Nashville’s Million-Dollar Homes Are Shrinking Fastest in U.S.
Translated: You get less home for your money in Nashville these days.
At the moment, however, expensive houses and condominiums are being developed much faster than the market can absorb them. The article seems to be based on listing prices, not sale prices.
2 thoughts on “Haha: The Incredible Shrinking House”
I like this comment….”A million dollars is still a lot of money, especially in some areas.”
Isn’t that a lot of money in all places??? AND who have thought Nashville would grow so much? I guess Country music finally is paying off…. or else the great Hockey team.
You’re darn right it’s a lot of money.
In recent years, Nashville has been reported to be attracting 100 new residents a day. They are bidding up the cost of rental apartments and starter homes, but not to Manhattan or Beverly Hills levels. Most residential development is geared toward that market, which probably skews younger and less affluent.
The tallest building in Nashville opened downtown In 2017. It is a glass tower of rental and condominium apartments that are awkwardly laid out, probably to maximize the number of units in the building. The condos were priced at about $900 a square foot, or almost a million bucks each two-bedroom unit. Virtually all sit empty. While the developer waits (and waits and waits) for the high-end market to come to him, he has listed many of the rental apartments on an airbnb-style by-the-night site. Effectively, the place is mostly a hotel.
We learned recently that the tony Four Seasons hotel group is planning a Nashville location that also will include some condominiums with presumably very high prices. Good luck with that, I think.
Meanwhile, the economy is broader than country music, a genre that now resembles what was called pop music in the 1970s and appeals to a growing audience.
In addition, Nashville is the headquarters for HCA (once Hospital Corp. of America) and, between spinoffs out of that company and the Vanderbilt Medical School, Nashville has more entrepreneurial healthcare companies than any other metropolitan area in the country.
As for sports, yes, the place is obsessed with them. The local government is happy to give billionaires free land for new stadiums and arenas. Next up is a well-located professional soccer stadium plus 10 surrounding acres at a very, very cheap long-term rental rate for private development. There’s also talk of a new major-league baseball team.
The other big industry is government. Nashville is the state capital, and home to federal offices and a large federal district courthouse that is being replaced by a glossy new federal courthouse; the old building will be repurposed and house squads of national bureaucrats. These also attract lawyers and lobbyists and such.