Comments on: Downtown Nashville Condo Update http://www.granthammond.com/2009/condos/downtown-nashville-condo-update/ Grant Hammond, Broker, ABR, SFR, Multiple Award Winning Broker Fri, 10 Feb 2012 21:18:35 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: admin http://www.granthammond.com/2009/condos/downtown-nashville-condo-update/comment-page-1/#comment-254 admin Fri, 14 Aug 2009 20:20:23 +0000 http://www.granthammond.com/?p=491#comment-254 Since this post was first written there has only been a 2.41 percent drop in condo prices: http://www.granthammond.com/2009/market-news/nashville-real-estate-market-report-june-2009. That said, I do believe that this fall will be rough and that the price bottom for downtown condos comes some time in 2010. Since this post was first written there has only been a 2.41 percent drop in condo prices: http://www.granthammond.com/2009/market-news/nashville-real-estate-market-report-june-2009. That said, I do believe that this fall will be rough and that the price bottom for downtown condos comes some time in 2010.

]]> By: admin http://www.granthammond.com/2009/condos/downtown-nashville-condo-update/comment-page-1/#comment-1458 admin Fri, 14 Aug 2009 20:20:00 +0000 http://www.granthammond.com/?p=491#comment-1458 Since this post was first written there has only been a 2.41 percent drop in condo prices: http://www.granthammond.com/2009/market-news/nashville-real-estate-market-report-june-2009. That said, I do believe that this fall will be rough and that the price bottom for downtown condos comes some time in 2010. Since this post was first written there has only been a 2.41 percent drop in condo prices: http://www.granthammond.com/2009/market-news/nashville-real-estate-market-report-june-2009. That said, I do believe that this fall will be rough and that the price bottom for downtown condos comes some time in 2010.

]]> By: admin http://www.granthammond.com/2009/condos/downtown-nashville-condo-update/comment-page-1/#comment-1457 admin Fri, 14 Aug 2009 20:20:00 +0000 http://www.granthammond.com/?p=491#comment-1457 Since this post was first written there has only been a 2.41 percent drop in condo prices: http://www.granthammond.com/2009/market-news/nashville-real-estate-market-report-june-2009. That said, I do believe that this fall will be rough and that the price bottom for downtown condos comes some time in 2010. Since this post was first written there has only been a 2.41 percent drop in condo prices: http://www.granthammond.com/2009/market-news/nashville-real-estate-market-report-june-2009. That said, I do believe that this fall will be rough and that the price bottom for downtown condos comes some time in 2010.

]]> By: admin http://www.granthammond.com/2009/condos/downtown-nashville-condo-update/comment-page-1/#comment-1456 admin Fri, 14 Aug 2009 20:20:00 +0000 http://www.granthammond.com/?p=491#comment-1456 Since this post was first written there has only been a 2.41 percent drop in condo prices: http://www.granthammond.com/2009/market-news/nashville-real-estate-market-report-june-2009. That said, I do believe that this fall will be rough and that the price bottom for downtown condos comes some time in 2010. Since this post was first written there has only been a 2.41 percent drop in condo prices: http://www.granthammond.com/2009/market-news/nashville-real-estate-market-report-june-2009. That said, I do believe that this fall will be rough and that the price bottom for downtown condos comes some time in 2010.

]]> By: Downtown Nashville Condos Sold in 2009 | Nashville Real Estate http://www.granthammond.com/2009/condos/downtown-nashville-condo-update/comment-page-1/#comment-220 Downtown Nashville Condos Sold in 2009 | Nashville Real Estate Tue, 11 Aug 2009 23:06:27 +0000 http://www.granthammond.com/?p=491#comment-220 [...] in the top 30 projects in Nashville have closed in the first three months of this year – Adelicia developer Corner Realty Partners becomes one of the few to sell [...] [...] in the top 30 projects in Nashville have closed in the first three months of this year – Adelicia developer Corner Realty Partners becomes one of the few to sell [...]

