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Why This Run Down Mobile Home Sold For $1.5 Million Will Blow You Away!

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.

According to Zillow, this property sold in July 2021 for a stunning $1.1 million. That wasn’t all, however. In September, this same property sold for $1.5 million, a jump of $400,000 in just a few months.

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.

Recently, there was a group known as 1110 Baptist Partners that bought as much as 1.23 Acres of the overall property, and apparently, this is where the staggering price appears to be coming from. This makes perfect sense, especially since Ryan Turbeville of the local Ashton Real Estate Group is now pointing out that this is land that has the potential to be developed.

“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.”

“With the River North development finally starting up and Oracle announcing itself as the major anchor tenant, all the neighborhoods surrounding it are going to develop. How long that takes is anyone’s guess — probably five to 10 years before it spreads out.”

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.”

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