brentwood, TN - Hampton Reserve 2008-04-18 16:31:00 A local bank has taken back a $1+ million dollar home in the HamptonReserve
neighborhood in Brentwood, TN. Brentwood is one of the most affluent areas in Tennessee and is located in Williamson County (the top ranked county in Tennessee for schools, income, quality of life, etc.). Brentwood is located 11 miles due south of Nashville and is mostly a pillow community that only features commercial development of consequence in the Maryland Farms area.The home is a 6 bed, 4.5 bath, 4 car garage 6,921 square foot estate property that was originally sold for $1,345,000 in April of 2007. At this point, the bank is ready to move it off the books and may accept a much lower offer. We can speak individually about that number, but I believe that a clean offer with a quick close will range between $87 Read more:Estate
, Foreclosure
Eakin Partners Begin Site Work on Gulch Offices 2008-04-18 15:34:00 I recently drove by the corner of 12th Avenue South and Demonbreun Street in the Gulch and noticed that the old tire repair and replacement building was in the process of being cleared. I had not heard anything about this project since early to mid 2007, but it appears that Eakin is going to be building its twin office tower concept or another office concept. This property was expected to be a 16-20 story tower and would impressively change the landscape and entrance to the Gulch which lacks any office space of consequence.The Gulch is most notably known for its residential and condo new construction projects. Currently the Icon, the Velocity, and the Terrazzo are all under construction and will deliver almost 1,000 condos between the summer of 2008 and the end of 2009. It is our belief th Read more:Offices
, Partners
New Proposed Hotel for Downtown Nashville 2008-04-17 21:35:00 From the Nashville
City Paper Today:"Denver-based Sage Hospitality today unveiled the new design for the proposed hotel along Lower Broadway after having filed with the Metro Planning Commission an amendment to the zoning approved for the project last year.Sage started the process with Metro Council a month ago but had no images of the redesign until today.Now dubbed Broadway Hotel
, the project is shorter than originally approved and doesn’t contain condominiums. The proposed number of rooms increases from 375 to 457.Earl Swensson Associates and Hawkins Partners handled the redesign and made it more friendly to the historic facades along Broadway.The planning commission takes up the amendment on April 24. Council has the amendment on the public hearing meeting for May 6 and could be appr Read more:Downtown
Leipers Fork Estate Home Foreclosures 2008-04-16 08:38:00 Recently a local bank has had to take back two $1+ million estate homes in the Leipers Fork
area of Franklin, TN 37064. For those of you not familiar with Leipers Fork, it is best described as a sleepy estate home town with rolling grassy hills, lazy streams, and the town Sherriff with a bubble gum machine on the roof of his car. It is a wealthy area full of country music stars and their equestrian facilities, but it’s real appeal is that Leiper’s Fork is really just a part of Franklin and no more than 25 miles from downtown Nashville.The two bank owned homes are each brand new construction, they both sit on at least 5 acres, and have at least 6,500 square feet. The smaller house is priced at $1.25 million and the larger is $1.35 million. The bank is not in too big of a hurry to dump t Read more:Estate
, Foreclosures
Nashville Mortgage Rates Hold Steady 2008-04-15 08:26:00 The average interest on the benchmark mortgage rate held below the 6% threshold for the fourth consecutive week as 30-year loans remained at 5.88% this week, according to Freddie Mac."Once again, mortgage rates held relatively steady this week amid release of subdued economic data," said Freddie Mac chief economist Frank Nothaft, who cited a government report on the number of jobs eliminated by businesses last month. There was a slight downward movement involving the other mortgage rates as 15-year, fixed loans held steady at 5.42%, five-year adjustable rate mortgages fell 0.03% to 5.56%, and one-year ARMs declined 0.01% to 5.18%.The April Fed meeting is rapidly approaching and again, we expect a quarter point drop in the discount rate which will lead to lower mortgage rates in May. More g Read more:Mortgage
