NASHVILLE, Tennessee (WKRN) – Nashville’s buzzing real estate market is pushing property values up, but a recent sale is causing them to lose their minds.
Online ads show that a mobile home at 1111 Spurgeon Ave. was recently sold for $ 1.5 million.
Caris Porter, who rents in the community of Cumberland Heights across from the sold mobile home, couldn’t believe the price of the property.
“It’s absolutely crazy,” she said.
However, there is more to sell than it looks. In fact, the sale represents at least four plots, according to the Nashville real estate expert. The new owner, 1110 Baptist Partners, has purchased approximately 1.23 acres of property in total.
“Chances are, the listing, or whatever web service that pulled this data out, only pulled one package but gave the full price,” said Ryan Turbeville of Ashton Real Estate Group. “With that square footage, they could build 40 to 50 townhouses and sell or lease them on a short-term basis.”
Turbeville said he sees this type of sale often, especially in areas zoned for mixed use and near massive upcoming development.
“With the final start of development with River North and Oracle shaping up as the primary anchor tenant, all of the surrounding neighborhoods will expand,” Turbeville said, referring to the tech company. “Anyone can guess how long it takes – probably 5 to 10 years before it spreads. “
Unfortunately, such a development sometimes means that tenants like Porter could be evicted.
I don’t know where I’m going to go if they do this, ”she said. “That’s all I can afford right now.”
While current plans are unclear for this lot, Turbeville said the property has potential.
“With mixed-use zoning, there are a lot of different ways to approach the redevelopment of this property, and they may not yet know what that plan is,” Turbeville said. “Sometimes developers buy a property, keep the existing tenant and continue to generate income for a short time while they develop their larger plan for the property.”
WKRN has contacted both the seller and the buyer of the property, but had yet to hear back on Tuesday afternoon.
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