Saturday, August 15, 2009

Turn mid 300’s into mid 500’s? Cool Springs East in Franklin TN

If you love the convenience of Cool Springs in Franklin (just off of Carother’s), there is an interesting property that could use your love and affection.

Now if you idea of home renovation sounds like slow forms of torture, or a good way to sap the color from life as we know itunderstood. This one is a candidate for hiring a professional AND rehab lending (yes, it still exists) to fix up and enjoy. Completed by a professional (read: you still play golf on the weekends at Nashville Golf and Athletic around the corner, visit Lowes and Home Depot for light bulbs ONLY), and still finish up under *this year’s* market values.

Consider that the top sale in the neighborhood fetched a ‘wow’ $160/ft, but we still wouldn’t count on going to the top. Still, having shown it a few times, know that this house was in fantastic shape and kitchen was stunning. Upgrades and floor plan were not untouchable though; just a well done, well cared for home. Two other relevant sales have seen an equally ‘wow’ $110/ft, but one had serious unfinished space (a full floor actually) and the other had two floors of blank, hard-to-use square footage (cut up by the dormers upstairs, and hard to value in the windowless basement). Back to this Cool Springs home – if you could find your way into buying it right, put significant money into it (through cash, or readily available bank lending) – it could produce a property calmly valued at $140/ft. Note: Two other homes in the neighborhood just sold at ~$150/ft this year; one just six weeks ago on a terrible lot.

$140/ft = $560,000+ Interested in seeing past that BEAUTIFUL wall paper (grin)?

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