Saturday, July 16, 2011
3 Bedrooms and 2.5 Baths on Old Hickory Lake from $399,900
WOW, A 3 BR 2.5 BA on Old Hickory Lake in Hendersonville, TN to be built by Goodall Homes ... Starting at $399,900. Click here for more information!
Thursday, January 20, 2011
NAR Reports Existing Home Sales Improve in December
Washington, DC, January 20, 2011
Existing-home sales rose sharply in December, when sales increased for the fifth time in the past six months, according to the National Association of REALTORS®.
Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 12.3 percent to a seasonally adjusted annual rate of 5.28 million in December from an upwardly revised 4.70 million in November, but remain 2.9 percent below the 5.44 million pace in December 2009.
Lawrence Yun, NAR chief economist, said sales are on an uptrend. “December was a good finish to 2010, when sales fluctuate more than normal. The pattern over the past six months is clearly showing a recovery,” he said. “The December pace is near the volume we’re expecting for 2011, so the market is getting much closer to an adequate, sustainable level. The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain.”
The national median existing-home price2 for all housing types was $168,800 in December, which is 1.0 percent below December 2009. Distressed homes3 rose to a 36 percent market share in December from 33 percent in November, and 32 percent in December 2009.
“The modest rise in distressed sales, which typically are discounted 10 to 15 percent relative to traditional homes, dampened the median price in December, but the flat price trend continues,” Yun explained.
Total housing inventory at the end of December fell 4.2 percent to 3.56 million existing homes available for sale, which represents an 8.1-month supply4 at the current sales pace, down from a 9.5-month supply in November.
NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said buyers are responding to very good affordability conditions despite tight mortgage credit. “Historically low mortgage interest rates, stable home prices, and pent-up demand are drawing home buyers into the market,” Phipps said. “Recent home buyers have been successful with very low default rates, given the outstanding performance for loans originated in 2009 and 2010.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.71 percent in December from 4.30 percent in November; the rate was 4.93 percent in December 2009.
A parallel NAR practitioner survey shows first-time buyers purchased 33 percent of homes in December, up from 32 percent in November, but are below a 43 percent share in December 2009.
Investors accounted for 20 percent of transactions in December, up from 19 percent in November and 15 percent in December 2009; the balance of sales were to repeat buyers. All-cash sales were at 29 percent in December, compared with 31 percent in November, but up from 22 percent a year ago. “All-cash sales have been consistently high at about 30 percent of the market over the past six months,” Yun said.
Single-family home sales jumped 11.8 percent to a seasonally adjusted annual rate of 4.64 million in December from 4.15 million in November, but are 2.5 percent below the 4.76 million level in December 2009. The median existing single-family home price was $169,300 in December, down 0.2 percent from a year ago.
Existing condominium and co-op sales surged 16.4 percent to a seasonally adjusted annual rate of 640,000 in December from 550,000 in November, but remain 5.2 percent below the 675,000-unit pace one year ago. The median existing condo price5 was $165,000 in December, which is 7.4 percent below December 2009.
Regionally, existing-home sales in the Northeast jumped 13.0 percent to an annual pace of 870,000 in December but are 5.4 percent below December 2009. The median price in the Northeast was $237,300, which is 1.4 percent below a year ago.
Existing-home sales in the Midwest rose 11.0 percent in December to a level of 1.11 million but are 4.3 percent below a year ago. The median price in the Midwest was $139,700, up 3.3 percent from December 2009.
In the South, existing-home sales increased 10.1 percent to an annual pace of 1.97 million in December but are 2.5 percent below December 2009. The median price in the South was $148,400, unchanged from a year ago.
Existing-home sales in the West surged 16.7 percent to an annual level of 1.33 million in December but remain 1.5 percent below December 2009. The median price in the West was $204,000, down 5.6 percent from a year ago.
The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 12.3 percent to a seasonally adjusted annual rate of 5.28 million in December from an upwardly revised 4.70 million in November, but remain 2.9 percent below the 5.44 million pace in December 2009.
