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| Spotlight : in this issue |
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| Published June 2008 |
By: Mitchell Brandt |
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City Spotlight |
| The Nashvegas of the South is rolling lucky 7’s in housing |
| Nashville, Tennessee, brings to
mind many different notions:
country music honkytonks,
cowboy boots and an ocean
of eager musicians waiting
for their shot. However,
Nashvegas, as it’s known to
some because of its bright neon
signs and thriving nightlife,
offers a lot more than eclectic
sounds. Nashville is carving
itself out of the Southern
stereotype and is becoming
known as a dominant force
in housing and business
development.
Many blossoming cities
tend to follow the same arc:
Industry brings people and
housing, there’s a boom
period, housing costs inside
city centers gets unaffordable
and the middle class makes
an exodus for the suburbs.
Nashville saw that arc, but
within the past five years
has seen a burgeoning move
back to city living. Areas like
East Nashville and Belmont-
Hillsboro have become hip,
thriving centers of living.
Planned extensions to the
urban light rail system will
soon make communities like
Mt. Juliet and Lebanon part
of the Nashville scene. The
old idea of the South is being
transformed and Nashville is
on the forefront of this change.
The Gulch may have a
funny name to those unfamiliar
with the downtown district,
but the development occurring
there is no laughing matter.
There is currently $260 million
of construction happening in
the area. Mixed among the
high-end condos will be 70,000
square feet of retail, and the
$100 million development
12th Ave. and Division Street
will offer mixed-use space of
an unprecedented nature.
"Everything we are looking at
will be new to Nashville, but
not a brand-new concept,” says
Jay Turner, managing director
of MarketStreet Enterprises.
The contemporary feel of the
area is distinctly the direction
much of the city is headed.
Nashville is a large
metropolitan area that was
surely affected by the subprime
housing slumps, right?
Not really. Ted Pins of Village
Real Estate Services, one of
the largest real estate firms in
Nashville says, "Nashville is
a unique market that hasn’t
been affected in the same ways
as other large cities. There has
been a huge condo boom within
the last four years that can be
attributed to people moving
back to the city center from
suburban areas.” Ted has worked
in Nashville for the past five
years and has been impressed
with the resilience of the
market. Nashville is consistently
rated by prestigious magazines
as one of the top markets inside
the U.S. to start businesses
and is noted as having a lower
than average cost of living. Ted sees these statistics as driving
factors that keep his city on the
national radar.
While newspapers are
consistently filled with stories
of burst housing bubbles and
the demise of the American
homebuilder, folks in Nashville
have a different perspective on
the horizon. Kevin Michelson,
certified mortgage planning
specialist with Countrywide
Home Loans, predicts 2008 as
being a significant year for the
citizens of the Nashville area.
Why can those involved in the
housing industry continue to
tap their toes while many other
markets must make significant
cutbacks? Kevin says, "One of
the reasons for the market’s
good standing was the absence
of quickly inflated prices—
often due to strong investor
activity—seen in many areas
of the country that are now
hardest hit by price retreats.
Nashville has below-average
exposure to investors and to
nonprime borrowing.” The area
is also seeing a rise in median
household incomes which will
drastically improve the market
and allow both builders and
homebuyers prosperity.
While Music City thrives,
Nashville has permanently
placed itself on the national
landscape as a truly American
city. Its LEED-certified housing
and willingness to adapt show
that it will remain a player in
tune with the times.
FAST FACTS
Population -
607,413
Median Home Price -
$223,500
More than 50,000 jobs directly related to
the hospitality industry.
Named in the Top 50 adventure towns in
the U.S. for 2007 by National Geographic
Adventure magazine.
Nashville has the 7th least miserable
airport according to U.S. News and World
Report. |
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