Condos

5th & Main Condos Regain FHA Approval

January 20, 2012 by admin · Leave a Comment  

It is a landmark day for ACG Equities, the investor who purchased the 5th & Main project from Wells Fargo Bank in March of 2011: The U.S. Department of Housing and Urban Development has granted the project FHA approval. (click to see full size image) Significance of FHA Approval It is difficult to emphasize how important FHA approval is for a condo project in the United States. Since the collapse... [Read the entire article…]

Encore Condos in Nashville: Pricing Trend

November 18, 2011 by admin · 3 Comments  

The Encore is a 333 unit, 20 story high-rise condominium building located in a pocket of downtown Nashville called SoBro (South of Broadway). The building delivered in February of 2008 in the face of the greatest economic downturn since the Savings and Loan crisis. Many wondered if the building could survive, if the developers could trudge through without losing their shirt. Some still look towards... [Read the entire article…]

Fifth and Main Auction Results and Review

November 6, 2011 by admin · 7 Comments  

It was either a raving success or a necessary success, depending upon whether you were an auction buyer or you were ACG Equities, the seller. 23 condos sold at varying discounts during the auction, 2 more sold in the minutes following the final gavel bang. When the dust settled, ACG Equities met their pre-auction goal to sell 25 condos – 19 to new owner occupants and 6 to investors. The benchmark... [Read the entire article…]

Final Foreclosures for Rhythm at Music Row

August 31, 2011 by admin · 8 Comments  

Next week the remaining developer owned condos in the Rhythm at Music Row will foreclose. This foreclosure will mark the end to a rather unconventional chapter for downtown Nashville high-rises and usher in a new, more welcomed chapter that will see market forces driving value. On Tuesday, September 6th, Cadence Bank and Pinnacle Bank will take possession of 47 unsold condos in the Rhythm. Each bank... [Read the entire article…]

Nashville Real Estate Steal Alert – Werthan Mills

August 26, 2011 by admin · 4 Comments  

It baffles me why this 2 bedroom, 2 bath, 1,585 square foot loft at Werthan Mills has not sold. First, it is a foreclosure. Second, it is priced at the LOWEST price recorded in Werthan Mills in the past half decade, $126.12/ft. The average price over the past 2 years has been $161.88/ft with the median price being $172.52/ft. That puts the current market value of this loft between $256,580 and $273,444.... [Read the entire article…]

State of the Gulch Real Estate Market

August 22, 2011 by admin · 4 Comments  

If you live in the Gulch you may be acutely aware of the new and proposed activity, but for the rest of Nashvillians, it may be difficult to see just how much is happening. Since the beginning of the year, 3 new retailers have opened their doors and 2 more are planning on opening by Spring of next year. While that may not amaze the skeptics, one must realize that the lower Gulch is no larger than 3... [Read the entire article…]

YTD Sales for the Terrazzo Condos

August 10, 2011 by admin · Leave a Comment  

Just past the half way mark in 2011, the Terrazzo in the Gulch has sold 17 condos totaling an impressive $6.27 million. Of the 17 recorded sales, 16 were developer owned condos and 1 was a resale (highlighted in blue). There were no foreclosures or short sales during this period. The 117 condo development is now 86.32% sold out. Of the remaining 16 condos, 7 are under contract, leaving 9 total unsold... [Read the entire article…]

YTD Condos Sales in Nashville’s Icon

August 9, 2011 by admin · 1 Comment  

With slightly more than 7 months gone in 2011, the Icon in the Gulch has sold 59 condos totaling over $17.46 million this year. Of the 59 recorded sales, 9 were resales (highlighted in blue) and 50 were new developer sales. Of the 9 resales, 1 was a foreclosure on the 9th floor. The 419 condo development is now just over 75% sold out. There are approximately 90 unsold developer condos remaining, but... [Read the entire article…]

YTD Encore Condo Closings 2011

August 8, 2011 by admin · 1 Comment  

With slightly more than half of 2011 complete, the Encore has sold 23 condos totaling just over $5.68 million. Of the 23 recorded sales, 6 are resales (highlighted in blue) and 17 are new developer sales. Of the 6 resales, 2 are foreclosures (green text). The 333 condo Encore development is now 95.8% sold out. There are 14 unsold developer condos remaining, but 3 are already under contract. It would... [Read the entire article…]

ICON Sets Record Condo Sales Price Per Foot in TN

April 9, 2011 by admin · 11 Comments  

On April 1st, 2011, April Fool’s Day, the Icon in the Gulch quietly recorded a $1,180,000 condo sale in the MLS. While any condo sale over a million dollars in Tennessee is notable, it is not the price that turned heads, it’s the price per square foot. You see, this 22nd floor penthouse condo is 1,928 square feet and that makes the sales price per foot $612.03. I placed a few calls to the Memphis,... [Read the entire article…]

Developer Owned Condos in the Icon Fly off the Shelf

March 18, 2011 by admin · 9 Comments  

You read the headline correctly, the condos in the Icon are selling both faster and for higher prices than at any time since 2008. In the first 18 days of March, the Bristol Group has sold 12 condos with a total transactional value exceeding $5 million. Think about that for a moment, let it sink in. Phrases like “condos fly off the shelf” and “condos sell at record pace” are not meant to roll... [Read the entire article…]

Pollack Partners to Buy and Convert Velocity Condos to Apartments

March 10, 2011 by admin · 25 Comments  

The Nashville Business Journal is reporting that today, multi-family developer and operator Pollack Partners from Atlanta, will buy the remaining 220 unsold condos in the Velocity in the Gulch for $24.5 million. While it has not been announced publically, Pollack Partners will be converting the condos into apartments, potentially leaving the current 43 Velocity condo owners out in the cold. The Velocity... [Read the entire article…]