Lawrence Yun, NAR chief economist, said sales are on an uptrend. “December was a good finish to 2010, when sales fluctuate more than normal. The pattern over the past six months is clearly showing a recovery,” he said. “The December pace is near the volume we’re expecting for 2011, so the market is getting much closer to an adequate, sustainable level. The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain.”
The national median existing-home price2 for all housing types was $168,800 in December, which is 1.0 percent below December 2009. Distressed homes3 rose to a 36 percent market share in December from 33 percent in November, and 32 percent in December 2009.
“The modest rise in distressed sales, which typically are discounted 10 to 15 percent relative to traditional homes, dampened the median price in December, but the flat price trend continues,” Yun explained.
Total housing inventory at the end of December fell 4.2 percent to 3.56 million existing homes available for sale, which represents an 8.1-month supply4 at the current sales pace, down from a 9.5-month supply in November.
NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said buyers are responding to very good affordability conditions despite tight mortgage credit. “Historically low mortgage interest rates, stable home prices, and pent-up demand are drawing home buyers into the market,” Phipps said. “Recent home buyers have been successful with very low default rates, given the outstanding performance for loans originated in 2009 and 2010.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.71 percent in December from 4.30 percent in November; the rate was 4.93 percent in December 2009.
A parallel NAR practitioner survey shows first-time buyers purchased 33 percent of homes in December, up from 32 percent in November, but are below a 43 percent share in December 2009.
Investors accounted for 20 percent of transactions in December, up from 19 percent in November and 15 percent in December 2009; the balance of sales were to repeat buyers. All-cash sales were at 29 percent in December, compared with 31 percent in November, but up from 22 percent a year ago. “All-cash sales have been consistently high at about 30 percent of the market over the past six months,” Yun said.
Single-family home sales jumped 11.8 percent to a seasonally adjusted annual rate of 4.64 million in December from 4.15 million in November, but are 2.5 percent below the 4.76 million level in December 2009. The median existing single-family home price was $169,300 in December, down 0.2 percent from a year ago.
Existing condominium and co-op sales surged 16.4 percent to a seasonally adjusted annual rate of 640,000 in December from 550,000 in November, but remain 5.2 percent below the 675,000-unit pace one year ago. The median existing condo price5 was $165,000 in December, which is 7.4 percent below December 2009.
Regionally, existing-home sales in the Northeast jumped 13.0 percent to an annual pace of 870,000 in December but are 5.4 percent below December 2009. The median price in the Northeast was $237,300, which is 1.4 percent below a year ago.
Existing-home sales in the Midwest rose 11.0 percent in December to a level of 1.11 million but are 4.3 percent below a year ago. The median price in the Midwest was $139,700, up 3.3 percent from December 2009.
In the South, existing-home sales increased 10.1 percent to an annual pace of 1.97 million in December but are 2.5 percent below December 2009. The median price in the South was $148,400, unchanged from a year ago.
Existing-home sales in the West surged 16.7 percent to an annual level of 1.33 million in December but remain 1.5 percent below December 2009. The median price in the West was $204,000, down 5.6 percent from a year ago.
The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
Sunday, January 16, 2011
LAKE FRONT lots in Hendersonville, TN from $150,000
Lake Front Living at an affordable price. There is new residential development coming to the market in Hendersonville, TN. Goodall Homes has purchased the remaining property in Windstar Bay and will be bringing new home designs to the development. Goodall homes is one of the Nashville area’s most successful builder developers. There are 6 developed Lake front lots available. Bring your own builder or check the new plans available from Goodall Homes and Land.
Windstar Bay offers convenience to Sumner County neighborhood schools, shopping, nearby parks and recreational facilities. Just minutes away from a convenient Corps Of Engineers boat launch and beach area on Old Hickory Lake.
Click here for a Video tour of Windstar Bay
Thursday, December 2, 2010
Fairvue clubhouse to be auctioned Dec. 20
You have been sent an online news article as a courtesy of www.tennessean.com.
Article Title: Fairvue clubhouse to be auctioned Dec. 20
To view the contents on www.tennessean.com, go to: http://www.tennessean.com/apps/pbcs.dll/article?AID=/201012012044/GALLATIN01/101201083
A foreclosure auction has been set for the private clubhouse at Fairvue Plantation, scheduled to take place a little more than a year after the development company that owned it declared bankruptcy.
