Stacy's Music Row Report
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You've heard about the snobbish luxury car salesman who kicked himself after a customer (who the salesman sized up as not being able to afford a new luxury vehicle) left the premises, only to learn later the scruffy-looking customer, was a famous country-music star who then chose to purchase the same new make and model luxury car at a competitive dealership- paying the manufacturer's suggested retail price (MSRP) in cash?
Similar things happen in the real estate market. While there are no reports of anyone having been turned away from the October 21-22, 2016 TOM T. HALL preview and estate sale (which you about read here first), there's an interesting chain of events leading up to the actual listing of Fox Hollow (which you are also reading about here first).
After I broke the news of the impending listing in early October 2016, Realtors were all over themselves to obtain the listing; this despite the fact that it's harder to sell property in Hall's (list) price range than it is to unload even the most desirable, more-moderately listed properties. The reason for the seeming contradiction is simple: the higher a property sells for, the higher (in dollars, not percentage) the Realtor's commission.
The two-story, 4,657 square-foot brick home, which sits on 54.14 acres, was finally listed on March 1, 2017 for $3,750,000. Should the Franklin, Tennessee property command that figure, it represents three-million and several hundred thousand dollars in profit on the home Hall purchased from (EARL) BURTON TALLY, JR. for $10,000 and assumption of an $80,000 loan) on November 22, 1972.
The traditional-styled home itself boasts three bedrooms (16 x 15, 14 x 12 and 15 x 12), a den, a kitchen, a living room, a formal dining room, four fireplaces (?), a Master bathroom suite (two bathrooms, one half-bath), a wet bar, an intercom, a walk-in closet, extra closets and storage area, finished wood and "other" flooring, a balcony, a covered patio, covered porch and an entry foyer.
In addition, the "lucky" buyer of the wooded lot will have access to a long, aggregate driveway, central heat and air (gas heating, electric cooling), a septic tank, a recording studio, sprinklers and a barn.
The main house is in good, solid condition, but will require some updating.
Numbers crunchers will want to know that Hall's list price is 247% higher than the average list price ($1,080,263) of other property sales in his zip code and 343% higher than the average list price ($846,003) for Franklin real estate. Tom's list price is 800% higher than the average sales price ($416,870) for his zip code and 758% higher than the average sales price ($437,169) for Franklin.
The price per square foot for Fox Hollow ($805) is 374% higher than the average ($170) for Tom's zip code. Fox Hollow's value is projected to increase by 2.6% in 2018 (compared with a projected 2.2% rise for Tom's Franklin neighbors), making Hall's home 906.4% more expensive than the median home price of his neighbors' abodes.
The purchaser's estimated mortgage will be $14,896 per month. Estimated property tax will be $3,960. Add another $2,031 for homeowners insurance.
Those are the specs- and the digression. A Report reader, who is also a Realtor, was tipped off to the impending sale when I first reported it. Had the Realtor been pro-active, there would be a hefty commission to pocket rather than its loss to a competitor.
By the time another rich Realtor's relative was prepared to make what would likely have been the best offer Hall would have received March 3, 2017, the prospective buyer gave up after discovering Hall's Realtor's Web site had evidently crashed, after several attempts to access it during normal business hours. Eccentric multimillionaires are not the most patient of people.
You read about prospective staging issues, apparently resolved. But there is yet another that remains and, in fact, breaks a cardinal rule about what to avoid when staging a home. Word is the prospective buyer, who was eying the property for some time, was prepared not only to pay the 20% down payment ($750,000) in cash, but also (if necessary) Hall's list price!
Apparently, the pre-qualified, bank-qualified, prospective buyer was not dissuaded by Fox Hollow's lacking a basement and garage, but otherwise lost interest
To each her/his own.
Not knowing the rest of the story (at least to this point), Tom's Realtor will likely be happy, whatever the dollar amount of the commission realized.
And don't cry for Tom, who will likely celebrate his 81st birthday before the property is sold (depending on how soon, with commensurate price reductions, he wants to unload it) and isn't one to have many regrets anyway. It's not likely the failure to realize the sale that would have been will make a serious dent in the likelihood that Hall's retirement savings will outlive him.
When you reach Hall's net worth, numbers are nothing more than a mechanism by which to keep score. Something that, while others may be obsessed by it, once he attained financial independence, has never mattered much to Tom.
"Would love you to join us for some jazz, music and technology and a few drinks... first round on me."
For a list of speakers and further information click here.
Veteran music trade journalist, author, popular CMT contributor- and now playwright- EDWARD MORRIS is sure to turn revisionist history on its ear when Theatre Craft Inc. presents The Passion of ETHEL ROSENBERG at the Atmalogy Café and Event Space, at 2300 West End Avenue on March 4, 2017 at 7:30 p.m.
Collaborating with director CAROLYN GERMAN and actress KERI PAGETTA in the title role, Ed gives a historian's take on a cautionary tale of judgment, possible misjudgment and intrigue, underscoring a well-known 20th century spy story's contemporary relevance.
Tickets are $10 at the door. Seating will be guaranteed to those who make timely reservations by calling 615-874-8715.
"Send me an email and I promise I'll respond to you."
So said PAUL WILLIAMS, who, when standing thisclose, apologized that he couldn't hear me above the din of wall-to-wall celebrants at The Valentine February 23, 2017. Leave it to a songwriter to express what many other people are feeling.
All of the honorees were present,
as were SCOTT
ADKINS' "charges," PRESTON BRUST and CHRIS LUCAS (I Know Somebody is the duo's first #1 recording), the record's producer, LINDAY
RIMES, MICHAEL MARTIN, DAVID PRESTON and host of industry
luminaries. LORRIE MORGAN, the apparent butt
of an inside joke told during the de rigueur presentations, was,
accordingly, noticeably absent
Death can be so painfully difficult on loved ones and, as BILLY RAY CYRUS can attest, to a lesser extent, on those of us who don't know what to say, other than the seemingly inadequate words of condolence we often awkwardly offer to the bereaved.
Cyrus, JAMEY JOHNSON and VINCE GILL joined other noted Nashvillians at funeral services for a man they had never met, by their presence making a statement of outrage at the passing of yet another police officer killed in the line of duty.
That Nashville police officer ERIC MUMAW, a young husband and
father, died while heroically trying to save a woman who threatened
suicide, added to the poignancy of the televised church service at
which Cyrus, Johnson and Gill performed.
Chalk it up to nervousness, but when Billy Ray took the makeshift stage his first words to fellow mourners were "How y'all doing?"
On a related subject, those of us who gathered in support of our friend, DIANE JORDAN following the untimely passing of Diane's husband, LARRY FULLAM were already profoundly aware of not only Diane's (and our) loss, but, thanks to an audio-visual presentation at the celebration of Larry's life, we were reminded of the country-music industry's loss of one of the finest voices music has ever known. We listened to Larry's recordings and wondered why the celebrated sideman and featured road show/TV series vocalist never got his due as a solo artist.
Diane's Facebook friends have seen the chronological slide slow of photos she chose to memorialize Larry. Diane advises that Nashville photographer RONNY LIGHT has since taken the photos, adding "Larry's beautiful voice to serve as the soundtrack."
The enhanced presentation underscores and expresses the loss of Larry better than any words used to convey the same thought. Judge for yourself by checking it out here.