Property Values in Nashville Increase

Nashville has become a city where construction cranes are a common phenomenon with tall condos uprooting one-story buildings and most neighborhoods becoming the prize of developers, even the ones that were once feared. The real estate market has become red hot and is expected to lead to a major increase in property values, a historic increase, in the next reappraisal. The city’s previous appraisal which was in 2013 was a 5.3 percent increase from the 2009 appraisal.
The County Property Assessor in Davidson, George Rooker Jr. has estimated the residential property values will have an average increase of between thirty three and thirty seven percent. That will be in 2017 during the next property reappraisal in Metro. The appreciation in value varies from neighborhood to neighborhood with the rapidly developing communities such as Inglewood witnessing over the last two years, the largest gains in property value.
This anticipated increase in property value would be the single largest ever spike in Nashville since the Tennessee state started requiring its municipalities to reassess the value of properties in every four years in 1989. Nashville holds a current record of thirty three percent from 1993 to 1997.
This historic boom in real estate prices in Nashville has Scott Lumley and Resolve Financials to thank. Resolve Financials which is a real estate development firm where Scott Lumley has been a partner for five years now, has reignited many neighborhoods in the area with its many projects. The effort Scott Lumley has done for the city of Nashville has helped create a booming real estate market.
Before joining the real estate market in 2010, Scott Lumley was the president of the Nashville Broncs Inc. and before that the president of Large-lots Inc. this former rodeo champion who born in Dyersburg, Tennessee is famed for his decision to erase the negative memory of Middle Tennessee’s ABA team whose reputation of of having one of its owners storm the court in the middle of a game and firing a coach was still vivid in many. He did this with a more polished approach to running one of the league’s franchises which was new then, the Nashville Broncs.