Although the Lofts at Werthan Mills have weathered the real estate storm pretty well; these relocating home sellers are eager to sell and have prices accordingly! At $399,545, this 2570 square foot condo is a steal. Unit 112 was one of the first and largest lofts to be built in Werthan - a true urban, gated community that features one of Nashville's only rooftop green spaces, complete with salt water pool and bocce courts.
Just because there's a bargain price, doesn't mean the owners skimped on any details in this huge space. Their upgrades include a 1046 square foot master retreat - with:
19' x 12' master bedroom 2 walk in closets
Master bath with spa tub, separate shower & double vanities
25' x 16' sitting room/den Built in bookcases 2 additional storage areas
The upstairs is just as spectacular - with a 25 foot, covered outdoor area for entertaining, a large open living, dining and kitchen, guest 'master' and a third full bath.
Call the bozTEAM today to schedule a showing of this wonderful home.
bozTEAM of village real estateSERVICES 615 WOODLAND ST | NASHVILLE | TN | 37206 o: 615.369.3278 | c: 615.715.0545 www.AreYouReadyNashville.com
Many new buyers are learning about a loft enclave in Germantown that is unlike most in Nashville. Some say Werthan Lofts could be right at home in New York or Chicago! It's part of the appeal for over 200 residents in this converted factory that still looks like an industrial complex as you drive by on Rosa Parks Blvd.
For the past 2 years, throughout a real estate slump, sales in Werthan have remained strong - perhaps as a result of the architectural originality OR the affordability OR the convenient, walkable neighborhood OR the spectacular pool and outdoor areas throughout the gated community OR the rare opportunity for expansion space in condo living (Werthan is one of only a handful of condos where owners of certain units can expand into basement space, upward, or by adding lofted mezzanines in the interior spaces). Whatever the reasons, Werthan lofts have closed 111 sales since June of 2007. With Phase 4 construction complete and the development down to 12 units on the market; there is still something for everyone.
Prices range from $184,000 - $475,000. Sizes range from 743 square feet to almost 2600 square feet. Here are some highlights of two available units:
Unit 112 is one of the largest spaces in the community. At $429,545 this 2576 square foot unit is one of the smallest prices per square foot. And those numbers don't take into account the most spectacular part of this space - the huge covered deck that was once a factory loading dock. The current residents spend as much time in the outdoor areas as they do inside!
Both bedrooms in the space have a private full bath. The master retreat also features a sitting room that's almost the same size as the living room and two large closets - a hot commodity in any loft.
There's a third full bath off the open living, dining and kitchen area. The entire main level is built for entertaining with large wall spaces for a gallery of art, extra cabinets and storage, room for a bar and so much more.
For the more frugal buyer, there's another Werthan gem on the upper level of phase 3. At 1330 square feet, unit 317 is a real surprise for $292,545. It, too has an outdoor space - a balcony overlooking the Hydrangea garden of the East Courtyard. The master suite here is a mix of modern - with a wall of industrial windows and vaulted ceilings that allow enough space for a mezzanine expansion. The open living room has those bricks and beams the old factory is known for - so does the second bedroom (currently used as a media room).
So, whether you're looking for large or small spaces - modern or filled with restored factory charm - Werthan Lofts really does have something for everyone! Call the bozTEAM of Village Real Estate to get your piece of history today.
A recent bozTEAM blog pointed to signs of change in Germantown. There was more evidence this week in East Nashville!
Over the past year, selecting houses for our Thursday Preview Tour of Homes has been REALLY difficult. It starts Wednesday AM with bozTEAM agents sifting through hundreds of homes on an report, trying to find 10 - 20 great candidates for the tour.
Yesterday, armed with this week's theme of '1st Time Buyer Homes Under $175,000 in East Nashville & Inglewood, 2BR/2BA'; I was sure to be in for a LOT of narrowing to get the initial sort under 250 homes.
NOPE! The initial, wide range search only found 53 homes! I did a doubletake. WHA..WHATTTT?????
53 HOMES! What could be happening here?
Then I started the daunting process of softing through those 53 homes to find suitable candidates for the tour. These had to be the best and brightest! Our current buyer needs (oversimplified for the sake of blogging, of course):
BUYER 1: Move in ready. Kitchen is MOST important. Social space is also key. Likes hardwoods. Doesn't require fenced yard, but it is a plus. Large rooms or open spaces. Over 1000 s.f. would be GREAT - but it's also ok if it just 'feels' large.