First State Bank holds a claim for $4.6 million in unpaid loans that were made to TLP DevCo and its various entities, of which about $2 million was secured using the clubhouse property as collateral. The auction will help the bank recover some of that claim.
It is unclear what the clubhouse auction might mean for the future of the Fairvue golf course, on which a different bank, American Security Bank and Trust, holds the lien. The attorney representing American Security did not return a phone call for comment by this newspaper’s deadline Wednesday.
At least one group has already shown interest in purchasing the members-only clubhouse — the homeowners living in the subdivision.
The president of the Fairvue Plantation Homeowners Association, Earl Fischer, said the residents have been “constantly” in meetings with the banks and haven’t made a definitive decision yet on which direction they will go.
Other Bidders Expected
However, the homeowners aren’t expecting to be the only interested party on the steps of the Sumner County Courthouse when the auction takes place the week before Christmas.
“The banks are wanting to move very quickly, which means the Homeowners Association would have to make up its mind soon,” Fischer said. “We certainly won’t be the only ones interested in purchasing this property.”
The appraised value of the clubhouse, according to Sumner County property assessment data, was $3.5 million in 2009; however, in bankruptcy documents filed in August, the property was independently appraised for its value if it were liquidated — sold at a foreclosure auction — and in that case it came in at $1.6 million.
As to how much the homeowners might be willing to pay for the property, Fischer said it was too early to tell, though he praised the banks for being “extremely cooperative” and “very willing to share information” in the past week.
“Of course the banks hope to recover as much of the loans as they can, but they have given us no indication at this point of what they expect out of this sale or what their bottom line is that they would take at this point,” he said.
Purchaser Might Pick Up $150k Tax Bill
The purchaser could also be liable for any unpaid property taxes, including penalty and interest on back taxes, according to the foreclosure notice.
City Attorney Joe Thompson said taxes on the clubhouse haven’t been paid since 2008.
The city is looking to collect about $50,000 in back taxes, and the county would be owed about twice that — making for a total bill of roughly $150,000.
The auction is scheduled to begin at 10:01 a.m. on Dec. 20 on the steps of the Sumner County Courthouse.
Article Title: Fairvue clubhouse to be auctioned Dec. 20
To view the contents on www.tennessean.com, go to: http://www.tennessean.com/apps/pbcs.dll/article?AID=/201012012044/GALLATIN01/101201083
A foreclosure auction has been set for the private clubhouse at Fairvue Plantation, scheduled to take place a little more than a year after the development company that owned it declared bankruptcy.
First State Bank holds a claim for $4.6 million in unpaid loans that were made to TLP DevCo and its various entities, of which about $2 million was secured using the clubhouse property as collateral. The auction will help the bank recover some of that claim.
It is unclear what the clubhouse auction might mean for the future of the Fairvue golf course, on which a different bank, American Security Bank and Trust, holds the lien. The attorney representing American Security did not return a phone call for comment by this newspaper’s deadline Wednesday.
At least one group has already shown interest in purchasing the members-only clubhouse — the homeowners living in the subdivision.
The president of the Fairvue Plantation Homeowners Association, Earl Fischer, said the residents have been “constantly” in meetings with the banks and haven’t made a definitive decision yet on which direction they will go.
Other Bidders Expected
However, the homeowners aren’t expecting to be the only interested party on the steps of the Sumner County Courthouse when the auction takes place the week before Christmas.
“The banks are wanting to move very quickly, which means the Homeowners Association would have to make up its mind soon,” Fischer said. “We certainly won’t be the only ones interested in purchasing this property.”
The appraised value of the clubhouse, according to Sumner County property assessment data, was $3.5 million in 2009; however, in bankruptcy documents filed in August, the property was independently appraised for its value if it were liquidated — sold at a foreclosure auction — and in that case it came in at $1.6 million.
As to how much the homeowners might be willing to pay for the property, Fischer said it was too early to tell, though he praised the banks for being “extremely cooperative” and “very willing to share information” in the past week.
“Of course the banks hope to recover as much of the loans as they can, but they have given us no indication at this point of what they expect out of this sale or what their bottom line is that they would take at this point,” he said.
