NAR Urges Congress, Administration to Approach Changing FHA Slowly

The National Association of Realtors® urged Congress and the administration to move cautiously before making changes to the Federal Housing Administration program that has served the needs of millions of American families for more than 75 years without needing a federal appropriation.

FHA remains financially strong because it has taken steps to ensure solid underwriting standards and responsible lending practices, said Charles McMillan, NAR immediate past president, in testimony before the House Subcommittee on Housing and Community Opportunity today.

“As the leading advocate for housing issues, NAR believes that one of the best ways Congress can help strengthen FHA is to quickly consider and pass legislation that would make current loan limits permanent,” McMillan said. “It’s important to note that higher balance FHA loans perform better than lower balance ones. While some argue that higher balance loans put taxpayers at risk, such loans actually strengthen the program and reduce risk to the fund.”

NAR strongly supports H.R. 2483, the “Increasing Homeownership Opportunities Act.” Current FHA loan limits are as high as $729,750 in high-cost areas, and are set to expire at the end of the year and revert to lower amounts, greatly hindering the housing recovery process. A decrease of current limits would adversely affect 612 counties in 40 states and the District of Columbia.

Explaining that FHA has played an important role in the recent housing and economic crisis by filing the gap left by private lenders, McMillan said FHA insured almost 30 percent of single-family mortgages in 2009 and more than 50 percent of first-time buyer loans. “Historically, FHA’s market share has hovered between 10 and 15 percent of all loans. And when the private market is strong enough to return, we welcome a reduced FHA market share,” he said.

McMillan said NAR strongly opposes H.R. 3706 that would raise the FHA downpayment. “While that would increase an individual’s investment in the home, it would not add a penny to FHA’s reserves and would disenfranchise many FHA borrowers,” he said.

NAR also opposes a new FHA initiative that increased the up-front mortgage insurance premium (MIP) from 1.75 percent to 2.25 percent because it adds to the closing costs home buyers already face. NAR supports legislation to reasonably increase the annual MIP to replace FHA capital reserves, but in turn, FHA should reduce the up-front premium due at the closing table.

McMillan said NAR was also concerned that FHA wanted to decrease seller concessions to 3 percent. Reducing seller concessions could put homeownership out of reach for many buyers, he said, because it could require buyers to pay more at closing.

McMillan applauded FHA’s stepped up enforcement and oversight of lenders making FHA loans. In 2009, FHA removed approval of or suspended 274 lenders. “Realtors® support adding more tools to help FHA protect borrowers and taxpayers,” he said.

News Channel 4 Tonight with Ashley Dugger!!!!

Ashley Dugger with the Fine Living Group will be interviewed on News Channel 4 tonight at 6:00pm. Tune in to see Ashley comment on the biggest mistakes that home buyers make. You won't want to miss this!

Restaurant Wednesday

Since 2003, MAFIAoZA's has wowed capacity crowds nightly with its authentic Italian menu, its impressive Old and New World wine list and its comfortable, welcoming ambiance. In the style of a 1920s New York-style Italian restaurant, MAFIAoZA's serves the finest stone-oven pizza in the Southeast and other authentic Italian dishes using only the freshest ingredients.

location:
2400 12th Avenue South
Nashville

615.269.4646
mafiaozas.com

Realtors® Partner with National Community Stabilization Trust to Revitalize Neighborhoods Wracked by Foreclosures

The National Association of Realtors® has joined forces with the National Community Stabilization Trust to help rebuild American communities devastated by the foreclosure crisis.

The collaboration will bring Realtors and the more than 1,400 state and local Realtor® associations into a side-by-side relationship with leading national nonprofits, as well as with state and local leaders, to develop comprehensive and targeted plans to rebuild communities. The partnership was made possible by the new federal Neighborhood Stabilization Program, which provides $6 billion to reclaim neighborhoods wracked by high levels of foreclosed and abandoned property, property disinvestment, extremely low prices and low resident confidence.

