Nashville Bits and Pieces

[MidTenn1]

Just a random thought... shouldn't the West Union Station Uptown part of Broadway be referred to as the WUS UP BRO part of town?

[nashvillwill]

5 hours ago, PHofKS said:

Just a random thought... shouldn't the West Union Station Uptown part of Broadway be referred to as the WUS UP BRO part of town?

Please oh please oh please make this a reality.

[Jamie Hall]

Target announced last week that they're remodeling many of their stores, but tucked away in the Forbes coverage was this nugget:

At the same time, Target also announced it was aggressively expanding its network of urban, smaller format stores, which now number 32. Company executives said comparable sales at those stores were twice those of its regular big box locations in suburbs and said they would more than quadrupling that fleet by 2019.

So it would seem that at least 60 new small-format urban Target stores are coming by 2019 with potentially more to follow. Seems logical for them to have looked at Nashville based on current growth downtown -- is this something that might be a part of the proposed major developments in the core, maybe on the former Convention Center property or the former Lifeways property? Or Capitol View?

[Nashtitans]

9 hours ago, Jamie Hall said:

Target announced last week that they're remodeling many of their stores, but tucked away in the Forbes coverage was this nugget:

At the same time, Target also announced it was aggressively expanding its network of urban, smaller format stores, which now number 32. Company executives said comparable sales at those stores were twice those of its regular big box locations in suburbs and said they would more than quadrupling that fleet by 2019.

So it would seem that at least 60 new small-format urban Target stores are coming by 2019 with potentially more to follow. Seems logical for them to have looked at Nashville based on current growth downtown -- is this something that might be a part of the proposed major developments in the core, maybe on the former Convention Center property or the former Lifeways property? Or Capitol View?

An urban target is really needed in the core. It would be amazing

[Rockatansky]

On 3/24/2017 at 2:51 PM, Nash_12South said:

There is something contradictory here. The US census put out information that 36,337 people moved into the metro Nashville area 7/2015 to 7/2016. That works out to about 99.6 people a day moving here. (See the link above) I wonder where the discrepancy is coming from. 

That 36k number is total growth, which includes natural increase (births - deaths). The MSA is growing by about 100 persons a day. That's not the same as 100 persons moving here per day.

[markhollin]

Average Nashville apartment rent rose 5.6% in February over same time a year ago.  National average increase was 4.3%. Overall, Nashville has the 12th highest increases  nationally.  A slideshow of the Top 15 fastest rising is enclosed in the article.

http://www.bizjournals.com/nashville/news/2017/04/03/ranked-see-how-nashvilles-booming-apartment-rents.html

[bigeasy]

I still don't see how Nashville is considered "affordable". Sure it is compared to cities much larger than us, but are we still cheaper than cities like Charlotte or other comparable ones? I feel like we are approaching rent of cities like Chicago/NYC/San Fran but maybe not?

[21jump]

38 minutes ago, bigeasy said:

I still don't see how Nashville is considered "affordable". Sure it is compared to cities much larger than us, but are we still cheaper than cities like Charlotte or other comparable ones? I feel like we are approaching rent of cities like Chicago/NYC/San Fran but maybe not?

We are nowhere near the rent of Chigago/NYC/SF. While rent in Nashville may be increasing, it is still considerably cheaper than rent in those cities for what you get. 

[Nashtitans]

^Yeah you're trippin if you think we're approaching SF/NYC rent. Nashville's rent is increasing but not that much.

[bigeasy]

Maybe I was thinking of hotel rates that were similar to NYC? I could have sworn I read on here about how Nashville had prices similar to NYC. 

Edited April 4, 2017 by bigeasy
Engrish

[nashvylle]

2 minutes ago, bigeasy said:

Maybe I was thinking of hotel rates that were similar to NYC? I could have sworn I read on here or something about something to where Nashville had prices similar to NYC. 

correct

[TNinVB]

I used to think that VB was expensive and would always tell everyone how cheap it was to live in Nashville. I guess that is not the case anymore. I m currently living in a new construction two bedroom apartment with only 1030 sq.ft. and rent is a little over $1,300 not including water and of course utilities. Would the rent in the Nashville be about the same or more/less? Just curious what the rental market is like now. I hope to move back to the area one day but plan on buying instead of renting. 

[Vrtigo]

8 minutes ago, TNinVB said:

I used to think that VB was expensive and would always tell everyone how cheap it was to live in Nashville. I guess that is not the case anymore. I m currently living in a new construction two bedroom apartment with only 1030 sq.ft. and rent is a little over $1,300 not including water and of course utilities. Would the rent in the Nashville be about the same or more/less? Just curious what the rental market is like now. I hope to move back to the area one day but plan on buying instead of renting. 

