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:
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.