, Nashville
, Rates
Property Management for The Encore Condos 2008-04-13 18:06:00 I just wanted to remind everyone that I have negotiated a bulk management discount with Summit Property Management
to manage our group’s condos at the Encore
. Summit will be charging us 8% of gross monthly rent and a $35 account management fee. Please call or email Adriana Coronado with Summit Property Management to confirm your interest in leasing: 615-732-9224 Adriana@SummitNashville.comSummit offers you many services that other property managers do not:- Online rent pay- Online maintenance requests- Corporate rental management- Auto draft- Auto bank deposit- Annual tax preparation for rental propertySummit Property Management also has a $30,000 website coming online at the end of April that will be the gold standard for all property management websites in the United States…I should
Financing the Encore Condos for Self-Employed Buyers 2008-04-12 18:33:00 For self-employed borrowers, SunTrust has an option that will help meet the need to obtain financing without having to go full documentation in The Encore
. I would like to introduce the No Income Verification option. Below are some of the benefits and features of this product:- Eliminates verification of income- Shorter processing timeThis product is targeted to SELF-EMPLOYED BORROWERS ONLY. The definition of a self-employed borrower is someone who receives 50% of his or her income from commission. Certain restrictions apply to this product. For a primary residence or second home, a minimum of a 720 credit score is required with a 10% down payment. For investment properties, a minimum of 20% down is required with the same 720 credit score requirement.The immediate downside is that the risk Read more:Buyers
, Employed
, Financing
Philosophically, Where is the Nashville Market? 2008-04-11 21:13:00 There is no doubt that the Nashville
real estate market has slowed, but it is not for the same reasons as many other major American markets. Nashville is one of the few markets still experiencing growth in the big three housing affordability factors: Job growth, wage growth, and population growth. So what is holding the Nashville market back? There is literal a standoff between home buyers and home sellers. And what has caused this standoff? It is lethal combination of the economy, tightening lending criteria, and the national media’s unrelenting over reporting and sensationalizing of bad real estate news. It is not a result of buyers vacating the market, buyers’ inability to afford the market, or buyers’ inability to obtain financing.According to the Downtown Partnership, Nashville Read more:Market
Fixed Mortgage Rates Rise Slightly 2008-04-07 19:54:00 National average mortgage borrowing costs were up slightly for the week, reports Freddie Mac. According to the company's figures, interest on 30-year fixed loans bumped up to 5.88% from 5.85% a week ago; while 15-year fixed loans rose to 5.42% from 5.34%. However, adjustable-rate products moved in the opposite direction with the one-year ARM dipping to 5.19% from 5.24% and the five-year ARM sliding to 5.59% from 5.67%.The Fed is meeting at the end of the month to discuss the discount rate and it is widely believed that they will lower that rate a quarter point to 2.00%. This drop should proliferate through the institutional systems by the end of May leading to much lower rates this Summer. If you are a seasoned real estate investor, you should begin making your moves now before the rest of Read more:Fixed
, Mortgage
, Rates
Encore Closing and Leasing FAQs 2008-04-04 16:32:00 I spoke with Ashley Dugger at the sales center today to ask her a few questions regarding Encore
closings, leasing, etc and here are the answers:Q: Will the developer allow us to move our closing date back to our original contracted closing date?A: If the buyer is having trouble obtaining financing they need to fax or mail a signed letter explaining the trouble they are experiencing and the developer will work with each buyer on a case by case basis.Q: Will the developer allow a buyer who cannot qualify for financing out of the contract?A: No, there is no case in which financing lets you out of your contract. You will need to make application with a developer approved lender (SunTrust) and if you do not qualify they will send that information to the developer. If you do not qualify you wil Read more:Leasing
