There have been 719 real estate closings in Davidson County through June 22 compared to 1,010 for the same period last year.
That follows a 22% decrease in home sales for May compared to May 2019, data provided by the Greater Nashville Realtors, which includes the sales in Davidson, Cheatham, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson counties.
The number of pending sales was up considerably in May, and that provided a ray of hope for the sales to rebound in June. However, that had not happened as of June 22.
Based on that information, COVID-19 seems to be causing more damage in the residential real estate market than the early numbers had indicated.
Sales of homes priced at $1 million-plus dropped considerably in the first 22 days of June compared to June 2019, with 41 sales in 2019 and only 30 so far this June, both healthy numbers. Many of these homes are being overhauled or demolished, as the Nashville architects are slammed with loads of massive renovations and the design of new homes to replace those being leveled.
New construction is outselling older homes, even if the homes have been completely renovated. In this market, design trumps amenities, and location is losing its foothold as the most important factor in real estate hierarchy of values.
With interest rates hovering under 3%, buyers are eager to maximize their indebtedness in hopes that their cash on hand can outpace that low rate on 30-year loans. As they are investing in the new houses, the countertop industry deserves a tip of the construction hat, as it has reinvented itself on a semiannual basis for years.
Formica giving way to Corian, then tile, eventually butcher block and then a variety of solid surfaces began rolling onto the scene. Granite had its chameleon stage with Una Tuba, Bianco Antico, the various black granites and soon concrete had a run until its weight and cracking pushed it out. There was soapstone, marble and now quartz is quite popular.
Subway tiles and shiplap have brought the transportation jargon into the home, and plastic floors are considered hardwood.
When renowned architect Herbert Rodgers decided to take a page out of the Rolling Stones songbook and took the 6-inch baseboard and painted it black, it became the rage, as were the peach marble bathrooms that were once a mainstay in upper-end homes, but no more.
And, walkability has replaced tradition. The separate living room has gone the way of the fax machine.
Two real estate veterans lost
Last week was a time for grieving for the Nashville real estate community with the deaths of Bob Seaver and Joyce Hobbs, two longtime Realtors, both most successful and highly regarded by their peers. Seaver was with the Brentwood office of Fridrich and Clark, and Joyce Hobbs was with Zeitlin Sotheby’s International Realty.
Seaver succumbed to complications from COVID-19 and died after a brief battle with the virus. With more than 20 years in the real estate business, he was known for his participation with numerous charitable organizations and his support of his real estate firm where he was a fixture.
Hobbs logged more than 40 years in the real estate field and won numerous awards from the Greater Nashville Realtors for both sales and for service to the association. She, too, was recognized for her work with area charities.
Sale of the Week
Realtor Monica Restrepo shouted accolades for 712 Myrh Drive from its rooftop when she listed the Bellevue home in March. Proclaiming the “contractor’s attention to detail sets this property apart from anything you will see in Bellevue,” and based on the list of improvements she cited, she could be right.
The 1967 home has little remaining from its initial construction. Restrepo says the home has new windows, roof, garage doors, electrical, stainless steel appliances, quartz countertops, plumbing, toilets, lighting, paint, cabinets, insulation, patio, flooring, fixtures and a mancave.
Purchased last year for $260,000, the owner went overboard with the renovation, even adding a shiplap backsplash and a sliding barn door to his work.
The home, sparkling with newness, was first listed March 13 for $479,000, about the time the pandemic descended upon the world. A month later, with Safer at Home orders sharing the air with droplets of COVID, the home was reduced to $449,000 before eventually selling for $419,000.
Like many in the financial realm, the sellers would like to request a do-over. If they had placed the house on the market 30 days earlier, they would have hit closer to the original $479,000 price.
Alex Helton of Keller Williams represented the buyer, who has benefited from the timing of the purchase – at least for now.
Richard Courtney is a licensed real estate broker with Fridrich and Clark Realty and can be reached at [email protected].