Property Assessments Move up in Nashville

According to The Tennesseean, recent property assessments have created a bit of controversy.
Metro reappraisals have indicated that property values are either high, or have gone up too much. However, the Davidson County property assessor spoke about the countywide reappraisal and has stated that while there may be higher taxes for many, the values estimated by the property appraisers office were 16% higher than in 2005.

The tax hike has surprised many local property owners, even though the prices are mostly exclusive to the center of the city. In areas like East Nashville, MetroCenter, Hillsboro Village, Berry Hill, and Belle Meade residents have seen property value increases. The president of Historic Edgefield claims that he is in support of the new appraisals, due to the fact that they indicate that ‘everybody wants to live in East Nashville'. Despite the recession, areas like Germantown and Sylvan Park – in the center of the city – have grown significantly in the past several years.

If unsatisfied, owners are able to ask for a review of their appraisals, if they believe them to be unrealistic.

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Moving to Nashville? "Custom" Deals....

The Tennessean recently reported that “Unfinished Home Offers Unusual Opportunity to Buyer”.

In areas across Middle Tennessee, there are real estate and housing deals moving at 50% less than original listing prices. In many cases, the houses are unfinished, as custom homes have seen a decline in the current economy. As a result, custom homes can offer a great deal for those in the buyer’s market.

According to a local real estate agent interviewed by the Tennessean, “The economy kind of put everything on hold…in the interim, if someone comes along who is capable of coming in and doing the work to finish it, they have an opportunity for an investment”.

Many of the houses have framing, electrical and plumbing in place, but are missing aesthetics like light fixtures and cabinetry. All things considered, there is not too much work o be done, compared to building a home or buying a home that needs renovations or updates.

Even in gated communities and affluent suburbs of Tennessee like Brentwood and Franklin, there are deals to be had…..

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