Nashville Mortgage Rates Lower, Home Sales Up 2008-04-01 09:19:00 Freddie Mac's Primary Mortgage
Market Survey showed the 30-year fixed-rate mortgage (FRM) averaging 5.85% with an average 0.4 point for the week ending March 27, 2008, down from the prior week when it averaged 5.87%. Last year at this time, the 30-year FRM averaged 6.16%.The 15-year FRM averaged 5.34% in the latest report, with an average 0.4 point, up from the previous week when it averaged 5.27%. A year ago at this time, the 15-year FRM averaged 5.86%."Long-term mortgage rates were relatively unchanged in the past week as the latest economic indicators came in much as expected," said Frank Nothaft, Freddie Mac vice president and chief economist. "On the housing front, house prices keep declining across the nation. Lower
prices improve affordability and the National Association of Realtor Read more:Nashville
, Rates
, Sales
Nashville Makes News as Affordable Market 2008-03-30 14:14:00 A newly-released study by Bizjournals.com ranked the 50 largest metropolitan areas in the U.S. as to housing affordability and Nashville
ranked 16th! The study looked at median household income per month and the median total housing payment per month (for each of the 50 markets) to compute total housing payment as a percentage of household income. This showed 24% of income spent on housing in Nashville, TN. Read more:Market
Mortgage Rates Drop Below 6%, Again 2008-03-24 21:32:00 According to Freddie Mac's data, national average mortgage rates dropped back below 6% after spending more than a month above that threshold. Thanks to the Federal Reserve's aggressive moves to insulate the U.S. economy by slashing borrowing costs, 30-year fixed home loans averaged 5.87% for the week ending 3/20/08. That compares to 6.13% a week earlier and represents the first time since mid-February that the benchmark interest rate has been less than 6%."Slowing consumer spending and weak employment conditions are among the concerns behind the Fed's decision to lower the target federal funds rate," said Freddie Mac chief economist Frank Nothaft. However, the Nashville housing market should get a boost from this drop. Read more:Again
, Below
, Mortgage
, Mortgage Rates
, Rates
The Best Places To Buy Foreclosed Property 2008-03-24 14:41:00 Last week, Forbes.com published a news story identifying the 10 "Best Places
To Buy Foreclosed Homes." The nation's 100 largest metro areas were studied in the process of selecting the Top 10. Basing their analysis on recent data from RealtyTrac, the report identifies markets where properties in foreclosure may, in fact, be a good investment because the markets in those areas are stabilizing and "foreclosures aren't symptomatic of local economic ruin."In other words, making the list is great news for those who live and work in these markets and two Tennessee cities made the Top 10 List:1. Charlotte, NC2. Raleigh, NC3. Nashville, TN4. Oklahoma City, OK5. San Antonio, TX6. Albuquerque, NM7. Knoxville, TN8. Seattle, WA9. Indianapolis, IN10. Washington-Arlington-Alexandria Investing in Nashvil
The Icon In The Gulch - Nashville, TN 2008-03-16 10:53:00 There is a new massive 400+ unit condo building rising from the ground in the area of Nashville
know as "The Gulch" that might become the symbol of national real estate investment greed. The Icon was pre-sold almost 2 years ago in a cloud of heavy speculation and an atmosphere of such frenzy that I felt like a New York Stock Exchange floor trader that day. Literally hundreds of investors and Realtors crammed themselves into the relatively small sales center on 11th Avenue South in Nashville and jockeyed for the best condos. At one point the Icon representatives would simply yell out a condo's unit number and the first person to yell back or physically grab the contract from the representative was the lucky buyer. Condo prices were shooting up every 30 minutes and the fever pitch lasted unt
