As sales decline, inventory, prices rise, especially condos

Sale of the Week featured on the Nashville Ledger, written by Richard Courtney

The real estate team of Jonathan Heard and Lacey Newman recently sold the property at 4706 Belmont Park Terrace for $3.45 million even in the aftermath of the 200-basis point penalty the Federal Reserve Board has levied against its stubborn foe, an enemy also known as inflation. Heard and Newman hail from Compass RE.

Perhaps the interest rate affected the sale of this home as the Heard Newman Team had priced the home at $3.6 million, a number that might have worked in the Dark Ages of 2021. In this market, the home lasted 56 days before selling for $150,000 less than the list price.

But weep not for the sellers who paid $1,569,900 in 2016.

During the six years of ownership, the sellers had added a swimming pool described by the Realtors as a “gunite pool with a hot tub and a tanning ledge.” The tanner need not worry about privacy, as “lush landscaping abounds from the climbing clematis around the front door to the mature trees around the pool.”

The owners also “reimagined the space to include a spacious bonus room with a wet bar” and – sticking with the bar(re) theme, added “a barre studio/exercise room.” Was it “imagined” first and then “reimagined?” I hope Yoko didn’t read about this property lest she reimagine a new line of Lennon material. It’s easy if you try.

Even with the pool, the reimagined rooms and the other improvements, the 2016 investment likely paid dividends. The buyer was awarded a magnificent home with four bedrooms, four full bathrooms and one half bathroom for $600 per square foot.

Tim Thompson of the Tim Thompson Premier Realtors represented the buyer and helped save $150,000 for his client.