]]> By: Nashville Scene Jabs at Giarratana, Signature Tower | Nashville Real Estate http://www.granthammond.com/2009/condos/downtown-nashville-condo-update/comment-page-1/#comment-185 Nashville Scene Jabs at Giarratana, Signature Tower | Nashville Real Estate Sun, 09 Aug 2009 21:32:43 +0000 http://www.granthammond.com/?p=491#comment-185 [...] the plan back up I-24. He will plant this seed of imagination. Soon it will grow into the 31-story Viridian, a condo that will shore up his reputation as Nashville’s answer to The [...] [...] the plan back up I-24. He will plant this seed of imagination. Soon it will grow into the 31-story Viridian, a condo that will shore up his reputation as Nashville’s answer to The [...]

]]> By: BRIAN http://www.granthammond.com/2009/condos/downtown-nashville-condo-update/comment-page-1/#comment-103 BRIAN Sun, 15 Mar 2009 22:13:00 +0000 http://www.granthammond.com/?p=491#comment-103 I know this post is old but I must comment. I agree a major correction is coming. I feel that 250K for a 2/2 is a little high but appropriate for the novelty of having an apartment in one of few high rise building in the area. I started watching these condos 5 yrs ago when the prices were ~200K for a 1/1. That was around the same price as NYC at the time. This is Nashville, TN and the area just doesn't have the jobs required to support these prices. It would be different if the city had public transportation and services available that allowed the downtown residents to forgo a car but it just isn't there. Not to mention the competition of the surrounding suburbs where 300-500K will get you a house on a golf course. Any guesses as to when the bottom will arrive? I think the rental market may be a sign that people are shying away from buying the condos. Maybe these renters will love downtown living and drive the prices to new levels, I doubt it. I predict they get their feel and move to the suburbs to grow old with the rest of us. I know this post is old but I must comment. I agree a major correction is coming. I feel that 250K for a 2/2 is a little high but appropriate for the novelty of having an apartment in one of few high rise building in the area. I started watching these condos 5 yrs ago when the prices were ~200K for a 1/1. That was around the same price as NYC at the time. This is Nashville, TN and the area just doesn’t have the jobs required to support these prices. It would be different if the city had public transportation and services available that allowed the downtown residents to forgo a car but it just isn’t there. Not to mention the competition of the surrounding suburbs where 300-500K will get you a house on a golf course. Any guesses as to when the bottom will arrive? I think the rental market may be a sign that people are shying away from buying the condos. Maybe these renters will love downtown living and drive the prices to new levels, I doubt it. I predict they get their feel and move to the suburbs to grow old with the rest of us.

]]> By: BRIAN http://www.granthammond.com/2009/condos/downtown-nashville-condo-update/comment-page-1/#comment-1454 BRIAN Sun, 15 Mar 2009 22:13:00 +0000 http://www.granthammond.com/?p=491#comment-1454 I know this post is old but I must comment. I agree a major correction is coming. I feel that 250K for a 2/2 is a little high but appropriate for the novelty of having an apartment in one of few high rise building in the area. I started watching these condos 5 yrs ago when the prices were ~200K for a 1/1. That was around the same price as NYC at the time. This is Nashville, TN and the area just doesn't have the jobs required to support these prices. It would be different if the city had public transportation and services available that allowed the downtown residents to forgo a car but it just isn't there. Not to mention the competition of the surrounding suburbs where 300-500K will get you a house on a golf course. Any guesses as to when the bottom will arrive? I think the rental market may be a sign that people are shying away from buying the condos. Maybe these renters will love downtown living and drive the prices to new levels, I doubt it. I predict they get their feel and move to the suburbs to grow old with the rest of us. I know this post is old but I must comment. I agree a major correction is coming. I feel that 250K for a 2/2 is a little high but appropriate for the novelty of having an apartment in one of few high rise building in the area. I started watching these condos 5 yrs ago when the prices were ~200K for a 1/1. That was around the same price as NYC at the time. This is Nashville, TN and the area just doesn’t have the jobs required to support these prices. It would be different if the city had public transportation and services available that allowed the downtown residents to forgo a car but it just isn’t there. Not to mention the competition of the surrounding suburbs where 300-500K will get you a house on a golf course. Any guesses as to when the bottom will arrive? I think the rental market may be a sign that people are shying away from buying the condos. Maybe these renters will love downtown living and drive the prices to new levels, I doubt it. I predict they get their feel and move to the suburbs to grow old with the rest of us.

