Nashville’s real estate market is booming right now. But even so: $1.5 million for a mobile home?
But Nashville’s property assessor says the sale actually covered four parcels of land, not just the mobile home, and that explains the price tag. About 1.23 acres of land changed hands in total.
Nashville Property Has Potential
A renter in the Cumberland Heights Community across from the mobile home in question told WKRN she couldn’t fathom paying that much for a mobile home.
“That’s absolutely insane,” Caris Porter said.
But a Nashville realtor said there was probably a glitch with the web service that listed the data.
“Odds are that the listing, or whatever web service that pulled that data, only pulled that one parcel but gave the total price,” Ashton Real Estate Group’s Ryan Turbeville told WKRN. “With that amount of acreage, they could build 40-50 townhomes and either sell them or rent them out as short-term rentals.”
And why would they want to build townhomes right there? Because tech behemoth Oracle is moving to that part of Nashville, kickstarting development in the surrounding neighborhoods.
“With the River North development finally starting up and Oracle announcing itself as the main anchor tenant, all of the neighborhoods surrounding that are going to develop,” Turbeville added. “How long that takes is anyone’s guess — probably 5-10 years before it spreads out.”
That’s bad news for renters like Porter, who can’t afford townhomes and don’t control what happens to the property their rentals sit on, which just got more lucrative.
“I don’t know where I’m going to go if they do that,” Porter told WKRN. “This is all I can afford right now.”
Plans for Property Remain Unclear
The new owner of the property is listed as 1110 Baptist Partners. They have yet to announce their plans for the 1.23 total acres.
“With mixed-use zoning, there are many different ways they could approach redeveloping this property, and it’s possible they don’t know what that plan is yet,” Turbeville told WKRN. “Sometimes developers will buy a property, keep the existing tenant and keep generating revenue for a short period of time while they develop their larger plan for the property.”
Whatever the new owners’ short-term plans, the sale highlights the downside of big companies like Oracle moving to an area for lower-income tenants.
The cost of rent is climbing across Nashville, rising an average of $200 per month over this time last year, WSMV reports. That’s a 15 percent increase, putting Nashville well above the national average.