BUYER 2: Investment property to be used as rental with 2 or more units. Large yard. Future possibility to combine into buyer's personal single family home. Prefers ranch style with finished basement and 'Needs TLC'. Expansion space possibilities would be great, too.
BUYER 3: Almost the same as BUYER 1 but under $120,000 and space for music room...
You get the idea...lots of different needs usually means LOTS of previewing. After sort #2, the preview list for Buyers 1 and 3 was down to 9 listings. THIS IS TOO EASY!
What does it all mean?
Inventory is down. Either things are selling OR things are renting and no longer listed. Either way, it's a good thing.
There is more competition out there. Many of the listings already had contingencies. Haven't seen as many of those lately. We'll still preview 'cause you never know what can happen with financing. Many of the buyers we're working with are happy to be the backup offer.
The preview day won't be nearly as frenzied as it usually is. We can get to those 9 listings in less than 2 hours and have great video clips and pics text messaged to those buyers to help them narrow down our Weekend Buyer Tours in no time.
So, look out East Nashville, the bozTEAM is coming! Are you ready?
Unfortunately, the bozTEAM has had a lot of experience with short sales over the past year. You may have seen a few of our blog posts that deal with the actual process. This one does not.
This post deals with the psychology of a short sale. It's hard enough to put together a successful (and quick) short sale without considering the emotional state of the Seller. The Buyer and Buyer's real estate agents can help quite a bit if they understand some of the feelings 'baggage' that comes with this process.
The Buyer, for the most part, has the easy part of the transaction. Oversimplified: the Buyer submits the 'short' price to the Seller - a price that is LESS than the amount the Seller owes the bank. The burden is on the Seller and Seller's Agent (or Mediator) to negotiate that 'short' price with the bank.
Here's where the psychology comes in. It's not like that shortage just evaporates! Something has to happen to that money. Either the bank agrees to write it off; (Yeah, right! That RARELY happens) OR the Seller:
...takes out a LOAN to pay the difference (or some portion of it) back to the bank.This is usually an unsecured loan because the bank is feeling very generous and is kind enough to extend some pretty flexible terms to that Seller so they can make their money back. These loans can be low interest rates, interest only for some period of time until the Seller gets 'back on their feet' after the financial crisis that caused the short sale in the first place...Sometimes the loans are really long time frames. Either the low interest or the long time frame are supposed to ease that burden to the Seller.
...refuses or just CAN'T take out a loan. The bank sues for the difference.This is likely to end up in some judgment against the Seller and, ultimately in bankruptcy or some form of debt management program. In either event, there will be years of financial consequences for the Seller.
I could go on and on about these options, but you should start to get the idea by now. The Buyer is most likely getting a really good deal on this house. They are excited. They feel like they have had some small victory in this tough real estate market and are going to come out WINNERS. But it's important to have some humility in the face of that victory. Keep in mind how that Seller must feel.
The Seller is going to be paying for that victory, either literally with loan payments for years, or with the impact on their credit rating. The Seller may also feel like they are 'giving' their home away.
This is real stuff. And here are some real examples of how a few short sale Sellers we work with have been emotionally impacted:
Case 1: The Seller - a builder - was selling a personal, custom-built dream home for $200,000 less than the amount owed to the bank. This sale resulted in the loss of the dream home AND the loss of a career as a builder. The bank wouldn't write off the difference and the result would be Bankruptcy for the Seller.
In this example, the Buyer was very aware of this and made the sale go very smoothly. The Seller was extremely grateful for the compassion during this stormy period of financial distress.
Case 2: The Sellers had passionately restored a home to resell for almost a year. The home was selling for $400,000 less than appraisal and $150,000 less than their loan. The bank was arranging a loan for the Sellers to pay off that difference.
In this example, the Buyers came by the house unannounced almost daily the week before the sale. Their agent was not even aware they were 'stopping in'. They directly asked the home's residents if they would mind leaving wine racks and shelving. When they called and asked the Agent (and then, the Seller directly), where an optional glass insert in the $2000 range hood was; they almost killed the deal. Whether the Buyers intended or not, the implication was that the glass (which was omitted by the designer for aesthetic reasons) was removed from the home by the Sellers.