Purchaser Might Pick Up $150k Tax Bill
The purchaser could also be liable for any unpaid property taxes, including penalty and interest on back taxes, according to the foreclosure notice.
City Attorney Joe Thompson said taxes on the clubhouse haven’t been paid since 2008.
The city is looking to collect about $50,000 in back taxes, and the county would be owed about twice that — making for a total bill of roughly $150,000.
The auction is scheduled to begin at 10:01 a.m. on Dec. 20 on the steps of the Sumner County Courthouse.
Thursday, August 26, 2010
Mini Horse Farm in Nashville, TN area offered in ONLINE AUCTION
Wednesday, August 25, 2010
Royce Dugan Recommends an Article
This news article was recommended by Royce Dugan: PENT-UP CAPITAL GENERATES 'FEROCIOUS' COMPETITION FOR CORE, DISTRESSED SHOPPING CENTERS
While still a far cry from the avalanche some predicted would hit the market a year ago, distressed shopping malls and strip centers have contributed to a marked increase in retail sale activity this year. At the same time, a rush by institutional investors to pick up quality core properties at the other end of the retail property spectrum has also...
-----------------------------------
CoStar Group, Inc.
2 Bethesda Metro Center, 10th Floor
Bethesda, Maryland 20814 USA
Tel: 800-204-5960
http://www.costar.com/
While still a far cry from the avalanche some predicted would hit the market a year ago, distressed shopping malls and strip centers have contributed to a marked increase in retail sale activity this year. At the same time, a rush by institutional investors to pick up quality core properties at the other end of the retail property spectrum has also...
-----------------------------------
CoStar Group, Inc.
2 Bethesda Metro Center, 10th Floor
Bethesda, Maryland 20814 USA
Tel: 800-204-5960
http://www.costar.com/
Thursday, August 12, 2010
Great Nashville, TN (White House) area Country Home / Rental / Investment Property
Wednesday, August 11, 2010
Monday, August 2, 2010
Royce Dugan Recommends an Article
This news article was recommended by Royce Dugan: STUDY FINDS COMMERCIAL RETROFITS COULD SAVE $41B ANNUALLY IN ENERGY COSTS
Although energy-efficient retrofitting of commercial buildings has the potential to return twice as much in savings to owners and tenants as they require in investments, interest in pursuing retrofits has remained relatively low, dampened by the financial constraints on building owners from the economic recession, and lack of available financing options... Message from Royce Dugan:
Pricing pressure on commercial properties are causing owners to look at gains now available by reduced operating cost. Energy-efficient retrofitting of commercial buildings has the potential to return twice as much in savings to owners and tenants as they require in investments.
-----------------------------------
CoStar Group, Inc.
2 Bethesda Metro Center, 10th Floor
Bethesda, Maryland 20814 USA
Tel: 800-204-5960
http://www.costar.com/
Although energy-efficient retrofitting of commercial buildings has the potential to return twice as much in savings to owners and tenants as they require in investments, interest in pursuing retrofits has remained relatively low, dampened by the financial constraints on building owners from the economic recession, and lack of available financing options... Message from Royce Dugan:
Pricing pressure on commercial properties are causing owners to look at gains now available by reduced operating cost. Energy-efficient retrofitting of commercial buildings has the potential to return twice as much in savings to owners and tenants as they require in investments.
-----------------------------------
CoStar Group, Inc.
2 Bethesda Metro Center, 10th Floor
Bethesda, Maryland 20814 USA
Tel: 800-204-5960
http://www.costar.com/
Sunday, July 11, 2010
Jim Tracy takes a stand on Illegal Immigration
Jim Tracy is running for the Congressional seat that represents Fairvue Plantation and Sumner County. Here is his stand on Illegal Immigration. What is your position?
Wednesday, May 5, 2010
Scarcity Premium Seen Driving Current Cap Rate Compression - CoStar Group
Scarcity Premium Seen Driving Current Cap Rate Compression
With Little Quality Office Product in Play, Investors Vying Sharply for Low Hanging FruitMay 5, 2010Last year, capitalization rates on large office property sales rocketed from the mid-6 range to the mid-8 range. So far this year, cap rates have reversed course, falling back just as rapidly to mid-7 range. Under 'normal' conditions, this would imply that property values are increasing. So why isn't the commercial real estate industry elated?
