Nashville is reinventing itself and proving to be more than the capital of country music.
For natives, an area almost unrecognizable is East Nashville.
From the neighborhood feel of Inglewood to the hip vibe of Five Points, one defining characteristic is soaring real estate prices.
In real estate, there’s nothing more important than ‘location, location, location.’ Lisa Gaston knows that well having seen the ‘it-location’ change over her 30-year career as a realtor in Nashville.
“I remember, you know in high school, we didn’t go downtown. You know but now, we go downtown twice a week,” said Lisa Gaston, Managing Broker, Parks, The Gulch Office.
People are now wanting to live closer to downtown, Gaston says, finding the convenience of urban living mixed with neighborhood charm.
“Retail has come in, the close proximity to the airport is very important to a lot of people and the radius to downtown Nashville is also important to a lot of people with their commutes to work,” said Gaston. “So yeah, I’ve seen a huge change in East Nashville.”
She sold her first home in the suburbs in the 1980s. Now, as the managing broker for Parks Realty Office in The Gulch, she says clients want to move east, and for good reason.
“National averages on appreciation in real estate is about 5-percent. Nashville has been enjoying 10-to-12-percent increase in value, some neighborhoods more than that.” Neighborhoods like Cleveland Park, where a 3-bedroom 2-bathroom home, less than 2,000 square feet increased in value by 124-percent in 8 years, or 15.5-percent per year.
The same home in Shelby and Lockland Springs appreciated 11-percent per year. In Ingelwood, a 3 bedroom / 2 bath house increased by 19-percent per year over the last 8 years.
“It’s just amazing to see how the numbers have increased over the years,” said Gaston.