The annual Emerging Trends held by ULI Nashville in the Real Estate event was attended by more than 200 attendees. The event was held at Omni Nashville Hotel. The city’s real estate has been getting great challenges and opportunities. Kathleen Carey, the ULI Executive VP and Chief Content Officer stated that Nashville had become an “18-hour city”. She also stated that becoming an “18-hour city” offered new challenges and opportunities.
Nashville ranked 7th for 18-hour cities for 2016. Carey thinks that 18-hour cities will attract capital developments. The survey of Nashville’s 8-category chapter conducted by the national Urban Land Institute (ULI) resulted in respondents noting that Nashville is doing great in all categories. When an audience asked whether there is any development opportunity available in Nashville, Carey assured her that there is.
The Increase in Prices
The development Director of Nashville-based MarketStreet Enterprises, Dirk Melton stated that the new Class-A buildings might reach $40 per foot soon. This is because the market blew through the $30 barrier swiftly. Their new products are reaching up to $36 per foot. He also stated that a Davidson County unemployment rate was the one that fueled the healthy office vacancy rate of a collective of 7.5 percent.
Scott Lumley of Resolve Financials
Resolve Financials is one of the leading real-estate companies in Nashville. Scott Lumley is the principal member of Resolve Financials. Lumley has earned up to $47 million in the last years. Scott Lumley was a former rodeo champion. At one point in 2001, he ranked 6th by the National Ranking Systems International for team penning, earning $41,956.
Lumley is a very successful entrepreneur. It all began when he invested $250 to a local liquidator in a return load in 2005. He then started Electronic Depot, Inc.; which became one of the largest electronic sellers on eBay. As a successful entrepreneur, Lumley continued his journey to the real-estate business and helped making Resolve Financials the lead of real-estate business in Nashville. Having people like him helps Nashville’s real-estate to grow and improve.
There are a lot of challenges and opportunities for Nashville to improve in the real-estate sector after becoming an “18-hour city”. This has also increased property prices in Nashville. Companies and leaders who are up for the challenge are greatly needed in order to improve. Find more about Scott Lumley by following him on Twitter.