1002 Paris Ave
While overall – at least transactionally speaking – residential real estate sales are off as much as 40% in the Midstate, many segments of the market continue to experience frenzied buyers flocking to listings. The multiple-offer scenario continues to plague buyers and benefit sellers as many homes are selling for hundreds of thousands of dollars more than list price upon their introduction to the market.
Once again, “love letters” are accompanying offers as buyers attempt to entice the sellers to accept their heartfelt missives, which have become “sophisticated and include photographs and videos” says Charlie Lee, who serves as senior counsel and director of legal affairs with the National Association of Realtors.
The fact that the NAR is weighing in on love letters speaks to the gravity of the situation. Alexia Smokler who is the senior policy representative for fair housing stated that “if the letter reveals the buyer’s race, religion, national origin or other protected category under fair housing laws, and the seller chooses that offer based on that information, the seller could be violating the law.”
The important clause there is “violating the law,” not some Realtor bylaw, not a real estate commission regulation. It is the law.
Last year, Oregon became the first state to make the entire practice of love letters illegal. Others are sure to follow.
Smokler used the example of a photo of a family around a Christmas tree as an inclusion that could be illegal if the seller chose that family over others. The photo identifies the race of the family, their religion and their familial status.
Love letters are prevalent in Nashville, and it might take a lawsuit or two to stop them even after the rather sound recommendations from NAR who gave this advice: “Inform your clients you will not deliver love letters and that no love letter will be submitted.”
The Realtor governing body is suggesting language to that effect be included in each MLS listing.
The NAR has better recommendations of how buyers can best other offers, and the advice seems elementary: Make a better offer. Brilliant.
Make the earnest money non-refundable, close when the seller wants to close and have proof of funds available to close. In this market, it is wise to remove the appraisal contingency and pay more than list price.
“Love, love me do” worked for the Beatles in 1963, but it doesn’t work so well in 2023.
Sale of the Week
Originally listed for $2.799 million and reduced to $2.5 million, the house at 1002 Paris Avenue sold for $2.45 million, or $642 per square foot. It has 3,897 square feet in the main dwelling and an additional 811 square feet in the DADU (detached accessory dwelling unit).
Tim Kyne with Keller Williams, who sells dozens of upper-end homes each year, noted this is a 1910 home that has been preserved in a manner consistent with its heritage “while creating today’s design-driven trends in Nashville’s hottest neighborhood.”
The house has four bedrooms and four full bathrooms in the main structure and the primary suite on the first floor, a feature that is mandate of the market in this price range. The kitchen was described as a “chef’s kitchen,” which seems to have replaced the term “gourmet” kitchen. Perhaps the title of chef has more latitude in its requirements than that of gourmet.
The “3rd garage bay is a conditioned flex space got home gym/yoga/music/ or art studio,” Kyne says.
Molly Mason, also of Keller Williams Realty, co-listed the house with Kyne. Lolly Harper, also of Keller Williams, represented the buyer in the transaction and is not sure what the buyers will do with the space, as they have a daughter on her way to college.
The 12South area continues to be a popular landing pad as the commercial district is burgeoning with attractive dining options and a plethora of clothing shops, office condos and midrise residential condos. On weekends and holidays, there are patrons filling the sidewalks and spilling into the heavily trafficked streets.
With the Gulch in full swing and its proximity to downtown and developments looming between the Gulch and 12South, it will soon be connected all the way to the river. Wall-to-wall people and cars sprinkled with a few peddle taverns and a bachelorette party or 10.
Beats L.A.
Richard Courtney is a licensed real estate broker with Fridrich and Clark Realty, LLC, and can be reached at [email protected].