In 2020, when the residential real estate market fell into the dimension of the surreal, and houses began selling for astronomical prices, there was some concern the buyers were overpaying. The fear was that these buyers would never be able to recoup the investments they had made in these properties.

Time and time again, these trepidations have been allayed. The pessimists have found no half-empty glasses in the Middle Tennessee real estate market. The luxury home market is full to the point of overflowing.

The property at 8382 Collins Road closed last week for $6,880,000, almost three years to the day that it sold for $4.8 million. It is interesting to compare the manner in which the listings agents marketed the property as both brokers, Rick French and Ron Jones, took different approaches as to how they presented their listing.

French is one of the founding members of French King Fine Properties and has been a leader in upper-end sales for more than 40 years. Tim King is the other founding member, and although there is no direct noble lineage (that we know of), these two are considered by most as local real estate royalty.

Ron Jones, who is a top producer with Parks, quickly established himself as a luxury property broker more than 35 years ago when he entered the fray in California 20 years before moving to Tennessee. He had the Collins Road estate listed when it was sold to the recent sellers.

Jones’ experience in California served him well as, at that time, California prices were considerably higher than those in Middle Tennessee. Since relocating here, he has noticed the influx of money into the community. He jokes, “I used to say there was big money moving into the area, now I see gargantuan money coming into Tennessee.”

For that reason, the upper end houses are commanding more attention and moving better than the lower-priced homes that have seen a sharp decline in interest since the country has been levied with a dramatic increase in interest rates.

In 2018, Jones noticed the property at Collins Road and felt the property would be a good investment opportunity. The house was originally listed at $2,049,000, had languished on the market for 184 days and was available for a list price of $1,539,900.

8382 Collins Road

With 13,412 square feet on a six-acre lot, Jones had a hunch that some of the gargantuan money would find the property appealing and contacted a real estate investor and they contracted to buy the property for $1,523,497 through an auction type sale. The contract was finalized Dec. 26, 2018, and closed in January 2019.

By May 2020, the property was market-ready, and Jones introduced the estate to the market with a list price of $5.25 million describing the manse as a “six-acre gated farmhouse resort only 15 minutes from the city life of Nashville.”

Since the house had lingered on the market for so long before the renovation, he realized the need to better describe the home, noting there was “generous living space including an open kitchen, a private prep kitchen for catering, a bar area for supporting life at the pool. Private areas include master suite retreat, four en suite bedrooms, full apartment and modern, hotel-inspired guesthouse with six covered garages.”

Within 28 days there was a buyer who closed within three weeks of contracting for $4.8 million, some $3,276,503 over the acquisition price. Even though the owner carried the house 465 days and performed an extensive renovation, the net return on his investment should have been acceptable at worst.

For the numerologists among you, the house went under contract for $4.8 million July 10, 2020, and on July 10, 2023, the property sold again for $6.88 million, three years to the day. The current owner should take note and should they ever sell, shoot for a July 10 contract date.

By the time veteran real estate broker Rick French at the helm, he went a different route on his marketing approach, since the home was five years removed from the fixer upper state of repair. He went with “one of a kind, private and gated, surrounded by an equestrian farm of several hundred acres.” He later mentioned 3,000 acres of Percy Warner Park.

In short, French felt the $7 million buyer would be more interested in privacy than details although mentioned the house was “totally renovated and re-imagined in 2020.” At the close of his description, French added one last time (emphasis his) “VIEWS and PRIVACY.”

It has been said that three things sell a home: price, condition and location. Originally, this house was sold as it was, priced to sell and marketed as an auction.

Post-renovation, the condition was much improved, and Jones had the chance to play the “condition” card.

For the third sale, French went with the reliable “location, location, location” theory. All had successful results.

Ashley Boykin of Coldwell Banker Barnes represented the buyer of the property and confided that the buyer was more interested in privacy than any other aspect of the property. To recap, three listing agents using three different strategies were successful in luring the buyers to the closing table.

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