30-Year Mortgage Rates On The Decline 2008-03-12 13:49:00 Freddie Mac says the 30-year fixed mortgage rate fell to 6.03% during the week ended March 6 from 6.24% the prior week. Interest on 15-year, fixed-rate mortgages also declined, falling to 5.47% from 5.72% over the same period. The five-year adjustable mortgage rate dipped to 5.34% from 5.43%, while the one-year ARM dropped to 4.94% from 5.11%. Freddie Mac chief economist Frank Nothaft attributed the decrease in mortgage rates to reports of weakness in the job market, manufacturing sector, and consumer confidence. Read more:Decline
, Mortgage
, Rates
HUD Releases New FHA, Conforming Loan Limits - Home Sales Stable 2008-03-10 16:36:00 Last week, HUD published new FHA and conforming loan limits, based on median home prices as mandated by the Economic Stimulus Act signed by President Bush in February. The new loan limits for FHA, Fannie Mae, and Freddie Mac are now calculated at 125% of the HUD published median prices, with a floor of $271,050 and $417,000, respectively, not to exceed $729,750.The Nashville MSA (Davidson, Williamson and five surrounding counties) now has a loan limit for single-family homes of $432,500 for FHA, Fannie Mae, and Freddie Mac. Most other areas in Tennessee have a FHA loan limit of $271,050 for single family homes.The National Association of Realtors expects the impact on the housing market to be significant because of the infusion of capital into the mortgage market, which should result in lo Read more:Limits
, Sales
, Stable
Signature Tower Luxury Condo Update 2008-03-06 22:01:00 Giarratana Development’s SignatureTower
is not the latest casualty of the subprime financial market debacle, but for the first time I have to admit that the March 31st deadline looms heavy on my conscious. The Signature Tower is developer Tony Giarratana’s dream building, a 70 story luxury Tower that only the boldest developer in the Southeast would even attempt to tackle in a mid-major market like Nashville and he’s down to his last 4 weeks. The casual reader might assume that buyers and investors have fled the real estate market to seek higher ground, but that is not the case in booming Nashville, TN. Tony has been able to presale just about 50% of his building (the most expensive half), which would have been enough last year, but financial institutions’ concerns over the loomin Read more:Condo
, Luxury
, Update
Pictures of The Encore in Nashville, TN 2008-03-05 23:02:00 Picture of the pool on the 7th floor amenities deck. I am on the Western part of the building facing to the North. I am on the balcony on the 12th floor. I am on the eastern side of the building facing to the north. You can see the new 30 story Pinnacle building just now coming out of the ground.This is the 15 seat movie room on the 7th floor amenity deck. The gaming portion of the amenities deck. This is a model bedroom in a 2 bedroom floor plan. The Encore
has completed 3 model units in an effort to sell the last several condos. I am standing in the entry of a 2 bedroom floor plan. This is a very interesting plan in that it is not the run-of-the-mill boxed floor plan. This is a very dynamic plan that puts the Viridian to shame. This might be my favorite shot of the night. I am standing Read more:Nashville
, Pictures
Nashville Mortgage Rates on the Rise 2008-03-01 10:56:00 Freddie Mac reports a jump in the 30-year fixed mortgage rate to a three-month high of 6.24% during the week ended Feb. 28 from 6.04% last week, marking the third consecutive weekly increase. Interest on 15-year fixed-rate mortgages climbed to 5.72% from 5.64% over the same period. Meanwhile, the five-year adjustable mortgage rate edged up to 5.43% from 5.37%; and the one-year ARM shot up to 5.11% from 4.98%.These rate increases are a direct result of rising inflation numbers, oil that hit $102 per barrel, and concerns over a national recession. There is no reason to hit the panic button just yet, remember, it was just 1 month ago when mortgage rates hit a 3 year low. We certainly see rates falling as fast as they have risen just as we enter into the Spring buying season. As I write this p Read more:Mortgage
, Nashville
, Rates
Condo Financing for The Encore Building in Nashville 2008-02-25 08:59:00 Dear Mr. Grant Hammond,We here at SunTrust Mortgage sincerely appreciate the opportunity to work with your “Preferred clients” with the financing of the Encore
condominiums in Downtown Nashville
