Getahn Ward

gward@tennessean.com

Seven months ago, a Sylvan Park home at 3910 Murphy Road sold for an area record $985,000.

A year ago, a home at 5010 Nevada Ave. was up for sale for $1.09 million, but never sold after the price was dropped to $989,000.

Some observers question whether the home would sell for nearly 30 percent higher than Sylvan Park's current record home sale price.

Could the second attempt be the charm for a million-dollar-plus home sale in Sylvan Park?

A $1.28 million listing of a 3,477-square-foot, single-family home at 109 42nd Ave. N. provides the latest test for that neighborhood southwest of downtown Nashville.

The listing comes seven months after a Sylvan Park home at 3910 Murphy Road sold for that area's current record price of $985,000. A year ago, another home at 5010 Nevada Ave. was up for sale for $1.09 million, but after 183 days that listing expired without a deal with the final list price at $989,000.

Sylvan Park's flirtation with the million-dollar mark reflects how such neighborhoods within closer proximity to downtown have become the darlings of urban Nashville.

Some observers wonder whether the record prices being sought are contributing to a housing market bubble that will eventually pop, but others said its simply a reflection of growth in Nashville's real estate market as the region adds more jobs.

"That whole Sylvan Park area has been increasing in value at a rapid pace." said Steve Fridrich, the managing broker at Fridrich & Clark Realty LLC in Nashville. "Now that there are sidewalks and other infrastructure in place along with additional restaurants and shops, it's becoming sought after as a desirable, walkable neighborhood."

Ted Pins, a Nashville Realtor with Village Real Estate Services who listed 109 42nd Ave. N., said the location, size of the home and its features and amenities make it worth the $1.28 million price.

Specifically, he cited walkability of the area that's a block from retail businesses along Murphy Road, McCabe Golf Course and McCabe Park Community Center.

Pins also mentioned the cottage-style home having five bedrooms and 3½ baths along with amenities such as a phone-controlled inside and outside lighting and sound system, a Vegas-style heated saltwater pool and an attached two-car garage with additional car, boat and toy parking and storage space that's secure behind power gates.

"There's not a home like that in the area," he said.

After buying the home for $746,386, Pins said the seller, whose planned move is related to a job transfer to another state, spent $300,000 on adding the pool, a wall around the backyard, gated parking area and audio equipment.

Some real estate observers question whether the home could sell for a $1.28 million price that's nearly 30 percent higher than Sylvan Park's current record home sale price of $985,000. On average, home sale and resale prices in Sylvan Park have risen nearly 11 percent a year over the past three years, one analysis shows.

Christie Wilson, president of The Wilson Group Real Estate Services, reserved her opinion on value of the home at 109 42nd Ave. N. until she tours it.

“The past couple of years have been full of interesting sales" she said. "I’m totally open-minded about what a home may sell for in Nashville, and look forward to viewing this Sylvan Park home.”

On a broader level, Wilson said a shortage of inventory in urban Nashville is driving demand for homes and as a result driving prices upward, especially in walkable, conveniently located neighborhoods such as Sylvan Park.

Barring a major negative global event, Wilson doesn't believe there's going to be a popping bubble.

"There are definitely micro markets in Nashville that are experiencing a bubble, and if demand subsides, we will see a typical deflate, but not a pop," she said. "That is the nature of real estate. It goes up, and it goes down … and still it remains the best investment a person can make."

Tours of the home at 109 42nd Ave. N. were offered for real estate agents and their clients from 5 p.m. to 8 p.m. Wednesday,

Reach Getahn Ward at 615-726-5968 and on Twitter @getahn.