HOMES

Real estate: Townhomes put homeownership within reach for many buyers

Bill Lewis
Special to Nashville Tennessean / USA TODAY NETWORK — TENNESSEE
Parkside Builders is offering homes for first-time buyers and others at the new Ridgeview development in Antioch, Homestead in Columbia, Waterford Village in Hendersonville and other neighborhoods.

Whitney Miller was looking forward to moving out of an apartment and into her first house but couldn’t find anything suitable to buy in Nashville’s tight housing market. Then she learned about Bradburn Village.

The new neighborhood of 132 townhomes is being developed by Ole South on Murfreesboro Pike at Pin Hook Road. The Antioch Publix grocery store is nearby. Prices range from $179,999 to about $200,000, a level the company set to appeal to first-time buyers like Miller.

“I’m one person on a single income. I needed something I could afford,” she said.

Demand is increasing

That’s something builders are hearing more and more often in the Nashville region, where prices threaten to put the American Dream of homeownership out of reach for many first-time buyers, said Ole South Sales Manager John Donlon.

“You can own a home for less than you can rent in a desirable neighborhood,” said Donlon.

In the nearby Autumn Glen neighborhood, Regent Homes and Ryan Homes are offering townhomes priced within reach of first-time buyers. Ryan’s prices start in the upper $100,000s. Regent’s townhomes range from around $199,000 to the $240,000s. Autumn Glen is located off Murfreesboro Road at 4316 Summercrest Blvd.

The dining area of a townhome built by Regent Homes.

The new starter home

Townhomes have become the new starter home for first-time buyers. Townhomes are more affordable because they are built on smaller, less-expansive lots than single-family houses, said David McGowan, Regent’s president.

Townhomes also offer the low-maintenance lifestyle familiar to anyone living in an apartment, he said.

“We’re seeing them (first-time buyers) transition out of apartments to townhomes,” said McGowan.

Demand from buyers is strong. Sales at Bradburn Village began in July and Ole South has already sold six townhomes, said Donlon.

In Autumn Glen, where construction began recently, Regent has already sold eight townhomes, said McGowan.

Regent Homes’ townhomes in Burkitt Commons are designed to be visually appealing.

In Nolensville, Regent has launched construction at Burkitt Commons, located at the intersection of Nolensville Road and Burkitt Road. The neighborhood includes traditional townhomes, live-work townhomes with commercial space on the first floor, and condo flats. Prices begin around $279,000.

“We opened four weeks ago and have sold nine of the townhomes,” said McGowan.

In Murfreesboro, Ole South is offering a total of 70 townhomes and villas at the Villas at Indian Creek, at 810 Staten Dr. Prices start at $172,990.

The living area of a residence at Ole South’s Villas at Indian Creek.

Sales began this spring and buyers have already snapped up 20 of the residences, said Glenn Street, sales consultant for Ole South.

“Twenty-five percent are gone in a relatively quick period of time,” he said.

Low downpayments

First-time buyers can qualify for the Great Choice loan program from the Tennessee Housing Development Agency and can move in with just $1,000 out of pocket.

Miller was relieved to learn she could buy a new home with a down payment of just 3 percent. She used a lender recommended by Ole South.

Obtaining a mortgage can be a challenge for someone who has never bought a home before, said Valerie Gray, Miller’s Realtor. She often works with first-time buyers.

Finding something to buy can be a challenge, as well.

“They have a price point that isn’t always there,” said Gray, a Realtor with Keller Williams in Spring Hill.

She and Miller considered, and rejected, several resale homes before finding new construction “at about the same price as what’s out there in the existing market,” said Gray.

To meet demand from first-time buyers and others, Parkside builders is launching construction of new townhomes at Ridgeview in Antioch, located off Bell Road at 1400 Eagle View Road. Prices begin in the low $200,000s, said Tiffany Caine, director of sales for the company.

Homestead, a neighborhood in Columbia priced from the $190,000s, and Waterford Village in Hendersonville, priced from the mid $200,000s, are also popular with first-time buyers.

This kitchen at Ole South’s Villas at Indian Creek in Murfreesboro has an island, granite and stainless appliances.

“Our first-time buyers want quality construction at a reasonable cost in a community with individual home charm and appealing streetscapes. Being close to major interstates is also important to them, as well as having a low-maintenance lifestyle,” said Caine.

Miller, who will move into her new Bradburn Village townhome this fall, is happy to be a homeowner. Even with granite countertops, stainless appliances and numerous upgrades, its price was under her budget.

“I’m so excited,” said Miller. “My mom said she’d come and help decorate.”

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