Inner Loop - CBD, Downtown, East Bank, Germantown, Gulch, Rutledge

[BnaBreaker]

It's not a better fit, it's just the zoning was not in place and they didn't approve the variance, so the developers are doing the best they can under the current zoning.

Also, there seems to be a problem with the numbers. At the beginning of the NBJ article it's says 77 units and at the end they say 17 of the 27. I would bet that is supposed to be 77 as well.

 

I guess I just assumed that the variance wasn't approved because of concerns with how the project would fit into the neighborhood. 

[bmw75901]

Another Jeni's opening, this time in Germantown. Less than a mile from the one coming to the FMhttp://nashville.eater.com/2015/1/28/7931985/jenis-ice-creams-germantown-fourth-and-madison

That's awesome news. I'm curious why they'd open another spot so close to the farmer's market? Maybe expecting to capitalize on all the new apartment growth in germantown at the square and concentrate more on the baseball traffic at the farmer's market?

[smeagolsfree]

It's really stupid on Plannings part. They dropped the ball.

[smeagolsfree]

More apartments for Metro Ctr.

http://www.tennessean.com/story/money/real-estate/2015/01/28/ga-developer-plans-unit-apartment-community-metrocenter/22496633/

[smeagolsfree]

No extension needed for Spectrum project at old CC site. Looks good for starting soon I hope.

http://www.tennessean.com/story/money/real-estate/2015/01/28/nashville-convention-center-developer-need-new-extension-metro-says/22502585/

[Neigeville2]

Sorry.  Reading comprehension isn't my strong point. 

I made the same mistake until I reread the article; it may be something of an editing problem if multiple people are misinterpreting it.

[Nathan_in_DC]

Does anyone know if there are plans to relocate TEA and remove that hideous block-absorbing suburban monstrosity between 3rd and 2nd? There's no excuse for a building like that there.  If they at least did some landscaping and turned the lawn into a community park, I could live with it, but as it is it belongs in Maryland Farms or something.

[smeagolsfree]

I made the same mistake until I reread the article; it may be something of an editing problem if multiple people are misinterpreting it.

II feel your pain when I skim an article. Because I do most everything on the fly when reading article for the board, I miss stuff all the time because I am going so fast. I rely on you guys to correct me or the other moderators to catch post I miss because there is so much now.

[Paramount747]

It's not a better fit, it's just the zoning was not in place and they didn't approve the variance, so the developers are doing the best they can under the current zoning.

Also, there seems to be a problem with the numbers. At the beginning of the NBJ article it's says 77 units and at the end they say 17 of the 27. I would bet that is supposed to be 77 as well.

Forget the MDHA. They have way too much power! A 20 story tower on this lot would be amazing and would sell out immediately. Just shows MDHA has a small town and a low rise mentality. MDHA could never get away with the height restrictions in other cities. Makes you wonder why our skyline is so flat does it not?

[nashmoney]

Elderly, disabled must soon leave subsidized apartments

 

http://www.tennessean.com/story/money/2015/01/29/elderly-disabled-must-leave-subsidized-apartments-sold/22558539/

 

Unfortunately, this is happening all over Nashville. There has to be affordable housing for the eldery and working poor, and not out in country where there is not access to public trans, doctors, stores, and their family.

 

I'm sure this will be turned into another boutique hotel, or an apartment building where they will charge $1400 for a 600 sq ft 1Br.

 

It's interesting that MDHA tried to buy the building from the owner, and the owner would not sell. Not everyone can afford the "IT City" status.

[Bezoar]

12th and Porter space has a new tenant:  http://www.tennessean.com/story/money/real-estate/2015/01/30/th-porter-space-gets-new-leaseholder/22595001/

[donNdonelson2]

New MDHA subsidized housing for the elderly & disabled, located on the fringe of downtown & served by a DEPENDABLE free bus circuit would be ideal. Maybe MDHA and MTA could get together on this as a worthwhile undertaking!

[smeagolsfree]

Here is some information on a project supposed to go at the NE corner of 2nd & Madison

https://www.nashvillepost.com/news/2015/1/30/ohio_developer_seeks_specific_plan_zoning_for_germantown_project

[Bezoar]

Really like the looks of it, from the rendering.

 

[smeagolsfree]

Fountains Germantown renderings. March Groundbreaking

 

 

  https://www.nashvillepost.com/news/2015/1/30/march_groundbreaking_eyed_for_germantown_apartment_building

 

 

[CenterHill]

I like both of these.   Fountains has great street presence.    

 

The LC renderings of the two main buildings are stunning and unlike anything we've seen around these parts in recent times.     "The Company Building" reminds me of any one of the grand 19th century institutional buildings that we tore down long ago.      

 

Tennessee School for the Blind, maybe...?

 

 

[CenterHill]

Here is some information on a project supposed to go at the NE corner of 2nd & Madison

https://www.nashvillepost.com/news/2015/1/30/ohio_developer_seeks_specific_plan_zoning_for_germantown_project

 

You are correct that the property is the NE corner of 2nd and Madison.     I'm reading (or possibly misreading) the article to say it is between 2nd and 3rd, but 2nd Ave is the west border - the site is between 2nd and the railroad.     Currently a large parking lot for storage trailers. 

[BnaBreaker]

I'm giddy looking at both of these renderings.  Germantown is on fire!!!

