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 [...]

Nashville Real Estate Market Forecast for 2010

December 31, 2009 by admin · View Comments 

The Nashville housing market will experience an accelerated sales volume in 2010 aided by the government’s extension and expansion of the first time home buyers federal tax credit, more government-backed lending assistance, and historically low mortgage rates according to 90% of major forecasts for 2010. Surrounding real estate markets will improve in the Southeastern U.S. [...]

5th & Main Condo Sales Update

September 18, 2009 by admin · View Comments 

Well, there really is not a whole lot to report here except for the fact that there have been no new closings since my last report in August. Since Wachovia let the East Nashville 5th & Main project slip into receivership, there has still only been 2 brave souls to take the plunge. The Tennessee [...]

5th & Main Condos in Nashville Update

September 4, 2009 by admin · View Comments 

Quick condo sales update for the 5th & Main condo project in Nashville. As of September 4th, 2009 there have still only been 7 total sales in the building despite all of the hoopla. 5 of those condo buyers closed prior to the project slipping into receivership in February of 2009. The last 2 buyers, all [...]

The Rhythm Sues Cash Strapped Buyers

June 30, 2009 by admin · View Comments 

This article entitled “Rhythm developer latest to sue would-be buyers” appeared in the Nashville Business Journal on June 30th, 2009. The writer is Turner Hutchens: “The Rhythm at Music Row has become the latest new Middle Tennessee condo development to sue buyers who try to back out of their purchases. Rhythm Partners LLC, the Brentwood-based [...]

5th and Main Condos in Nashville Survive

June 13, 2009 by admin · View Comments 

It is rumored that the 5th and Main condos in Nashville have endured receivership and will be placed back on the market any day. From what I understand, Wachovia Bank continues to be involved in the project as the primary construction lender and has actually already resumed construction in phase II (someone send me a [...]

2 Year Analysis of Nashville Condo Prices

June 1, 2009 by admin · View Comments 

The above graph shows a median price analysis compared to the average inventory held for the Nashville condo market since the first quarter of 2007 through the second quarter of 2009. This is market information that I have collected using the official condo sales numbers from GNAR and are deemed to be accurate. This quarterly [...]

Fannie Mae Makes it Harder for Condo Buyers

March 24, 2009 by admin · View Comments 

This article entitled “Fannie Mae adds restrictions for backing condo mortgages : WSJ – Update” appeared in the RTTNews on March the 18th, 2009. The staff writer wrote: “Government backed mortgage finance company Fannie Mae (FNM) has enforced stricter guidelines for obtaining condominium mortgages, effective March 1, the Wall Street Journal reported Wednesday. The restrictions [...]

5th and Main Condos are Taking Offers

March 18, 2009 by admin · View Comments 

In case anyone is interested in picking up a Nashville condo on the cheap, the 5th & 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 [...]

Downtown Nashville Condo Update

March 6, 2009 by admin · View Comments 

This article entitled “Condos face crucial test” appeared in the Nashville Business Journal on March the 6th, 2009. The author is Turner Hutchens:   More than a thousand new luxury condos in downtown Nashville seemed like a good idea at the time.   That was just a couple of years ago, and despite the housing, [...]

First Major Condo Project Is Seized

February 5, 2009 by admin · View Comments 

This article entitled “Fifth & Main condos seized for unpaid debts; Wachovia wins court order for receiver” appears in The Tennessean on February 5th, 2009. This article was written by Randy McClain: Wachovia Bank won a court order Thursday appointing a receiver to take control of the Fifth & Main condo project after its owners [...]