Cloister Property Value Trends and Comparisons

Seven Active Adult 55+ subdivisions have been developed in Middle Tennessee by Rochford Realty and Construction Company. Among them is The Cloister at Saint Henry. New construction is ongoing on three of the seven including The Cottages at Providence, Reid Hill Commons, and Wyndham Park.

Active Adult Communities:

  • Ashley Green, Bellevue
  • The Cloister at St. Henry’s, Warner Park Area
  • The Cottages at Innsbrooke, Murfreesboro
  • Windsor Park of Fieldstone Farms, Williamson County
  • The Cottages at Providence, Mt Juliet…from the $140’s
  • Reid Hill Commons, Franklin….from the $240’s
  • Wyndham Park, Columbia….from the $160’s

The Cloister at Saint Henry was the first 55+ Community developed by Rochford. Before the last phase of The Cloister was completed Rochford began development of Ashley Green in Bellevue. Bonney and I have looked at Ashley Green, Windsor Park, The Cottages at Providence, Wyndham Park,and Reid Hill Commons. We have actually been inside units at The Cloister, Ashley Green, and Reid Hill Commons. The units are very similar at all the subdivisions we have visited and the floorplans for the others differ very little.

Historically, Ashley Green units  have been priced about $20-$35 thousand higher than The Cloister units with similar floor plans. The main difference was that Ashley Green owns their land fee simple. The Cloister units were on leased land “lease interest”. This has recently changed as Cloister owners were given the opportunity to purchase a fee simple interest in The Cloister property. The Cloister condos are beginning to catch up in value.

According to David Glascoe of the Catholic Diocese in 2011, the first year the fee interests became available for purchase, 131 residents exercised their option to buy the fee interest in their unit. During 2011 19 properties were sold to new residents. Ten of the properties were units where owners have purchased fee interests and nine were properties where the previous owner had not bought the fee interest.  The “fee” properties sold for $15,470 (on average)  more than the “lease” properties. The “fee” properties took an average of 78 days to sell, and the “lease” properties averaged 139 days on the market.

Like units in various subdivisions are priced in somewhat the same range except Reid Hill Commons on Hwy 96 in Franklin. Reid Hill units are priced considerably higher than the other subdivisions. Regardless of location the properties have seen considerable declines in price over the last several years but the declines are no worse than other properties in Middle Tennessee.

It is difficult to do an exact comparison since some properties have been transferred to a trust with a zero sales price. But I am able to search Davidson County databases for sales date and last sale price for every property in The Cloister and Ashley Green as well as the sale price for every transaction involving specific Rochford-built units in Williamson County. I have found the results very interesting and informative.

6 thoughts on “Cloister Property Value Trends and Comparisons

  1. That is an excellent question. The way I understand it all of the other properties use the “Fee” rather than the “lease” ownership. When the Cloister units were built they were sold under a sixty year lease after which the property and units would revert to the Diocese(there were some exceptions). But for whatever reason the identical Ashley Green units have sold for higher prices even though our West Meade location have average property values far higher than those in Bellevue. I find it very difficult to argue with the numbers.

  2. I have always questioned the wisdom in buying a piece of the entire section of land… A part away
    from our owned piece of property… How does that actually change our ownership of our property?
    The lending companies won’t change our ownership to the actual land below our Condo’s … Is this
    just another scam ???????

  3. As David Glascoe would have us understandt, one buys one/240th of the Cloister Assn.; one does not buy the land undr one’s house.He quoted to me at the meeting “The land has nothing to do with it.” We purchase a kind of deed –fee simple. Of course, the houses sell for more because the price of the house rises to pay the owner back for his investment.

  4. I found one mistake while reading your latest newsletter. We did NOT buy the land under our unit. We bought 1/240th of the total land at the Cloister. It is hard to understand, but we don’t really own the land our unit sits on.

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