“Realtors® build communities and have the market expertise and property transaction tools to help local housing organizations understand local market conditions and how to put foreclosed houses back into the hands of stable homeowners,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “Working in this partnership with NCST gives Realtors® a seat at the community table to perform a leadership role in restoring vitality to communities across this great nation.”

“Neighborhoods across America have been decimated by high concentrations of abandoned and foreclosed homes. To reverse neighborhood decline, we need the Realtor® community working hand in hand with other housing providers,” said Craig Nickerson, president of NCST. “This ambitious new campaign will harness the unique abilities of Realtors® to remarket newly renovated homes and to rebrand the tarnished image of hard-hit neighborhoods.”

Through a nationwide network of state and local associations, Realtors® have been engaged in foreclosure prevention efforts since early 2009 as part of the NAR’s Foreclosure Prevention & Response Program.

“The outstanding leadership of many state and local Realtor® associations over the past year to become active participants in community problem-solving has proven that Realtors® are a valuable local community partner,” said Golder.

She cited strong efforts by the leadership in the Chicago Association of Realtors®, the North Metro Realtors® (Minn.) Association and the Realtor® Association of Great Fort Lauderdale (Fla.) as examples of Realtors® working through NSP to revitalize neighborhoods.

While NAR and the NCST will be working nationwide on this new initiative, a focus will be placed on enhancing capacity in states experiencing the highest levels of foreclosure and abandonment.

Beginning January 27, NAR will initiate contact with targeted state associations, based on severity of foreclosure problems. In addition, NAR will provide in-depth training and education materials developed and provided by NCST on www.realtor.org/foreclosure.

The National Community Stabilization Trust is a nonprofit organization that facilitates the transfer of foreclosed and abandoned properties from financial institutions nationwide to local housing organizations, and provides access to financing in order to promote productive property reuse and neighborhood stability. In collaboration with state and local governments, the Stabilization Trust builds local capacity to effectively acquire, manage, rehab and sell foreclosed property to ensure homeownership and rental housing are available to low- and moderate-income families. Visit www.stabilizationtrust.com to learn more about the National Community Stabilization Trust.

Partners prep Murfreesboro Gateway for future development

A partnership created to help bring more office users to Rutherford County’s Murfreesboro Gateway development has announced a new master plan to guide development.

The new plan applies to 200-acres of the development, a portion known as The Offices at Gateway. The master plan identifies two 25-acre parcels for corporate headquarters, areas for general office buildings and a third area for high-density users like data or call centers.

The partnership consists of Gresham, Smith and Partners, Duke Realty Corporation and Nashville Commercial Real Estate Services, which will all work with Rutherford County. The partnership was created a year ago, but Dick Fleming, a principal with NCRES, said they deliberately delayed making any announcements as the economy continued to lag.

“We’re positioning ourselves to be in the right place for the next cycle,” Fleming said.

Fleming said NCRES will serve as the “point of contact” for potential companies that want to expand or relocate to the area.

“We will make this project known,” he said, first by reaching out to local, regional and national brokers.

Gresham, Smith and Partners will design buildings in the area and help draft proposals received by prospective tenants. Steve Kulinski, a senior vice president at GS&P, said that will help the county react more quickly to requests.

“You can’t wait until they show up and go, ‘Oh my God, where are my sites,’” he said.

Jeff Palmquist, senior vice president of Duke Realty’s Nashville operations, said the team will provide “a complete solution,” as they help tenants select a site, design and build a building and lease extra space as necessary. Palmquist said Duke can construct buildings on a build-to-suit basis which Duke itself could own, leasing additional space to other tenants.

Fleming said the partnership has received about a dozen inquiries in the last eight months, and has given two formal presentations — one to a general office user, the other to a medical office user. As Palmquist notes, it’s not been “the best environment” for office recruitment.

“It’s a great time to get all your ducks in a row,” he said.