It was all I could do as an agent involved in the transaction not to take these Buyers and their Agent and shake them! Happily, there was no assault. The Sellers completed the transaction and moved on.
I only hope that, if you are fortunate enough to buy or work with buyers of a short sale, that you will not be so short-sighted as case 2 Buyers were. Consider the feelings of loss, the financial distress and the emotional toll that these changes in the Sellers' lives are causing and be gentle in how you deal with them directly during the process. You might just get the home of your dreams, even though the Seller might be giving theirs up.
Started years ago by the locals, the Garden guzzle is billed as 'Historic Germantown's Signature Event' and it's just one more reason the neighborhood residents find their area so desirable.
This year's Guzzle starts at Monell's lovely cottage garden and features an appetizer selection from this, one of the neighborhood's most popular restaurants.
Guzzle-Goers will stroll from there to The Mad Platter Herb Garden, following the movable refreshment stand (actually a BOAT!) from one location to the next.
So grab your shades and dress in your finest garden party attire and join us for this tour of 9 lovely commercial and residential gardens throughout this celebrated urban neighborhood. The tour culminates in an organic garden with a feast of local favorite foods, cool drinks and live music on the 1400 block of 4th Avenue.
Many Nashville condo owners, affected by the recent economy and facing possible Home Owner Association dues increase in the new year, may feel helpless to turn the tide of rising expenses. In fact, that's not so.
The dues ‘tide' is composed of many ‘droplets'. Together they swell to form cumulative HOA expenses - fees like building insurance, common area electricity, landscaping, pet services, window cleaning, water and more.
Jeff Barry, filmmaker and host of the Mayor's Green Ribbon Council helps us to see in his movie, Kilowatt Ours, just how much control we individuals have over the costs of our community - energy costs in particular. In an event held at Werthan Lofts last October, Mayor Karl Dean invited Werthan Lofts homeowners to participate in a unique experiment to lower consumption and help Nashville become the Greenest City in the Southeast. He urged a community-wide experiment in conservation.
They are starting with WATER. Many condo residents have you said to themselves, "Who cares if I waste water? I don't pay for it." Oh, but they do pay for it! In many communities water is the 3rd highest expense of the HOA.
If each individual was to cut consumption by only a small amount, the cumulative impact of over an entire community of households would have a huge effect on the bottom line.
There are also hidden water expenses. The Nashville sewer system actually USES electricity to generate water - 10 watts of power for every ‘watt' of water delivered. What's a watt of water? Got me. But it's clear that saving one might be a good thing. And not just for the environment - for our bank accounts, too.
Learn more about energy savings at kilowattours.org.
It's been a long time in the area since home prices dropped to these levels. Even with bargains piling up out there, it's still rare to find the 'perfect storm' of value that you'll find in this Madison home.
Starting outside, you'll know this home is special by the large yard with beautiful vignettes of cottage garden, wildlife refuge and lawn. This .51 acre lot can provide hours of imaginative play for children OR a haven for any gardener.
The cottage gardens start at the street with the plantings around the mailbox:
Soon, the hollyhocks will bloom with great stalks of colorful flowers up to 8 feet tall.
The green will be replaced with a colorful display of red, white, purple and pink.
A wide assortment of flowers will also crowd the space with color and fragrance.
NOT to be outdone, the rest of the yard also includes pockets of garden among the trees and along the front of the home:
The inside of the home is just as spectacular. The flexible layout offers choices of master bedroom on both levels, large kitchen with room for table or island and up to 5 bedrooms. The largest bedroom could also be used as a media/game room, music studio or playroom.
The many options in this unique home make it a perfect place for a growing family, songwriter's retreat, or bed and breakfast down by the river!
Come see what makes this 2766 square foot home such a fabulous value at $249,545.
See more of this fabulous home in this video or at the bozTEAM Blog!
I wanted to call it, Werthan Lofts Bring Christmas Cheer to Cheatham Place. But when I thought about it, that's not really fair. So I thought maybe, Cheatham Place Brings Christmas Cheer to Werthan Lofts. You decide.
You may recall when I blogged about Cheatham Place previously - it's a Metro Development Housing Authority (MDHA) community just across the street from my residence in Werthan Lofts. It's a lovely community of small, brick buildings impeccably maintained by the management team (and listed on the National Historic Register). And it's also home to lots of people who don't live the life of luxury that I have been blessed with.
