{"id":306115,"date":"2010-02-11T06:52:59","date_gmt":"2010-02-11T11:52:59","guid":{"rendered":"http:\/\/www.foreclosuredeals.com\/wp\/?p=4967"},"modified":"2010-02-11T06:52:59","modified_gmt":"2010-02-11T11:52:59","slug":"homes-to-foreclosures-in-nashville-cut-real-estate-prices","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/306115","title":{"rendered":"Homes to Foreclosures in Nashville Cut Real Estate Prices"},"content":{"rendered":"

Homes to foreclosures in Nashville<\/a>, Tennessee<\/a> again affected sales prices of condo and single-family homes in January this year, based on sales data from the Greater Nashville Association of Realtors.<\/p>\n

\"Homes<\/div>\n

While total home sales increased by 6 percent on a year-over-year basis in January this year to 1,033 units, the median sales price for the single-family units sold dropped by almost 4 percent from 2009 to $159,000 and the median sales price for the condos sold also fell to $154,550, compared to $165,000 in January 2009.<\/p>\n

Aside from the downward price pressure of foreclosures, the decline in prices was also driven in part by the large number of first time house buyers who preferred lower-priced homes.<\/p>\n

Despite the decrease in prices, sales of single-family homes<\/a> and home lots remained flat in January. Home builders purchased only lots with deep discounted asking prices.<\/p>\n

Reggie Garner, a top executive at Stone Gate Land Co., said that buyers now are looking for smaller homes, but they still want features like granite, gas lights and an outdoor fireplace. Stone Gate has been redesigning its properties at Arrington Retreat to accommodate buyers looking for lower-priced houses.<\/p>\n

The Arrington subdivision was initially planned for homes in the $500,000 to $700,000 price range, but now the homes are being redesigned to reach the $300,000 to $400,000 range to be able to compete with lower-priced homes to foreclosures.<\/p>\n

Reggie added that high-end homes have been staying on the market for a long time.<\/p>\n

Home builders are also looking for bargain-priced properties. Pulte Homes purchased one of the lowest-priced residential and commercial foreclosures<\/a> in Nashville when it paid only $6.2 million for an unfinished residential project in Brentwood. The final price was one-third lower than the price paid by the original buyers in 2005.<\/p>\n

Pulte is set to build 140 homes in the Brentwood subdivision, which will be sold in the price range of around $400,000, much lower than the $1 million originally planned by the previous developers.<\/p>\n

Another home builder taking advantage of bargain lots is Regent Homes, which purchased 11 home lots in Nolensville last year at only $50,000 per home lot, about 33 percent lower than what previous owner Newmark Homes paid for the lots.<\/p>\n

According to home builders, one of the ways they can compete with bargain-priced government foreclosures<\/a>, bank-owned properties<\/a> and homes to foreclosures<\/a> is to buy low-priced home lots to develop.<\/p>\n","protected":false},"excerpt":{"rendered":"

Homes to foreclosures in Nashville, Tennessee again affected sales prices of condo and single-family homes in January this year, based on sales data from the Greater Nashville Association of Realtors. While total home sales increased by 6 percent on a year-over-year basis in January this year to 1,033 units, the median sales price for the […]<\/p>\n","protected":false},"author":4091,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-306115","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/306115","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/4091"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=306115"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/306115\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=306115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=306115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=306115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}