Cap rates are a benchmark determined by dividing income by property value. Increasing cap rates typically imply that property values are falling. Last year, no one in commercial real estate doubted that the rapid rise in cap rates reflected an equal rapid decline in property values.
However, this year's decreasing cap rates, which would normally imply rising property values, are being viewed with some skepticism over whether they reflect a long-term trend in values, or simply a short term phenomenon.
According to Fred B. Córdova III, senior vice president / Investment Services Group for Colliers Asset Resolution Western regional team, the current cap rate phenomenon starts with that fact that there is two to three times more capital (debt and equity) in the market than there is product. That factor alone has pushed values up by 20% in three months, he said.
"There is a flight to quality NOI (net operating income) with a rational 'governor' that is price per square foot," Córdova said. "We are seeing some pricing here in Los Angeles (with cap rates) as low as 5% based on market rates. That said, there is a great deal of anxiety out there as to how far cap rates have fallen in the last six months. Foreign money is leading the charge."
According to Córdova, the current imbalance of available high quality office properties and the amount of capital seeking to invest in them has created what he calls a "scarcity premium."
"The market's fear/greed bipolar condition has created a scarcity premium that has pushed cap rates down by as much as 200 basis points, driven asset values up by 20%, for high quality, stabilized assets in submarkets with historically solid fundamentals in just three months," stated Córdova. "The only distressed properties that are coming to market are those with little hope of value recovery for the foreseeable future (more than three years). The most common examples of these are residential lots, followed by broken condo projects, apartments in markets with high unemployment and vacant unanchored retail properties. Neither the mini-bubble on the high end, nor the freeze on distressed asset transactions is sustainable."
Roy March, CEO of Eastdil Secured, also described the bifurcated activity in the current equity market focusing on either "trophy or trauma" assets.
"We began to see investors come off the sidelines in summer of 2009. After Labor Day, the depth of field for those bidders tripled, and we've seen it triple again in the first quarter," March said in comments during a panel discussion this week at DLA Piper's 2010 Global Real Estate Summit in Chicago.
The deepening pool of bidders has increased the certainty of closing deals, with due diligence and closing periods getting shorter. However, that is also putting upward pressure on pricing, he noted.
March echoed Córdova's view on the lack of quality assets coming to market producing a "scarcity premium."
"What we don't know is if this is a sugar high or whether we're going to see this as the new level of pricing," March said.
In the last few months, cap rates have tightened 100 - 150 basis points on the trophy deals relative to transactions focused on yield, he said.
"For non-stabilized assets, basis rules," March added. [Buyers] "are throwing away the yield calculation and looking at how much they're really buying it at, as a discount to either peak market or construction costs. That's drawing a lot of sellers back into the markets."
March said annualized sales volume is up 50% in 2010 versus 2009. Granted, the increase is more of a limbo than a high jump relative to 2009's dismal sales volume. But having said that, and looking at Eastdil's own transaction book as a market proxy, "we think [sales are] going to be at between 2003 and 2004 levels. We think it will be north of $75 billion in volume this year," March said.
March also said that projections for higher interest rates later this year are also driving the current market dynamic.
"There will be a big rush between now and the end of the year to get stuff to market and priced while interest rates are where they are. There's a lot of concern about interest rates going up post-election, and [sellers] want to take advantage of what they know today."
Robert Erlich, president of International Realty & Investment Inc. in Fairfax, VA, has been involved on both ends of deals involving 7% - 8% cap rates.
"I have been involved on two sales the last 11 months -- one as a seller of a multi tenant office building that sold at a 7% cap rate. I feel it sold for such a good price because it was a good location, it was where the buyer / user wanted to be and, with his lease in place, it was 100% leased and producing income. That was a $4.3 million sale," Erlich told CoStar Group. "The other property was a school that I purchased at a 8% cap rate and the reason I paid $7.625 million is that it is in a very good location and, it is 100% leased to a very strong educational tenant. I feel that the education industry is one of the few that have won the battle during the current economy."
