What's the Sustainability of Nashville's real estate boom?
As we know, Nashville's been a boomtown this past decade. On the surface it seems obvious why: music/food culture, great weather compared to the north east, low taxes, etc.
But something I don't get a strong feel of from there is strong high paying jobs. You hear of tech companies opening new offices in other hot cities like Austin and Atlanta that help fuel their explosive growth and you'd assume this is necessary to make their real estate booms sustainable. Am I mistaken about Nashville's job growth? If not, do you think this boom can be sustainable without it?
Hey Swedish_1, I think you deserve a response...heck, everyone does. We're listening, sorry about the delay ...my best guess at places on WSO that could help:
Fingers crossed that one of those helps you.
Is this a bot? why do all the comments sound like an ai wrote them
Some jackass hired PR firm to talk their book.
Prob bought tons of multifamily at 3% caps and now have to refi lol
...
There’s already tons of S8 affordable housing around downtown that’s been there for a while so I’m not sure what you’re talking about.
John Henry Hale
Edge hill Apartments
Parthenon Towers
I live in the Gulch and been in Nashville over a year now. I don’t see this city as being sustainable. The amount of office and apartment construction is insane, and the infrastructure surrounding it is just atrocious and shows no sign of improvement. The city/state is money hungry.
I’ve met a lot of young professionals and a lot don’t have high dollar/sustainable sounding jobs. They sound like jobs that could have got you by when people had money to throw away in COVID times. They also give the vibe that they’re either paying 50% of their income on rent, or their parents are helping out
I don’t know where I’m goin with this.
To me, at the end of the day, Real Estate should be fully functioning to have value. WHY does the property have value? Yes, I know. People are moving in troves…but at the end of the day you need to provide a sustainable product.
A luxury apartment should have good and safe walkability, parking rates appropriate for the area, clean and purposeful apartment amenities, parks/green spaces, QUALITY and established restaurants nearby, etc.
Nashville luxury apartment goes like this:
-Amenities: A 10x10 pool, a “gift wrapping room”, and an ice cream sundae station (yes for real)
-Walkability: Inconsistent Sidewalks, utility poles in the center making you walk (if you’re able) in the street, sidewalks go from concrete to asphalt to dirt in 50 ft.
-Apt Parking: $200/mo as if we’re in fucking DC and not a city that is half parking lots
-Parks: (besides Centennial) unkept, small, trash and litter everywhere
-Restaurants: if it’s in a trendy/walkable area it’s extremely overpriced (sustainable during COVID era where money was thrown around. Not so sustainable when a burger is $19 and our 9.25% sales tax kicks in). Shit ethnic food unless you go to an Ethnic restaurant that is off a stroad, and it’s next to a used car dealership, funeral home, and salvage yard. Shit Mexican food.
WHY should I pay $2,100 a month for a 750 sf apartment that offers that to me?
I don’t know I just don’t get it. I’m a hater. This city has the absolute potential to make it sustainable growth by making zoning that makes sense (insane gentrification), improving roads and bike paths, walkability, etc.
But they won’t.
So I hope the city dies and the money hungry developers lose money cause they should know better.
If you think Nashville has shit Mexican food then you haven’t been going to the right places. Most yuppies probably don’t even know southeast Nashville exists…
I do broadly agree with your takes as someone that lived there 4 years during the boom and saw the city grow up around me. I also probably saw a lot more of the city than most people that stick to trendier areas.
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