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Nashville – Developers have flocked to 51st Ave.

29 Wednesday Mar 2017

Posted by danabattagliahomes in Dana Battaglia, Nashville TN, Real Estate, Sylvan Park, The Nations

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37209, Dana Battaglia, Home Buying, Nashville TN, New Home Buyers

Developers have flocked to 51st Avenue to bring restaurants, retail and residences to the fast-growing corridor.

636253394832842344-NAS-51st-Avenue-01.jpg

(Photo: Shelley Mays)

On a warm Saturday morning in March, joggers and young couples with strollers made their way down 51st Avenue North, bypassing construction sites and new restaurants advertising weekend brunch.

The scene was far different just a few years ago, when the main thoroughfare in The Nations neighborhood lacked much activity aside from industrial uses like auto body shops and lumberyards.

Some of those longtime industrial users still dot the street, but so do about a dozen newcomers, including restaurants, retail stores, apartment buildings and “coming soon” signs.

The nine-block stretch of 51st Avenue North between Charlotte Avenue and Centennial Boulevard is a symbol of the rapid development sweeping Nashville neighborhoods as old homes get demolished for new builds and businesses move in to offer residents amenities.

The neighborhood’s name stretches back to before colonization, when different Native American tribal nations would meet there to communicate with each other. Lying about five miles west of downtown, the area is now drawing comparisons to 12South at the cusp of its development more than a decade ago. Today, 12South is one of Nashville’s priciest home markets and a red-hot area for commercial tenants.

“(The Nations is) going to be like a 12South, but it’s going to be the West Nashville version of it and it’s going to have a different feel and flavor than 12South,” Metro Councilwoman Mary Carolyn Roberts said.

In the last few years, 51st Avenue North has welcomed caterer and grab-and-go market Tinwings, women’s clothing boutique The Mill, bridal shop Willow Bride, restaurant/bar House: A Social Eatery, high-end restaurant Fifty First Kitchen & Bar, neighborhood hang The Nations Bar & Grill, retail store Fashionable and chef-driven restaurant Nicky’s Coal Fired.

The Mill Boutique's owners Lauren Miller and Allie
The Mill Boutique’s owners Lauren Miller and Allie Abide at their 51st North Ave shop.  (Photo: Shelley Mays)

Right nearby is Fat Bottom Brewing Co., dive bar The Centennial, Centennial Cafe, craft beer bar The Old Gas Station and Three Corners Coffee. More businesses are on the way, including Corner Pub and 51N Taproom.

It was in large part the affordable real estate prices that drew Lee Ann Merrick to 51st Avenue two and a half years ago to open Tinwings, but she initially feared she might not get enough business in that location.

“51st Avenue is the lifeblood of our neighborhood.”

Metro Councilwoman Mary Carolyn Roberts

“To be quite honest, I thought it would five to 10 years before the neighborhood would be able to support what we were doing,” Merrick said. “I was quite frankly concerned our customers wouldn’t come over here. I didn’t feel comfortable being here myself unless the store was closed. (Six months later), it was already different.”

Today, Tinwings is thriving with support from the neighborhood. She wants to start opening for business on Saturdays because she sees people walking their dogs, pushing strollers and groups of tourists that have rented nearby Airbnbs.

“When I’m here on Saturdays cooking or doing paperwork, people are coming up and pulling on the door. They’re ready and they’re here and more are coming,” Merrick said.

► Related: Nashville region still growing by 100 people a day, new data shows 

Nashville’s hot street

New residents have poured into The Nations, where Roberts estimated some 5,000 homes have been built in the last six years.

Drive the streets surrounding 51st Avenue and you’ll see rows of “tall and skinny” houses attracting young professionals and families who are drawn to the neighborhood’s proximity to the interstate and downtown. Developers are replacing old homes with multiple houses on one lot and home prices have jumped into the $400,000 range for a three-bedroom new build.

Construction workers build new homes on Illinois Ave.Construction workers build new homes on Illinois Ave. The neighborhood know as the Nations is changing rapidly with new home construction and renovation to old business buildings.  (Photo: Shelley Mays)

Gentrification concerns Roberts, who said many longtime residents are being displaced by rising home values and property taxes. She’s working to educate people about property tax assistance programs ahead of April’s long-awaited property reappraisal.

“At the end of the day, if these longtime residents do sell or are forced to sell, they have nowhere to go,” Roberts said. “Their whole life has been in this one neighborhood. I constantly hear, ‘I used to know everyone on my street and now I don’t know anybody.’”

