This article entitled “Adelicia closing on final units, garners national attention” appeared in the Nashville Business Journal on April the 3rd, 2009. Jenny Burns wrote:
“The luxury condominium tower Adelicia will close on its last four units this month after the developer offered deep discounts to sell out the remaining 20 units in the West End project.
While a turbulent condo market has made it tough to sell units – only 57 condos in the top 30 projects in Nashville have closed in the first three months of this year – Adelicia developer Corner Realty Partners becomes one of the few to sell out.
According to county records, 18 of those 57 that sold this quarter were Adelicia units, 8 were Icon units, and 13 were at the Encore. The Adelicia condos sold after the developer cut prices 17 percent to 20 percent, or $50,000 to $100,000, for 20 units in the 186-unit tower.
Adelicia’s success has garnered it a national award that is the first for a Nashville project.”
I was actually surprised, not that Adelicia had sold out, but that the Encore had out sold the Icon in the first quarter of 2009. The Rhythm begins closings next month and the Terrazzo also just began closings this past month. It appears that there might be some really intense competition for buyers!
Since posting this article, the Icon in the Gulch has really picked up speed by closing more than 12 condos per month from April to June. The Encore has also caught up closing another 21 since this posting. Obviously condo prices are lower, but now that the Encore is almost 80 percent sold out, there may not be reason to offer huge discounts.
On the other side of the coin, John Coleman Hayes’ The West End still has only closed 5 condos and the Velocity has closed only 1.