3903 Estes

The number of COVID-19 cases is growing, and the stock market is shrinking. Of those considering home ownership, many have 20% less cash to invest than they had last month.

With more testing kits becoming available, the number of confirmed cases will grow, and the markets could decline further.

In the Nashville area, those declines are of concern but are overshadowed by the tragic winds that ripped through the city and surrounding areas last week. As we grieve those that lost their lives and suffered property damage from Nashville to Mt. Juliet and Cookeville, the area is once again showing its resilience. Volunteers have answered the call, and drop-off stations are abundant for those needing food, water, clothing and cleaning supplies.

As days, weeks and months pass, there is concern what happens to Nashville’s hardest-hit historic neighborhoods. Many fear real estate profiteering will rear its ugly head with developers attempting to cash in on those in distress by making low offers for the damaged properties, some of which are owned by those who might not have adequate insurance or funds to rebuild.

Additionally, there is conversation about why East Nashville has fallen victim to two major tornadoes and a supposed 500-year flood in a 22-year span. Are tornado alleys real? Is East Nashville worthy of the designation?

The East Side has played a significant role in bringing the “itness” to Nashville. Creativity calls East Nashville home. Many of the city’s best restaurants, music venues, most exciting people and stunning architecture – old and new, historic and modern – can be found across the river.

Time will tell. We can hope everyone will soon be inoculated, that the stock market will have rebounded and East Nashville, North Nashville, Donelson, Hermitage, Germantown, Mt. Juliet, Cookeville and all areas affected by tornadoes will be back to business as usual.

Sale of the Week

Hanna Bennett, a world-class Realtor with Keller Williams Realty, had the most patient seller in all of real estate with her listing at 3903 Estes.

Situated on the corner of Estes and Abbott Martin, the house and her “For Sale” sign have been fixtures at this busy intersection since August 2018, leading many to wonder why it was languishing.

The house, after all, has plenty of curb appeal and is highly visible, sitting at an intersection passed thousands of times each day by those visiting or residing in Green Hills or Belle Meade. Maybe some considered the high-traffic location to be a detriment.

Why would it sit, unsold, for 18 months or 559 days?

But alas, it did sell. Four times it sold.

On each occasion, the buyer’s financing fell through, often at the last minute, after appraisals, inspections, walk-throughs and closing times and dates set in stone.

Upon review of the listing, the house is impeccable in design and in its amenities. Among the features of the stunning home are SubZero and Wolf appliances, custom steel doors, marble bathrooms, reclaimed red oak hardwood floors, a whole-home audio system, central vacuum, filtered water, a fully irrigated lawn and finishes befitting a top-notch, custom-built home.

Listed in August 2018 for $2,099,000, it went under contract in November, only to have the sale fall through in January. So it “sold” in only three months, not 559 days, except for the fact the buyer was ready and willing but not able.

The home re-entered the market Jan. 8, 2019, and went under contract March 25, a mere 76 days on the market. The sale fell through April 9, and back to the market it went. They price was reduced by $50,000 in May, a reduction caused more by bad luck than bad house.

With no buyers forthcoming, another reduction ensued, this one for $14,100 in July and another for $9,900 in August. A contract was signed Aug. 25, 2019, four days after its first birthday on the market.

This is the third contract and followed three price reductions. The third time is definitely the charm, or so the sellers thought.

That sale fell through, and the house was taken off the market by the seller.

The house is soon relisted with $30,000 added to the previous price. That tactic does not work, and the price is dropped that $30,000 a couple of weeks later. In November, another $25,100 is shaved, followed by a $24,900 reduction in December.

In January, 3903 Estes went under contract for the fourth time, closing for $1,925,000, a respectable $340 per square foot but $174,000 less than the original $2,099,000 price and, in all probability, less than some of the earlier contracts.

Hope the profits weren’t invested in the stock market.

Jessica Norfleet of Berkshire Hathaway Home Services represented the opportunistic buyer who profited from the bad luck the sellers encountered on the road to closing.

Richard Courtney is a licensed real estate broker with Fridrich and Clark Realty, LLC and can be reached at [email protected].