Warner ct Block Party

Hiding from the sun

Spring Hill – The residents of Warner ct in Golf View estates decide to have a block party on Sunday 9/28. The main organizer was Gert Williams, and as usual, everything went just as she planned it. The starting time was 2 o’clock, but really, you could just come when you could get there. The neighbors in attendance we Gert and Phillip Williams, Ben and Brandi Hartik, Deb Nelson (Michael couldn’t make it), Shawn and Angie Rollins, Colleen Lloy, and Joe and Allison Waskiewitz. Family members including sisters, daughters, sons, grandchildren, and of course my wife Elizabeth.

Ben and Joe were responsible for cooking the steaks, burgers, brats, and hot dogs. The ladies brought all kinds of great food, baked been’s, chicken salad, fruit salad, deviled eggs, pasta, cupcakes, apple pie, and Joe made up a great batch of margarita’s. From what I can tell, everyone enjoyed themselves, and this will probably not be the last block party on this street. Maybe next time we can get Dwight and Jeep to come.

Warner ct is a cul-de-sac in Golf View estates, and all of the homes on the street were built by Lighthouse Builders. As the realtor for Lighthouse Builders, I was invited, and was very happy to attend, as these are easily the nicest group of people you will ever meet.

Housing Starts in August – Shrink that Inventory

Housing starts in August were 854,000 according to the U.S. Department of Housing and Urban Development, 35 percent lower than August 2007, and 53 percent lower than the 1,800,000 of August 2006. While the national news media is all over this with negative tones, I would like to point out that we still have more inventory that we can easily sell. And the only way to catch up, is to stop flooding the market with new inventory. This is a step in the right direction.

I believe that when the election is over, and we know where we are headed for the next 2 years (congress really controls this country), the buyers of homes will start to come back. Everybody has to live somewhere, and most think that homes are a great investment for the long term. Rates continue to improve, and as inventory levels start to diminish, buyers will become more aggressive. Remember that builders cannot replenish the inventory quickly, so when the current inventory is gone, we will again be in a sellers market. Every market is based on Supply and Demand.  When the supply shrinks, the demand will cause an increase in prices. Right now we have weak demand and an over supply.

The Nashville real estate market has been known to change very quickly, I’m ready for it.

To search for Nashville real estate, click on the button. Or call Larry Brewer at 615-512-7853

Polk Place – August Real Estate Sales

Real Estate sales for the month of August for Polk Place were a little slower than normal with only 2 closings. The homes that closed were sold at $374,000 and $410,000 at an average of $392,000 or $133,83 per square ft.

The average days on market for sold homes was 57.

With 15 Polk place real estate listings on the market at this time, you have better than normal selection to choice from.. The average price per square ft of listed homes is $128.10.

Polk Place is an upscale neighborhood in Franklin Tennessee with single family all brick homes ranging from 2500 to 4000 square ft in size. The prices of homes in Polk place range from  $319,000 to $570,000 with the average being $399,000 at this time.

The school zones for Polk Place include Franklin Elementary, Winstead Elementary School, Fred J Page Middle School, Freedom Middle School, and Centennial High School. If schools are important, be very careful when looking at homes in Polk Place. All are good schools, but some are farther away than others.

The popularity of Polk Place can be attributed to the prices of the homes being fairly inexpensive for Franklin, the close proximity to Franklin, and the excellent schools.

For more information, contact Larry Brewer 615-512-7853.

This posting and the contents written here are the intellectual property and opinions of Larry Brewer of Keller Williams Realty. Providing real estate services to clients in Nashville, Brentwood, Franklin, Spring Hill, and the middle Tennessee area.

To see available homes for sale in Polk Place, click on the button.

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Stars do buy expensive homes in Nashville

Nashville real estate – It’s probably no surprise to most that the most expensive Nashville Real Estate sold for personal use this year is a $5.45 million dollar home in Forest hills, just North of Brentwood. The buyer? Kix and Barbara Brooks. But don’t expect to drive by and take a look. It’s in the gated community of Bancroft, just down the road from the home that Keith Urban and Nicole Kidman used before their marriage.

If you would like to become one of his neighbors, please give me a call. Larry Brewer 615-512-7853 .

Just kidding or maybe not.