The Gateway project itself is several years old. In addition to the down economy, Palmquist said the project is competing with established business centers in Cool Springs. As potential sites in that area fill up, he said more opportunities will avail themselves to Rutherford County.

Holly Weber, economic development director with the Rutherford County Chamber of Commerce, said the area has all the right ingredients — a new interstate interchange, The Avenue Murfreesboro lifestyle shopping center, an Embassy Suite and Conference Center and the new Middle Tennessee Medical Center, scheduled to open later this year.

Now, the partnership hopes it’s only a matter of time to get more office users into the area.

“We’re definitely getting more projects in the pipeline,” Weber said.

Nashville Business Journal - by Eric Snyder Staff Writer

Baja Burrito

Baja Burrito is a locally-owned, no-nonsense burrito shop in the eclectic neighborhood of Berry Hill, a community of artisits, musicians and merchants. In business since 2000 Baja is Nashville's hometown favorite for mission-style burritos, award-winning fish tacos, and build-your-own salads.

location:
722 Thompson Lane
Nashville

615.383.2552
bajaburrito.com

Exterior Remodeling Proves Best Bang for Your Buck, Realtors® Report

Despite a slow market and a slight decrease in the resale value of most remodeling projects, Realtors® report that the smartest home improvement investments may also be some of the least expensive. Results from the 2009 Remodeling Cost vs. Value Report show that small-scale exterior projects are the most profitable at resale, according to estimates by Realtors® who completed a recent survey.

On a national level, eight out of the top 10 projects in terms of costs recouped were exterior replacement projects that cost less than $14,000. Certain types of door and siding replacements, as well as wood deck additions all returned more than 80 percent of project costs upon resale. A steel entry door replacement – a new addition to this year’s list – recouped 128.9 percent of costs, followed by upscale fiber-cement sliding replacements at 83.6 percent. Wood deck additions recouped 80.6 percent of costs.

“Once again, this year’s Remodeling Cost vs. Value Report highlights the importance of a home’s first impression,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “With exterior projects returning a high percent of project costs upon resale, Realtors® can help give your home curb appeal while adding value to the real estate transaction.

The 2009 Remodeling Cost vs. Value Report compares construction costs with resale values for 33 midrange and upscale remodeling projects comprising additions, remodels and replacements in 80 markets across the country. Data are grouped in nine U.S. regions, following the divisions established by the U.S. Census Bureau. This is the 12th consecutive year that the report, which is produced by Hanley Wood, LLC, was completed in cooperation with REALTOR® Magazine, as Realtors® provided their insight into local markets and buyer home preferences within those markets.

On a national level, the project with the biggest improvement from 2008 was the attic bedroom addition, recouping 83.1 percent of remodeling costs compared to 73.8 percent in 2008. The only other interior project that landed in the top 10 was a minor kitchen remodel with 78.3 percent costs recouped.

Other exterior projects in the top 10 include midrange vinyl and upscale foam-backed vinyl sliding replacements, which returned more than 79 percent of costs. In addition, several types of window replacements – midrange wood, midrange vinyl, and upscale vinyl – all returned more than 76 percent of costs upon sale.

Similar to last year’s report, the least profitable remodeling projects in terms of resale value were home office remodels and sunroom additions, returning only 48.1 percent and 50.7 percent of project costs.

Regionally, cities in the Pacific states of Alaska, California, Hawaii, Oregon and Washington once again outperformed the rest of the nation in terms of remodeling costs recouped upon resale. The West South Central region of Arkansas, Louisiana, Oklahoma, and Texas; the East South Central region of Alabama, Kentucky, Mississippi and Tennessee; and the South Atlantic region of the District of Columbia, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and West Virginia also performed relatively well.

The regions that generally returned the lowest percentage of costs were New England (Connecticut, Massachusetts, Maine, New Hampshire, Rhode Island and Vermont), East North Central (Illinois, Indiana, Michigan, Ohio and Wisconsin), West North Central (Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota), and the Middle Atlantic (New York and Pennsylvania).

