The CRV Group, Inc.

Newsletter – March 18, 2024

Newsletter – March 18, 2024

CRV Newsletter - March 18, 2024

 
 [Nashville] Real estate analysts: Nashville is ready for recovery after tight lending, high inflation- Colliers released new data this week in its Colliers Index,   scoring system that combines market indicators such as job growth, vacancies, population growth, GDP, market sentiment and investments to define the health of Nashville’s commercial real estate market. The latest score indicates a potential upward recovery for the city (2023: 196; 2022: 189; 2017: 199). Colliers also launched a predictive tool to forecast market conditions more accurately. Based on that model, Colliers estimates the first quarter of 2024 will come in at 198.1, followed by a steady climb during 2024 and 2025. (Tennessean 3/8/24)
 
 [Goodlettsville] RiverGate Mall on the market-The 514,894 SF RiverGate Mall has been listed for an undisclosed price. Atlanta-based Hendon Properties purchased the property in 2013 for $67 million. Marketing materials for the property present the mall as a "redevelopment opportunity," noting the current tenants are on short-term leases. The site is currently anchored by Target, BJ’s Wholesale, Dillard’s and JCPenney. In recent years, RiverGate lost several of its anchor tenants, including Macy’s. There are now plans for 476 apartments and 16,496 SF of commercial space on the Macy’s site. (NBJ 3/8/24)
 
 [Nashville MSA] Nashville homeownership requires six-figure income in 2024, per Zillow report- The annual income needed to comfortably afford a home in Greater Nashville has increased drastically since the pandemic’s start in 2020, according to a recently published analysis from Zillow. Nashville residents would have to earn a gross annual household income of nearly $130,000 to afford a typical home in Nashville. That figure is up 86% from $69,027 in 2020. For reference, the median household income in the region was $71,767 in 2022, according to the U.S. Census Bureau. (NBJ 3/6/24)
 
 *CRV waiting to be engaged on this one* [Nashville] Inside: Drift Nashville opens on East Bank at former Stadium Inn site, three food and beverage concepts-The 87-room Drift Nashville is now open, along with three food and beverage concepts.
 
 [Mt Juliet] Pickleball Kingdom franchise planned for Mt. Juliet-A couple with family ties to Mt. Juliet has chosen the city as the location for their second Pickleball Kingdom facility (the first is set to open later this year in Hendersonville). The plan for the MJ facility includes 12-16 courts. There are 130 Pickleball Kingdom franchises in the US, with the first one opening in 2020 in Arizona. (The Chronicle of MJ 3/11/24)
 
 [Nationwide] Seismic NAR lawsuit settlement will transform homebuying industry-The National Association of Realtors announced Friday a $418 million settlement to end the wave of class-action lawsuits targeting its commission structure. Many of the settlement provisions go into effect in July. Here are four ways the settlement could change the housing industry:
o Home prices will drop-Sellers’ agents will no longer be required to make offers of commission
to buyers’ agents, which will allow commissions to be removed and negotiated down, lowering
both housing prices and overall consumer costs.
o The 6% commission will cease to be the norm-NAR and brokerages that required their agents to
be members of NAR, had rules that led to an industrywide standard commission of 5-6%-one of
the highest rates in the world. Without the guaranteed rate, agents will now most likely be forced
to lower their commissions to compete for business.
o Steering-the price of agents directing buyers to more expensive houses-will be less common-
NAR demands that a listing agent state the amount of compensation that that a buying agent will
receive on the database. This practice is believed to have led to "steering" clients to pricier
homes to collect a bigger commission check. Under the settlement, any field displaying broker
compensation will be eliminated entirely.
o About 1 million agents could leave the profession-The number of agents swelled during the
pandemic when the housing market boomed. After a shift in the market, a lot of those agents are
struggling, and a reduction of commission rates will increase the pain. Half of the agents in the
country sold 0-1 house in 2023.
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