Surrounding Counties - Cheatham, Dickson, Montgomery, Rutherford, Sumner, Wilson, Williamson, Maury, etc.

MidTenn1 · May 26, 2017

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Performing Arts Center, Athletic Complex, 'Urban Wilderness' in McMillan city budget

For the next city budget cycle, Clarksville Mayor Kim McMillan wants forward movement on a long-proposed downtown Performing Arts and Conference Center, and a Family Athletic Complex near Exit 8 of Interstate 24 that she says could attract minor league sports teams.......snip

"Again this year, my proposed budget also includes additional capital funding for two projects — the downtown Clarksville Performing Arts and Conference Center and a Family Athletic Complex — that I believe will lead to economic development and many other benefits for all of Clarksville," McMillan said.

Consultants tell the McMillan administration that the Performing Arts and Conference Center would result in some 200 new events a year, in downtown, in the form of theatrical performances, music concerts, family entertainment events, and conferences and meetings.

Another $5.6 million is proposed by McMillan to purchase land and continue work on the Athletic Complex near Exit 8. Along with that line item, McMillan announced Wednesday that National Sports Services, a company involved in minor league baseball and soccer teams, and sports facility development, has confirmed in writing its interest in working with the city to bring a professional baseball or soccer team, or both, to such an Athletic Complex.

Also, the article mentions the Counties plans for a new arena..

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n the meantime, Montgomery County is separately proposing in its 2017-18 budget a $250,000 study on a proposed multi-purpose events center, perhaps a sports and entertainment complex, for downtown, that would partner with the Nashville Predators and Austin Peay State University.

The separate Exit 8 complex that McMillan proposes also mentions partnering with the Predators for ice hockey and skating.

markhollin · May 29, 2017

Spring Hill specifically, and Williamson County in general, are extremely hot in real estate:

http://www.tennessean.com/story/money/homes/2017/05/29/spring-hill-one-hottest-real-estate-markets-right-now/347675001/

bigeasy · May 30, 2017

$315K to live all the way out in Spring Hill. Guess I will stay in my townhome forever. Sigh.....

I don't know how people afford to live here. I was talking about this with a friend recently how so many homes are in the $500K range which is probably over $3K a month in mortgage. I don't know the %, but quite a few seem to be single income families as well. Does Nashville really have the job market that is paying for so many people to afford these homes? Or do we just have tons of people spending their paycheck for a house? I would think you would need to be making around $10K a month to buy a $500K home. I am assuming most people don't put down 20% on these either, so then you have the whole PMI increase.

I was thinking Williamson county median household income was around $88K with maybe average home value of $424K. Something just doesn't add up to me. Maybe I am just frugal.

opendrawerwhore · May 30, 2017

I know a few people who live in $400k homes with situations you describe. They have little to no real furniture, eat cereal for dinner, and hardly have changing clothes. But they live in a big house!!!!

markhollin · May 30, 2017

Another 30 home subdivision planned near Brentwood. Will include preserving the 1807-era house on the property.

http://www.tennessean.com/story/money/2017/05/29/new-30-home-subdivision-planned-near-brentwood/353456001/

smeagolsfree · May 30, 2017

2 hours ago, opendrawerwhore said:

I know a few people who live in $400k homes with situations you describe. They have little to no real furniture, eat cereal for dinner, and hardly have changing clothes. But they live in a big house!!!!

Unfortunately, 400k is getting close to the average price in some of these areas. I looked at a few homes for giggles, and were in desirable locations like Germantown, The Nations, and E Nashville, and all were 455K plus. If you want a home in an area that's not in BF Egypt, or in a bad area of town, you are looking at an average price of 300-500K. I would not even think about living in one of those tri level homes. One too many drinks and down the stairs you go. Or if the cat gets in your way.

There are some bargains out there, but you have to hunt for them and there is normally a lot of elbow grease involved in the rehab.

You can find homes in the Madison area for a little over 100K, but again, some iffy areas now.