Chuck Cinelli, owner of pioneering Coco’s Italian Market on 51st Avenue, echoed Roberts concerns and said many of his employees can no longer afford to live in The Nations or even Davidson County.

“Some employees used to be able to bike and walk to work and they can’t do that anymore. They’re living further away or they have to have roommates,” Cinelli said.

Drawn to the changing demographics, commercial developers have flocked to 51st Avenue to bring amenities such as restaurants and retail.

Developer Nathan Lyons of Vintage South Development is in the process of revitalizing the former Belle Meade Hosiery Mill at the corner of 51st and Centennial in a four-phase project that will bring a mix of retail, restaurants, creative users and office space to the site. The first announced tenants include Nicky’s Coal Fired, Fashionable and Office Evolution.

Barrett Ward, CEO of Fashionable, photographed at theBuy PhotoBarrett Ward, CEO of Fashionable, photographed at the company’s new headquarters at the Stocking 51 development in The Nations. (Photo: Alan Poizner | For The Tenne
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Buying a home: myths and truths

28 Tuesday Feb 2017

Posted by danabattagliahomes in Dana Battaglia, Nashville Realtor, Nashville TN, Real Estate

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Dana Battaglia, Home Buying, Nashville TN, New Home Buyers

Preparing to buy a home: myths and truths

By Dawn Papandrea Posted: 01/25/17 Updated: 02/09/17

When it comes to purchasing a home, people have many misconceptions, says Craig Garcia, president of Capital Partners Mortgage.

“The homebuying process is harder than you think,” says Garcia, who is based in Florida. “But the more prepared you can be, the better experience you will have.”

To help make sure your homebuying experience is positive, study these real estate and mortgage myths and truths:

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Myth: You need a 20 percent down payment

There’s an array of loan options that don’t require 20 percent down, says Garcia.

That’s a good thing. For many consumers, that number can delay their homebuying dreams for years.

There are many programs for first-time homebuyers, especially from the Federal Housing Administration (FHA) and Veterans Affairs (VA). So speak to your mortgage banker about some programs.

Myth: Put down as much as you can to lower your monthly mortgage payment

Saving for a big down payment is advantageous but you also do not want to deplete your savings, says Michael Foguth, founder of Foguth Financial Group in Brighton, Michigan. His recommendation: Save as much cash as possible for unexpected expenses.

Foguth says, “You shouldn’t overextend yourself. If you use all your cash, you could end up short on your mortgage payment.”

Myth: Save money by bypassing the real estate agent or mortgage broker

While that could prove true in some cases, rarely does the homebuying process go so smoothly that you couldn’t benefit from expert input, says Foguth. That could include a bad inspection report, a low appraisal, or discovering liens against the home.

“Hire a professional and negotiate a fee. Don’t try to do it on your own and think it will be a breeze,” Foguth adds.

Myth: If you get a pre-qualification, you will be approved for a mortgage

Loan approval involves an underwriter sifting through hundreds of pages of documentation, as well as considering other factors like the home appraisal report. A pre-qualification letter, however, is based on a quick, preliminary analysis of your credit report, Garcia says.

Getting the letter is a recommended early step to show you’re a serious buyer, but it doesn’t mean a loan approval is guaranteed.

Myth: Credit score damage will crush your home dreams

Although it might not be ideal, many borrowers are able to secure a home loan even with not-so-stellar credit, especially if they have a significant down payment and strong income.

Garcia notes that your interest rate will likely be higher since the lender is taking a bigger risk on you.

Truth: Finding a new home takes time

46 days is the average time it takes to close on mortgage loan applications.

In other words, don’t count on finding and closing on a home before your rental lease ends next month.

Truth: Once you find a home, be prepared to move quickly

46 percent of homes sold in August were on the market for less than one month.

Garcia says, “People who casually go out and find something that’s perfect, but who aren’t really ready, find themselves scrambling.”

Truth: Small savings add up over time

The difference between a 3.5 and a 4 percent mortgage interest rate equals thousands of dollars over 30 years.

In the months leading up to buying a home, work hard on improving your credit, since the better your credit score, the better the interest rate will be on your loan. Some credit score-boosting strategies to try:

  • Pay down credit card balances
  • Correct errors that may be on your credit reports
  • Don’t open new credit lines
  • Maintain a clean payment history

The people who have the best homebuying experience are the ones who educate and prepare themselves and take the process seriously, says Garcia. Work with professionals who can help separate myths from truths, and you’ll be opening the door to your new home in no time.

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