Forbes: Nashville a top market to invest in a home for 2014

Scott Harrison
Staff Reporter-Scott Harrison
Staff Reporter-
Nashville Business Journal

In its housing outlook for 2014, Forbes has ranked the Nashville metropolitan statistical area as the fourth-best U.S. market in which to buy a home next year, noting a growing local economy and housing prices that are still under-valued despite a recent uptick.
For its list, Forbes joined with Local Market Monitor and ranked the best housing markets based on high population and job growth, home prices and the local economy.

The average home price in Greater Nashville is estimated at $199,506 — which is 16 percent less than the market’s actual value, according to Local Market Monitor’s “equilibrium home price” measure.

Nashville-Davidson–Murfreesboro–Franklin, Tenn.
Pop.: 1,582,264
Actual Home Price: $199,506
Equilibrium Home Price: $238,411
Difference: -16%
3-year Growth Forecast: 23%

Icon in the Gulch

The Icon in the Gulch was completed in 2008. There are approximately 418 condos with amazing amenities!

Stained concrete floors, soaring 20 foot ceilings, amazing views, and a great location makes The Icon one of Nashville’s premier condominium communities.

Amenities include: Lounge and Sky Deck, Two (2) pools, Zen Gardens, Cabana seating, Two (2) Gyms, grilling areas, underground parking.

The first level features retail shops, restaurants and you’re living in THE GULCH!

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25 Percent of Tennessee Firms on Inc. 500 Located in Williamson County

August 20, 2013

Nashville Business Journal
By Jamie McGee

Seven Middle Tennessee companies have landed on the 2013 Inc. 500 list, which features the fastest-growing companies in the U.S.

Value Payment Systems, a financial services company based in Nashville, ranked seventh, climbing 17,404 percent in three years to $25.5 million in revenue, according to Inc. ASE Direct, a Brentwood-based company in government services, came in at No. 83, climbed 3,924 percent in the same period to $26.2 million in revenue.

The Inc. 500 list also included area companies Reboot Marketing (No. 306), EHD Technologies (No. 383), Santa Rosa Consulting (No. 415), PlayMaker CRM (No. 453) and Medical Direct Club (No. 463).

Several area companies made the larger Inc. 5000, which lists the 5,000 fastest-growing firms. Those include the following Middle Tennessee companies: Reliant Realty, Ingenuity Associates, Continental Health Alliance, LPS Integration, Cumberland Consulting Group, Vertek Solutions, Qualifacts Systems, W Squared, Advance Financial, Advent, Brand Imaging Group, Medi-Copy Services, Confirmation.com, Teknetex, Concept Technology, Rustici Software, Music City Tents & Events, CentreSource, Automates Collection Services, Mankin Media Systems, Werthan, SRS, Trades Unlimited, Metova, Hiller Plumbing, Heating & Cooling, Centerre Healthcare, Vaco, Randa Solutions, Stringfellow Technology Group, LetterLogic, NovaCopy, Allen Printing, Jonathan’s Grille, Comfort Supply, Associated Packaging and Latitude 36.

Developers unveil $700M Cool Springs master plan – OVATION

NashvillePost
By Geert De Lombaerde

Executives with development firms Highwoods Properties and SouthStar on Tuesday afternoon showcased their plans to develop about 90 acres of prime Cool Springs land into a mixed-use center called Ovation.

The project, which will rise in the southeast quadrant of the Carothers Parkway-McEwen Drive intersection, will include about 350,000 square feet of retail space, 1.4 million square feet of offices, a 300-room hotel and a still-unspecified number of for-sale and for-lease residential units. About 57 acres of the 147-acre tract will be maintained as green space. If they complete Ovation as planned, Highwoods, SouthStar and Bristol Development Group — which has been tapped to lead the apartment/condo work — will over time invest $700 million in the project.

Ed Fritsch, president and CEO of Highwoods, said Ovation will meet his firm’s goal of combining “a sophisticated blend of conservation and being able to grow the economy.” He pointed out that plans call for a strong sense of connectivity between the site’s live, work and play elements, letting shoppers, workers and residents transition easily from one sector to the other. (See below for some renderings; the development team’s website is here.)

The Ovation site — which has often been referred to as the Pickering property — sits across Carothers Parkway from the land where Vanderbilt University Medical Center is building a campus to house many of its Williamson County outpatient services. It is southeast of the prominent parcel on which Spectrum|Emery Properties has begun to develop its Franklin Park project, which will over time also bring to market more than 1 million square feet of office space.

The development consortium is working with Franklin officials to obtain the necessary approvals — some, including a height variance, already are in the bag — so that it can begin infrastructure work in a year. If things progress according to plan, Fritsch said Highwoods could break ground on the first office building in late 2014 with an eye toward delivering the space in mid-2016.