However, Erlich does not believe the market has bottomed out for multi-tenant properties. "In this area there are still a lot of buildings that are in real trouble and losing tenants every day. (But,) "I do not think that buyers are getting too aggressive. I think competitive is a better word. There is just not a lot of quality product out there," Erlich said. "I do think that if you own quality, income producing product you are in the driver seat due to the shortage of solid product out there. I have been getting offers for some of our properties at a 6.5%-7% cap rate."
Outside of the "low hanging fruit," though, others in the industry believe negative fundamentals in the office markets are still ruling the office investment market.
David E. Thurston, director, NOIPG and Net Lease Group of Marcus & Millichap in Elmwood Park, NJ, said that the "sales that are closing that are driving the average cap rate to 7% -8% levels, are those that are in high demand and have multiple bidders, (namely) Class A properties in A locations."
Thurston added that if there were more buyers in the market - which there are not -- then more properties would be trading in the 10-12% cap range.
Scott D. Rabin, senior vice president of Edge Commercial LLC in Bethesda, MD, agreed.
"The volume of investment sales and time horizon is too short to see a real trend," Rabin said. "We need to see a sustained period (that is, four quarters or more) a higher volume of transactions before we can make a definitive conclusion. The spread is very thin between the cost of capital and the type of returns being accepted. Rents will need to rise and vacancy rates will need to fall for caps rates to hold on. I believe some buyers are being too aggressive but that most buyers are still seeking cap rates north of 8%."
What follows are additional comments from CoStar Group News readers regarding their take on the current office investment market.
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Tuesday, May 4, 2010
Thursday, April 15, 2010
City to issue permits again for Fairvue, Foxland
BY SARAH KINGSBURY • The News Examiner • April 15, 2010
Builders in Fairvue Plantation and Foxland can once again obtain permits to build homes in the subdivisions.
The Gallatin City Council passed a resolution authorizing the permits at a special-called meeting Tuesday, April 13.
The permits will be issued on a limited basis after being reviewed by city engineer Nick Tuttle and will require that the sidewalks related to the property be completed before the certificate of occupancy is approved.
“We were all real excited; we felt like it was a real positive thing the city did last night,” said Shane Holt, sales director for Botsko Builders, which has built a total of 54 homes in the two subdivisions. “We really didn’t know what to expect.”
Botsko Builders had three projects that were put on hold after the city stopped issuing the permits, including that of Dennis and Kathy Barber, a retired couple in Michigan who were trying to build their “dream home” in Foxland. The Barbers wrote a letter to the mayor in March after the permits were halted.
“… We have already made a significant investment in your community,” the Barbers wrote. “This action is not leaving us with a favorable first impression of the city of Gallatin and is forcing us to second guess our decision whether to build in Fairvue or not.”
The city was allowed to stop issuing permits according to subdivision regulations after the developer, TLP Devco, was declared in default on $3.5 million in infrastructure bonds for road, drainage and sidewalk improvements.
But those bonds are typically agreed upon by the city, the bonding company and the developer and do not involve the building companies. During public recognition portions of council meetings since the city halted the permits, some builders said it seemed like the city was unfairly punishing them for something they had no control over.
“But in fairness to (the city), I think that they were just trying to stop any more damage when they stopped the permits,” Holt said. “A lot of people all over the country are experiencing things with this economy with regards to real estate development that they’ve never experienced before.”
Because there aren’t many homes built yet in Foxland, the city decided that permits would not be issued for those lots unless water, sewer and electric utilities were already in place.
City talking to bonding companies
City Attorney Joe Thompson reported to the council at the meeting that his office had been in contact with the three bonding companies that insured the infrastructure for the developer.
Thompson had said in previous meetings that he was uncertain whether the companies would be able to pay the claims or how long it might be before the city saw any money to complete the work.
But within the past two weeks, Thompson said the bonding company representing the majority of the needed improvements had sent an engineer to the sites to begin evaluating the claim.
“I think this is a very good and positive sign,” he said.
Thompson added that employees of TLP Devco had made themselves readily available to assist the bonding companies as needed in the claim assessments.
Reporter Sarah Kingsbury can be contacted at 575-7161 or skingsbury@mtcngroup.com.
