317 Lynnwood

Nashville-area homes sales declined 13.5% in September compared to September 2021, data from the Greater Nashville Realtors reveals.

With 3,478 closed sales, the market is similar to September 2018 when 3,258 transactions were logged. That was a record month for the market. Roger Maris’s record had to fall at some point, as did the 2018 sales record.

The 2021 and even late 2020 sales figures were similar to the allegedly steroid induced records broken by Sammy Sosa, Mark McGwire in 1998 and Barry Bonds in 2004. With COVID pounding the nation, the federal government sought to save the economy. Interest rates were lowered, there was a moratorium on foreclosures and people were paid not to work.

All of those moves proved beneficial, as the economy recovered. But now things are normal. Perhaps the current status has not officially reached recession mark, but it is close.

The steroid scandal with home runs flying out of ballparks was great for baseball, as fans returned to the ballparks. Perhaps, officials had their heads in the vaults counting money and pretended not to notice as scrawny players grew three hat sizes and two shoe sizes, and those who hit 30-35 home runs began to hit 50 home runs.

As housing, gasoline prices soared, along with the costs of other goods and services, America felt great again, but at some point it needed to just feel good again. That is now.

In this area, 3,478 home sales in a non-cash-infused market is a good thing. Interest rates at 6% is good. Home prices are increasing, but at a slower pace.

Inventory is at 9,765, while in 2018 that number hit 12,418. This September, the median sales price was $475,000. It was $414,583 last September.

The median price for condominiums last month was $335,000, $298,000 in 2021.

If real estate sales prices were stocks, the market would be considered up, not down.

Buyers during the past two years were unable to win bidding wars if their offers included contingencies for inspection, appraisals or financing. Those terms are great for sellers but bad for buyers.

It will prove great for attorneys, as the avalanche of lawsuits is most likely on the way.

Today, there are inspections, appraisals and financing, and that is good for everyone in the long run.

Baseball is faring well without steroids, and the housing market will improve with no funny money.

Sale of the Week

Those traveling through Belle Meade where Lynnwood meets Lynnwood and Lynnwood meets Westview might never have noticed the house at 317 Lynnwood, where one street becomes two when Lynnwood becomes Westview then turns back into Lynnwood.

If that is not confusing enough, there is Lynnwood Boulevard and Lynwood Boulevard, which is the same street and is so called because the street was named for one Mr. Lyn with one “n” and incorrectly corrected when the plat was filed. The person recording the plat thought it to be a misprint and added the extra “n,” hence Lynnwood on some street signs and Lynwood others.

Granted, some of Lynnwood is in Belle Meade and some is not, but that has nothing to do with the spelling.

The house at 317 Lynnwood is on the corner of Lynnwood and Lynnwood, but since that is not possible, it is on the corner of Lynnwood and Westview. It does not really matter where it is as no one has ever seen it anyway.

The house sold last week and was listed by real estate royalty Kathryn P. Donelson, whose father Tom Patterson is a real estate legend. She is the wife of Daniel Donelson, who is one of the original Donelsons who settled Nashville.

Keeping with the legendary motif, Donelson is affiliated with the firm founded by real estate icon Shirley Zeitlin and is now known as Zeitlin Sotheby’s International.

“You have driven past this property a hundred times and wondered about it,” Donelson wrote in her description of the property, adding the hose was built in 1927 and is a renovator’s dream, ready to be taken to the next level.

Because of its location in Belle Meade’s version of the Bermuda triangle, it lasted 16 days on the market before being sold by rising superstar Clay Whitson of Village for $1.125 million. Whitson has overseen numerous renovations around the city. His work is widely respected and commands the highest prices in the area, wherever it is.

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