Nashville

[Daniel Etheridge]

anyone out there from Nashville TN and would like to do some networking?

[Mark Gliebe]

@Otis Sanders I know we talked offline, but I wanted to respond to your question in case anyone else was wondering the same thing.  Essentially the city of Nashville wanted to increase density and it all depends on the zoning.  Zoning designations of R (meaning residential) 6, 7.5, 8, 10, 15, 20 etc. (numbers meaning lot square footage - 6,000).  For example, if one has a lot at 7,500 square feet and it is zoned R6 then on face value you could knock down the current house and build two.  That is without knowing lot frontage, and a bunch of other factors.  The same thing would apply to bigger lots.  If the lot was 5,900 square feet and zoned R6 then you could not build two.  The reason why this started and became possible in Nashville as of recent years was because of the value of the land.  The land was/is worth more than the structure (which most of these were post WWII to 1970s ranch style 1,000 sq ft 3/1 homes).  Typically land is worth 10-30% of property value and the rest of the value is in the improved structure.  In Nashville what you saw and still see is the land and improvement values inverted.  To be brief, that has caused a feeding frenzy on tear downs and building two.