Golder commented that remodeling projects are just one of many factors that contribute to a home’s overall resale value. “As the first, best source for real estate information, Realtors® are experts in providing insight into what projects and investments will make a difference in your house. It’s important to consult with a Realtor® who can explain the variety of factors that affect a home’s value, such as location, condition of surrounding properties and the regional economic climate,” she said.

Results of the report are summarized in the January issue of REALTOR® Magazine. To read the full project descriptions, access national and regional project data, and download a free PDF containing data for any of the 80 cities covered by the report, visit www.costvsvalue.com. “Cost vs. Value” is a registered trademark of Hanley Wood, LLC.

Jobs take top bill in governor’s race

The governor may be changing, but the issues have not.

At least they haven’t in the opinion of Nashville-based business groups, who say issues such as unemployment, education and business recruitment remain top priorities.

“This is a very important election,” said Bradley Jackson, vice president of government affairs for the Tennessee Chamber of Commerce and Industry. “Businesses have gone through a lot, and who the governor is matters a lot to us.”

Despite the most wide-open race for governor in years, the candidates uniformly responded when asked what their No. 1 economic priority would be: job creation.

“All the candidates say they’re pro-business candidates,” said Dan Haskell, chairman of the Tennessee Jobs Coalition. “Some time between now and November, that will define itself.”

With the candidates in agreement on what they want to do, the focus turns to how they propose to do it — and business groups are watching closely.

“There is a bit of a courtship going on between the gubernatorial candidates and the voters,” said Jim Brown, Tennessee state director for the National Federation of Independent Business.

Some candidates have suggested the state’s budget woes speak to a need for a reorganization of state government. If that’s the case, Brown said he would like to see the departments of Revenue, Commerce and Insurance, and Labor and Workforce Development addressed, because those are the divisions of state government his members run into problems with the most.

Debby Dale Mason, chief community action officer for the Nashville Area Chamber of Commerce, said the organization wants to see a governor who embraces metropolitan areas, which she says are the drivers of the state’s economy and need to be recognized as such in policy and budgeting decisions.

Haskell said he wants to know how candidates would address the state of Tennessee’s Unemployment Trust Fund.

Mary Ann McCready, co-chairwoman of the Nashville Music Council, said she hopes the next governor will assist with the council’s goals, which include making Nashville’s live music scene the best in the nation.

“We have a mayor who really understands” the music industry, McCready said. “It would be great to have a governor who understands that as well. ... Unfortunately, from a state level, the industry is taken for granted.”

Four out of 10 Recent Buyers Relied on FHA Loans, Says NAR

According to the most recent Realtors® Confidence Index, 39 percent of recent buyers purchased a home with a Federal Housing Administration-insured loan. Realtors® who took part in the November survey also reported that the number of first-time home buyers continued to climb to 51 percent.

“FHA helps provide affordable mortgage financing to homeowners, particularly first-time home buyers who are so important in drawing down inventory to help stabilize the current housing market,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “These recent survey results reaffirm that, despite its current challenges, FHA is a critical part of the American housing fabric.”

The RCI results also indicated that distressed sales increased to 33 percent of all home sales last month, and that both investors and first-time home buyers are competing for these properties. The preponderance of distressed properties on the market has also influenced buyers’ perceptions of other homes for sale. Realtors® report that many buyers have pricing expectations that treat every property as if it were in foreclosure.

In addition, Realtors® expressed ongoing concerns with the impact of the Home Valuation Code of Conduct on recent appraisals. According to some survey respondents, inexperienced or out-of-area appraisers continue to rely heavily on sales prices of distressed properties, even when other comps are available.

