Nashville’s Germantown/Salemtown neighborhoods are bouncing back! The urban neighborhoods, located north of downtown inside Interstate 440, were hit by the recession, but the growth they have shown in 2012 seem to be reversing the negative effects the recession had.
2012 has seen new apartments quickly fill up, new businesses open doors and developers plotting for growth; all signs of a rebound and an area that is strengthening day by day. Investment in urban Nashville not only impacts construction jobs, but also says a lot about the positive outlook lenders and developers have for Nashville’s economy. We have seen more and more people willing to take risks in less mature or rebounding areas of the community as the population, and job opportunities, grow.
At Fifth & Garfield, developed by Jim Creason, units which ranged from $300,000 to $400,000 sold almost as quickly as they were built. Creason said he never imagined they would sell with such speed. He asserts that it’s a strong reflection of the increased interest in the area that is nicely rebounding.
Creason is now gearing up for his next row house project, Lexus Germantown. Lexus will be an eight-unit, $2 million-plus development at the south-east corner of Fifth Avenue North and Monroe Street. Homes in this development will sell for $400,000 to $500,000.
Neighboring complex Vista Germantown, a project consisting of 242-units costing nearly $32 million, opened earlier this year and is already more than 91 percent occupied.
Developments are already on the calendar and ready to go for 2013, as well. Atlanta-based developer SWH Residential Partners have plans to construct a 282-unit, $40 million mixed-use apartment building at Germantown’s Werthan complex.
The Germantown neighborhood brings a lot of interest because it has so many unique and fun elements to it, including the Nashville Farmer’s Market, fun, local restaurants, and convenience to quickly get to other hot spots in Nashville.
Today, home prices are higher in Germantwon than they were in 2007 before the housing market took a dive. Over the past five years, sales prices have appreciated 13.3 percent in Germantown. In the third quarter, the median sales price for a Germantown home was $324,509, a huge increase as compared to a year prior. For more information and statistics about the real estate market in Nashville’s Germantown neighborhood, click here.