. As a token of our appreciation, we will go above and beyond the rest of the financing options by offering an exclusive arrangement for your clients. SunTrust will offer:* Up to $4,500 for closing costs* No application fee ($200.00 savings)* No appraisal fee ($350.00 savings)We want to stand out from the crowd by offering competitive mortgage rates, better customer service, and delivering quality products and services to our clients.Please feel free to give me or my assistant a call with any questions or concerns.Cordially,Travis Smith, USMCMortgage Loan ConsultantSunTrust Mortgage Inc.,1600 We Read more:Building
, Condo
, Financing
The Economic State of Nashville and Middle Tennessee 2008-02-20 18:42:00 Recently, The Tennessean interviewed Arthur Laffer and ask a few pointed questions about the state of the Nashville
economy, here are his answers:Q) Is Middle Tennessee
resistant to a recession because we didn't have the real estate boom and then bust that other states have seen, California for instance?A) "I was on the Governor's Council of Economic
Advisors with (Arnold) Schwarzenegger out there. I love him dearly … he's a great guy. But when he decided to turn to the dark side, I said: "I'm getting out of here. I'm not going to watch. I'm not going to be in a collapse."California went from being the third-fastest growing state in the country to No. 29. So, at the age of 66 in 2006 I packed up and moved my company, my business and my family, everything here to Tennessee — a place I'd Read more:State
Mortgage Rates Edge Lower, Applications Up 2008-02-12 22:35:00 Freddie Mac reports a slight decline in the 30-year fixed mortgage rate to 5.67% from 5.68% during the week ended Feb. 7. Interest on 15-year fixed loans also dropped, falling to 5.15% from 5.17%. Over the same period, the five-year adjustable mortgage rate slipped to 5.21% from 5.32%, and the one-year ARM moved down to 5.03% from 5.05%.Meanwhile, the Mortgage
Bankers Association reports a 3-percent jump in home-loan applications to a nearly four-year high last week and a year-over-year gain of 73% as borrowers try to refinance in order to reduce their interest rates. While purchase loan requests shot up 12%, a three-fold increase in refinance applications since December is responsible for the recent gain. According to MBA senior director of economic forecasting Orawin Velz, "We can't say Read more:Applications
, Lower
, Mortgage Rates
, Rates
Metro Council agrees to Fund Convention Center 2008-02-06 10:34:00 The new Nashville convention center is one step closer to reality as the Metro Council
agrees to fund all predevelopment activities required to build the center. Funding for the predevelopment work will be limited to the money brought in by revenue sources already in place for the project. Metro Finance Director Rich Riebeling said about $1.4 million is coming in each month from those taxes and fees, most come from the tourism industry.Phil Ryan, executive director of the Metro Development and Housing Agency, said the work will start with the creation of a master plan for the proposed 15.6-acre site at Fifth Avenue South and Demonbreun Street. A planning firm will help MDHA decide on the best way to lay out the convention hall, the hotel, and the parking garages on the property.The next st Read more:Center
, Convention
Mortgage Rates Bump Upward 2008-02-04 09:43:00 Following four consecutive weeks of sharp declines, Freddie Mac reports an increase in the 30-year fixed mortgage rate to 5.68% during the week ended Jan. 31 from 5.48% the prior week. The 15-year fixed mortgage rate rose to 5.17% from 4.95% over the same time span. Meanwhile, the five-year adjustable mortgage rate edged up to 5.32% from 5.13%; and the one-year ARM climbed to 5.05% from 4.99%. Freddie Mac chief economist Frank Nothaft attributes the recent gains to an uptick in 10-year Treasury bonds.This increase in mortgage rates is completely expected and not a new trend. We anticipate rates to continue their steady decline all the way to the next Presidential election in November, expect small corrections all the way down to consistantly sub 5% fixed rates. Read more:Mortgage
, Mortgage Rates
, Rates
