In an article by Joey Garrison published in The Tennessean titled “Nashville property values increasing at ‘historic’ clip,” Nashville is described as a city where neighborhoods are being revitalized and new construction is taking place. Property reappraisals in Nashville’s Metro area occur every four years. In 2013, property values increased by 5.3 percent over 2009, and Davidson County Property Assessor George Rooker expects residential property values to increase by 33 to 37 percent in 2017. This expect jump in residential property values may have an effect on affordable housing because the areas that are seeing the sharpest increase in values are in low-income neighborhoods.
One person who is in a position to take advantage of the increase in property values and construction activity is Scott Lumley. Scott has been a principal member of Resolve Commercial and Resolve Financials since 2010 where he is a commercial developer who purchases and remodels older commercial buildings. In 2005, he started selling merchandise on eBay under the business name of Electronic Depot, Inc. and grew this business to have annual sales of $1.5 million. He also started an e-commerce site offering wholesale deals on electronics called e-depotonline.com the same year. In 2006 Scott started a B2B wholesale auction site called LargeLots.com which was soon renamed bidFlame.com.
Scott, who was a rodeo champion at one time, has had a lot of success in his life. He is a serial entrepreneur whose keys to his success has a lot to do with being focused and driven, satisfying customers, and having a diverse business portfolio. He will continue to have more success as a commercial developer if the value Nashville’s real estate market increases.