Nashville Real Estate » Rentals

4th and Monroe Condos to Become Rentals

admin — Wed, 29 Dec 2010 15:31:05 +0000

Nashville, TN December 27, 2010 - Starkville, MS based Cadence Bank has sold the 4th and Monroe condo development to Nashten, LLC for $3.0 million.

Nashten’s purchase comes almost exactly one year after the lender purchased the development at foreclosure, for $4.25 million. Traditional Urban Concepts, Inc. was the original developer of the project.

J. Naparlo, President of Nashten, “We have been hoping to enter the Nashville market for years and are thrilled to be able to start with such a well built and located development.” When asked what their plans are for the development, Naparlo responded, “4th & Monroe will likely one day become an owner-occupied development as originally envisioned, but in today’s market, our plan is to lease the units for 3-5 years.”

For leasing information call 615.346.9122 or email forthandmonroe@gmail.com

This marks the second time in a week that a major Nashville development has been purchased and repurposed as a rental development. Last Wednesday, Atlanta based Chartwell Partners purchased the 72 unit Rolling Mill Hill development for $7 million with the intention of renting the condos for the foreseeable future.

Like Chartwell Partners, Nashten plans on immediately improving the property. Naparlo expects to pour an additional $200,000 in upgrades and additions into the 4th & Monroe development to bring the development into “first class shape”.

“This is a property we are very proud to add to our portfolio”, Naparlo boasts. “We expect to begin leasing the units for as low as $1,200/month”. This is in stark contrast to original sales prices which exceeded $500,000. “We plan to begin leasing efforts in the first week of January and expect the majority of these luxury condos and townhomes to be leased quite quickly.”

4th & Monroe consists of 25 upscale units in the Historic Germantown neighborhood, north of Downtown Nashville. The development has six different product types and sizes including 2,500 sq. ft. of street level retail space with loft residential units above, flats, two-story condos and traditional townhomes with attached garages.

The Tennessean also reports, “Nearby, a Cleveland developer (with the Bristol Group) is building 242 apartments called Vista Germantown on vacant property between Fourth and Fifth avenues (in Historic Germantown)”.

For leasing information please call 615.346.9122 or email forthandmonroe@gmail.com

This is a post from Grant Hammond's Nashville Real Estate Blog.

Icon in the Gulch Condo Price Update

admin — Sun, 23 Aug 2009 06:15:37 +0000

After a quick trip to the Davidson County register of deeds Friday morning, I have confirmed that 38.33% or 161 condos have closed as of 8/21/2009. The Icon is averaging over 11 closings a month for the past 3 months which would put the development at sell out in approximately 2 years.

This is a pretty strong absorption rate for what most believe to be the worst real estate market in more than 2 decades. Not surprisingly, mostly downtown view condos are the ones closing. What may be shocking is that the 1 bedroom Edge floor plan and 2 bedroom Panorama floor plan in the tower section of the building are beginning to go up in price since last month. They have actually sold and closed more than 60% of both floor plans.

The tower section of the Icon in the Gulch is beginning to fill up. There are still deals to be negotiated on the downtown facing 1 bedroom Skyline floor plans as well as on the downtown facing 2 bedroom Vista floor plan. On the back of the tower, I can show investors how cash flow and CAP rates are better and how an ultimate sales price will fetch you a greater long term gain than on the front of the tower.

The rental demand in the Icon is still huge, even as we pass through the summer months. The Icon has become one of the top living choices for all professionals, younger and older. As I write this article there is only one property vacant and available for lease. As such, rental rates are beginning to rise in this building. It is not unheard of to demand and get more than $2.00/foot for premium condos.

If you are considering a purchase in the Icon in the Gulch, either as a residence, second home or investment, you should speak with me first. My proven track record with saving my clients wheel barrel loads of cash in this building is undeniable. Others have made the mistake of not taking advantage of my services. I have the closing numbers to show that my clients are getting better deals and are making more money.

Email me Grant@RemarkableHomes.com or text/call me 615-945-7123.

View all condos for sale in the Icon in the Gulch

This is a post from Grant Hammond's Nashville Real Estate Blog.

Steve McNair House in Green Hills area Nashville

admin — Sat, 04 Jul 2009 23:41:00 +0000

This is the current home of murdered Titan’s quarterback Steve McNair. The home is located at 2430 Bear Road in the Green Hills area of Nashville, TN 37215. The home is currently for sale for $2,999,990. Steve McNair’s home was originally listed for sale on April 11th, 2009 for $3,800,000. It appears that the price of the home was dropped $800,000 recently.

The home is a renovated 14,263 square foot masterpiece in the heart of one of Nashville’s most affluent urban neighborhoods. According to the tax records, the McNair’s purchased this home on May 14, 2004 for $1,599,000. Both Steve and his wife are listed on the deed.

Click on the image above and you will see that the Realtor who represents Steve McNair’s home is offering an autographed football to every buying Realtor who shows the home to a client. It is not clear why McNair was in the rental property in downtown Nashville. It is known that Steve McNair was not the owner of the condo where he was found dead on July 4th, 2009.

