Nashville is hundreds of miles from the nearest ocean, but homebuyers in neighborhoods close to parks and greenways have discovered the city’s equivalent of beachfront property.
“Property around the park has been treated like oceanfront property in Nashville, where values have grown exponentially and retained themselves,” said Britnie Turner, founder and CEO of Aerial Development Group.
From urban neighborhoods and downtown to the suburbs, demand is growing for parkside homes.
Aerial recently sold several homes in East Nashville’s Shelby Hills neighborhood at prices between $700,000 and $800,000. The neighborhood is adjacent to Shelby Park.
“Several people commented, ‘why would we want to live in Green Hills and deal with that traffic when we could live in this beautiful park this close to downtown?’,” said Turner.
Aerial is also developing East Greenway Park in East Nashville’s Rosebank neighborhood. The neighborhood, at the intersection of Eastland and Rosebank avenues, has direct access to the Shelby Bottoms Greenway and is designed as a wellness community where outdoor activities are encouraged.
East Greenway Park will have 62 homes on 10 acres when fully developed. Homes range from 1,250 to 2,400 square feet. Prices were initially set in the $225,000 to $375,000 and higher range.
“We just went to market on East Greenway Park last week and are already 60 percent sold out of the first phase. People are loving the park,” said Turner.
Rebecca and Trevor Brown are looking forward to moving into their new home in East Greenway Park after it is completed early next year.
For the Browns, who operate CrossFit Gulch in Nashville, the location next to the Shelby Bottoms Greenway was a key factor in their decision to buy their home.
“I plan to run on the greenway. My husband bikes and runs. We’re excited to be near Cornelia Fort,” the 130-acre former airpark that was added to the greenway a few years ago, she said.
They understood that buying a new home inside the city, where the price of land is high, meant they would not have a large yard. Instead, the park will serve that purpose.
The Browns, who have one child and are planning for more, look forward to having an outdoor lifestyle in the park.
“All the space kids can play and not worry about cars and people,” said Rebecca Brown.
In the Rutledge Hill neighborhood on the south side of downtown, Village Real Estate Services is marketing condominiums in CityLights, a 71-residence building being developed close to the Cumberland River Greenway and the 11-acre park surrounding Ascend Amphitheater.
Prices in the seven-story building, which will be at 20 Rutledge St., range from the high $500,000s to $3.2 million. Residents are expected to move in by early 2018.
“CityLights is in an incredible location, with easy access to event venues, Riverfront Park and our greenway system, which is getting more fully developed every day,” said Mark Deutschmann, a founder of Village Real Estate Services.
“We now have a 26-mile contiguous Nashville greenway, from Percy Priest Dam to downtown across the Shelby Street Bridge to Metro Center and beyond. Living near parks and greenways encourages a healthy, active lifestyle, and more Nashvillians are seeking that lifestyle,” said Deutschmann. He is president of the board of directors for Greenways for Nashville.
On the west side of the city, Village is selling condos in Poston at the Park at 30th and Poston avenues. The 27-unit luxury building overlooks Centennial Park. Prices range from $599,200 to more than $2 million.
”The neighborhoods near Centennial Park have been discovered and are developing rapidly because of the convenient location. Poston at the Park is steps away from Centennial Park and a short walk to West End restaurants and services, the new master-planned park system and the recently announced 440 Greenway, which originates in Centennial Park,” said Deutschmann.
On Belwood Street, a short walk from Centennial Park, Regent Homes is building townhomes priced from the $400,000s to about $699,000. They sold before they were built. The company is also building three condominiums priced in the $600,000s.
On the southeast side of the city, Regent is developing the Carothers Farms subdivision adjacent to Cane Ridge Park. More than half of the neighborhood’s 500-acre site will be preserved as green space, said Regent Homes President David McGowan.
Townhome prices start in the $180,000s. Single-family cottage homes with about 1,400 square feet are priced from $249,000. Larger homes start at $289,000.
Construction of the first homes began in July; 17 have already been purchased. McGowan said being next to a park increases demand.
“No two ways about it,” said McGowan. “People like being near a park.”