Builders in Fairvue Plantation and Foxland can once again obtain permits to build homes in the subdivisions.
The Gallatin City Council passed a resolution authorizing the permits at a special-called meeting Tuesday, April 13.
The permits will be issued on a limited basis after being reviewed by city engineer Nick Tuttle and will require that the sidewalks related to the property be completed before the certificate of occupancy is approved.
“We were all real excited; we felt like it was a real positive thing the city did last night,” said Shane Holt, sales director for Botsko Builders, which has built a total of 54 homes in the two subdivisions. “We really didn’t know what to expect.”
Botsko Builders had three projects that were put on hold after the city stopped issuing the permits, including that of Dennis and Kathy Barber, a retired couple in Michigan who were trying to build their “dream home” in Foxland. The Barbers wrote a letter to the mayor in March after the permits were halted.
“… We have already made a significant investment in your community,” the Barbers wrote. “This action is not leaving us with a favorable first impression of the city of Gallatin and is forcing us to second guess our decision whether to build in Fairvue or not.”
The city was allowed to stop issuing permits according to subdivision regulations after the developer, TLP Devco, was declared in default on $3.5 million in infrastructure bonds for road, drainage and sidewalk improvements.
But those bonds are typically agreed upon by the city, the bonding company and the developer and do not involve the building companies. During public recognition portions of council meetings since the city halted the permits, some builders said it seemed like the city was unfairly punishing them for something they had no control over.
“But in fairness to (the city), I think that they were just trying to stop any more damage when they stopped the permits,” Holt said. “A lot of people all over the country are experiencing things with this economy with regards to real estate development that they’ve never experienced before.”
Because there aren’t many homes built yet in Foxland, the city decided that permits would not be issued for those lots unless water, sewer and electric utilities were already in place.
City talking to bonding companies
City Attorney Joe Thompson reported to the council at the meeting that his office had been in contact with the three bonding companies that insured the infrastructure for the developer.
Thompson had said in previous meetings that he was uncertain whether the companies would be able to pay the claims or how long it might be before the city saw any money to complete the work.
But within the past two weeks, Thompson said the bonding company representing the majority of the needed improvements had sent an engineer to the sites to begin evaluating the claim.
“I think this is a very good and positive sign,” he said.
Thompson added that employees of TLP Devco had made themselves readily available to assist the bonding companies as needed in the claim assessments.
Reporter Sarah Kingsbury can be contacted at 575-7161 or skingsbury@mtcngroup.com.
Sunday, March 21, 2010
NYTimes.com: Democrats to Watch on the Health Care Vote
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| This page was sent to you by: royce@roycedugan.com U.S. | March 16, 2010 Democrats to Watch on the Health Care Vote A look at the Democrats who may decide the bill's fate. It's not too late, call your Congressman to let them know how YOU feel on this important issue. |
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Friday, March 12, 2010
SwiftPageEmail Subject: MANY THANKS!
via swiftpage5.com
EXIT Realty's build in Austin was a great success and we wish THANK YOU for your contribution to that success! https://www.swiftpage5.com/speasapage.aspx?X=2X0MWJG5HVALON8G00R4W3 Click the link for pictures. Thanks Again!! Royce Monday, February 22, 2010
REALTOR® Magazine-Daily News-IRS Clarifies What's Needed to Claim Tax Credit
Check out this website I found at realtor.org
IRS Clarifies What's Needed to Claim Tax Credit The Internal Revenue Service has clarified which documentation taxpayers need to submit to claim the first-time and move-up homebuyer tax credit. While the IRS is still requiring the filing of Form 5405, it is not demanding that all parties’ signatures be on the HUD-1 settlement document in areas where requiring both the buyer and the seller to sign the document isn’t common. The IRS clarification says: "In areas where signatures are not required on the settlement document, the IRS has clarified that it will accept a settlement statement if it is completed and valid according to local law. … The IRS encourages those buyers to sign the settlement statement prior to attaching it to the tax return.” For repeat buyers, the IRS is seeking documentation that home buyers have lived in the previous property for a consecutive five of the past eight years. Proof can include property tax records, home owner insurance records, or mortgage interest statements. Source: Washington Post (02/20/2010) Read More Could the Tax Credit Be Extended Again? The Basics to the Extended Homebuyer Tax Credit Browse all of today's news Friday, February 19, 2010
Jackson Nance sings Journey at age 9
Jackson Nance is 10 now and has been singing a year since this audition tape was taped. Thake a look and forward to your friends. We are trying to help Jackson get 1,000,000 views of his youtube audition!! Follow the link below to see Jackson sing When the “Lights go Down in the City”
Saturday, January 9, 2010
New Lakefront Custom Home in Private Golf Community For Sale / Lease / Lease Purchase
Adams Lake Construction in Gallatin, TN is offering a 5771 sq ft CUSTOM BUILT Lake home on Old Hickory Lake. This home not only has the 22,000 acre Old Hickory Lake in the back yard, but it also offers 2 beautiful on site private 18 hole golf courses. Click the link below for complete details.
