It has been just over 3 years since the Terrazzo first opened its doors and with the conclusion of 2011, the project is virtually sold out. All that remains are 3 penthouses priced between $950,000 and $1.1 million and 1 two bedroom flat priced at $535,000. More good news is that the average sales price per foot posted a significant 7.76% increase in price jumping from $238.72 in 2010 to $257.25 in 2011. Yet another positive sign for the building is that 3 condo sales in 2011 were resales compared with just 1 resale in all previous years. There are currently 4 resale condos on the market, with one presently under contract for significantly more than what the original resale buyer paid. You heard that correctly, #1207 will be on its third owner in as many years with each successive purchaser paying more than the last.
Looking to the future, I believe 2012 will bring continued price gains in the Terrazzo. I am conservatively predicting a 4.75% increase, but I believe that with sustained economic recovery and a lack of luxury high-rise inventory in Nashville, that price increase may be closer to 10%. I have been involved in dozens of sales in the Terrazzo and look forward to another great year in 2012.
As Nashville’s most successful condo broker, having been involved with more than 250 sales while never representing a developer, let me put my unmatched resources to work for you. As your representative, I know how to uniquely present your home to the market, maximizing exposure, sculpting the message and avoiding the pitfalls that besiege lesser qualified agents. Should you or someone you know be in the market for a purchase, allow me to share all of the inside minutiae associated with each high-rise so you can make the most informed decision. As a personal owner of multiple condos in multiple buildings, I have a keen perspective that uniquely qualifies me to represent your best interests.
Direct Line: 615-945-7123
Email: Terrazzo@GrantHammond.com
View current inventory listed in the Terrazzo Condos
Terrazzo Condos Sold in 2011
(note: the blue highlighted transactions are resales)
Navigate back to my Nashville real estate home page to see additional research I have posted this year.
February 10, 2012, 1:05 pm
An observer has pointed out that 2 of the 30 sales in 2011 are penthouse sales that have skewed the overall price per foot. I disagree that you can remove these sales from an overall price per foot calculation for the building since we are only dealing with an aggregate price. Even when we do remove these two sales, the overall price per foot becomes $249.92, an increase over 2010 which also featured penthouse sales. If you own a condo in the Terrazzo and would like for me to calculate your unit’s specific market value, I will be more than happy to do so. Simply email Terrazzo@GrantHammond.com
February 10, 2012, 1:05 pm
An observer has pointed out that 2 of the 30 sales in 2011 are penthouse sales that have skewed the overall price per foot. I disagree that you can remove these sales from an overall price per foot calculation for the building since we are only dealing with an aggregate price. Even when we do remove these two sales, the overall price per foot becomes $249.92, an increase over 2010 which also featured penthouse sales. If you own a condo in the Terrazzo and would like for me to calculate your unit’s specific market value, I will be more than happy to do so. Simply email Terrazzo@GrantHammond.com
February 14, 2012, 11:03 am
I saw that unit 1207 sold in my search of the hot sheets. A great sign…