From current realtor.com.... median price range of current homes for sale is 367K

@nd col. is number of homes for sale, and the last is median price

Antioch	222	$239,945
Bellevue	205	$324,990
Berry Hill	111	$699,900
Brentwood	548	$722,400
Cane Ridge	222	$239,945
Donelson	81	$240,000
Forest Hills	283	$819,000
Goodlettsville	167	$209,000
Hermitage	124	$254,900
Jere Baxter	203	$349,900
Joelton	56	$226,612
Lakewood	114	$289,900
Madison	94	$219,900
Melrose	111	$699,900
Millersville	166	$207,000
Nashville	2,869	$390,000
Northeast	179	$285,000
Oak Hill	52	$717,450
Old Hickory	114	$289,900
Pegram	22	$110,000
Whites Creek	20	$147,450
Woodbine	208	$290,000

titanhog · May 30, 2017

4 hours ago, bigeasy said:

$315K to live all the way out in Spring Hill. Guess I will stay in my townhome forever. Sigh.....

I don't know how people afford to live here. I was talking about this with a friend recently how so many homes are in the $500K range which is probably over $3K a month in mortgage. I don't know the %, but quite a few seem to be single income families as well. Does Nashville really have the job market that is paying for so many people to afford these homes? Or do we just have tons of people spending their paycheck for a house? I would think you would need to be making around $10K a month to buy a $500K home. I am assuming most people don't put down 20% on these either, so then you have the whole PMI increase.

I was thinking Williamson county median household income was around $88K with maybe average home value of $424K. Something just doesn't add up to me. Maybe I am just frugal.

This is the reason why so many people commute. They want a decent home to work their job in Nashville...but they have to drive across the Davidson Co line to get it (and as you mention...sometimes further...like past Spring Hill.)

NashRugger · May 30, 2017

The last crane for the new RuCo courthouse was dismantled and trucked away today. The new garage is still set for opening in July.

kc8501 · May 31, 2017

I have to agree with the "how do people afford to live here," cause it's nuts. I bought a home in Franklin just over 4 years ago for under 400k; I could not afford to buy anywhere in Franklin now. Flip side of it all, I work in the city and I'd love to move, but I can't afford a mortgage over 400k, so I'm stuck because I'm not going to move any further out. It's insane how much and how fast prices have gone up. My daughter and her little family live with us because rent is ridiculous.

Hey_Hey · May 31, 2017

On 5/30/2017 at 8:19 AM, bigeasy said:

I was thinking Williamson county median household income was around $88K with maybe average home value of $424K. Something just doesn't add up to me. Maybe I am just frugal.

Your numbers are fairly accurate, and for Williamson I believe they actually show incomes and real estate prices are in line. I found this: http://www.tennessean.com/story/news/local/williamson/2016/12/27/census-williamson-county-has-nations-no-7-median-income/95879674/ from the Census Bureau that says Williamson County's median family income is $104,367 which is the 7th highest in the US. Per the GNAR website the 2017 Q1 median sales price in williamson county is $449,900.

Using the classic "30% of income to housing" rule shows that a family making $104,367 can afford a mortgage of $2,609. A house that costs $449,900 will lead to a monthly payment of $2362 assuming a 30 year mortgage, 10% down, 4% interest, 0.7% annual property taxes, and $2000 per year for homeowners insurance.

Also, from a financial perspective, it is much better to put a higher percentage of your income toward your mortgage than toward cars or vacations or food. In reality, by the time you take out principal payments and income tax savings from the interest payments and property taxes payments, the true cost (lost wealth) of a mortgage payment to you is significantly less than the overall mortgage payment. For example, in the example above the payment breakdown for the first month mortgage is $583 for principal, $1350 for interest, $262 for property taxes, and $167 for insurance. While the mortgage payment is $2362, $986 is still yours. The full principal payment plus tax savings for the interest and property taxes is essentially money that you are putting into a long term savings account ($583 + 25% of $1350+$262).

HGMIII · May 31, 2017

Prices just not going down.

If the bottom doesn't fall out I am going to clear 500k+ from the sale of my Germantown townhouse.

On the flip side, The next area I want to live in is Green Hills, the prices used to be around 550k, but now the price will be 700k+. So it's a real catch 22 in a hot RE market.

