Chattanooga Home Sales up in June

Chattanooga home sales were up in June after a sluggish 1st quarter according the the Great Chattanooga Association of Realtors (GCAR).

Chattanooga-rising-home-sales

Chattanooga Home Sales Rise in June

Closed home sales were up by 11.2% as the spring home buyer activity started to close in June.  July has been equally as busy for Realtor, Nathan Walldorf, as he has put many new homes on the market and closed on several properties, one of which was a million dollar apartment complex.  The median home sale price didn’t change much in June, like it has in past months.  In fact the median sale price was down by 1.6% (a very small amount).  Homes are still taking a little less time to sell.  The days on the market were down by 4.6% in June.  The average sale price has been up every month since November in the Chattanooga area.  In June, the average sale price was up by 1.5%.

 

Not all homes are flying off the shelf.  The homes over $500,000 are still taking some time to sell.  The flip side is that even on Lookout Mountain there was a 28.6% increase in closed home sales.  That market typically is made up of upper end home sales.

 

The good news of July is that VW is adding 2,000 more jobs with the Cross Blue being built in Chattanooga and with a research and development team coming to Chattanooga.  The economic stimulus from VW coming to Chattanooga helped our real estate market be more stable than most during the recession.  I’m sure that the growth at VW will continue to help Chattanooga real estate strengthen.

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Black Creek Mountain Denied Funds for Road

Black Creek Mountain subdivision was granted $9,000,000 to build a road in the

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Black Creek Mountain Development

Tiftonia golf community up Aetna Mountain in order to develop the area. The developers were awarded an industrial grant to build the road that citizens were worried was misused, so a lawsuit was filed to overturn the awarded grant. The grant is meant to create jobs and bolster industry, which the Black Creek developers said would happen with some of the commercial spaces (office and retail) they were proposing. It is easy to see how the limits of this grant requirement were stretched. The vote to award this grant was also done in a closed door meeting. Since it wasn’t an open meeting, the judges declares that the grant is invalid. I’m sure there will be more to this story as the Black Creek Mountain developers appeal this decision.

Chattanooga real estate grants to encourage needed development are great for the community, but I see how this particular grant may not fit the use that it is meant for at Black Creek Mountain. Foundations like the Benwood Foundation have spurred Chattanooga TN real estate renewal in entire neighborhoods like the Southside & Highland Park with their privately funded grants. A high end subdivision wouldn’t be the kind of project that these organizations support. The city, county, and state help businesses like VW build their operations in the area; should they also give some sort of to breaks to developers to build new homes when inventory is needed?

Source: Chattanooga Times Free Press, Saturday, July, 12th, 2014.