2011 Homebuying and selling
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What will $200,000 buy: Nashville

Real Estate » 2011 Homebuying and selling » What will $200k buy? » Nashville

The sales pitch
Brand new three-bedroom, two-bath ultramodern town house in downtown Nashville, Tenn. An open floor plan on the first level features hardwood floors and recessed lighting. The sleek galley kitchen has a two-story ceiling and stacked windows, pendant lighting, marble countertops and stainless steel appliances.

Price: $199,900
Area median price: $171,000 (up 6.3 percent from one year earlier)
Amenities
3 bedrooms/2 baths
Approximately 1,226 square feet
Two parking spaces in gated lot
Features
Hardwood floors
Open floor plan
Rooftop terrace
Listed by: Worth Properties, LLC

An open staircase leads to a catwalk hallway and two bedrooms, including a master suite with his-and-hers closets and a garden tub. "This vertical layout is something you just don't see in Nashville," says Buck Snyder, affiliate broker with Worth Properties LLC.

"It's contemporary living in a historic neighborhood," he says.

All bathrooms have marble counters and tile floors. This town house also has two decks and a rooftop terrace.

What else you can get for $200,000
With a median price hovering around $174,500, buyers wishing to spend $200,000 "have some really good options and you've got a variety of quality homes out there," says Alice Walker, president of the Greater Nashville Association of Realtors and affiliate broker with The Wilson Group Real Estate Services.

Exactly what you can find for the money "depends where you want to be," she says.

For the most part, in downtown Nashville, a studio or one-bedroom condo will usually run about $150,000, she says. Move up to a two-bedroom, two-bath "in Nashville's true downtown core," and the price is typically closer to $300,000, Walker says.

Buyers can also pick up a renovated single-family home from the 1920s "in one of the more transitional neighborhoods," she says.

In the suburbs, $200,000 will buy a three-bedroom, two-bath with 2,000 or more square feet, Walker says.

Some of the hot suburbs for $200,00 buyers: Mount Juliet, with a lot of new construction in that price range, and Franklin, where $200,000 homes often range from 10 to 45 years old, she says.

Buyers in that price range "are definitely getting more house" than they were a few years ago in the Nashville area, Walker says. "Home prices did come down a little bit in many areas. What was a $225,000 house or a $235,000 house has dropped to $205,000."

Nashville is not the place to get "a $500,000 house for $200,000," says Walker. But "people are amazed at what they can get for their money."

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