Cottage Park
Hey everyone! This blog post is exclusive to y’all (Cottage Park residents), and as we come up to the end of the year, I wanted to give a snapshot of not only what our neighborhood looks like but what the “next level” is. That being, what is the market for a three bedroom, two bathroom house with a garage in East Nashville. Obviously, we’re sitting well below the market price point for East with those parameters, which is why homes are flying off of the shelves from our neighborhood. From a bird’s eye point of view, East Nashville is selling at about $230 per square foot. Our neighborhood is selling like this: roughly $206/sf for 2 bedroom homes, and $167/sf for three bedroom homes. There is some good and bad to that. The good is that we’re fairly below market value (especially on three bedroom homes). The bad, is that with us being a neighborhood where every home is a comparable, it sort of puts a cap on what a home can appraise for until sales begin to reflect higher numbers. That’ll come in time, or it’ll take someone brave enough to list it high.
What I’ve done is put together a couple of presentations. The first is a list of the homes that have closed so far this year. This shows what the prices have done in our neighborhood over the last twelve months. Obviously we have one that is currently on the market, so my report isn’t able to reflect that yet.
This report is the “next level up” that I mentioned earlier. Basically I created a window on my map of East Nashville, put in a price point of $350,000-$450,000 with the parameters discussed. A lot of the ones in this report are actually new construction, so gives a good idea for how ours compare. Fair warning-it’s pretty extensive so give yourself some time to check it out if you’re interested. If any parts of the link aren’t working let me know and I’ll look in to it. As I said, long story short, we’re in a good spot to continue to have quick sales.
https://reports3.cloudcma.com/46c3fe51537005fae1a4437d9ecf6515.pdf?1574111959
Would love to know y’all’s thoughts on all of this. If you’re curious about more, holler at me sometime and let’s go to Retrograde and chat about the real estate market and what all is going on. Give me a shout on Facebook or text me at 931-436-1811.