1410 Chickering

While the number of sales are down in the Greater Nashville area, upper-end sales continue to amaze and surprise those in and out of the real estate industry. To date, nothing illustrates this more than last week’s sale at 1410 Chickering Road for $12.5 million.

The seller had paid $3.6 million in 2020 and had spent several million on a “gut job” renovation, as she had intended to live in the home that she crafted, says listing agent Erin Krueger, who is one of the most successful brokers in the area. Krueger hails from Compass Tennessee, LLC, and has a dedicated team of brokers that carries her name.

While renovating her dream house, the owner incorporated the interior design talents of Pfeffer Torode, a group which describes itself as “thoughtful romantics creating compelling and timeless spaces through experimental design and authentic storytelling.” Their architecture, they add, “embodies modern aesthetics rooted in traditions of the past.” The firm has offices in Nashville, Chattanooga, Birmingham and Montgomery, Alabama.

The owner brought the famed local firm of Joshua Builders as the contractor on this massive project. Known for their intricate craftsmanship, attention to structural detail and overall quality, the company has a reputation for delivering its work on time and within the budget.

While the McMansions have proliferated the Greater Nashville landscape, this $12.5 million gem, or “jewelbox,” as Kruger calls it, features one-level living with a mere 6,026 square feet on the main floor and an additional 1,275 square feet in the basement.

Despite the fluctuation in prices and square footages in the area with the teardowns and new construction, there are buyers who insist on making offers based on the price per square foot of comparable sales. Those fostering that price-per-square foot mentality should avoid the Chickering Road area by all means, as 1410 Chickering Road weighs in at a terrifying $2,074 per square foot.

To give that number some context and spare the calculator, a 3,000-square-foot house at 2,074 PSF would run in the $6.2 million range. That’s a rather large check for relatively modest abode. At that point, when comps go through the roof through, these buyers’ dreams go up in smoke as they flush the comps down the toilet and seek a more comp-friendly neighborhood.

The search might not require a lengthy drive, as the next street over might offer houses for 25% of the $2,074 PSF, perhaps even less. At that point, the buyer might wash away the red ink, sharpen his pencil and prepare to present his case.

Chip Wilkison, top-producing broker with Engel and Voelkers Nashville, aka Neal Clayton’s firm, delivered the buyer, who wishes to remain anonymous. The buyer was able to purchase the home for a lesser price per square foot than that of other suitors because Wilkison is a veteran of recent Nashville real estate wars and realizes every property – regardless of price or number of days on the market – can be a battle.

And 1410 Chickering was a battle. Listed for the eventual sales price of $12.5 million, the property attracted 21 buyers who had been vetted and possessed the financial wherewithal to purchase a $12.5 million home.

When a sale of a such magnitude, or even of a price half of this magnitude, occurs, many aghast members of the community ask “Where are these people coming from?”

Krueger has the answer, at least as it pertains to this transaction. Ten of the 21 suitors were from out of town, and this information comes as no surprise. Many would assume them to be “rich Californians who have come to change the politics of the land.”

Six were Nashvillians, which is understandable with the money that has been made in the health care industry here, much of it via Hospital Corporations of American and the branches of its tree, the companies that have been spawned by former HCA executives.

To fuel the flames of those concerned with the political composition of the wealthy would-be buyers, five had relocated to the area but chosen to rent until the ideal property. That can take a while when inventory is as scarce as it now is, especially in the $12 million range. So these could fall into the “rich Californian” category.

The interesting aspect of those concerned about the political leanings of the Californians is it is one thing that both sides of the divided and divisive political universe can agree. Both conservatives and liberals alike fear that the influx will change the dynamics of the area.

Conservatives point to the fact that Californian is a blue state and argue that those moving here will change Tennessee from red to blue, while liberals fear that since California is blue, those leaving the state are doing so for that reason, and that Nashville, a blue dot in a red state, will fade to red.

The house lends itself to California as it features an orangery with heated California floors, just what a Californian needs to feel right at home. Other features that would add value are the 8.4 acres, an 88-foot by 43-foot black Dutch barn, a scullery – all upper end homes need sculleries these days – and airconditioned studio space, as the Californian musicians are relocating back to Nashville.

There is a chicken coop, a pool and a stylish pool house with sliders and a pool and spa.

Who knows, the buyer might be from Kansas. But after moving into this house, they will know they are not in Kansas anymore.

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