Belle Meade homes have been transitioning from large mature lots with ranch style homes to modern open floor plans. Over the last several years, some of the more established neighborhoods surrounding the west side of downtown Nashville, mostly Belle Meade and Green Hills, have been getting a facelift. Older Nashville Real Estate built in the 40's and 50's are being leveled so that a new home of significance can be built on the lot. At first, some of the neighbors were not very happy about it. When in the area, I would get comments about how real estate agents were making the property taxes go up by increasing the property value. The fact is that most of the older homes were not very efficient and the land was very valuable. It seems like a very good thing to do if you want a nice home near downtown.
Most mortgage companies have very creative ways to finance these types of projects, Usually by the time it's built, most homeowners have a significant amount of equity. Getting the right lot for the house you want to build is the biggest challenge. Make sure your realtor and builder know this business.