Comments on: Terrazzo Auction Will Impact Nashville Condos

By: The Terrazzo Auction Results | Nashville Condos

The Terrazzo Auction Results | Nashville Condos — Thu, 14 Jan 2010 06:00:48 +0000

[...] Terrazzo Auction Will Impact Nashville Condos [...]

By: Nashville Terrazzo and West End Condo Auctions | Nashville Real Estate

Nashville Terrazzo and West End Condo Auctions | Nashville Real Estate — Sat, 21 Nov 2009 03:09:33 +0000

[...] expectation is that 23-27 of the Terrazzo condos may sell on auction day. I also think that there will be several ghost bidders who will drive the initial [...]

By: Falcon2

Falcon2 — Wed, 18 Nov 2009 22:03:56 +0000

Yes, I would expect to different sub-HOA's but the owners in each of these would normally be given voting rights in the master HOA. And in a mixed-use building the master HOA is really the controlling party for the property since budgets and uses tend to overlap so much. I'm really suprised that Crosland hasn't made all the CC&R's available on-line ahead of the auction. That's been standard operating procedure at the other recent condo auctions. Who would buy without carefully reviewing these?

By: Falcon2

Falcon2 — Wed, 18 Nov 2009 16:03:56 +0000

By: GrantHammond

GrantHammond — Tue, 17 Nov 2009 15:31:50 +0000

Ever since I saw the last comment above, I have been trying to get my hands on the CC&R's…I would expect that there would be two separate HOA's essentially; one for the residential owners and the other for the commercial tenants.

By: Falcon2

Falcon2 — Tue, 17 Nov 2009 14:31:21 +0000

Grant, will the owner of the commercial space really dominate board decisions this way ? That seems like a real lose lose for the residents. And not just where budgets are concerned. If true, the rules and regs will probably also favor the commercial tenants as well.

By: Advice for Nashville Condo Buyers | Nashville Real Estate

Advice for Nashville Condo Buyers | Nashville Real Estate — Tue, 17 Nov 2009 00:23:22 +0000

[...] and 5th & main has around115. The Terrazzo has right at 100 unsold condos and is hosting a 30 condo auction this coming Saturday. The West End is also planning on an auction to relieve excess inventory, [...]

By: Falcon2

Falcon2 — Mon, 16 Nov 2009 18:56:20 +0000

I think it will be hard to do that at this auction. I think they will have a packed house at that ballroom but I also think it will mostly be spectators curious about the outcome. The pace at these things moves very quickly and you usually can't even see some of the bidders…easy for “plants” to blend in. I still think it's safer to avoid bidding in the first 2 quarters of the auction. And even then, its dangerous to get swept up in the heat of bidding. Do your homework ahead of time and walk away if things seem overheated. This is likely to be just the opening kickoff of a long game to sell unsold condos in Nashville.

By: GrantHammond

GrantHammond — Sun, 15 Nov 2009 03:00:39 +0000

Most of these type of auctions have plants in the audience that participate in the bidding in order to drive up the price. I am always a tad bit skeptical of bidders who bid before the auctioneer begins to count down the auction.

I typically try to get to these auctions about 45 minutes ahead of time and look for casually dressed, clean cut people who don't appear to be inspecting the property. If I see one of those guys bid prior to a count down, I take it with a grain of salt. Always study the people.

By: Devils Advocate

Devils Advocate — Sat, 14 Nov 2009 13:31:14 +0000

Someone like Grant would be able to pick these sock puppets out easily since he's probably met everyone interested in these units by now. A sudden slew of unfamiliar faces too interested in paying MORE would raise a big red flag, right Grant?