Nashville Mortgage Rates Rise Slightly 2008-04-21 18:34:00 30 year fixed interest mortgage rates currently sit at 5.88%, and some industry analysts say they are unlikely to fall any further for the rest of the year. Interest on 30-year fixed loans is only down a quarter of a point, as the credit markets have cut the link between it and yields on 10-year Treasuries; and while skittish investors have moved to Treasuries to trim the yields, mortgage lenders have not eased lending standards.Nashville
mortgage rates are likely to close 2008 at about 6% as investors in bonds focus on rising inflation and drive interest rates higher. Long-term rates will also increase due to the additional supply of Treasuries as Congress borrows to raise money for the growing federal budget deficit. The rise of inflation is a blow to our 5.5% rate prediction by June of Read more:Mortgage
, Rates
Nashville February Home Prices and Sales Data 2008-03-08 13:58:00 There were 1,892 residential closings in February
2008 as opposed to 2,575 in February 2007. Of those 1,892 closings, 1,488 were single family homes, 256 were condos, 121 were land, and 27 were multifamily.As of the end of February, there were a total of 22,473 properties on the market as opposed to 17,824 in 2007. Of those 22,473 properties, 14,344 were single family homes, 5,375 were land, 2,374 were condos, and 380 were multifamily.Inventory has increased fairly significantly due to the sub prime financial mess and there are many meaningful choices for buyers. More importantly, there are very few foreclosures, pointing towards a healthy market that has backed off of 2007 highs, the second best year in Nashville
real estate history. Read more:Home Prices
, Prices
, Sales
Nashville Area Mortgage Rates Jump Higher 2008-04-28 11:34:00 Freddie Mac reports a jump in the 30-year fixed mortgage rate to 6.03% during the week ended April 24 from 5.88% the prior week, marking the first time in six weeks that mortgage rates rose above 6%. The 15-year fixed mortgage rate climbed during the same period, edging up to 5.62% from 5.40%. The five-year adjustable mortgage rate increased to 5.68% from 5.48%, while the one-year adjustable rate shot up to 5.28% from 5.10%. Freddie Mac chief economist Frank Nothaft attributes the gains to heightened inflationary concerns.The Fed does meet later this week to consider dropping bank discount rates from 2.25% to 2%. While that rate cut is expected to happen by Thursday, we do not think that Nashville
residential mortgage rates will be affected very much in the short term. Some lenders like Co Read more:Higher
, Mortgage
, Mortgage Rates
, Rates
Foreclosure Opportunity in the Green Hills Area 2008-04-25 15:12:00 These 2 town homes were taken back by the bank a while ago and have been finished by the bank. Each side of this property is a 3 bedroom, 2.5 bathroom, 2 car, 2,709 square foot separate town home that features hardwood floors, granite counters, and even a stacked stone outdoor fireplace. It is a little bit of a mystery to me why these properties did not sell as they are located extremely well and are very attractive floor plans. It is my opinion that they would be phenomenal rentals that would bring $2,350/mo. per side for a total of $4,700/mo of gross income.Originally these town homes were listed pre-construction for $550,000 each in the summer of 2006. The builder began the properties and by mid 2007 and the price was dropped to $525,000. Since that point, the bank took the property bac Read more:Foreclosure
, Green
, Hills
, Opportunity
Catch Your Breath, Mortgage Rates Change Little 2008-05-05 09:48:00 Long-term mortgage rates saw very little change over the past week, according to Freddie Mac. The company said that interest on 30-year fixed loans came in at 6.06% compared to 6.03% for the previous week. Other rates registered a little downward movement, but not much, with the 15-year fixed mortgage averaging 5.59% compared to 5.62% a week earlier and the five-year hybrid adjustable rate floating up to 5.73% from 5.68% over the same period. The one-year ARM, meanwhile, held steady at 5.29%.It does not appear that there is much mortgage rate relief in the immediate future. The bond rates are fluctuating, the New York Stock Exchange is unpredictable, and mortgage backed securities are not seeing the funding required to lower Nashville rates. Read more:Breath
, Catch
, Change
, Mortgage
, Mortgage Rates
, Rates
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