There hasn’t been this much excitement in Tennessee since Saturn first appeared in Spring Hill. (The cars, not the planet). That’s when many experts believe real estate started rocking.
The success stories quickly followed. A man owned a farm equipment business and times had been bad. In fact, he was thinking about closing it. On day some investors walked in and offered him an enormous sum for everything. Negotiations moved at lightning speed. This was the deal of a lifetime. He’d better take it and run.
"Okay," he said. "When do we close?"
"Just as soon as you can remove all your inventory off the premises."
"Inventory? You mean you aren’t buying my business?" the new millionaire asked.
"Nope. We only want your [tag-ice]land [/tag-ice]."
And the success stories, Tennessee syle, just kept coming .
One family in East Tennessee sold off part of their land for a new Walmart Super Center. Then they built a new dream home further up the hill. Now they spend their days rocking on the spacious front porch watching the seasons change over Walmart’s parking lot. Not your idea of entertainment? That’s where you and I differ, Brother.
Okay, so those folks got lucky.
How can we also invest ahead of the curve? What are the indications development will come and soon? Why is it some areas get developed and others, which are probably better located, sit like cemeteries?
Tennessee’s 840 Highway can shed some light. Here was a gigantic State Route proposed by then Governor Lamar Alexander that was to bring prosperity and riches to those real estate investors who put their money into strategically located ground.
840 was to be the answer for interstate relief. It would circle traffic off the major interstates and around the state for faster, more efficient transportation.
Twenty years later, some areas have grown rich while others are believing they’re probably not holding their mouths right. (That’s southern for unexpected outcome). So what made the difference?
Sewage. Yeah, I know. Who would have ever thought?
Here’s the scoop. Building a road is not enough. You need more happening before your real estate can really rock.
In 2001, Wilson County, for example, desperately wanted the Nashville Superspeedway. That’s what lit the fire in that area. To get the deal, the city of Lebanon had to conjure up sewers to the car racing site.
"It allowed for that infrastructure, sewer, to go down 840. In doing so, it opened up all those interchanges," says G.C. Hixon, executive director of the Joint Economic and Community Development Board of Wilson County.
Growth comes as a result of roads… and sewers. First comes housing, then retail. A highway out in the middle of nowhere is still a highway out in the middle of nowhere. A blunt way of putting it is nothing really happens until a toliet gets flushed.
So what’s today’s message? If you’re looking for [tag-tec]raw land [/tag-tec]and future wealth, think sewage. Are the nearby towns willing to progressively invest in sewers? If not, keep on trucking.