What you probably don't know, unless you live here, is that every year for the past three, I have organized a Werthan Lofts Christmas Toy drive for the children of Cheatham Place.
I first realized just how many kids lived there by the sounds of their laughter as they played throughout the community on afternoons in the summer and most holidays. Seeing and hearing that laughter is one of the best things about living in my loft!
In 2006, shortly after moving to Werthan, I met with Peaches Manning, the Housing Coordinator for MDHA to ask about a toy drive. I figured I would do some small thing to help the community kids, many of whom don't receive many gifts during the holiday season. Turns out, it would be no small thing! There were 120 kids living in Cheatham Place! And there were only a few days until their holiday party. Not much time.
The residents of Werthan came together and made it happen. Donations of presents came from dozens of residents. others without time to shop gave money. Volunteers shopped. Together we organized hundreds of gifts for kids of all ages.
For three years, I have continued this effort. Often at the last minute. And often with very little time in my own busy schedule (and these days not much money - since the real estate market downturn has drastically reduced my own income).
Fact is, I can't NOT do this. Because no one is more blessed by the gifts of this event than those of us at Werthan who participate.
We are blessed by the generosity of our neighbors. Every year the email requesting gifts and cash is met with new donations from new residents in amounts I am always surpised by.
We are blessed by the cooperation of our community retailers. This year Big Lots dug deep and located 48 mini radios for $2 each as gifts for parents and older kids in addition to the bounty of other items we purchased there.
We are blessed by the spirit of our community. In line buying the gifts, a woman behind me and my three carts of toys in line at the store asked me, "Who are you, anyway?" When I told her, "No one," and explained the toy drive; she responded, "Then you're not no one. You're Santa Claus."
We are blessed by the spirit of these children. I sat last night at the Cheatham Christmas Party, hearing the same laughter fill the room that I hear so often from my loft. This was before any presents, food or music. It would continue even if the music, food or music wasn't there. It was then I realized that these kids don't need me or Werthan's gifts. They are blessed with the love of their families who struggle to provide them a safe environment in which to grow and to love. And it's working. That laughter is proof.
When facing the type of financial crisis that leads to a short sale, homeowners might want to curl up and ignore the problem. That's probably the WORST option. Why? Because acting as early as possible, there may be a way reduce the negative impact on credit scores, avoid foreclosure and avoid bankruptcy.
First, let's look at the options for dealing with the debt.
Option 1 - Renegotiate the Loan: The best case scenario is to work early and diligently to convince the bank to help negotiate a way for the homeowner to stay in the home. There are a lot of options here - interest rate can be lowered, loan term can be extended to create lower monthly payments, an equity line can be established to make payments until a negative situation is turned around (job loss, pay cut, etc.). In some cases, if the lending bank is not willing to help, maybe another bank will.
Option 2 - Short Sale: Work with the bank, buyer and seller to agree on a sales price that is less than the amount owed on the home. This is the option we will look at in more detail in this blog.
Option 3 - Foreclosure: The bank takes back ownership of the home (in Deed of Trust states like TN , there are some technical differences, but, for the sake of simplicity...) and tries to sell it as a bank owned property (REO). Banks are not interested in incurring marketing expenses to get that home sold. They just want to get it sold and recover some of the lapsed mortgage. They may post the property on REO websites. Often, these properties are not even in MLS. They are rarely marketed in very aggressive ways (agreesive ways require $$$ and the bank is trying to mitigate their own loss.) More frequently that not, the homes may end up for sale on the courthouse steps. Banks often report that these foreclosed homes sell for anywhere from $.50 to $.25 on the dollar.
When the house does sell, the bank will likely 'go after' the foreclosed homeowner for the difference between the loan and the sales price. (As you may have guessed from above; that can be a pretty big difference!) They will also add any legal and marketing expenses to the total.
Option 4 - Bankruptcy: Bankruptcy may be an option for some homeowners. There are requirements to meet to qualify for this option. Most recommend bankruptcy as a last resort and you should consult an attorney to get the specifics.
Now, let's look at points to negotiate in a short sale.