Market Report for Nashville Real Estate – August 2008

 

Nashville real estate – Sales for August 2008 were down 32.3 percent for homes in the greater Nashville area compared to August 2007, and down 8 percent from July 2008 at 2273 closings. Prices of homes sold were down 6.8 percent for single family homes to $177,500 compared to $189,719 in 2007. The average days on market for sold homes was 79 days.

The greater Nashville association of realtors reported that the inventory for Nashville real estate single family homes rose from 15,172 in 2007 to 15,636 in 2008, a very slight increase of 3 percent. The inventory levels of condos has increased 5 percent to 2575, and the inventory levels of Farms/Land/Lots has increased 44 percent to 6369, which is probably a good indication that builders are not building, and lots are not being purchased.

Nashville real estate is still very healthy. Prices of homes has weakened compared to 2007, but the inventory levels remain consistent, and days on market at 79 is still very good compared to most of the country. With favorable interest rates, and available lending in place, the Nashville real estate market should start to gain momentum.

TO search for Nashville Real Estate, click on the button, or call Larry Brewer at 615-512-7853

Price vs Rates – Nashville real estate

Nashville real estate – What do buyers think about when they are trying to budget for a home purchase? I’m confused myself, because buyers get hammered by the media about how home prices are going down, and the bottom is here, or not here, depending on who is talking.

The media doesn’t talk about rates, but the reality is that rates on 30 year fixed rate mortgages are down about 10 percent compared to just a few weeks ago. And that’s with not having to shop around, or deal with multiple offers.

When I talk to buyers in Brentwood and Green Hills, they seem to be more concerned about price, It’s usually the opposite in Franklin and Spring Hill. Those buyers are very concerned about rates. I think you should watch both. Rates are as much of a determining factor to your monthly payment as the price of the home. We have seen rates as low as 5.75 this week on 30 year fixed rate mortgages.

I may be able to find you a home that’s been reduced by 10 percent, and when you add 10 percent reduction in interest, you have a great monthly payment. 

For the people who have been waiting this out, it seems that they were right. It’s turning into a great time to buy.

Building a house

Most people have never had the opportunity to see a home built from the very beginning. So I’ve decided to put together a series posts to show the different steps of construction from the very beginning, until it is completely finished.

Start with the foundation. This home will be built on a crawl space, one other type of construction in this area is a concrete slab.

This home being built in Spring Hill will be approximately 2000 square ft with a 2 car garage. The home has all 3 bedrooms on the main floor with a bonus room above the garage. Approximate completion for this home is 18 weeks.

After selecting the floor plan and laying out the foundation on the lot using lasers and string, the foundation crew digs down 12 inches below the surface to undisturbed soil. This includes the locations where the piers will support the center of the house.

Reinforcement bars are used by Lighthouse builders to strengthen a material that would otherwise be brittle.  It’s not required in the area, but Lighthouse Builders believe it will eliminate settling.

now  it’s time to lay some block, The guys get out their laser again, and mark the concrete for the corner blocks. This is the starting point for the block layers. 

Lighthouse builders users piers made of concrete blocks filled with concrete to support the floor joists. Spring Hill building codes does not require this, but they feel like is much better the the wood piers that some other builders use.

When the blocks and the foundation is in place, the outside is sprayed with a sealant to prevent any moisture from penetrating the walls after the home is finished.

Now that the foundation is in place (see part 1 and part 2), it’s time to start the framing. This process can be done several ways. Lighthouse builders builds the structure on site. It takes a little longer than some of the national chains, because they build a lot of their homes in modules in a factory, and assemble the home on site.

 

The wood used to build a lighthouse home is what the architect recommends for the plan being built. Since these plans are used all over the country, the walls and ceiling are designed to withstand heavy snows, high winds, and every other force of nature you can imagine. Needless to say, they are overbuilt for Middle  Tennessee, and should last a very long  time. Some competitors use smaller timbers to support the roof and ceiling in an effort to reduce expense, we do not. Take a look in the attic when you look at a new home, It may surprise you.

One other point of interest that’s really important when you consider a new home compared to an older home, is the house wrap. It virtually eliminates airflow except for windows and doors, and saves a lot of money in energy bills over the life of the home.

