VOL. 36 | NO. 19 | Friday, May 11, 2012
Kitchen must sparkle, even in seller’s market
Here are the opening salvos to most of the descriptions found in the Multiple Listing Service:
Renovated kitchen with stainless steel appliances and granite countertops
or
Great bones, needs updating, bring your decorator.
In the 70s, the countertops had to be Formica, which was followed by Corian, which gave way to granite, marble, and with a few fads such as concrete and true butcher block, soap stone, and various tile products.
The appliances have followed suit as manufacturers have created strategies that require appliance owners to replace machines that can outlive elephants every 10 years or so. In the beginning, refrigerators were created, the manufacturers, wholesalers, and retailers saw what they had created, and it was good.
The Frigidaire brand became the noun for the white box that replaced the ice box. These devices cooled food and lasted years. In the South, these inventions were called Fridja Dares, not Frigid Airs. Faced with a lack of demand, the industry began to market the refrigerator and its cousins, the dishwasher, stove, washer and dryer, as décor.
It was no longer acceptable to have white appliances; the kitchen must have color, and those colors must be beautiful. Suddenly harvest gold, avocado, even baby blue appliances began to decorate the kitchen. This change brought with it the demand for custom countertops.
As the use of recreational, mid-expanding drugs waned, the suddenly sober public realized how their kitchens looked through unpsychedelic eyes. Yuck. So, they reverted to white. After the brightness subsided, stainless steel emerged. It is stainless, yet hard to clean, oddly enough.
And it had another shortcoming that was apparently not considered by the designers of the fridge. Over the years, the refrigerator had evolved into a bulletin board and calendar for all things familial and social. One characteristic of the stainless steel is that it lacks magnetic power.
What to do? Graphite is the answer, but it is expensive. So manufacturers have discovered a stainless steel double that allows magnets to hang with confidence. While all kitchens look exactly alike as far as granite and appliances go, buyers lack the vision to overlook outdated appliances and counter tops. Even in a hot market, the kitchen must conform. However, if it stays on the market long enough, the trend could fade to white.
Sales of the Week
This week, we travel south of the city to the Davidson County/Williamson County border. The first home featured serves as an example of the real estate market in the area, having sold in 2006, the market’s peak, for $373,825, then for $324,000 in 2009, about the time the market tanked. Now, three years later, it sold for $322,500 in only 43 days from list to close.
Jane McDonald of Silverpoint Properties listed the house located at 495 Brentlawn that is indicative of the re-entry of flippers into the market. This house was purchased in June of 2011 for $201,500 and sold for $264,000 last week with Chip Kerr from Crye-Leike delivering the buyer. Of course, McDonald’s description of the home was “All new granite, ss (stainless steel), cabinets.”
And those who bought in 2002 can be relieved that they now can realize a return on their investments, as did the owner of 6261 Palomar Court. It was listed by Alex Helton with Keller Williams for $299,999 and sold for $296,500 in only 41 days, with Aileen Schwendimann representing the buyer. The seller had purchased the home in 2002 for $243,900.
Once again, sales are validating evidence that the entire city is experiencing growth and stability in the residential market.
And here’s a tip for you investors: When speaking to the Greater Nashville Association of Realtors, Mayor Karl Dean spoke of the tenacity and courage of the Antioch community during the tough days of the recent recession and of their refusal to give up when times were tough. He predicts the Antioch area will experience phenomenal growth, and seems to be validated by the large number of developments under way in that area.
Richard Courtney is a real estate broker with French, Christianson, Patterson, and Associates and can be reached at [email protected].