717 Westview Ave

There were 2,247 closed sales in February compared with 2,186 in February 2023, an increase of 3%, Greater Nashville Realtors reports. Those 2,247 sales were 19% higher than those in January when 1,886 transactions were registered.

The February sales are impressive, especially when one factors in the nasty winter weather that beset the area in January. As a rule, people do not shop for real estate during inclement weather.

“Key performance indicators continue show strong market movement in 2024,” says Kevin Wilson, president of the Greater Nashville Realtors. “February data once again shows an increase in the number of sales and the median home and condo prices, despite a week of missed activity in January due to severe weather.”

There were 2,705 pending sales in February 2023 compared with 2,566 last month, but those numbers are not totally reflective of things to come. The median price for a single-family home leapt from $450,000 in February 2023 to $478,870 last month, and condominiums climbed from $331,900 to $339,990 comparing the same periods.

One part of the equation that has been missing from the Greater Nashville area residential real estate market is inventory, which is correcting itself. Inventory rose from 8,367 in February 2023 to 8,967 last month and up from 8,875 in January.

The Nashville Metropolitan Statistical Area adds 86 people a day to its population, 32,120 annually, the Nashville Area Chamber of Commerce reports. Mayor Freddie O’ Connell says he is going to help make them feel welcome enough to stay once they arrive. No matter who pays what to whom for commission, they are coming. If I were in that group, I would want someone in my corner.

Future Sale of the Week

This transaction is not closed yet but is the talk of the town, with the possible exception of the National Association of Realtors settling lawsuits for $418 million and Compass settling for $57.5 million.

Veteran high-powered real estate broker Cathie Cato Renken with French-King Fine Properties listed a fine property indeed at 717 Westview Avenue for $14.9 million and put it under contract in a matter of hours. The house has 9,775 square feet and rests proudly on 1.85 acres. More to come on this one post-closing.

Last week, unit 2502 closed at the building officially known as The Residences at Broadwest, often referred to as Broadwest, for $2.2 million, or $1,189 per square foot for its 1,951 square feet of space.

Since November, a unit on the 32nd floor has been listed for $2,088 per square foot, and in March 2023 there was a sale on the 25th floor for $1,213 per square foot.

The listing agents for the condo, Emily Stewart and John White of Engel & Völkers Nashville, chose $2,395,000 for the list price and sold the condo in 53 days. The seller had to be comfortable with the return on his $1,828,000 May 2022 investment.

The Stewart/White team noted that the luxury dwelling has three bedrooms, three full bathrooms and one half bath along with three deeded parking spots. The advantage of the parking places being deeded is that they can be sold separately from the condo and, in some locales across the city, these painted pieces of concrete have fetched as much as $25,000 each.

Also of importance and mentioned by the listing agents is that this particular unit has panoramic views of the city with the ability to absorb the downtown skyline, the sunrise and sunset from every room.

For those who do not enjoy sunlight, floor-to-ceiling windows with motorized blinds and custom motorized drapes have become standard in high-rise luxury residences. The kitchen features a 48” Wolf range, Sub-Zero built-in refrigerator and freezer, professional-grade vent hood and large honed island with waterfall edge.

The listing description by Stewart and White mentioned the building offers a “pool, outdoor lounge, bar, billiards room, dining room, library, golf simulator, fitness center, steam and sauna rooms, pet areas and access to in-room dining and maid services by the Conrad Hotel.”

For those pop-in, unwanted weekend guests wearing the attire of the visiting athletic team, the Conrad is a great place to banish them. It’s worth the price of the room.

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