**samsonh** · May 31, 2017

On 5/30/2017 at 8:19 AM, bigeasy said:

$315K to live all the way out in Spring Hill. Guess I will stay in my townhome forever. Sigh.....

I don't know how people afford to live here. I was talking about this with a friend recently how so many homes are in the $500K range which is probably over $3K a month in mortgage. I don't know the %, but quite a few seem to be single income families as well. Does Nashville really have the job market that is paying for so many people to afford these homes? Or do we just have tons of people spending their paycheck for a house? I would think you would need to be making around $10K a month to buy a $500K home. I am assuming most people don't put down 20% on these either, so then you have the whole PMI increase.

I was thinking Williamson county median household income was around $88K with maybe average home value of $424K. Something just doesn't add up to me. Maybe I am just frugal.

Yes lots of people in this city make north of 100k, lots make north of 250k as well. Just have to be in the right fields.

jmtunafish · May 31, 2017

49 minutes ago, samsonh said:

Yes lots of people in this city make north of 100k, lots make north of 250k as well. Just have to be in the right fields.

While bank deposits don't tell the whole story, they do show that there's an awful lot of money in Nashville and, especially, Williamson County. As of June 2016 (the most recent figures available) here's how much money was in area banks. As we can see, Williamson County punches well above its weight, as does Davidson County. Davidson and Williamson combined have over 27% of the entire state's bank deposits. It's easy to see why there are so many expensive homes in Davidson and Williamson counties. Tennessee's top 20 counties for bank deposits:

County	No. of Offices	Deposits ($000)	Market Share
Davidson	209	30,240,708	21.85%
Shelby	227	22,860,939	16.52%
Knox	157	11,396,838	8.23%
Williamson	102	7,759,539	5.61%
Hamilton	102	7,590,427	5.48%
Rutherford	76	3,683,144	2.66%
Sumner	60	3,008,565	2.17%
Montgomery	51	2,331,197	1.68%
Wilson	44	2,319,055	1.68%
Sevier	53	2,206,336	1.59%
Washington	49	1,963,148	1.42%
Sullivan	43	1,953,616	1.41%
Blount	46	1,895,187	1.37%
Madison	36	1,742,679	1.26%
Putnam	33	1,711,688	1.24%
Bradley	29	1,521,376	1.10%
Maury	28	1,491,067	1.08%
Cumberland	19	1,005,782	0.73%
McMinn	17	948,822	0.69%
Coffee	20	943,194	0.68%

Edited May 31, 2017 by jmtunafish

Nashtitans · May 31, 2017

I don't get what everybody's upset about...desirable places are expensive, everybody knows that. Cities like Memphis, OKC, birmingham, lubbock, fresno, and indy are cheap for a reason. They aren't really desirable. Green Hills and Willco are expensive for a good reason.

titanhog · May 31, 2017

2 hours ago, jmtunafish said:

Davidson and Williamson combined have over 27% of the entire state's bank deposits.

And only 15% of the population. Some rich folk in them thar counties.

claya91 · May 31, 2017

2 hours ago, Nashtitans said:

I don't get what everybody's upset about...desirable places are expensive, everybody knows that. Cities like Memphis, OKC, birmingham, lubbock, fresno, and indy are cheap for a reason. They aren't really desirable. Green Hills and Willco are expensive for a good reason.

Strong statement here. OKC is posting modest growth and it's downtown is improving. I could see it becoming the "Calgary" of the US one day.

Rockatansky · June 1, 2017

23 hours ago, samsonh said:

Yes lots of people in this city make north of 100k, lots make north of 250k as well. Just have to be in the right fields.

According to the U.S. Census Bureau 18.7% of Davidson County's households make $100k a year or more.

markhollin · June 5, 2017

The same Ewing family from Texas that has plans for a half billion dollar development along West Trinity Lane, has also been buying up 300 parcels, primarily in Williamson and Rutherford Counties, with the idea of building 1,000 rental homes and town homes:

http://www.tennessean.com/story/money/2017/06/05/millionaire-plans-1-000-nashville-area-rental-homes-townhomes/336318001/