“As the first, best source for real estate information, Realtors® have their finger on the pulse of current housing trends, and their knowledge and experience offer valuable insights into today’s real estate market,” said Golder. “We know that an economic recovery is not possible without a housing recovery, and we will continue to work with policymakers at all levels to ensure that this happens.”

The RCI is a key indicator of housing market strength based on a monthly survey of more than 50,000 Realtors®; in a typical month there are more than 3,000 usable responses. Participants are asked about their expectations for the demand for homes, price of homes, and other economic conditions.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

Pending Home Sales Stabilize, Remain Above Year-Ago Levels

Pending home sales have leveled from a market swing driven by response to the home buyer tax credit, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in December, increased 1.0 percent to 96.6 from 95.6 in November, and remains 10.9 percent above December 2008 when it was 87.1. In November, the monthly index had fallen by 16.4 percent from surging activity in preceding months.

Lawrence Yun, NAR chief economist, said it’s important to recognize how the tax credit is skewing market data. “There are easily understood swings in contract activity as buyers respond to a tax credit that was expiring and was then extended and expanded,” he said. “These swings are masking the underlying trend, which is a broad improvement over year-ago levels. December activity was the fifth highest monthly tally in two years.”

Buyers who have a contract in place to purchase a primary residence by April 30, 2010, have until June 30, 2010, to finalize the transaction to qualify for a tax credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.

The PHSI in the Northeast rose 2.3 percent to 76.1 in December and is 14.9 percent higher than December 2008. In the Midwest the index increased 5.2 percent to 86.9 and is 8.7 percent above a year ago. Pending home sales in the South rose 2.2 percent to an index of 98.4, and are 5.5 percent higher than December 2008. In the West the index fell 3.8 percent to 119.9 but is 18.6 percent above a year ago.

Yun projects the extended and expanded tax credit will encourage 2.4 million households to take the credit in 2010. “While new-home sales will remain low due to a lack of construction, existing-home sales are projected to rise to around 5.6 million in 2010,” Yun said. Last year there were 5.16 million existing-home sales.

He added that one of the greatest benefits of rising sales will be firming home prices. “For several months now we’ve been seeing stabilization in all of the home price measures as inventory is pulled down,” Yun said. “As a result, the housing wealth for many middle class families has begun to stabilize.”

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.

Restaurant Wednesday

The Germantown Cafe is just block from downtown, TPAC and LP Field, Germantown Cafe offers fresh, comfortably creative, reasonably priced food, along with an amazing view of the Nashville skyline. The Cafe is the perfect choice for pre-theatre dinners, casual nights out on the town, power lunches or lazy Sunday brunches.

Location:
1200 5th Avenue North
Nashville

615.242.3226
germantowncafe.com

MBA buys last house on Brighton

A project 14 years in the making is likely to come to fruition this summer.

Montgomery Bell Academy has bought the last of 15 houses along Brighton Road, becoming the sole owner of a strip of land that could eventually serve as tennis courts and parking.

Metro Traffic and Parking Commission recently approved the all-boys school’s request to seal off Brighton Road, a city street about a quarter of a mile long that runs between MBA’s sports fields and acquired properties.

The school now needs the final OK from Metro Council to close the street, a process that requires three rounds of votes, expected in March.


“It does look positive, largely because we’ve spent a lot of time with the neighbors over 15 years, and people trust us a little more and know that we’re doing some things to improve the neighborhood,” said Brad Gioia, headmaster at the school.


Brighton Road closure is an integral piece of a larger, multimillion-dollar project to build underground parking with a soccer field atop it off Wilson Boulevard, make environmental upgrades in a creek buffer zone, add parking and relocate tennis courts.


The second phase of the initiative calls for a new classroom building and a new dining hall in the middle of campus, Gioia said.


But, like most major development projects, this one, too, has involved numerous meetings with neighbors, whose concerns range from projected increase in traffic to aesthetics.


“One concern has to do with screening the activities that go on campus from the residents of properties. MBA has been agreeable to build a berm,” said Irwin Venick, president of Woodlawn West Historic Neighborhood Association.


