There is a structure at 1111 Spurgeon Avenue on the outskirts of Nashville that is definitely not much to look at from the outside. Indeed, the total living area is no more than 528 square feet, and in 2007 this listing sold for just $135,000.
The price has left many bewildered individuals in its wake. Just why was there such a jump? That is one question that many have, including Caris Porter, a local individual who rents in the Cumberland Heights Community across from this surprisingly expensive mobile home.
“That’s absolutely insane,” she said to WKRN-TV.
However, even though there is no question that this is an exorbitant jump, there is one consideration that many have glossed over: apparently, the original listing of this home in question had described it as sitting on land that was just a quarter acre. However, in actuality, it is one of four land parcels totaling 1.5 acres.
“Odds are that the listing, or whatever web service pulled that data, only looked at that one parcel but gave the total price,” Turbeville said. “With that amount of acreage, they could build 40-50 townhomes and either sell them or rent them out as short-term rentals.
“With mixed-use zoning, there are many different ways they could approach redeveloping this property, and it’s possible they don’t know what that plan is yet. Sometimes developers will buy a property, keep the existing tenant and keep generating revenue for a short period of time while they develop their larger plan for the property.”
Of course, if this property investment firm goes the development route, Porter is concerned that she is going to have to make some changes as well.
“I don’t know where I’m going to go after, if they — if they do that,” she said. “This is all I can afford right now.”
