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 [...]

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 [...]

5th & Main Condos Resume Sales in April

March 4, 2011 by admin · 1 Comment 

As I first reported on February 27th, today new owner ACG Equities announced the 5th and Main condos will remain condos and not be converted into apartments. The Nashville Business Journal reports that ACG Equities will resume condo sales in April with “bold new pricing”. Considering ACG Equities was able to acquire the remaining 120 [...]

5th and Main Condos in Nashville Sold to ACG Equities

February 27, 2011 by admin · 7 Comments 

Chicago based ACG Equities has purchased the struggling 5th and Main condo development in East Nashville. The completion of the sale came Friday morning at 11:00am during a ‘special auction’ when ACG Equities purchased the 120 remaining residential condos for $9.33 million and 27,000 square feet of commercial space (17,000 retail – 10,000 office) for [...]

Embattled 5th & Main Condos Earn FHA Approval

January 20, 2010 by admin · 4 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 · 12 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 · 2 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 · 1 Comment 

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 · Leave a Comment 

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 · 1 Comment 

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 · 2 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 · 6 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 [...]