His house on Kimpalong Avenue backs into the almost vacant strip of land along Brighton Road that will be converted into tennis courts and parking spaces.

“One of our feelings is that MBA should be treating the back of its property as well as it treats the front of its property, and a berm goes a long way in that regard, and we appreciate them moving in this direction.”

Restaurant Wednesday

The Acorn features two floors of dining, private rooms, two full bars and a large outdoor patio. The Acorn offers Americdan cuisine with a global flavor. Independently owned and conveniently locatd in the West End District.

Location:
114 28th Ave North
Nashville

615.320.4399
theacornrestaurant.com

Luxury home sales rebound

Luxury homebuilder Rogan Allen hadn't sold a home in more than a year, until last November rolled around, and he sold three in two months.

Of course, it helped that he had lowered the prices.

One home, a five-bedroom Green Hills mansion with 360-degree views and 14-foot ceilings, was snapped up by Kings of Leon bassist Jared Followill for $1.85 million. That's about 20 percent less than the property was priced at just seven months earlier.

Two married Vanderbilt University medical doctors bought another upscale home for $1.52 million, more than $300,000 off the list price.

Reduced prices and sweeter returns on Wall Street for many investors may be melting a nearly frozen market for higher-priced homes, real estate agents say.

Fourth quarter 2009 saw the first year-over-year increase in home sales in the Nashville area for property priced above $750,000, according to an analysis by appraiser Richard Exton of Manier & Exton.

Sales of those higher-priced homes rose 29 percent to 89 homes in October-December, roughly the same percentage increase as the overall market experienced. Luxury homes are not a huge part of the overall real estate market, however.

Homes that sell for more than $750,000 make up less than 3 percent of total sales. Yet an increase could be a sign that more than just first-time home buyers are starting to get interested in buying homes again.

"I'm not going to say we're healed," said Allen, who celebrated his series of sales with a vacation to the Florida Keys last week. "I think everyone was looking for someone to stamp the economy OK, to say we're not going down the tubes in every single area. I feel like our government is moving things along in well-enough shape that people have some confidence."

The Dow Jones industrial average is up about 30 percent compared with this time last year, an important psychological marker for consumers who buy luxury homes. The still-lackluster jobs market — and its 10.3 percent unemployment rate in Tennessee — may not be that big of a concern to people who buy $1 million houses, real estate agents added.

It would be silly to say people who buy expensive houses aren't affected by the economy; they are. Many of them own businesses," said John Brittle Jr., an agent with Village Real Estate Services, who has sold five homes for more than $500,000 this year in Nashville, primarily in the Green Hills and Belmont neighborhoods. "But they might be more careful or they might want to sell their existing homes first," he said.


They also want a bargain. Foreclosures and strapped homeowners are affecting prices for high-priced homes just as they are for the less-opulent properties.

Prices pushed down

One buyer refused to look at any homes for sale that weren't foreclosures or on their way to foreclosure, said Steve Fridrich, the president and chief executive officer of Fridrich & Clark Realty.

He eventually sold the man a foreclosed $1.69 million home in Green Hills in July for $200,000 less than the financial institution, Pinnacle National Bank, had paid for it in October 2008.

"What's driving the market now is bank-owned property, short sales, foreclosures. … All of those are must-sell properties and you see the most price adjustment there," Fridrich said.

He still sees a lot of inventory in the high-end market. In some price ranges, it would take years to sell off all the homes at the current sales rate, he said.

"Our weak market will remain weak for awhile," Fridrich said.

"Real estate isn't something that just bounces back in six months, especially in the high end."

Year-over-year home sales, prices up in December

For the third consecutive month, Nashville-area home sales were up in December when compared to the same period one year ago, according to sales data released today by the Greater Nashville Association of Realtors.

According to GNAR, there were 1,612 closings during December, up 13.3 percent from one year ago.

