Walkable

There is no small degree of consternation in the market right now concerning the health of real estate both nationally and locally. Chas Sisk's column in the Tennessean yesterday morning sparked a row of accusation and response on the site's article response page. But this shouldn't be the point of discussion or concern. The fundamentals of our economy both locally and nationally are still pretty solid, especially here in Nashville where we are experiencing solid job growth and a terrific lifestyle.

Is there some overbuilding right now? Probably so, but nothing that won't get absorbed in a few years. The capital markets have already responded by making the availability of dollars for "iffy" developments much harder to get. Similarly, the buyers have become better educated and much more sensitive to the underlying strengths or weaknesses of the development they are considering. Allelujah! Here are some simple "Do's and Dont's:"

• You should not purchase a unit in a development where you are one of hundreds of the same floor plan. Good luck re-selling against every one else!
• You should not purchase a unit because of slick marketing, great websites or good salesmanship.
• Do not purchase a unit because of sleek amenities that you will never use but will be paying through the nose for in HOA fees! Remember, a membership at the YMCA is a whole lot cheaper and the facilities are better!
• You should stick to the fundamentals:
• Is this unit priced fairly versus everything else on the market?
• Is this a location that I am going to be comfortable in over the long term?
• How is the neighborhood evolving?
• What are the barriers to entry so that my unit doesn't get overwhelmed by a dozen other projects?
• Is this a walkable neighborhood - are the amenities I seek...restaurants, services, employment nearby? The developers of 1101 Eighteenth preach the gospel that in urban living "the city is the amenity." See the picture below? That's the bridge over 21st Avenue that leads to the heart of Vanderbilt and the Medical Center...1 block away from 1101!
• Can I afford this unit without stretching myself?
• What are the HOA fees - am I trading my current rental situation for the same rent (HOA fees) AND a mortgage?

From looking at the wonderful buyers at 1101 Eighteenth, it is obvious they have taken these things to heart and chosen wisely. With only 56 units in total and Hillsboro Village nearby - Vanderbilt and Peabody practically across the street...great architecture and construction, 1101 will hold its value better than most.

There was a condominium development proposed near I-440 that was withdrawn just prior to the start of construction. They advertised themselves as being "near Hillsboro Village," but if you ever tried to hike that distance on a pleasant afternoon in late July in Nashville, you would learn that being "near" something doesn't get it! 1101 gets it and is. Take a look at this aerial photo to get your bearings! (That's Vanderbilt Medical on the left, Scaritt on the right and USN directly behind that good looking white-roofed 1101.)

The Move-ins Have Begun!

Our little community is starting to take shape as real people close on their new homes and move in. The first three floors are complete except for some minor cosmetic work. The landscaping will be installed in the front and back within the next couple of weeks. Solomon Builders has told us that they expect to be completed by Thanksgiving. Take a look at what some creative interior design can do...these are from our model unit on the second floor:

I am particularly excited about the large number of windows that flood light into these units. Our architect, Gilbert McLaughlin, has done a superlative job of creating outdoor spaces for our residents to give a wonderful open feel that is uncommon for an urban setting.
The feedback we have been receiving from our brokers at Latitude Realty is that buyers are very impressed with the quality of the construction and the thoughtfulness of the floor plans. One of the things we have always prided ourselves on is that our floor plans make sense! Floor plan design drives the design of our buildings not the other way around. The end result is a highly efficient and functional unit. Come on down and check it out!