2 min read September 2022 — Jessica Averbuch, the CEO of Zeitlin Sotheby’s International Realty, sees big things ahead for the sprouting city of Nashville. In an interview with Invest:, Averbuch discussed the development of Downtown Nashville, the challenges the city will have to face moving forward, and what makes the city unique. She also explained how the real estate industry has changed and the process behind her company’s relocation services.
What development is the city of Nashville seeing?
Let me start by saying that we have incredible bookends of our Downtown that are transforming our urban core. Oracle has plans underway for a massive development along the East Bank of the Cumberland river and Amazon has started their move into another large scale development downtown called Nashville Yards. Most recently, the Titans unveiled their plans to create a new stadium for the team also along the East Bank. If you look at this corridor of development, it makes sense why Nashville is transforming into one of the top cities in the country. These projects are all still in the announcement or early development phase. Once they are finished, these projects will dramatically change Downtown which is the vital core of our region.
What does the process look like when Zeitlin Sotheby’s International Realty provides its relocation services?
We offer customized relocation services to meet our client’s needs. We are often involved in the earliest stages when a company is considering a move but also work with companies that have already committed to a relocation. Our relocation team educates companies and their teams on cities and neighborhoods throughout the region and what they have to offer in terms of lifestyles, community resources and amenities. They counsel with the transferee so they can match them with an agent that will be suited to meet their needs and expectations. Our agents provide full service representation including the ease of working with our in-house mortgage and title partners. Our goal is always to achieve a seamless transition so they can focus on getting settled and starting their new chapter living in Middle Tennessee. Our history and brand are aligned with luxury which we consider to be an experience, not a specific price point, allowing us to serve a diverse range of clients. We have a long track record of providing relocation assistance to companies of all sizes over the past 40+ years. Because Sotheby’s International Realty is a global network, we can also assist them with their real estate needs in the market they are moving from.
What makes Nashville a great place to live and work?
At the highest level, I would say the one common thread is how friendly it is throughout the region. It sounds cliche but it is just so different from other parts of the country in terms of people’s interest in meeting new people and getting to know them quickly. We also have a great culture of livability, which means something different to everyone. Every weekend there are so many events so there is something for everyone to enjoy.
What impact has remote working had on Zeitlin Sotheby’s International Realty and the residential real estate industry as a whole?
Remote working has had a dramatic impact on our industry and business. On the one hand, this trend acted as a catalyst for people to move to Middle Tennessee because people could live anywhere. On the flip side, it stopped a lot of larger corporate companies from pursuing relocations or at least put them on hold. We are still in a transition period as remote and hybrid work continue to evolve. For example, Amazon halted construction of a second tower they were developing in Nashville Yards while they continue to consider how and where their employees will be most productive and satisfied.
What challenges will Nashville face over the next few years?
There are a few big challenges that Nashville will continue to address in the coming years. One issue is we have a labor shortage in the hospitality industry. Another issue is our transportation system. Our public transit is far behind our peer cities in terms of walkability and mass transit within our region. Affordability is also an issue. Prices have risen dramatically for both renters and homeowners. Our city has a long track record of finding solutions through public and private partnerships which will be key to addressing these specific challenges.
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