While residential sales were up significantly — from 1,422 in December 2008 to 1,612 last month — condo sales were essentially flat, going from 192 in 2008 to 195 last month.

The median price of both single-family homes and condos ticked up in December, when the average single-family home sold for $164,000 (compared to $163,750 in December 2008) and the average condo sold for $149,900 (compared to $134,062).

Fourth-quarter home sales in Nashville, which finished at 5,730, were up 29 percent compared to the fourth quarter of 2008.

However, home sales in 2009 finished well below 2008. Regional home sales totaled 21,183 in 2009, compared to 24,246 closings in 2008, a 12.6 percent difference.

“It bears noting that at mid-year of 2009 we were virtually 30 percent behind the previous year,” said Lucy Smith, 2010 president of the Greater Nashville Association of Realtors. “While no one is claiming that all the economic issues have been resolved, we have made some meaningful progress and this is certainly the kind of news we welcome as we begin a new year.”

“The significant increase in closings during December and the very positive trend for all of the fourth quarter are both encouraging signs for real estate in this region,” Smith said.

As with recent months, the positive momentum was attributed to the homebuyer tax credit for first-time buyers.

There were 1,339 pending sales at the end of December, compared to 1,250 pending sales at the end of 2008.

Nashville Business Journal - by Eric Snyder Staff Writer

Gwyneth Paltrow, Tim McGraw movie to begin filming in Nashville

An Academy Award-winning actress and a multi-platinum selling country hunk are teaming up on a project that is bringing an injection of cash to some Nashville-area businesses.

No, it’s not Nicole Kidman and Keith Urban.

Gwyneth Paltrow and Tim McGraw are starring in a $15 million movie that begins production this week in Nashville. The production company, Screen Gems, planned to hire local residents for 75 percent of the film’s crew and 90 percent of its cast (an open casting call was in December). The movie also stars Garrett Hedlund of Friday Night Lights (the movie, not the TV show), and Leighton Meester of Gossip Girl.

“I am thrilled the director and producers of 'Love Don’t Let Me Down' have chosen Nashville and its residents to help bring their story to life,” Perry Gibson, executive director of the Tennessee Film, Entertainment and Music Commission, said in a news release. “Having a production of this magnitude in our state will provide a significant number of jobs for our production community and the project’s spending will provide a real boost to the local economy.”

Photography is expected to last through the first week of March. Pre-production began in November and post-production is expected to end in April.

Screen Gems said it expects to spend $7 million to $8 million in Tennessee, which should qualify the company for a 32 percent refund on qualified expenses thanks to incentives offered by the film commission and the state Department of Revenue.

Writer and director Shana Feste describes the movie as “a rising young singer-songwriter (Hedlund) who becomes involved with a fallen country singer (Paltrow). As they embark on a career resurrection tour with her husband and manager (McGraw) and a beauty queen-turned-singer (Meester), romantic entanglements and old demons threaten to derail them all.”

Restaurant Wednesday

Midtown Cafe is known as the place for a power lunch as well as a favorite choice for couples wanting an intimate romantic evening. Midtown Cafe offers great, unpretentious food under the precise eye of Executive Chef Brian Uhl. Fifty wines by the glass and 150 by the bottle keep Midtown on the top of every "Best of" list. Free shuttle services for downtown hotel guests.

Location:
102 19th Avenue South
Nashville

615.320.7176
midtowncafe.com

Free wireless network planned for downtown

Businesses will be able to extend Tech Council's coverage beyond core
Email | Print By Erin Lawley


01-07-2010 2:32 PM —
The Nashville Technology Council is planning to create a free wireless Internet network in Nashville’s central business district that could eventually be expanded through the city.

