McSquared in Music City February 2023

Tides are Changing

Buyers are Back...

...Or so it has seemed! And the numbers from January prove it. We saw a 38% increase MoM in properties going under contract in both Nashville (Davidson Cty) and Brentwood/Franklin (Williamson Cty). While these numbers are still two-thirds of what they were in the early summer of last year when rates started to shift, sentiment seems to have changed. Further support of this shift is reflected in a 25% increase in weekly mortgage applications and a four month low in mortgage rates. Even home builder sentiment improved for the first time in a year.

During the 4th quarter, many of you graciously took my phone calls and texts as we discussed a "wait-and-see" approach to what had been a frothy market. The holidays came, an arctic blast swept half the nation and general seasonality made for a strange couple of months the real estate world. Life keeps moving even in the quiet times and like I've reiterated many times before, deals happen in every market! 

I think what we're seeing now is an acceptance of interest rates in the eye of the buyer and some humility from our sellers. Let's be real - if anyone of us was selling a property on the heels of this incredible market run up, we would want to "get-ours" too and that's what we saw - SUPER high listing prices as interest rates doubled in record time. It was a whirlwind time of uncertainty. We're finding some balance as markets do. Transparency equals knowledge and knowledge equals confidence. It's hard to find that in the haste of multiple offer situations with 24 hour submissions and easy money being thrown to win the bid. Sure there are still spots of frenzy in super tight inventory neighborhoods here, but in my opinion now is a wonderful time to enter the market on BOTH sides. Sellers, you have smart buyers who have weathered the storm which should give you confidence and we can ascertain values much clearer in stabilizing market conditions.  Buyers, you're no longer having to pay $150k-200k over asking price to get that $1million home so even though the interest rate is higher on your debt, the amount borrowed is lower. 

It is expected by the National Association of Realtors something like 30% of Realtors® will quit the business in 2023. We're coming out of a time when deals were fairly easy on the listing side (selling your home) and will now require skilled valuation, marketing and negotiation. Now is the time when market participants need an agent ambassador with knowledge and expertise learned through experience. Leading into and through the Great Recession, I was a stock trader for two multi-billion dollar hedge funds who although approached the market with different strategies, both ran incredibly lean teams for the size of assets we had under management. It meant an incredible weight of responsibility for all involved. I learned a lot from my mentors, colleagues and yes, mistakes during those 13+ years but a few take aways I practice: 1. LISTEN. 2. Cooler heads prevail. 3..“Anger can be an effective negotiating tool, but only as a calculated act, never as a reaction,” Mark McCormack. 4. “Let us never negotiate out of fear. But let us never fear to negotiate.” JFK. 5. Never forget the power of silence. Thank you for bearing with me through the shameless self-promo. 

Let's talk if you're thinking of selling, wanting to acquire another investment property, or get out of CA/NY to TN! I've set my sights on taking over market share with my expertise and bespoke fiduciary service.

Local Events

FEB 1st - 23rd

CHEEKWOOD 
Winter Concert Series

Chilly nights turn sultry during the Cheekwood Winter Concert Series. Grammy-winning players will perform big band jazz, Brazilian grooves, and classical music in Cheekwood’s elegant Massey Hall. These intimate concerts will expand perspectives and delight music lovers.

FEB 1ST - MARCH

Celebrate Black History Month: United Street Tours

A unique walking tour in Nashville that is great for all ages. The tour focuses on slavery, freedom, civil rights, culture, and social justice.

FEB 9th

ANDREA BOCELLI IN CONCERT FOR VALENTINE'S WITH THE NASHVILLE SYMPHONY

Record-breaking, award-winning, multi-platinum-selling Italian tenor Andrea Bocelli new US tour dates  kicks off on February 9 at Bridgestone Arena with The Nashville Symphony, for their first-ever performance together in Nashville. 

FEB 10-12th

ATTITUDE: ANTHOLOGY
INSPIRED BY NASHVILLE'S HISTORY

Conceived by Artistic Director Paul Vasterling, Anthology is a poignant exploration of Nashville’s rich cultural tapestry. Similar in style to his nationally-acclaimed Lucy Negro Redux, this brand-new production will blend music, spoken word, and dance. Featuring an array of voices and experiences from diverse artists, including newly-appointed Resident Choreographer Mollie Sansone, Anthology will leave audiences mesmerized, transfixed, and yearning for more.

FEB 16TH, 8PM

ASHLEY MCBRYDE

LIVE AT THE RYMAN

featuring Aaron Raitiere, Benjy Davis, Brandy Clark, Pillbox Patti, TJ Osborne and bandleader John Osborne

FEB 20TH - FEB 26TH

Dine Nashville

A month-long celebration that features collaborative chef experiences, a restaurant week, and discount offerings from local food retail outlets across Music City.

Click Here for more information.

Compass has released a National 2022 Ultra-Luxury report showcasing how the very high end remained strong in 2022, with buyers focusing on the long term. TAKE A LOOK AT YOUR MARKET BELOW and HAVE FUN DREAMING! 

COMPASS ULTRA-LUXURY REPORT

Notable in Nashville

East NASHVILLE

2017 Eastland Avenue

3 BD   4 BA   1936 SF   $774,900

Beautifully designed 3/3.5 home, steps from Ugly Mugs, Rosepepper, Two Ten Jack, Jeni's and 5 Daughter's. Built by Paragon and surrounded by sought after hotspots of East Nashville. This three story home includes a 2 car garage, 3 bedrooms, 3.5 baths and 2 covered balconies. Ground floor bedroom or home office with a full bathroom and 2 car garage. The kitchen & living room are on the second level with a half bath. Two bedrooms, two full baths and laundry are on the top floor. This modernized open floor plan includes a gas stove, waterfall marble island, upgraded Restoration Hardware kitchen lighting and a tankless water heater. This modernized open floor plan includes a gas stove, waterfall marble island, upgraded Restoration Hardware kitchen lighting and a tankless water heater $7,700 credit available toward buyer's closing costs and prepaids with acceptable offer and use of preferred lender, credit not to exceed 1% of loan amount.