[titanhog]

12th and Porter space has a new tenant:  http://www.tennessean.com/story/money/real-estate/2015/01/30/th-porter-space-gets-new-leaseholder/22595001/

My question is whether or not they will still continue to book local bands there...or if it's another type of "entertainment" they're talking about?  It's a really good live venue for young bands.  Great lighting and standing room only...which is what every band wants.

[mundiejc]

So - regarding the new constructions, we're going to see a lot more of them for sure.

 

Appraisal rules and "flipping" rules have changed for conventional financing starting this year. If a property is going to have more than 10% appreciation, the owner can't transfer the property for a year. And appraisals have changed as well to a new format where Fannie/Freddie are much more involved in the process. They've now got all appraisals in a database to pull from, which in theory would be good. The problem is that when an appraiser submits an appraisal now, Fannie can question the comps based on computer generated comps, and require the appraiser to give an explanation as to why the comps are different or why the quality of the home is rated differently than it was previously rated by another appraiser. On top of that, the guidelines are much more stringent about properties being similar - which makes a historic neighborhood with varying housing stock more difficult to appraise. And then on top of that, they prefer that the appraisals stay in census blocks, which don't always line up with neighborhoods.

 

All that to say - if you're in a neighborhood that has been depressed and just starting to see development, new construction will have no problem appraising, but anything that's remodeled will unless there's something very similar in age, square footage, and condition, in the census block. If there's not, you are almost guaranteed to not appraise and the deal will be dead on dead unless you take the ridiculous low appraisal. If a new appraiser comes in on the property, the low one is now in Fannie's system and they will have to write a treatise as to why the first appraiser was wrong, with no bump in pay for the multiple additional hours. 

 

And oh yeah - if too many of their comps/appraisals get kicked back, they get put on a blacklist and their business dries up.

 

So all that to say - the days of remodeled old homes may be over. Its about to be teardown city anywhere there's not existed remodeled housing stock.

[Bezoar]

Abednego coming to Germantown! https://www.nashvillepost.com/news/2015/1/30/germantown_building_retail_space_full_with_abednego_addition

(What's Abednego? I don't have a Post subscription.)

[BnaBreaker]

Why oh why is there a parking lot in front of 1101 Grundy?  The renovation looks beautiful.  Way to ruin a good thing!!

[Hey_Hey]

So - regarding the new constructions, we're going to see a lot more of them for sure.

Appraisal rules and "flipping" rules have changed for conventional financing starting this year. If a property is going to have more than 10% appreciation, the owner can't transfer the property for a year. And appraisals have changed as well to a new format where Fannie/Freddie are much more involved in the process. They've now got all appraisals in a database to pull from, which in theory would be good. The problem is that when an appraiser submits an appraisal now, Fannie can question the comps based on computer generated comps, and require the appraiser to give an explanation as to why the comps are different or why the quality of the home is rated differently than it was previously rated by another appraiser. On top of that, the guidelines are much more stringent about properties being similar - which makes a historic neighborhood with varying housing stock more difficult to appraise. And then on top of that, they prefer that the appraisals stay in census blocks, which don't always line up with neighborhoods.

All that to say - if you're in a neighborhood that has been depressed and just starting to see development, new construction will have no problem appraising, but anything that's remodeled will unless there's something very similar in age, square footage, and condition, in the census block. If there's not, you are almost guaranteed to not appraise and the deal will be dead on dead unless you take the ridiculous low appraisal. If a new appraiser comes in on the property, the low one is now in Fannie's system and they will have to write a treatise as to why the first appraiser was wrong, with no bump in pay for the multiple additional hours.

And oh yeah - if too many of their comps/appraisals get kicked back, they get put on a blacklist and their business dries up.

So all that to say - the days of remodeled old homes may be over. Its about to be teardown city anywhere there's not existed remodeled housing stock.

I don't think I would go that far. From what I've read about this it appears that appraisers just have to provide more documentation which may eventually make their costs go up. Secondly, if Fannie and Freddie are never involved in the flip then they can't very well restrict the sale. If they are then it may push some house flippers to hold for a year as that will also get rid of their requirements for short term capital gains tax.

Regardless, house flipping in hot R-zoned neighborhoods in Nashville has largely gone away anyway as they are all teardown targets based on economics. An exception would be a truly historic, large home that commands a higher sales price on the front end as the numbers don't make sense for a new build. RS zoned houses are still being flipped profitably.

BTW, are you referencing the FHA 90 day rule? That went back into effect but it only limits FHA buyers to houses sold 90 or more from the last sale.

Edited January 31, 2015 by Hey_Hey

[Neigeville2]

New MDHA subsidized housing for the elderly & disabled, located on the fringe of downtown & served by a DEPENDABLE free bus circuit would be ideal. Maybe MDHA and MTA could get together on this as a worthwhile undertaking!

I hope so.  I will say again, I think we are slowly moving toward the French model, where the rich live in the city center and the poor live in subsidized housing clustered around the termini of the rapid transit lines.  Except we don't even have rapid transit yet.  Creating a city that works for everyone is hard when people are so in denial about the future, in denial that Nashville even is a big city and that it needs big city infrastructure.

[HGMIII]

An appraisal is one person's opinion, I have gotten 3 in the past 3 years and disputed everyone aka Property Value Reconsideration Form and gotten an increase of 18, 20, 30 each time.