Council President and CEO Tod Fetherling told NashvillePost.com today that the organization wants to implement a wireless mesh network from networking company Meraki. In its pilot phase, the system should provide a free outdoor signal within a 0.9-mile radius of the system’s main transmitter, which would be located at the Tech Council’s headquarters at Third Avenue and Commerce Street. That roughly encompasses the area between Interstate 65 in the east, Interstate 40 in the west, Bicentennial Mall to the north and past Korean Veterans Boulevard to the south.

Businesses on the outskirts of that coverage area then could buy smaller transmitters, or “nodes,” that would mesh with the network to extend the signal outward. Companies would connect the transmitter to their existing network and partition off as much bandwidth as they’d like to contribute to the public network, Fetherling said.

“So as we go out the corridors – West End Avenue, Gallatin Road, Murfreesboro Road – businesses every mile or so can put one of these units in and it extends the WiFi circuit out there,” Fetherling said.

Businesses stand to benefit from providing free connectivity to Nashville’s visitors, Fetherling said. For one, business travelers will be able to work remotely without having to search for a coffee shop, and all visitors will be able to find a coffee shop or any other business more easily when they’re out and about.

“We build streets to connect people to do commerce. It’s the same reason we need a WiFi network – to do commerce, to connect people and make it easier for them to get from point A to point B,” Fetherling said.

To start, the program will go through a month-long pilot period that will begin later this month or in early February. The launch will cost about $3,100, which covers a couple of main transmitters and a solar-powered unit that could be used for outdoor events. Participating businesses would pay a one-time fee of $200 for a node to connect to the network.

Weekend Fun!

If you're looking for something fun to do this weekend, check out the Nashville Scene Weekend Calendar of Events here!

DECEMBER HOME SALES INCREASE OVER 13 PERCENT

4th Quarter Shows Significant Increase; Year-end Status Improves Dramatically From Mid-Year Conditions

There were 1,612 home closings in Greater Nashville during December, representing a 13.3 percent increase from the 1,422 closings reported during December of 2008.

During the 4th quarter there were 5,730 closings in the region, which is a 29.8 percent increase over teh 4,413 closings in the 4th quarter of 2008.

And, there were 21,183 closings at year-end for 2009, which is 12.6 percent lower than the 24,246 closings for 2008.

The median residential price in December of this year was $164,000 and for a condominium the median price was $149,900. That compares with median prices of $163,750 and $132,062 respectively in December of last year. And, there were 1,339 sales pending at the end of December 2009, compared with 1,250 at the end of December of 2008.

Inventory is down to 20,774, compared with 21,274 in December of 2008. You can click here for a copy of the news release with more detail on home sales for December.

Restaurant Wednesday

Jackson's is a bustling corner bistro in historic Hillsboro Village, Jackson's offers creative comfort cuisine for lunch, dinner, late-night dining and Saturday and Sunday brunch in an eclectic, upbeat, come-as-you-are atmosphere. Choose a seat in the dining room, at one of two bars, or on the sprawling, covered outdoor patio.

1800 21st Avenue South
Nashville
615.385.9968
campusmenus.com

Arts: Nashville opens host of music, art venues

Music City broadens cultural offerings beyond the honky-tonks
Nashville Business Journal - by Linda Bryant Contributing Writer

At the turn of the millennium, Nashville’s downtown was known for its honky-tonks, but fine arts — or any other art form other than country music — weren’t part of the Music City brand.

Flip the calendar forward 10 years to Jan. 1, 2010, and there’s a different way of life percolating in the downtown core. The artistic and cultural choices have broadened. Downtown residents have increased from about 500 in 2000 to about 5,600 in 2009.

The expansion and addition of arts venues since 2000 include the $23 million Frist Center for the Visual Arts, which opened as Nashville’s first major visual arts museum in 2001. A wave of growth followed.

“We were not thought of as an arts town,” said Ken Roberts, former chairman of First American National Bank and president emeritus of the Frist Foundation. “But in the past 10 years, we have become a great arts town, far better than the community knows. I don’t think you can measure the amount of people who have come here because of it.”