Where is development moving to next? (Cleveland, Charlotte: for sale, real estate, 2014)

[rrajbhan]

I guess it's a speculators thread. But I'm looking to live affordably, but somewhere that has the highest potential of return ($-wise and percentage-wise separately) in the next 2 years. Anyone have guesses where that would be? I'm not strongly bound to anything but I like from downtown south - basically just not north or east of the river. Mostly because most of the people I know are south of downtown.

Any insights, etc would be appreciated!

Thanks,
Raj

[nashvols]

Originally Posted by rrajbhan

I guess it's a speculators thread. But I'm looking to live affordably, but somewhere that has the highest potential of return ($-wise and percentage-wise separately) in the next 2 years. Anyone have guesses where that would be? I'm not strongly bound to anything but I like from downtown south - basically just not north or east of the river. Mostly because most of the people I know are south of downtown.

Any insights, etc would be appreciated!

Thanks,
Raj

*disclaimer* -- I am not in real estate. I am in tune with a lot of urban development, but I will fully admit that I might not be completely up to date on current trends and pricing.

It's actually kind of interesting that hot spots have been popping up all over. A lot of places that most people would have told you to avoid to save your life 10 years ago are now considered solid urban neighborhoods. So the lesson there is, it could almost be anywhere...

However, given Nashville's size and relative small supply of older housing (especially 1900s-1940s), any neighborhood with a large amount of that which is not currently gentrifying is at least a decent candidate.

South of downtown, the Wedgewood-Houston neighborhood is already starting to change, but I think it still offers a decent potential on return (it would be higher, but a lot of the current housing is small-to-modest sized. Chestnut Hill isn't as far along -- I think a lot of the potential is with infill and new development rather than redevelopment.

East of downtown, Cleveland Park and McFerrin Park are already starting to move. Unfortunately, the affordable side is probably not as desirable (or in some cases, livable). The potential for ROI is good, but will require some investment, not just sitting on the property.

North of downtown, Historic Buena Vista is already seeing a lot of investment and inflated prices, so I would think that the potential would be west of I-65. There is already some positive activity along Buchanan St in the commercial district, but I have a feeling that some of those neighborhoods will be a little slower to change as you get farther from downtown due to the general perception of North Nashville being a more dangerous area (and, truthfully, that reputation is well-deserved).

West of downtown has exploded. Sylvan Park is already an expensive neighborhood. Sylvan Heights infill is expensive. Even The Nations is seeing a massive change in property values. I think if you look west, you would have to go to Charlotte Park and Croley Wood to get a decent ROI.

Other areas further from downtown that probably deserve a look:

Donelson might not provide the highest ROI, and might not be the cheapest, but I feel like the area is stable and on an upward trajectory, especially as historic housing stock runs out and people look for mid century housing.

The Berry Hill area is another I think will see a boom (the area along 8th is already seeing a massive amount of development)...mainly to the east of I-65.

Along with Berry Hill, I do see potential in Woodbine and Radnor. Woodbine still has some historic housing stock, and is close to downtown. Those areas are a little tricky because there is still so much industrial activity in the area, but due to proximity to downtown, they at least have potential.

Perhaps farther down the line, I could see Madison improving, because it is adjacent to Inglewood (yet Briley Pkwy does provide a physical barrier), but I wouldn't count on it being the next hot area.



With a tight housing market in general, it's really a guessing game. I would research areas with historic housing stock that aren't in high crime areas, and are either close to downtown, or close to other gentrifying districts.

[N.Cal]

We-Ho and Chestnut Hill- already have condos selling in the mid-$300,000 range.

Historic Buena Vista - you are way too late. Most of the lots have been picked over and we have our first sales over $400,000. Small cottages are selling in the high $300,000 range. Those of us who bought in 2013 are extremely happy.

Fisk, near TSU, north of the freeway and Buchanan- this is started to change and I think it will gentrify faster then Nashvols thinks it will.

I think Madison will turn faster also. I know a few people who have left east Nashville and moved to Madison.

I also hear that the hipsters leaving East Nashville after being priced out, are moving north of the river to the hills above Bordeaux.

I would agree with Radner and Woodbine to the south.

[rrajbhan]

I've been thinking about the ring created by i-65 and Charlotte that has Hadley/Washington, Fisk/Meharry, and Watkins Park. Is the subsidized housing going to keep the values down for the future? I guess in Buena Vista there are $300k houses right next the projects with street parking and Chestnut Hill having $350k houses blocks away from the projects - I guess I'm not the target demographic for that.

[N.Cal]

Originally Posted by rrajbhan

I've been thinking about the ring created by i-65 and Charlotte that has Hadley/Washington, Fisk/Meharry, and Watkins Park. Is the subsidized housing going to keep the values down for the future? I guess in Buena Vista there are $300k houses right next the projects with street parking and Chestnut Hill having $350k houses blocks away from the projects - I guess I'm not the target demographic for that.

I think it's going to go up. They are already building +$300K units in many parts of this area. 12th Street/Jefferson, Elizabeth Park just to name two off the top of my head.

[VintageWindows]

Don't know if it's related, but I see condos in Bellevue listed at a 30-40% premium from prices of just a year ago.

In May 2014 I paid more than the going rate & still came in $50k less than the new listings. These same condos at that time were $60-70k below today's prices. It can't just be a nicer kitchen or bathroom.

Maybe all areas are experiencing this?

[brentwoodgirl]

What does everyone think about Old Hickory Village? I noticed a lot of houses for sale up there have been redone. And developers are putting in $500,000+ houses with water views.
But it looks like sales are fairly slow, esp for the older homes.
It has some gorgeous old homes at great prices, but it isn't very convenient. I keep meaning to drive up there and look at the area. Does it seem like an area that could boom?

[nashvols]

I've been curious as to why OHV hasn't boomed yet. Only thing I can think of is proximity.

[rrajbhan]

Originally Posted by nashvols

*disclaimer* -- I am not in real estate. I am in tune with a lot of urban
...
With a tight housing market in general, it's really a guessing game. I would research areas with historic housing stock that aren't in high crime areas, and are either close to downtown, or close to other gentrifying districts.

I'm curious why you focus on historic housing (in 1900-1940s era)? Is it because they are ready to be knocked down or is it they have historic value?

[titanspreds_04]

Originally Posted by VintageWindows

Don't know if it's related, but I see condos in Bellevue listed at a 30-40% premium from prices of just a year ago.

In May 2014 I paid more than the going rate & still came in $50k less than the new listings. These same condos at that time were $60-70k below today's prices. It can't just be a nicer kitchen or bathroom.

Maybe all areas are experiencing this?

I dont see Bellevue taking off. i think its prime is in the past and far too much of Bellevue is in a flood zone that flooded very badly in 2010.