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VOL. 43 | NO. 23 | Friday, June 7, 2019

In dog-eat-dog world, homes must have new-puppy smell

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One of the oldest myths in pet lore is that one year of a dog’s life is the equivalent of seven years of a human’s life. Hence a 5-year-old dog would be comparable in age to a 35-year-old human, and a 10-year-old dog would have the age comparable to a 70-year-old man or woman.

That formula is flawed, WebMD reports. The site states that dogs mature more quickly than humans. The first year of a dog’s life, for example, might be equal to the first 15 years of a human’s life, and the second year of a dog’s existence could equate to an additional nine years of human living.

In two human years, a dog may be the equivalent of 24 years old.

After that, depending on the size of the canine, each dog year may be as four, five or six years of a human’s life. At age 16, a dog would feel the same as a human who had reached 120 years, based on numbers posted by WebMD.

The Nashville real estate market is following the K9 life arc as it pertains to the length of time a house stays on the market.

In the not so distant past, most homeowners listed their houses from 180 days. If the property lingered on the market, the sellers would consider a price reduction and either relist with the original agent or try their luck with someone new.

Unless the sellers were in need of a quick close, there would not be a price reduction for at least 90 days, as it could take that long for the news to spread that the house is on the market.

That process has changed, thanks to advances in technology.

Somewhat like the dog model, one week on the real estate market today is the equivalent of 90 days on the market several years ago. If a house languishes on the open market for as long as 30 days, a price reduction ensues. Thirty days is a lifetime for homes.

After two months, a house is tarnished.

“What is wrong with this house and why won’t it sell?” Buyers ask. They stay away.

But there is hope for the wayward homes. And it’s an easy sleight of hand.

The house can be withdrawn from the market and re-entered in three days – less if the Realtor will pay the fine.

Then, with a fresh clock ticking, the listing smells as good as a newborn puppy. And the buyers might or might not get it.

Zillow and Trulia will try to out them with a history of the listing, but that doesn’t always work in deterring buyers.

In reality, if the property does not sell, there might be a fatal flaw, one that can be cured with very little money invested.

One thing for certain in this market is that houses that are not pristine and uncluttered do not sell quickly, if at all.

Lose the stuff, paint the walls, refinish the floors, change the appliances, paint the cabinets. The house sells itself.

Sale of the Week

Downtown luxury condominiums continue to sell at record prices, and with consistency. Tony Giarratana’s 505 high-rise development on Church Street boasted another $1 million sale last week when unit #3808 went for an even $1 million.

With two bedrooms and two full baths included in its 1,075 square feet, the unit’s price per square foot came in at a mere $930. Since it’s on the 38th floor, seven floors below the penthouses, the price per square foot was lower than previous sales of $1,011 per square foot for unit 4104.

The most surprising sales were two of the penthouse units, one closing at $5.5 million and another at $5 million, with unit 4501 selling for $1,231 per square foot and unit 4502 commanding $1,354 per square foot.

Of note: Neither was finished – no walls, cabinetry, appliances, tile or bathrooms. These were sold as shells.

Other significant purchases include one individual buying three adjoining units for $1,015,000 each, $3.045 million total. Another buyer took two adjoining units for $1,650,000 each, or $3.3 million.

Listing agent Yvonne Kelly with Zeitlin Sotheby’s International describes the building as 45 floors of high-rise living with “two floors of amenities worthy of Park Avenue NYC.” She notes that many of their “floors begin where others stop.”

While the penthouse sales closed last year – #4501 in June and #4502 in October – sales have remained brisk. There are 18 units presently showing as available, 26 under contract and 96 listed as closed on Realtracs.

Of the 96 closed sales listed on the Multiple Listing Service, 28 are for $1 million or more. Four of the 28 pending sales are for $1 million or more.

Nathan Matwijec, who is also licensed at Zeiltin Sotheby’s International, represented the buyer in the most recent $1 million transaction. Matwijec is one of the area’s most productive brokers and sells properties in all prices ranges all over town.

Richard Courtney is a licensed real estate broker with Fridrich and Clark Realty and can be reached at richard@richardcourtney.com.

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PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0