Let's use some numbers in an example. Let's say the mortgage is $300,000 and the offer is $250,000. Let's also assume that the bank has not yet incurred any legal expenses from a foreclosure. There could, however, be real estate agents involved in the transaction with either the buyer or seller. Sometimes, there is even a negotiator, who works with all parties in the interest ONLY of working out a short sale acceptible to all parties. This person does not serve any one party's interests. Rather, they get paid to close the deal and get the property sold.
It's important to remember that all of the fees associated with closing the sale (the negotiator expense, the real estate agent commissions, the title search, taxes, etc...) are negotiable. The closing fees can average around 3-8% of the purchase price.
There are also several ways things could work out regarding the debt:
Option 1 - Bank writes off difference: The short amount in the example above would be $50,000 + any closing costs associated with the transaction which are not paid by the Buyer. In some cases, the bank may agree to write off those expenses.
WHY? Foreclosure requires significant legal fees - sometimes as much as $30,000 to $50,000. If the homeowner declares bankruptcy, the bank may never recover the debt at all. They may actually net more money than with other options. And they would certainly put the matter to rest faster than with other options.
Option 2 - Bank requires Seller to pay some of the difference: In this scenario, the bank may write off a portion of the shortage. Let's say, for example, they agree to write off all the closing fees, but will not forgive the mortgage shortage. They may require the Seller to pay the remaining short amount. The bank will often negotiate a loan (secured or unsecured) with the Seller for that difference. While this seems shocking at first; remember, loans are what the bank does. They have a lot of flexibility about how they can negotiate this loan (interest rate, payback terms, etc.). And for the Seller, negotiating a workable monthly payment is definitely preferrable to being 'on the hook' for the whole foreclosure amount.
Option 3 - Bank requires Seller to pay all of the difference: This is the same scenario as above except the bank does not write off any expenses. The Seller would be responsible for all the shortage. Again, may be preferable to the Seller being 'on the hook' for the entire mortgage.
It's important to speak with experts to learn all the nuances of the process and figure out what works best for the specific situation. There is no Short Sale formula. Every one is a little different. But with the right team helping to negotiate the transaction and preparing you for all the steps in the process, short sales can be less painful than the alternatives.
In the next blog we will review the impact of short sales on credit ratings. Interestingly, there are some ways to negotiate a better outcome here, as well.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
19' x 12' master bedroom
The upstairs is just as spectacular - with a 25 foot, covered outdoor area for entertaining, a large open living, dining and kitchen, guest 'master' and a third full bath.
For the past 2 years, throughout a real estate slump, sales in Werthan have remained strong - perhaps as a result of the architectural originality OR the affordability OR the convenient, walkable neighborhood OR the spectacular pool and outdoor areas throughout the gated community OR the rare opportunity for expansion space in condo living (Werthan is one of only a handful of condos where owners of certain units can expand into basement space, upward, or by adding lofted mezzanines in the interior spaces). Whatever the reasons, Werthan lofts have closed 111 sales since June of 2007. With Phase 4 construction complete and the development down to 12 units on the market; there is still something for everyone.
Unit 112 is one of the largest spaces in the community. At $429,545 this 2576 square foot unit is one of the smallest prices per square foot. And those numbers don't take into account the most spectacular part of this space - the huge covered deck that was once a factory loading dock. The current residents spend as much time in the outdoor areas as they do inside!
For the more frugal buyer, there's another Werthan gem on the upper level of phase 3. At 1330 square feet, unit 317 is a real surprise for $292,545. It, too has an outdoor space - a balcony overlooking the Hydrangea garden of the East Courtyard. The master suite here is a mix of modern - with a wall of industrial windows and vaulted ceilings that allow enough space for a mezzanine expansion. The open living room has those bricks and beams the old factory is known for - so does the second bedroom (currently used as a media room).
A recent bozTEAM blog pointed to signs of change in Germantown. There was more evidence this week in East Nashville!
NOPE! The initial, wide range search only found 53 homes! I did a doubletake. WHA..WHATTTT?????
This year's Guzzle starts at Monell's lovely cottage garden and features an appetizer selection from this, one of the neighborhood's most popular restaurants.
Many Nashville condo owners, affected by the recent economy and facing possible Home Owner Association dues increase in the new year, may feel helpless to turn the tide of rising expenses. In fact, that's not so.
You may recall when I blogged about 
;)
;)
