5th & Main Condos Resume Sales in April

Penthouses for sale near me 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 condos, retail and office space for approximately $14.5 million, I would suspect the new condo pricing to be in the $145/ft neighborhood. Sales in the $145/ft range would most likely net ACG a $65/ft profit over acquisition cost. If you are considering purchasing a condo in 5th & Main under the new pricing structure, it would be my privilege to work for you. In an effort to prove that I am not only the most informed, but also best equipped broker to represent and negotiate on your behalf (at no cost to you), here is just a portion of my exhaustive analysis. This is the pricing just prior to ACG’s procedural foreclosure:

click for full size image
5th & Main Condo Sales Matrix

Inexplicably, ACG has engaged the original sales team to continue with condo sales, missing an opportunity to fully renew a rather miserable development reputation of underachievement (I did not pursue the listing – I am an exclusive condo buyer’s representative).

Contact me privately to discuss your options and my strategy in 5th & Main.

    Grant Hammond

    Grant Hammond is a Nashville real estate broker at Compass RE, Broker, ABR, SFR, ePRO, with 25 years of experience and over $1 billion in career sales across three practice areas: approximately $200M in luxury home sales above $1.5M (100 transactions), 350+ downtown Nashville high-rise condominium transactions, and 550+ Airbnb and short-term rental transactions in Davidson County. He has received the Greater Nashville REALTORS Diamond Elite Award of Excellence 9 times and personally owns more than 20 non-owner-occupied short-term rental townhomes within three miles of downtown Nashville. He co-founded Summit Property Management in 2008, scaled it to over 350 units, and sold the company in 2013. His market analysis has been cited by the Wall Street Journal, the Los Angeles Times, The Tennessean, and the Nashville Business Journal. He holds Tennessee Broker License #261980.

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    1 Comment
    • Grant Hammond

      March 17, 2011, 12:46 pm

      Update: 5th & Main’s FHA status remains “Withdrawn” according to the HUD website. This means that low 3.5% down payment loans may not be available to new condo buyers. The zoning for the project remains mixed-use in the urban zoning overlay.

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