Fritsch added that, depending on the health of the office market, the buildings could range from 125,000 to 300,000 square feet and that Highwoods could be flexible in terms of pre-leasing requirements. When fully built out, Ovation’s offices will house between 5,500 and 6,000 workers.

“We’re not a group of shrinking violets,” Fritsch said of his firm, which has invested $338 million in more than 20 Middle Tennessee properties since 1996. “We have an experienced team.”

Ovation’s retail space will be built out all at once but the scope of its residential component is still being worked out.

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Franklin TN real estate: Brentwood TN real estate

Franklin TN real estateFranklin TN real estate and Brentwood TN real estateBrentwood TN real estate residential sales were the best on record since July 2005.

Homes for sale in Franklin TNhomes for sale in Franklin TN tops the charts in the Monthly Market Stats.

The number of single-family residential closings increased by 32.1% in July 2013 compared to July 2012.

The median sales price for a single- family home was $350,000 in July of 2012 with an increase to $385,500 in July of 2013.

Closings Res. 538 Condo 27

Med. Price Res. $385,500 Condo $192,000

Avg. Price Res. $447,076 Condo. $207,329

DOM Res. 68. Condo. 70

The number of single-family residential closings increased by 32.1% in July 2013 compared to July 2012.

The median sales price for a single- family home was $350,000 in July of 2012 with an increase to $385,500 in July of 2013.

Days on the market decreased from July 2012 compared to July 2013.

Media reports quick sales and a lack of necessary inventory across the country. Williamson County’s real estate market is experiencing many of these same effects on our market as consumer confidence in housing grows in both Franklin TN homes for saleFranklin TN homes for sale and Brentwood TN homes for saleBrentwood TN homes for sale.

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$80 Million Downtown Franklin Development Unveiled

The Harpeth Association held a town meeting to discuss the plans for a boutique hotel complex in downtown Franklin. The meeting was well received by the standing-room-only crowd filling the auditorium at the Franklin Theatre. Many questions were asked and most of the answers are forthcoming, but the crowd seemed to believe that the Harpeth Association has Franklin’s best interest at heart.

Rod Heller and Jay Franks are no strangers to Williamson County and both have been involved in preservation and development for many years. They have a vision revealed Ron, “a boutique hotel like Blackberry Farms and the like,” with retail and condos or high end apartments finishing out the block. “As long-term owners, we want our project to be viewed 20 years from now as having been a splendid addition to a uniquely attractive place to live and visit and as a catalyst for planned growth. We believe that, as the dynamic and diverse economy of Middle Tennessee continues to expand, Franklin increasingly will become the geographic, historic and cultural center of the greater Nashville Metropolitan area. We see a second Renaissance for Franklin.” When asked late in the program on what happens if plans run over budget and what might get cut in the planning Rod said, “We will not compromise our vision.”

Jay Franks (left) & Rod Heller
The hotel will have 100-120 rooms, the planning for dwellings is estimated at around 200 and there will be about 40,000 square feet of retail. The major concerns from the audience centered around the location of and type of retail, parking and paying for the garage, increased traffic and shopping flow concerns. Those in attendance were primarily business owners and residents in the immediate area. Rod commented that keeping the “CoolSpringification” effect out of the area is a concern.

The hotel is planned to be an integral part of Franklin and will help set the town up as a destination city. The increase in retail is estimated at an approximately one-third increase to existing space and management of who will move into the locations has yet to be determined. Currently the plan is to have the hotel front Main Street, which brought out many concerns.

Mayor Moore was first to express his opinion that “retail space needs to be on Main Street.” Following suite was a couple of local retailers and even Rod himself understood and agreed with the concept. The problem they are having is the amount of space they have to develop within the block, especially if the last piece they were hoping to acquire does not pan out. Many of those in attendance suggested the hotel face the river but that will ultimately be up to the developers and architect.

Rod explained that this is not just their project, it is downtown Franklin’s project. The city will be highly involved in the planning. Mayor Moore said “this is the kind of development we envisioned for downtown, I love their vision.” A river walk around the Harpeth connecting all the way to Carnton was discussed as a possible side to the project as well and everyone liked that idea. Many things are up in the air at this time and there is a chance the project will not move forward at all. Harpeth Associates has put their faith into the idea and will try very hard to make the project stand the test of time, be financially successful and benefit the community.

The $80-$85 million project is expected to bring in total revenue expenditures to the city over a 10 year period in excess of $170 million. The figures are preliminary and will be refined as things move forward. Mindy Tate with Franklin Tomorrow asked about the timetable for development and that to is uncertain. It will take the city approximately a year for surveys and infrastructure enhancement and approximately 2 years for development of the hotel so it will be three years before the first patron spends a night at the hotel.

A lot of questions remain unanswered but it is apparent that Harpeth Associates intends to be transparent and flexible as this project becomes reality. Stay tuned for future updates.