Realty Check by Richard Courtney

I was reading the latest edition of our local "Nashville City Paper" and read what Mr. Courtney thinks we will see in the coming year!

Realty Check: Nashville’s ’07 real estate scene looks bright

By Richard CourtneyJanuary 05, 2007

As I slumbered this night just passed, I received a vision of all things real estate that will occur in 2007. I know these things to be true as they were verified by a very small woman singing outside my window pane.

I have seen that interest rates will remain low, never topping 7 percent, but never dropping lower than 5.5 percent. With the rates remaining at these low numbers, the Greater Nashville Association of Realtors will report record numbers again for 2007.While the record growth will continue, it will do so in a strange and bizarre fashion. For example, in several months, single-family home sales will be down from the number of the previous year, and condominium sales will be higher than those of 2006. Not surprisingly, as the market stabilizes, there will be more volatility than in previous years with five months recording lower sales and seven months experiencing record growth. However, for the year, sales will be up 2.654 percent.

New home construction will slow to a very manageable rate, and the 160 units at Bristol on Broadway will close without fanfare — albeit sending condo sales growth to a level of more than 20 percent higher than last year’s pace. The most exciting news is that construction will begin on the 70-story Signature Tower, providing Nashville with the South’s tallest skyscraper. Additionally, Tony Giarratana will announce plans for an 80-story building for Dickson. Mark McDonald, a newcomer to the high-rise, mid-rise trend in Nashville, will announce a project that will raise some bushy eyebrows. Green Hills paramedics should be on standby.And Belle Meade will “build high” as upper-, upper-end luxury condos will pierce its virgin skies.

The trademark horses will dance with the moon and the stars. Open those pocketbooks — this is no place for Mary Hance.Mayor Bill Purcell will be re-elected with an unprecedented write-in campaign, which Karl Dean will rule is illegal and he will then dub himself mayor only to be sued by David Briley and Buck Dozier. Bob Clement will take office based on all he did in Congress a few years back. Howard Gentry Jr. will be the real winner by losing. If that is confusing, just watch what happens.What a year! The irony of it all is that 2008 will be even wackier, but I’ll save that for another day.Richard Courtney is the principal broker of Fridrich and Clark Realty’s Music Row office.

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