Spring Hill Real Estate – The framing is all done now, and we are waiting for windows and doors. Now we can start on the plumbing and electrical. Most people think this is an easy job, but as you can see, yow have to drill a lot of holes in in the studs and supports to keep the wires and plumbing from getting damaged.

It’s a good time to show the sub-floor. It’s 3/4 inch tong and groove plywood that’s glued down then screwed down. This should eliminate the chance of any squeaks for the life of this house.

By the way, you haven’t seen any materials that look man made (and save money). Some builders save money by using engineered wood made from sawdust and glue, and they cut back on the size of the lumber just to save a few hundred dollars. Lighthouse Builders doesn’t cut corners just to save a few dollars.

The windows are going in now, and the brick work is following right behind.

We are waiting on the codes inspector to give us the ok before installing insulation and sheet rock.  I would like to point out a few important items that are common to Lighthouse builders, but not everyone.

• 2×12 supports for the floor in the bonus room above the garage on 12 inch centers. What does that mean? It means you don’t have to worry about the amount of weight the bonus room can hold.

Electrical work for the home, neat and documented.

The houses are wrapped with DuPont^TM Tyvek® weather barrier, to help insulate the home.

The insulation is now in place, as well as the windows. notice how all of the cracks around the door and window frames have been sealed by silicon. This should be done on every house, but I know for a fact that it’s not. You can probably imagine from these pictures, and from the previous posts that this home will be very quiet, and inexpensive to heat and cool.

The inspections are done, and now the sheetrock is being installed. For those of you who have had nails work their way back out of you wall over time, you will appreciate the fact that Lighthouse Builders does all of the sheetrock installation with screws. Nail pops are never a problem with Lighthouse Builders. Obviously this is much slower and more costly than using a nail gun. But for the homeowner who expects a quality home, it’s just one of the things that sets Lighthouse builders above the rest.

It’s time for an update on our new construction home by Lighthouse Builders. The pictures will tell the story, but after the sheet rock was installed and taped, the mud has been sanded, and now the walls are ready for a primer coat, before the hand painted Porter paint. 

The home in question is having tile floors installed in the kitchen and bathrooms, as well as sanded and finished hardwood floors in the dining room and entry. If you’ve never seen either of these tasks done, it is very labor intensive, and requires skilled craftsmanship.  Lighthouse Builders is adding these features because customers have asked for it. Does it cost more to do it this way? yes. But for customers who want the best, it’s expected.

the hardwood floors have been installed and sanded and the sheetrock guys have started to sanded the walls in preparation for painting.

The next step for the floors is staining and sealing of the hardwoods. After the house has been painted, the carpet will be installed. This house will have frieze with a 6 LB pad. 

$7,500 Income Tax Credit – Here are the details

Mortgage Talking Points…Simplifying the Complicated™

$7500 First-Time Homebuyer Income Tax Credit – H.R. 3221.ENR. Sec.3011

Sept, 2008

This Tax Credit is now law.

· First time homebuyers who purchase a principal residence between 4-9-08 and 7-1-09 qualify for the tax credit. (It’s retroactive for buyers who have already closed—great reason to contact them and let them know about the new benefit.)

· The maximum credit is $7500 OR 10% of the purchase price if lower than a $75,000 sales price.

· If home is purchased in 2009, homebuyer can elect to amend 2008 tax returns and claim a tax credit.

· Tax credit is “Recaptured” by the IRS, and REALLY an interest-free loan and paid back evenly over a 15-year time period. For instance, a $7500 “credit” is paid back at $500 per year. Homebuyers skip a year before payments start.

· Always advise your clients to check with an accountant to make sure this tax incentive truly works in their favor.

Who Doesn’t Qualify!

The following are not eligible for the tax credit:

· Non-resident aliens

· Buyers who finance home with tax-exempt mortgage bond programs

· If property is disposed of before end of tax year

· If property ceases to be principal residence before end of tax year

· If property is acquired from a person who is related* to the homebuyer

· *If modified Adjusted Gross income exceeds 95,000 (individual) or $170,000 (joint)

· Credit phases out for individual Adjusted Gross Income between $75,000 – $95,000, and between $150,000 – $170,000 for joint filers

Copyright © 2008 Reprinted with permission MortgageCurrentcy.com

We do not provide tax advice; please consult with a tax accountant for complete details.

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