http://www.roycedugan.com/Gallatin/Tennessee/Homes/Gallatin/Agent/Listing_1000908790.html
Wednesday, December 30, 2009
Foxland Developer offers "Owner Terms" on Select Lots
The Foxland Neighborhood Developer at Fairvue Plantation has agreed to offer a select group of lots for sale with Owner Terms. The move by the developer is designed to help potential lot owners finance lots in this difficult real estate financing market. The terms of the available financing and the lots that are available for the "Owner Terms Sale" are still being worked out, however at this time there is One (1) Lake Front Lot and Five(5) Golf Lots in the group being offered with the terms. Contact me at royce@roycedugan.com or call Exit Real Estate Solutions at 615-826-0001for details
Tuesday, December 29, 2009
Tim McGraw Ropes Decade’s Most Played Single - ArtsBeat Blog - NYTimes.com
— Updated: 11:38 am -->Tim McGraw Ropes Decade’s Most Played Single
By BEN SISARIORahav Segev for The New York Times Tim McGraw on tour in 2006.
What’s the most popular song of the decade? There are plenty of ways to measure it — CD sales, paid downloads, unauthorized downloads. But perhaps the most tried and true is radio play.
Based on data from Nielsen BDSradio, which monitors radio stations throughout the United States, the most-played song on any station from Jan. 1, 2000, to Dec. 17, 2009, was Tim McGraw’s “Something Like That,” released in 1999. It received 487,343 spins, beating out the most popular song on Top 40 radio, Usher’s “Yeah!,” from 2004, by a fair margin. “Yeah!,” featuring Ludacris and Lil Jon, has been spun 416,267 times.
Other high-spinning tracks include Train’s “Drops of Jupiter (Tell Me)” (2001), which topped the Hot AC (as in adult contemporary) format, with 338,749; Papa Roach’s “Last Resort” (2000), the most popular on alternative stations with 221,767 spins; “Low,” Flo Rida’s song from 2007 featuring T-Pain, which was the most popular on the rhythmic format with 206,864 spins.
“Low” has also had the most paid downloads of any song this decade, with 5.2 million, as registered by another Nielsen branch, SoundScan.
A complete list of the most frequently played songs in each genre appears below:
Country: “Something Like That” (1999) by Tim McGraw, 487,343 spins
Top 40/contemporary hit radio: “Yeah!” (2004) by Usher, featuring Ludacris and Lil Jon, 416,267 spins
Hot AC: “Drops of Jupiter (Tell Me)” (2001) by Train, 338,749 spins
Alternative: “Last Resort” (2000) by Papa Roach, 221,767 spins
Rhythmic: “Low” (2007) by Flo Rida, 206,864 spins
Album rock: “It’s Been Awhile” (2001) by Staind, 189,195 spins
Urban: “Drop It Like It’s Hot” (2004) by Snoop Dogg, featuring Pharrell, 169,511 spins
Urban AC: “Think About You” (2003) by Luther Vandross, 147,818 spins
Gospel: “Never Would Have Made It” (2007) by Marvin Sapp, 92,603 spins
Smooth jazz: “Pacific Coast Highway” (2005) by Nils, 29,328 spins
Congratulations Tim McGraw!!! Way to go Nashville Country!
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