Sylvan Park gets first $1 million home listing

Could Sylvan Park be the next area of Nashville to see a million-dollar home sale?

The listing of custom builder Jeff Estepp's former personal residence at 5010 Nevada Ave. for nearly $1.09 million provides a test of the strength and desirability of that neighborhood off Charlotte Avenue.

In April the Germantown area of North Nashville saw its first million-dollar sale when a couple paid $1.08 million for the last home at Luxus Germantown at the southeast corner of Fifth Avenue North and Monroe Street.

On Sunday Keller Williams Realtor Rick Deckbar began showing off Estepp's 4,355-square-foot former home for a similar price, which equates to about $250 a square foot.

In addition to the main residence that has three bedrooms and four bathrooms, the home includes a bonus room that could be used for a fourth bedroom. The home also has features such as a wood-burning fireplace on the screen porch, a saltwater pool, a fitness room and a 230-square-foot studio with a bamboo floor.

"It's ideal for growing families and anybody who likes to entertain," Deckbar said.

Christie Wilson, CEO of residential real estate agency PARKS and resident of Sylvan Park, called the property a statement home in that area and one that grabs attention.

“The sellers and the agents continue to push the envelope on prices, and buyers are buying," she said. "The market continues to be reset as the homes sell. If your listing is overpriced, the market will reject it, and that still holds true today even in a crazy market."

Wilson sees Sylvan Park's proximity to downtown as part of the appeal of the area nestled between West End Avenue and Charlotte Avenue.

"Traffic in Nashville today is much worse than it was just two or three years ago," she said. "It just adds to the desire of people wanting to be closer, and that desirability lends itself to supply and demand."

The record home sale price in Sylvan Park is the $876,000 paid for 119 47th Ave. N. in 2013, according to the Multiple Listing Service. That's followed by the $792,475 paid last year for a new home at 134 51st Ave. N.

After touring the home at 5010 Nevada Ave., Crye-Leike Managing Broker Tim Guilfoil said the pool and bonus room add to the value of the property. However, he said some of the finishes, such as the wood used for the bonus room, could have been better for a house within the price range that Estepp is seeking.

"Overall, it's nice being a corner lot in the middle of Sylvan Park," he said. "They could get that much for it, but it's just that the finishes weren't there for me."

Sally Cornell, a Sylvan Park resident who came Sunday to look at the home built in 1935 and renovated later by Estepp, said if she had the money she wouldn't hesitate buying it.

"I wouldn't event blink, mainly because it's got a lot of options," she said, citing possibility of using the bonus room or other parts of the home for in-laws, elderly parents or teenagers.

"Nashville is growing and the proximity to downtown, you can't beat it. If you're going to go out to Franklin and pay this ...but drive 45 minutes and get stuck on the interstate, why not do it in town here. It's a great neighborhood. It's very eclectic and diverse."

Jeremy Jeter, a Realtor at TN Real Estate Group in Nashville, considers the home overpriced. "To each his own, but I feel like I have fiduciary duty to my clients and I won't be bringing any buyers there," he said.

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