This is horrible news to hear on this holiday weekend. McNair was a legendary Titans football quarterback and incredibly dedicated to helping the Nashville community. Rest in peace “Air McNair”.

This is a post from Grant Hammond's Nashville Real Estate Blog.

Nashville Rental Properties are Scarce

admin — Wed, 01 Jul 2009 17:11:00 +0000

NASHVILLE, Tenn. – While the real estate market remains a tough sell, the rental market in Nashville is red hot. According to local real estate experts, owners of luxury condominiums and million dollar houses may not be able to sell their homes but they can rent them for top dollar…read the full Nashville rental properties story

If you found this post helpful, you may also enjoy:
“For Sale” Becoming “For Rent”
Luxury Rental Property in Nashville, TN
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5th and Main Condos in Nashville Survive

This is a post from Grant Hammond's Nashville Real Estate Blog.

Nashville Rental Properties are Scarce

admin — Wed, 01 Jul 2009 17:11:00 +0000

This television interview entitled “Nashville rental market booms” appeared on News Channel 2 on June 16th, 2009. The reporter is Tiani Jones:

NASHVILLE, Tenn. – While the real estate market remains a tough sell, the rental market in Nashville is red hot.

According to local real estate experts, owners of luxury condominiums and million dollar houses may not be able to sell their homes but they can rent them for top dollar.

“The urban market has really taken off over the last couple of years,” Grant Hammond with Summit Property told News 2, adding such inventory available for rent is limited in the Nashville area.

He said the majority of newcomers have money to spend, but aren’t ready to buy.

“Nashville is kind of a transient city,” Hammond continued. “It’s a step on the corporate ladder for a lot of professionals so there’s lots of one and two, and three year assignments [in Nashville].”

Whether it’s an executive looking for a big home in the suburbs or a young professional wanting to stay close to town, they have to look long and hard to find that perfect place.

Hammond said they all have high standards and want high end features in their temporary homes and don’t want to live in traditional apartment complexes.

In addition, securing a loan isn’t as easy as it used to be, leaving some who can afford the high monthly payment, but can’t get a loan.

For homeowners who need to sell but can’t, the Nashville rental market could be the way to go. In fact, allowing a luxury property management company lease your home will many times maximize your investment and keep your property in tip top shape.

Many executives are choosing to rent property in Nashville rather than buy in the hopes that property values will drop by 2010.

This is a post from Grant Hammond's Nashville Real Estate Blog.

Pictures of Velocity in the Gulch in Nashville

admin — Sun, 28 Jun 2009 15:07:00 +0000

The entrance to the Velocity condos is located on the Pine Street side of the building. This side of the building is currently 95 percent complete and looks quite modern.

The main lobby in the Velocity is not the largest lobby in downtown, but it might be the most interesting. There are a variety of materials used as well as patterns and colors. You can see the computer screen in the middle of the room, this is Velocity’s online concierge that is available when the onsite concierge is not. There will only be a live onsite concierge on duty during normal business hours.

The hallways of Velocity feature many modern works of art and other architecturally interesting items to jazz things up a little. The building is certainly not a plain apartment-like structure.

This is the elevator lobby on the 5th floor on the back side of the building. Directly behind me is the entrance to the sky lounge that features panoramic views of the Nashville skyline.

The gym at the Velocity is the only gym in a downtown condo building that really feels like a high end fitness center. The space is cavernous and is filled with nice equipment. This picture only shows about half of the gum’s equipment.

This is the downtown Nashville view from the sky lounge on the 5th floor at the Velocity in the Gulch. The Cummings Station building is the red brick building in the foreground.

The sky lounge on the roof at Velocity. There is a good amount of seating available as well as a very cool outdoor fireplace. The space could be a little larger for the building’s size, but it’s a nice touch since there is not a pool.

Here is a western view of the interior courtyard in Velocity. I was really happy to see that the developers spent a little extra scratch to plant more mature trees.

This is an exterior view of the Velocity on the Pine Street side of the building. This paver roundabout is the resident drop-off driveway. I have not seen it at night, but I suspect that the lighting out here is very interesting.

This is another view of the interior courtyard in the Velocity. The fountain is actually quite large and is lit in several places creating very cool effects. There are a few different seating areas available as well as resident only entrances to 3 different retail spaces. No word yet on who the retail tenants are going to be, but rumors speculate on a trendy clothing store, a grocery store (Trader Joe’s and Whole Foods) and a deli.

This is a post from Grant Hammond's Nashville Real Estate Blog.

Real Living Properties Caught in Clarksville Fraud

admin — Tue, 16 Jun 2009 23:17:00 +0000

When hiring a property management company you need to do your due diligence to be sure that you are dealing with a reputable company.

