3800 Woodlawn Dr
Determining a price for a residential real estate property is more difficult in the current environment than it was during the past three years. During the last three quarters of 2020, all of 2021 and 2022 until the Fed began to raise rates, past sales could be thrown out the highest windows in the houses being priced.
If comparable sales were used as a starting point, properties would list for 20% more than list, fall into a multiple-offer bidding war and sell for 10% more than the 20% bump. Offers were devoid of appraisal, financing and repair contingencies.
With inventory lacking, one of the best determinations of price is not past sales but current competition. Competition is the comp, not comparable sales. Beat the competition, and the property will sell.
While sales are continuing at a solid clip, contingencies have worked themselves back into the contracts, and inspection demands of buyers are more rigid than they have been in the past. Prices remain high, but buyers want the perfect house if they are going to pay the price.
More transactions are being terminated due to inspections than at any time during the past several years. Having an inspection prior to listing the house would be one avenue to prevent the sticker shock of inspection reports.
Sale of the Week
At one point in the storied past of the property located at 3800 Woodlawn Boulevard, the owners and a prospective buyer could not come together on the price. It was the spring of 2003, and after several days of negotiations, the buyers and seller were at an impasse, some $25,000 apart.
The buyer suggested they resolve the conflict with the toss of a coin.
The seller was a free-spirited homebuilder – the choice of this profession in itself being a testament to his gambling tendencies – agreed to the flip, but insisted the buyer call the toss.
The buyer deferred to his young daughter to flip, and she called tails. The silverish quarter landed squarely on its head after rolling on its side on the driveway for what seemed like an hour.
As a result of the flip and roll, the buyer agreed to pay the $25,000 in question. But, alas, he had a house to sell and could not purchase the Woodlawn property without the sale of his current residence. In 2003, properties often went under contract with contingencies for the sale of the buyers’ current residence.
That contingency is making a comeback in this market.
The contracts usually include a kickout clause, sometimes referred to as right of first refusal, meaning the seller may continue to market the home and, if another buyer makes an acceptable offer, the buyer with the house under contract may remove the contingency regarding the sale of the current residence or terminate.
The adjective “acceptable” is key in these situations. The other offer does not necessarily have to be for more money, simply acceptable to the buyer.
In the case of 3800 Woodlawn, the buyers walked and allowed a new buyer to have the property, even after the drama surrounding the coin toss.
The new buyers were not of the coin-tossing variety. In 2003, they paid $1.75 million for the 1914 home resting on 2.48 acres and sold it last week for $5.35 million. The $734 per square foot is reflective the current real estate market, although the property was on the market for 106 days.
Many relocating to Nashville are not as appreciative of older homes and want new construction.
In 1914, fine homes of this ilk were given names, and this property was dubbed Hillcote, the name Hill being associated with numerous properties in the day. The estate was listed and sold by renowned Realtor Rick French; a name that has been found on upper-end listings for decades. French noted the home features “high ceilings, leaded glass, numerous pairs of glass doors.”
There is a sprawling main level, French wrote, with terraces, pool, tennis (future pickleball) court and a mature garden designed by Ben Page Landscape Architect to “tie it all together.” In keeping with the theme of hiring the area’s most notable individuals, the owners enlisted the services of Roger Higgins of R. Higgins Interiors to “reimagine,” French says, the owner’s suite. He also noted the guest bathrooms along with the children’s bathrooms were ensuite.
The primary residence includes 7,289 square feet. A detached studio contains an additional 875 square feet. The property is, as French described it, “a rare in-town estate” with its Tudoresque charm. With updates from Page and Higgins, the house is a masterpiece.
Speaking of reimagining, the sellers were sponsors of a Beatles event raising money for the Belcourt Theater and sold their house the week Yoko Ono turned 90.
Richard Courtney is a licensed real estate broker with Fridrich and Clark Realty, LLC and can be reached at [email protected].