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"Hillsboro/West End" is kind of the area from 21st St. to Hillsboro -- west of 21st, and where Vanderbilt is located...Lots of doctors and lawyers, almost unbelievably low crime rate. And for that reason: expensive. And West End is, to me, one of the most unpleasant areas of the city -- not because it's dirty or dangerous, but because it is a 6-lane pseudo-highway devoted entirely to consumption of fast food and Starbucks that makes you feel like the last person on earth if you're on foot.
"Belmont/Hillsboro" is on the other side (east) of 21st and is dominated by Belmont all the way to 12th (which is either primarily yuppies or project housing depending on how far south you are). Belmont's business district is less substantial, but the housing is cheaper and the proximity to "12 South" (the far southern end of 12th) is nice if you like vintage clothes and art galleries.
Hillsboro Village is between the two. A lot of people are going to really hype this place, but I have to warn you as a Northeasterner: if you're anything like me, you'll be stunned by how small it is in reality. As probably the most walkable "business district"-y area outside of downtown, I was expecting like 15 or 20 blocks of brick buildings. It's about 2, and most of it is overpriced (in my opinion).
ON THE OTHER HAND: Some of it is great. The used bookstore -- Bookman/Bookwoman -- is sweet; the Belcourt is a wonderful old theater; Fido is loud and crowded but decent for a drink; Bosco's is nice for a locally-produced beer; and The Villager remains my favorite bar in the world. Unfortuately, in one sentence I've just described about 1/4 of the businesses in this entire bustling "business district."
In my first year here, having heard all of the gushing over East Nashville, I was similarly...surprised by my first few trips over there. Again, no real cohesive business district. The famous "Five Points" is more like a spread out upstate NY college town than an expansive, dense urban neighborhood. Gallatin is just a seemingly endless strip of shack-style retail like Nolensville or Dickerson. I have to admit that I was disappointed and a bit disheartened.
AND YET: After two years here, I've begun to see things a little differently. I've found a lot of places I really appreciate both in East Nashville (where I now live) and over in the West Side. They aren't stacked on top of each other and easily walkable like in the North, but I've come to terms with the relative inconvenience. The trade-off is that there is more residential space available here for relatively low prices, a lot of very friendly people, a lot of great places to hang out and shop and whatever else you want (just takes longer to find them and become a regular), and it's generally pretty darn safe. (Even East Nashville, which people on this forum both generalize and overreact about far too often. Flatly saying that "East Nashville" is unsafe is much too broad a statement. There is remarkably few crime within a 2-mile radius of my house near Shelby Bottoms. Even in the rougher areas -- what most people are probably referring to is lower than 9th/10th St or east of Gallatin -- it's not like the Mad Max-style insanity of some very dense cities. I've walked all around any "dangerous" area of the city you can name without a single problem.)
All I meant is that it's all relative. I was shocked by the real estate prices in EN.
I am partial to newer homes, especially when you can get a newer home in a better area for less money. Doesn't make sense to me why someone would pay more for less home in a worse area...but to each his own.
That's fine if that's your opinion...I was talking about saying that the neighborhood wasn't anything special for someone from NH, but might be OK from someone from Detroit.
I am partial to newer homes, especially when you can get a newer home in a better area for less money. Doesn't make sense to me why someone would pay more for less home in a worse area...but to each his own.
Off topic I know but . . . I've never understood the logic of treating housing like consumables. When is it no longer "new"? And then what--toss it in a landfill? When a house's main appeal is how new it is aren't you stuck in a battle with time? A well-maintained vintage or historic home will hold more value over time than last year's jumble of laminate and foam moulding. Or is it like a car--sell it well before it reaches 'hoopty' status?
That's fine if that's your opinion...I was talking about saying that the neighborhood wasn't anything special for someone from NH, but might be OK from someone from Detroit.
Your view on an area is relative to what are used to. Every comment here is someones opinion. I don't agree with every comment I read here either. I'm sorry if it's offensive, but the reality is that if you are used to a small, rural town where locks are optional, you will probably not be impressed by East Nashville.
Off topic I know but . . . I've never understood the logic of treating housing like consumables. When is it no longer "new"? And then what--toss it in a landfill? When a house's main appeal is how new it is aren't you stuck in a battle with time? A well-maintained vintage or historic home will hold more value over time than last year's jumble of laminate and foam moulding. Or is it like a car--sell it well before it reaches 'hoopty' status?
I don't have a problem with old houses as long as they are priced accordingly. If you buy a house for $120,000 and it needs $80,000 in renovations, and the comps in the area are sitting at around $140,000, then you're in the hole for $60,000 after repairs. Not a good place to be in this economy...At least not a good place for ME to be. A house is an investment and I prefer making money on investments.
We looked at a number of houses in EN back when we moved here that were advertised as "renovated". They were all mold infested and all but one had serious foundation issues. They were asking market price +. More than one we looked at were so bad that it would have been easier and cheaper to level the house and build new.
^Ross, I took your comments at face value & completely understood where you were coming from by saying it's all relative to what you're used to.
