Nashville's red-hot housing market soared to another mind-numbing high after a mobile home sold for $1.5 million - for a property that fetched a little over $130,000 in 2007 - ahead of software giant Oracle's plans to build its second headquarters in Music City.
The trailer, located on the East Bank of the Cumberland River, contains just 528 square feet of space, according to Zillow, but sits on a 1.23-acre lot that the buyer is expected to develop into multiple units in the gentrifying neighborhood.
'With that amount of acreage, they could build 40-50 townhomes and either sell them or rent them out as short-term rentals,' said real estate director Ryan Turbeville, who noted the property represents four parcels of land.
The underdeveloped area is expecting a huge demand for space after software giant Oracle announced in July a $254 million River North project along the East Bank of the Cumberland River.
An east Nashville mobile home and its surrounding 1.23-acres of land was sold for $1.5 million to owners '1110 Baptist Partners'
The $1.5 million mobile home is location a little more than half a mile away from the River North project by the software company Oracle who are redeveloping the area
The recent gentrification of the area and high real estate demand has led to increasing housing prices
The mixed-zone area will provide opportunities for modern homes, offices and shops on nearly 60 acres in Nashville.
Oracle, which began in Silicon Valley, shifted it main headquarters to Austin, Texas, last year. The tech titan plans to spend $1.2 billion for a second U.S. headquarters in Nashville, according to the read more from dailymail.....