]]> By: BRIAN http://www.granthammond.com/2009/condos/downtown-nashville-condo-update/comment-page-1/#comment-1455 BRIAN Sun, 15 Mar 2009 22:13:00 +0000 http://www.granthammond.com/?p=491#comment-1455 I know this post is old but I must comment. I agree a major correction is coming. I feel that 250K for a 2/2 is a little high but appropriate for the novelty of having an apartment in one of few high rise building in the area. I started watching these condos 5 yrs ago when the prices were ~200K for a 1/1. That was around the same price as NYC at the time. This is Nashville, TN and the area just doesn't have the jobs required to support these prices. It would be different if the city had public transportation and services available that allowed the downtown residents to forgo a car but it just isn't there. Not to mention the competition of the surrounding suburbs where 300-500K will get you a house on a golf course. Any guesses as to when the bottom will arrive? I think the rental market may be a sign that people are shying away from buying the condos. Maybe these renters will love downtown living and drive the prices to new levels, I doubt it. I predict they get their feel and move to the suburbs to grow old with the rest of us. I know this post is old but I must comment. I agree a major correction is coming. I feel that 250K for a 2/2 is a little high but appropriate for the novelty of having an apartment in one of few high rise building in the area. I started watching these condos 5 yrs ago when the prices were ~200K for a 1/1. That was around the same price as NYC at the time. This is Nashville, TN and the area just doesn’t have the jobs required to support these prices. It would be different if the city had public transportation and services available that allowed the downtown residents to forgo a car but it just isn’t there. Not to mention the competition of the surrounding suburbs where 300-500K will get you a house on a golf course. Any guesses as to when the bottom will arrive? I think the rental market may be a sign that people are shying away from buying the condos. Maybe these renters will love downtown living and drive the prices to new levels, I doubt it. I predict they get their feel and move to the suburbs to grow old with the rest of us.

]]> By: Grant Hammond http://www.granthammond.com/2009/condos/downtown-nashville-condo-update/comment-page-1/#comment-102 Grant Hammond Tue, 10 Mar 2009 18:19:00 +0000 http://www.granthammond.com/?p=491#comment-102 Thank you for your comment. It is clear that there is a market correction coming in the downtown Nashville condo market, but 40-50% is simply not realistic. Looking at the total new condo units and the lack of demand, it would be easy to predict such a decline, but I would be very shocked if the devaluation was half of your prediction.<br/><br/>A few reasons: no new condos are being constructed past this summer, the rental market is still strong for these units, developers are not dumping the market yet. Yes, there will be a few isolated deals (less than 10%) that eclipse a 50% discount, but don’t count on a mass discount.<br/><br/>Assuming a stable economy, 2 years from now, we are looking at a lack of supply and 3 years from now a possible sellers’ market. Thank you for your comment. It is clear that there is a market correction coming in the downtown Nashville condo market, but 40-50% is simply not realistic. Looking at the total new condo units and the lack of demand, it would be easy to predict such a decline, but I would be very shocked if the devaluation was half of your prediction.

A few reasons: no new condos are being constructed past this summer, the rental market is still strong for these units, developers are not dumping the market yet. Yes, there will be a few isolated deals (less than 10%) that eclipse a 50% discount, but don’t count on a mass discount.

Assuming a stable economy, 2 years from now, we are looking at a lack of supply and 3 years from now a possible sellers’ market.

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