Condos

Terrazzo, Rhythm and Encore Condo Closings 2010

August 26, 2010 by admin · View Comments  

This Nashville tax record analysis for 2010 condo sales was assembled to satisfy a large developer’s due diligence in the Nashville condo market. Only closings from the Terrazzo in the Gulch, the Rhythm at Music Row and the Encore in SoBro were considered. If you are a condo/multi-family developer, distressed asset fund, investor or bank who would like a custom Nashville condo report, do not hesitate... [Read the entire article…]

Velocity in the Gulch Restructures Ownership

July 1, 2010 by admin · View Comments  

This morning the Tennessean reported that the Velocity in the Gulch’s ownership has been restructured. “The new owner of the 265-unit building in the Gulch is Velocity Residential LLC, with its principal offices listed with the identical address as the project’s lender, BBVA Compass Bank.” It should be noted that BBVA Compass in not the only bank who has loaned construction funds, but BBVA... [Read the entire article…]

Q1 2010 Nashville Condo Closings

April 15, 2010 by admin · View Comments  

Below are the vast majority of the condo closings in the following areas of Nashville: 1) the downtown core, 2) the Sobro region, 3) the Gulch, 4) midtown and 5) the east bank. I have only considered condo projects that were completed after 2006 and contain more than 60 total units. I have excluded condo projects west of the Adelicia, those excluded are: The West End, Bristol on Broadway, Bristol West... [Read the entire article…]

Encore Condo Developers Pay off Construction Loan

April 15, 2010 by admin · View Comments  

In an update to my September 25th, 2009 article about the Encore Condos, I am pleased to tell you that the developers of The Encore have paid off their $63 million construction loan obligation. Led by local developer Tony Giarratana, the Encore has sold remarkably well during what many consider to be recessionary times in the national condo market. The Encore is the first high-rise to accomplish this... [Read the entire article…]

5th and Main Condos Boot Renters Out

April 13, 2010 by admin · View Comments  

In the wake of the project losing FHA certification, the lender is quietly booting ‘lease purchasers’ out of the building who have no intention of consummating a purchase. Why? It’s simple. Under HUD’s revised rules, a condo development must be at least 50% owner occupied in addition to at least 30% sold or under contract in order to attain FHA certification. A ‘lease purchase’ is not deemed... [Read the entire article…]

Nashville Condo Prices

April 12, 2010 by admin · View Comments  

Most of you know that I keep a keen eye on the Nashville condo market and prices, but many of you don’t realize how much in-depth research I do. It is also interesting to learn that many buyers assume that the Velocity in the Gulch is the least expensive condo development in Nashville, but that is only true if you are looking at total price. A more interesting view is which condo developments offer... [Read the entire article…]

5th & Main Condos in Nashville Lose FHA Certification, Again

March 30, 2010 by admin · View Comments  

Call it fate, bad luck, the yo-yo effect or whatever you may, according to HUD’s website, the 5th & Main condos have lost their FHA certification for the second time in the past 9 months. As you may recall, the condos entered into receivership in February 2009, but began to show signs of life as the construction lender began to pour money into a new advertising campaign while simultaneously dropping... [Read the entire article…]

A Few Favorite Nashville Foreclosures & Short Sales

February 19, 2010 by admin · View Comments  

For those of you who missed out on the incredible 1 bedroom condo foreclosure in the Encore (the first ever) or the record setting one in the Enclave (all time record), I thought that I might share a couple of my current favorites: Short sale in the Icon in the Gulch – this is one of the very first distressed sales in the Icon and it’s priced fairly well. The condo is #1004 and is a Horizon... [Read the entire article…]

5 Best Condo High-Rises in Nashville

February 8, 2010 by admin · View Comments  

The Adelicia – The finishes, floor plans, design, construction materials and location all speak for themselves in this building. Famous residents like Simon Fuller and Taylor Swift have only added to its reputation (and price). The Terrazzo – The finishes are perhaps the highest end in Nashville, but its Interstate location and lack of views knock this building down a notch. The Terrazzo is Nashville’s... [Read the entire article…]

Embattled 5th & Main Condos Earn FHA Approval

January 20, 2010 by admin · View Comments  

The 5th & Main condo project in East Nashville, the first large condo project to enter receivership in February 2009, has received approval to issue FHA insured loans (according to the HUD website). The project has qualified under the new, lower FHA guidelines that only require a project to be 30% presold in order to qualify for the government backed loans. The FHA loan concentration has also been... [Read the entire article…]

Griffin Plaza Condo Site in Gulch Gets Reprieve

January 8, 2010 by admin · View Comments  

In 2007, Crosland Tennessee President Bill Barkley announced plans to develop a 2 acre parcel of land in the Gulch into Griffin Plaza, a $35 million 10 story project with 140 apartments and 32,000 square feet of ground-floor retail space. With that announcement, the website went live and the buzz began to build with mentions of urban revitalization, green spaces, LEED certifications and urban pocket... [Read the entire article…]

Icon in the Gulch Big Winner or Buyers?

January 6, 2010 by admin · View Comments  

2009 was supposed to be a horrible year for Nashville condo sales, yet the Icon in the Gulch was able to sell and close 84 new condo contracts. By the pure number of closings, the Icon in the Gulch was certainly the big winner in terms of gross number of sales, but many may be surprised to learn that 84 condos only represents about 20% of the 419 unit building, the biggest residential condo building... [Read the entire article…]