‘CLARKSVILLE, Tenn. – A woman was hired to collect rent checks, but police said she pocketed the money instead of delivering thousands of dollars to property owners…read the full Real Living Properties fraud story

If you liked this article, you may also enjoy:
“For Sale” Becoming “For Rent”
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Freddie Mac Reports Rising Mortgage Rates

This is a post from Grant Hammond's Nashville Real Estate Blog.

5th and Main Condos are Taking Offers

admin — Wed, 18 Mar 2009 17:19:00 +0000

In case anyone is interested in picking up a Nashville condo on the cheap, the 5th and Main condo project is now taking offers. What do I mean by offers? I mean that the entire project has been taken back by the bank and the bank wants to sell off the remaining condos as fast as possible, that kind of offer. The project is complete and the condos are being purchased completed as well. Hurry before the best ones are gonzo! For more purchase information, call Grant 615-945-7123…read more about the 5th & Main condos in Nashville.

If you liked this post, you might also like:

First Major Condo Project Is Seized
Downtown Nashville Condo Update
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5th and Main Condos in Nashville Survive

This is a post from Grant Hammond's Nashville Real Estate Blog.

12 Nashville Real Estate Predictions for 2009

admin — Thu, 27 Nov 2008 16:12:00 +0000

One of the many tasks my clients expect me to be able to do is to predict what is going to happen with home prices, appraisal values, and time on the market. I only wish that I had a crystal ball to be able to advise them 100% accurately, but unfortunately, that tool does not exist. However, I would like to take a crack at predicting the 2009 real estate market in Nashville based upon aggregated information collected from dozens of trusted sources.

Prediction #1: I believe that the record will show that the Nashville real estate market actually hit a price bottom in late 2008.

Prediction #2: The rate of home sales will increase dramatically by summer of 2009, but not make a full recovery until 2010.

Prediction #3: Mortgage rates will continue to soften and the 30 year fixed rate will hover around the 5% mark.

Prediction #4: There will be a barrage of foreclosures in the second quarter of 2009, but there will also be buyers in the secondary market who will snap these up without hesitation. Nashville real estate auctions will become more numerous and will be well attended.

Prediction #5: Approximately 33% of the custom builders will be out of business by the end of 2009.

Prediction #6: Several large developers will unexpectedly go bankrupt.

Prediction #7: 1 large regional back and 2-4 local banks will cease to do business in Middle Tennessee.

Prediction #8: Rental rates and rental occupancy rates will continue to fall slightly until they stabilize and then turn upward in the September to October months.

Prediction #9: The price for finished lots will take a thrashing and several “Real Estate Vulture Funds” will acquire large groups of these lots. In turn, they will make a killing on the resale of these lots within 2 years of their purchase.

Prediction #10: The value of commercial real estate, especially retail space, will take a massive beating worse than the S&L crisis in the 1980′s.

Prediction #11: Despite the predictions above, 2009 will produce a healthier market than did 2008.

BOLD Prediction #12: By 2010 parts of Nashville (Brentwood, Green Hills, Forest Hills, Oak Hill, and a few others) will experience extreme shortages in both land and homes. Prices will temporarily skyrocket and quite a few folks will make handsome profits on property they acquired during very early 2009.

Obviously, we have been wrong before, but if you research the past 4 years of predictions from this blog, you will find that we are correct more than 75% of the time.

If you liked this post, you may also like:
Nashville Real Estate Market Report February 2009
Multifamily Housing Starts Unexpectedly Surge
January Home Sales Numbers For Nashville

This is a post from Grant Hammond's Nashville Real Estate Blog.

“For Sale” Becoming “For Rent”

admin — Sun, 13 Jul 2008 18:08:00 +0000

With the national housing market in the tank, demand for rental property is increasing. But it looks like the supply of apartments also is rising quickly despite little new apartment construction.

According to a new report from Goldman Sachs’ U.S. Economic Research Group, about 1 million for-sale units were converted to rentals during the past two years (These are existing for-sale properties that are now being rented out, not new rental units). The new supply of rentals has so far kept rent inflation in check.

But the apartments could easily be put back on the for-sale market when home prices stabilize and that could slow the recovery, the report said.

“The shift of houses toward rental uses also points to another problem for the real estate market: a large amount of ’shadow’ housing supply that could come back into the market at signs of improvement. Just as housing converted to rental, it can be converted back if demand shifts. Signs of price stabilization, or improvement, would be greeted by owners as an opportunity to bring homes back onto the for-purchase market. In addition to rental conversions, over the past two years there have been sharp increases in the number of homes either ‘held off the market for other reasons’ or ’seasonally vacant’; the combined increases in the two compared to the start of 2006 is nearly a million homes. These sources of shadow supply make a robust ‘V’ shaped housing market recovery unlikely.”

[SOURCE: Business Week]

If you liked this post, you may also like:
5th and Main Condos are Taking Offers
12 Nashville Real Estate Predictions for 2009
Luxury Rental Property in Nashville, TN
April Home Sales Data – Nashville, TN

This is a post from Grant Hammond's Nashville Real Estate Blog.