Green Hills

3811 Estes Road

3 BD   4 BA   3120 SF   $1,645,000

Are you ready to be in the most convenient and lovely location in Nashville? Here it is! Lovingly lived in for the past 20 years this classic Green Hills home offers it all inside and out. Easy flowing floorplan with hdwds throughout, spacious rooms, amazing flex space in bsmt. Never leave you home as you relax and entertain on the screen porch with fireplace & room to eat, watch TV and hang out! Extra wide driveway & turnaround space allows for plenty of room for your family and guests. Oversized 2 car garage has actual room for 2 cars AND great storage! Gorgeous and lush yard professionally landscaped, lit and irrigated. Super convenient to all the hot shopping, restaurants, Downtown Nashville, Vanderbilt and more!

Brook Meade

784 Brook Hollow Road

6 BD   7 BA   6688 SF   $3,875,000

Stunning new construction in the heart of West Meade. This 6600+ SF home boasts 6 Bedrooms, 6 full and 1 half baths, with a lavish primary and guest suite on main. High quality finishes throughout including an entertainer's dream kitchen with white oak cabinets, large island & custom plaster vent hood, formal Dining Room, W/D up & down, custom wine storage room, primary bath with walnut cabinets, huge Bonus Room with built-in bunk beds, screened in porch with wood burning fireplace, large patio, 2nd floor wet bar off large Flex room/Exercise Room, irrigation, landscape lighting, and backyard privacy with mature trees and so much more! Don't miss out on this dream home!

FOREST HILLS

4333 Chickering Lane

7 BD   8 BA   9383 SF   $9,000,000

This renovated Georgian Manor built by Atlanta’s architect James Means is situated on a private 4.83-acre gated estate site in Forest Hills. It is 1 of only 2 James Means-built homes in TN, offering nearly 9,400sf of the finest stately and luxurious living – both indoors & out. Both the detached guest house and pool house are each fully renovated. These twin structures flank either side of the home for symmetry like bookends (see floor plan). The guest house and pool house are each 518sf. The heated gunite saltwater pool has an auto-retractable cover. The built-in hot tub is also gunite. Proof of funds or banker’s pre-approval letter required for appts. Please forward to kevinharden@gmail.com. See Add'l Comments link below.

Belle Meade Links

113 Blackburn Avenue

4 BD   4 BA   3881 SF   $1,795,000

This storybook Belle Meade Links cottage has been updated and expanded to maximize square footage. This home is loaded with charm and features a traditional floorplan. There is a formal LR and DR, a true breakfast room, den and primary bedroom on the main level. The second floor features a large bonus room, 3 bedrooms and 2 full baths. Hardwood and tile floors throughout, original millwork, doors and hardware. There is also a two car attached garage, a patio w/access from the kitchen or den, and an additional backyard patio w/fireplace.

The Grove

8455 Heirloom Boulevard

5 BD   9 BA   9381 SF   $5,795,000

Exquisite Estate by McFarland Custom Homes with finest design and materials inside and out. Hand-laid Tennessee Renaissance fieldstone and cedar exterior, Brazilian Ipe decking on large covered porch w/remote controlled screens above fairways 11 and 12. Copper gas lamps, flashing and full gutters. Huge private motor court. Detached sound studio or office offers maximum privacy. Warm contemporary interiors with natural stone, floating staircase, 9” natural Oak plank floors, elevator to all levels. Main level Primary Suite w/spa-like luxury appointments, privacy and views. Enjoy afternoon sunsets overlooking fairways w/a huge lower level entertainment complex including media center, game room, full bar and lounge, and large ensuite bedroom converted to gym. Too many artisan details to name!

In case you missed it

> Many commodity prices surged and have now come back to earth. The one that probably impacts housing most is lumber that surged to over $1,600 in May, 2021 and is now trading under $370. Natural gas was trading at $9.329 in August 2022, and today it's at $2.51

> Many companies faced with extreme demand surges in 2020-2022 ramped up staffing, production and inventories assuming those levels of demand would continue:  now we are seeing massive, deeply-discounted retail sales and notable layoffs from companies that experienced massive growth. Amazon increased its labor force by 24% between 2020 and 2021

> Manhattan now has more residents than it did pre-pandemic, with a nearly 4% population hike from January 2018 to October 2022.....(NY POST)

> It's likely you have a NEST thermostat on the wall, the ingenious device that catapulted the SMART HOME......now Nest's creator, noting that more than one-third of food in the US is wasted (food being the single most abundant material found in landfills), presents MILL:  users put food waste - including meat and dairy, items that aren’t normally able to be composted - into a new kitchen bin that dehydrates the food overnight, turning it into an odorless, coffee ground-like material. Once the bin fills up (about 3 weeks), its contents is packaged up and sent back to Mill via mail....who then repurpose the grounds into an ingredient for chicken feed and sends it to farms. Users pay a $33 monthly subscription fee to recycle their food scraps. (CNBC)

If you're in the market or know someone who would benefit from an informal conversation with me, please click here and we'll schedule some time together. REMEMBER, I can easily source and vet a colleague of mine nationwide, in your local market.  Let me do the work. See the map below for our broad reaching locations. Thank you!

Shane McCarty

Affiliate Broker
M: 209.601.1957
O: 615.475.5616
shane.mccarty@compass.com

Office: 615-475-5616

Compass RE is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.