Davidson County Real Estate Growth Opportunities (Germantown, Spring Hill: renting, house, neighborhoods)

[hitthelinks]

I'm curious to get insight from the forum on neighborhoods in Davidson County that are predicted to be great investment opportunities over the next 5, 10, 15 years. My wife and 4 month old are in the research stages of planning our next move.

I'm particularly interested in purchasing in an area that may not be "trendy" or "red hot" right now but has that potential. East Nashville and Hillsboro Village, for example, have experienced this growth over several years and aren't particularly affordable at this time.

Are there websites that show real estate value growth?

Any thoughts and opinions are much appreciated! Thanks to everyone in this great forum! It's been an invaluable tool.

[N.Cal]

Historic Buena Vista, McGavock Town, Hope Gardens (though HG is already getting up there in areas). Pretty much the area right across Rosa Parks from the Farmers Market and Germantown/Salemtown. Close to downtown, actual sidewalks, close to nightlife and restaurants, easy freeway access in all directions.

[travelhound]

Most Younger people want to be as near to the downtown and midtown areas as possible. Where you want to be depends on your priorities. If you want ongoing construction and chaos, try anywhere near downtown, midtown and the nice areas within 3 to 5 miles. Taxes are equal to many of Americas wealthiest areas (try 3500 a year on 1300 sq ft and less than 1/5 and acre. Thats a typical Hillsboro Belmont West end area yearly tax.

I bought when I should have rented. I don't recommend buying unless you are so wealthy you wont feel it either way. Renting will give you a better social base, less stress and give you time to get to know exactly what area is good for you. For most people coming from Urban areas, the near downtown/midtown areas are going to be the only option or you're not going to be happy here.

If you want peace and quiet for the next 20 years, and by no means will that be a guarantee with the level of growth Nashville is seeing, buy outside the city limits. If you are a couple that can manage the stress of an Rural property, I would do that, and there are still amazing "Urban farm" areas with 2-5 acres right in Spring Hill and other areas on the border. Money can buy you anything in Nashville, and you can have any lifestyle you want for a price. Its the driving back and forth that will get to you.

I cant reiterate enough that this is still the South no matter how hip and cool media trys to make it look. Many areas 20-30 miles out or more are simply not livable from a cultural standpoint depending on where you're from and what you are used to. No one should move here without a visit. I commuted many years speculating and finally found the house I currently own. I will make a great profit but the area has become to congested and overwhelming and so will be trying another smaller town in another state next. I read the other day that Nashville is the number One growing city in America, so be prepared, because it feels like it is as well.

[hitthelinks]

Thanks for the responses @N.Cal and @travelhound! Much appreciated!

What about areas like West Town, Charlotte Park, and Melrose?

My wife and I currently live in Bellevue, working at Vanderbilt and 100 Oaks. We're looking to cut down a bit on our commute and find a place near/between both Vanderbilt and 100 Oaks. West Town and Charlotte Park are intriguing from a price standpoint and there seems to be a lot of new construction with close proximity to I-40 and parks/restaurants. We're not as familiar with Melrose but it would be directly between our employers and in close proximity to the 12 South restaurants.

[nashvols]

If you can find something in Melrose, that's probably the safest bet, especially for the short term. But, for the most part, the home values are already pretty high. 12th South is already popular, and several developments are happening in the Melrose area that are going to further boost the value. If this place is between work and play, then I suggest that if you can make it work, you do. It's a great location. You're about 2 miles from downtown and West End, a little more to Green Hills, a little less to 100 Oaks, and not too far from East Nashville, the airport, Sylvan Park, or anywhere else in town. You'd be well-situated to get to most areas. (also consider Historic Waverly and Woodland in Waverly if you are looking at this area)

I think West Town is an area really on the rise...but I think it will take some time for it to fully realize its potential. It's earlier in the gentrification process. Your home value could really appreciate there, but be warned that new construction there isn't cheap as it is. ariesjow is the one to ask about this area.

Charlotte Park is an interesting one. I'm not as familiar with the neighborhood, but I can see it being sort of a wildcard in the future. The disadvantage is that you are a little farther from town (though still reasonable to a lot of places/things), and there isn't as much of a historic neighborhood factor or urban street grid going on there...but it could be one of those ripple effect areas that sees a big boost in value as the desirable neighborhoods have their values shoot through the roof. The potential is there, but I think you'd have to be patient. Probably 10+ years patient.

[N.Cal]

I looked in West Town but was only interested in a very specific area (45th to 53rd, Illinois to Kentucky) and things were pretty much picked over or already jacked up in price, and this was in April. For example, a new construction project with 4 units in the area was first sold at $209K but when I looked at them later they were already up to $234K and the lots to be built were going to start even higher.

Melrose also looked to be already increased a lot (for what you get) due to proximity to 12South.

[dafunk10]

I was going to say West Town....I think that's a good long-term area for growth

[hitthelinks]

Thanks again for the responses!

Outside of The Stone Fox, are there other restaurants or development in West Town? It seems that these type of establishments help build community and bring non-residents into the area as well like the 46th Ave corridor in Sylvan Park near McCabe. As Charlotte Ave continues to develop, I would think that some of the development would spill over into West Town.

[N.Cal]

Originally Posted by hitthelinks

Thanks again for the responses!

Outside of The Stone Fox, are there other restaurants or development in West Town? It seems that these type of establishments help build community and bring non-residents into the area as well like the 46th Ave corridor in Sylvan Park near McCabe. As Charlotte Ave continues to develop, I would think that some of the development would spill over into West Town.

ML Rose
Porter Road Butcher
some coffee shop - I can't remember the name

All on Charlotte, but close enough.

The Italian restaurant on 53rd? Can't remember the name but it's been there a long time.

Also close is Nuvo Burritos and a number of other restaurants.