The Luxury Home Market In Nashville
Over the past 18 months I have entered a new market and level of real estate that when I first started selling homes in March of 2001 I could only dream of.
In February of 2007 the number of million dollar inquiries increased dramatically to the point where I was working with three clients all looking in the $2 Million plus price range. This is a price point that most realtors would like to work in because obviously the commission is better than the average home but more so because its just a much more interesting job when you are dealing with homes at this level.
The Southern Land Company
I remember driving past the gated subdivision of LaurelBroooke in Franklin Tennessee a few years ago and being very curious as to how agents met clients that bought in that price range and if I would ever have clients that would even think of searching for a home in the $1 million range and up. Well as of 2008 I have had two clients buy property in LaurelBrooke and as a result I have developed a great relationship with the people at The Southern Land Company and I have been invited to part of the Realtor Advisory Board. This has given me the opportunity to meet the marketing department and the people behind the new developments as well meet the listing agents for the developments in a different environment. Westhaven in Franklin Tennessee is another subdivision I have sold property in and the Ashton Real Estate Group has had a number of sales there. As a result of the advisory group meeting I also become much more aware of the new mixed use development at McEwen Place in Franklin Tennessee.This will have commercial retail, rental and privately owned condos that are in heavy demand for the Franklin area. Infact I learnt that there has been no new rental property built in the Franklin area for 10 years!
The more that I am involved in these type of activities the greater the benefit to my clients as I developing an awareness of new projects coming online but also meeting other realtors who are very successful in selling homes at the price point and becoming aware of these agents will help when trying to show one of their listings. Haveing just sold two lots for new construction in LaurelBrooke to a client who is building at $4-5 Million home added a new level of credibilty to the Ashton Real Estate Group in that now we have a well known and public track record for dealing with clients at this level.
Having the high internet profile has also enabled me to start to develop a smal listing inventory of homes over $800,000. I currently have 3 homes in the gated golf course community at The Governors Club in Brentwood Tennessee. This is recognised as the premier golfing community in the southern part of Nashville and is one of only a handful of manned gated communities. UPDATE: As of 3/31/08 I now have 2 listings :)
I'm not sure what the exact definition of an estate home is but its seems once you get around the $4 Million mark the listing agents start describing the homes as estate homes. I actually spent all of this past week end with some clients that werer from out of state and were moving to the Nashville area because of a yet to be born Grandchild :) The economic downturn forgets the powerful impact of the family! Anyway, my buyers were in the enviable position of looking for homes up to around $5 Million or building in that price range and in the meantime looking at homes in the $2-2.5 M range. As a result I got a great over view and the ability to compare the level of finish and designs of the homes in these price ranges.
I have to say that some homes just exuded quality and a level of design that really did merit the more than $4M price tag. Importing stone from Italy as well as hand blown glass tiles, custom made trim that would only be found in a particular home, state of the art smart home features and home theaters all added to the value. Add to that the fantastic location of some of the homes and it was easy to see why these estate homes had achieved the price tag of $4-5M. However, some homes looked like they plans had been merely expanded to make the rooms of a $1M home bigger and ther overall dimensions strecthed to justify the price tage. Apppliances were on some cases high end for a home in the $1M and under range but certainly not for the estate home level. Clients at this level are very eductaed and discerning and they know quality when they see it and they are willing to pay for it. Usuallybuyers in this price range have been through the building process a number of times and have thought long and hard about how they want their $4M home to look and flow so they have an eye for detail that many builders don't appear to appreciate.
In the end, buyers at this level are more than likely to find the perfect lot and build the estate home to their own plans and specifications working with an architect and team that can guide them through the process and point out features that would be important in terms of resale etc.
I'm hoping that my involement with clients at this level continues and I'll receive more and more referrals from satisfied clients and that I'll continue to learn from the established agents in Nashville and from my clients :)