I always value your opinion on East Nashville (no matter how much I may disagree ) because I know that you & your wife actually took the time to come hang out over here & got to see a little bit of what I love about my neighborhood & at the end of the day if it's not for y'all, well that's okay by me...it takes all kinds to make the world go 'round
At a glance it would seem like I spent a lot more on a whole lot less for my house in EN, but using your term, "it's all relative". Some of my co-workers commute for an hour twice a day. That's a heck of a lot of gas money that I don't have to spend. While they're sitting in traffic going home I've already come home, let my dogs out, changed, eaten a snack & have gone to the dog park. So for me, at 26 being single & no kids, I definitely don't want to live anywhere else right now & I completely understand how EN is not for everyone & that's just fine. No offense taken here, but for the record I also bought my house as an investment & it's not moldy or gross...it was completely flipped & the inspector said it was the best that he had ever seen!
If you buy a house for $120,000 and it needs $80,000 in renovations, and the comps in the area are sitting at around $140,000, then you're in the hole for $60,000 after repairs.
No doubt that some people in EN are overly optimistic about what their home is worth - though this is not at all specific to East Nashville. However your example with the comps is a bit misleading. If a house has an asking price of 15% less the comps, there is often a good reason for that, and sometimes the reason is that there is something wrong with it. The cheapest house isn't always the best deal.
But more telling is the price range you mentioned. Unless you're looking in Inglewood, the homes going in that price range are going to be the absolute bottom of the barrel anyway and you can EXPECT structural issues, mold problems etc. East Nashville has indeed gotten to be expensive, but the market determines what a home is worth, and though you are part of that collective market making decisions on what is or isn't a good buy for your money, your opinion alone does not dictate what a home well sell for, and what a home will sell for is a pretty good indicator of what it's worth.
However your example with the comps is a bit misleading. If a house has an asking price of 15% less the comps, there is often a good reason for that, and sometimes the reason is that there is something wrong with it.
The other side to that coin is that the seller is usually VERY optimistic about any needed repairs. In other words, while the seller may be asking 15% less, repairs will likely cost far more than that.
Quote:
Originally Posted by boingolover
But more telling is the price range you mentioned. Unless you're looking in Inglewood, the homes going in that price range are going to be the absolute bottom of the barrel anyway and you can EXPECT structural issues
That was my point. For the same money, you can buy something nicer in a better area.
Quote:
Originally Posted by boingolover
East Nashville has indeed gotten to be expensive, but the market determines what a home is worth, and though you are part of that collective market making decisions on what is or isn't a good buy for your money, your opinion alone does not dictate what a home well sell for, and what a home will sell for is a pretty good indicator of what it's worth.
My opinion is no different than anyone elses. IMO, real estate investing...and like or not, if you buy a house, you are buying an investment...is risky in EN. I don't believe revitalization has firmly taken hold and the entire area could go either way. If it goes down, you lose. This is why the residents tend to downplay the bad and focus on the good. The more new money that comes to the area the better the chances.
I've been through this old house debate with my sister. I've watched her throw away hundreds of thousands over the years in old houses, but she likes old houses. She is an emotional buyer and that always costs her money. Almost half a million dollars alone on her last house. Remember the movie "The Money Pit" with Tom Hanks and Shelley Long?
That was my point. For the same money, you can buy something nicer in a better area.
No doubt there are areas where your dollars will go further than East Nashville. But "better" is purely subjective. East Nashville has a lot of things going for it that may not appeal to you.
Quote:
Originally Posted by rossc
My opinion is no different than anyone elses.
Your opinion is worth equal weight to everyone else's, but your opinion is apparently different from the "norm" for the area given what houses are selling for even in a horrible real estate market. That was my point, not that your opinion is invalid, but that your take on the market does not reflect the general consensus, and for the most part the general consensus is what determines what a house is worth.
Quote:
Originally Posted by rossc
IMO, real estate investing...and like or not, if you buy a house, you are buying an investment...is risky in EN. I don't believe revitalization has firmly taken hold and the entire area could go either way. If it goes down, you lose. This is why the residents tend to downplay the bad and focus on the good. The more new money that comes to the area the better the chances.
Of course there are bad investments to be had in East Nashville, but there are way too many people that bought 10 years ago and have seen mind-blowing appreciation to ignore that the area has been a hotbed of revitalization of growth. Sure if you bought at the peak of the market in 2007 you're going to have trouble getting your money back out, let alone turning a profit, but that's true of any area, and East Nashville has weathered the storm better than most. You can certainly get more bang for your buck elsewhere, but it would be hard to find an area that's seen more appreciation over the last 10 years.
Quote:
Originally Posted by rossc
I've been through this old house debate with my sister. I've watched her throw away hundreds of thousands over the years in old houses, but she likes old houses. She is an emotional buyer and that always costs her money. Almost half a million dollars alone on her last house. Remember the movie "The Money Pit" with Tom Hanks and Shelley Long?
Again, not all investments pay off. But you can't take her experience and apply that to the whole of East Nashville.
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) because I know that you & your wife actually took the time to come hang out over here & got to see a little bit of what I love about my neighborhood & at the end of the day if it's not for y'all, well that's okay by me...it takes all kinds to make the world go 'round 
