The recession will not stop Middle Tennessee from growth and development. In fact, deals are to be found in both the commercial and residential sectors.
Commercially, the state of Tennessee is currently “moving to expand an economic development program credited with landing two of the state’s biggest industrial deals last year”. The state wants to create large industrial parks called “megasites”. If passed by state lawmakers, the Department of Economic and Community Development would be able to “purchase, develop and turn land over to local authorities using proceeds from government bonds”, including accessory investments like highway ramps and rail spurs.
Current megasite projects for industrial development include the Hemlock Semiconductor Corp’s $1.2 billion plant near Clarksville, TN and Volkswagen’s $1 billion plant near Chattanooga.
Residentially, values can be found as well. It was recently reported that older homes are holding more value than newer homes, with many older and historic homes seeing slight price increases in established neighborhoods. This is in sharp contrast to many brand-new homes that are in foreclosure. Local realtors have claimed that Clarksville, Gallatin, West Meade and East Nashville tend to hold more value, as well as some areas of Brentwood and Franklin. In addition, older neighborhoods allow for more measurable increases and decreases.
Deals are to be found right now. Brentwood has seen sharp cost reductions in the tens of thousands of dollars, and condos in Midtown Nashville have been discounted 17-35%. However, home prices are, in most cases, still higher than four years ago. Franklin reported that home prices are 30% higher in 2008 than in 2004.
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