The equivalent would probably land around $1,800 in places like East Nashville. Likely a bit higher downtown.

[TNinVB]

6 minutes ago, Vrtigo said:

The equivalent would probably land around $1,800 in places like East Nashville. Likely a bit higher downtown.

Good lord!

[MetroTN]

New construction in Nashville would be higher for a two bedroom than what youre paying now. Nashville is cheap compared to NYC and SF but its not cheap compared to peer cities anymore. 

Older buildings or those further from the most desirable neighborhoods are cheaper. 

Edited April 3, 2017 by MetroTN

[TNinVB]

1 minute ago, MetroTN said:

New construction in Nashville would be higher for a two bedroom than what youre paying now. Nashville is cheap compared to NYC and SF but its not cheap compared to peer cities anymore. 

Well outer lying counties/Murfreesboro here I come lol. 

[MetroTN]

1 minute ago, TNinVB said:

Well outer lying counties/Murfreesboro here I come lol. 

I think thats why the suburban counties are growing so much. Housing is something a lot of people arent willing to compromise on, especially as they age. They'll move further out to get what they want at prices they can afford. 

What I lived in while in NYC in my early twenties is different than what I'll consider now at 30.

Edited April 3, 2017 by MetroTN

[MLBrumby]

If the Census estimates for last year are anywhere near accurate, it showed a significant drop from the y-o-y growth rate this decade. IIRC, it was above 5k, but previous years had been nearly twice that.  Perhaps, much of that has to do with the cost of apartments, because I don't detect any slowdown in the national trends back to the city centers. I have noticed that houses and apartments in Davidson County have been skyrocketing in the past 3-5 years.

[SoundScan]

5 hours ago, TNinVB said:

I used to think that VB was expensive and would always tell everyone how cheap it was to live in Nashville. I guess that is not the case anymore. I m currently living in a new construction two bedroom apartment with only 1030 sq.ft. and rent is a little over $1,300 not including water and of course utilities. Would the rent in the Nashville be about the same or more/less? Just curious what the rental market is like now. I hope to move back to the area one day but plan on buying instead of renting. 

2 bed, 2 bath, 910 sq.ft. in my building (next to Centennial Park) starts at $2435/month.

[bigeasy]

14 hours ago, TNinVB said:

Good lord!

My friends rent for a place that same size (1,100 sq ft 2 bedroom) in the Nations area off Charlotte is $2,300. Which is why I live in Lenox Village and pay half of that for my mortgage. 

Edited April 4, 2017 by bigeasy

[Rockatansky]

17 hours ago, MLBrumby said:

If the Census estimates for last year are anywhere near accurate, it showed a significant drop from the y-o-y growth rate this decade. IIRC, it was above 5k, but previous years had been nearly twice that.  Perhaps, much of that has to do with the cost of apartments, because I don't detect any slowdown in the national trends back to the city centers. I have noticed that houses and apartments in Davidson County have been skyrocketing in the past 3-5 years.

I would add that the increases in rent/housing costs have been driven by the lack of supply. I think Nashville is running at only a 3 month supply of available units. A healthy market usually has 6 months worth.

[satalac]

20 hours ago, TNinVB said:

Well outer lying counties/Murfreesboro here I come lol. 

Better get here fast. I bought my house right on the Rockvale/Murfreesboro line new in 2014.The houses being built behind me with the same floorplan and smaller lots are going for $50k more than what we paid. Things are getting crazy. 

[claya91]

20 minutes ago, satalac said:

Better get here fast. I bought my house right on the Rockvale/Murfreesboro line new in 2014.The houses being built behind me with the same floorplan and smaller lots are going for $50k more than what we paid. Things are getting crazy. 

I probably won't be able to buy for another 5 years. Lewisburg here I come! 

Edited April 4, 2017 by claya91

[markhollin]

From the Nashville Post:

The Nashville-area office of commercial real estate company Avison Young has released its first quarter 2017 office and industrial reports, with Class A office rental rates hitting a record high.

For office space, the overall average rate rose to $26.01 per square foot, up by 7.6 percent since the number from the first quarter of 2016. The average Class A rate specifically rose to $30.15 per foot, an increase of 2.3 percent year over year and a record high for the region.

For industrial space, the overall Nashville market rental rate increased to $4.98 per square foot, a 14 percent increase year over year. The average warehouse rate ended the quarter at $4.48 per foot, up 12.6 percent year over year. The average flex rate rose 23.5 percent in the same period ending the quarter at $11.24 per foot.

[markhollin]

Nashville area home sales continue to boom.  March sales were up 8.9% over March of 2016. Average price was up 11.6% over same time last year.

http://www.bizjournals.com/nashville/news/2017/04/07/here-s-how-much-nashville-home-sales-grew-in-march.html