It baffles me why this 2 bedroom, 2 bath, 1,585 square foot loft at Werthan Mills has not sold.
First, it is a foreclosure. Second, it is priced at the LOWEST price recorded in Werthan Mills in the past half decade, $126.12/ft. The average price over the past 2 years has been $161.88/ft with the median price being $172.52/ft. That puts the current market value of this loft between $256,580 and $273,444. Third, this loft originally sold for $329,375 on 5-2-2006 and then resold for $350,000 on 2-27-2007. This tells me that when Nashville’s real estate market recovers in a few years, this loft is an easy sale at $299,000. Fourth, even Metro Nashville believes this loft is valuable, they have it appraised for $344,900. Fifth, the loft has a massive wall of windows on the courtyard that orients to the south for incredible light, especially for a loft. Sixth, 18 foot ceilings. Need I say more??
Call me ASAP, let’s go get this deal before someone else figures this out! Call 615-945-7123 or email Grant@GrantHammond.com
Werthan Mills Deal of the Decade
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August 26, 2011, 7:49 pm
Hmmm. That IS a good one.
August 26, 2011, 11:41 pm
The reason this property hasn’t sold is simple: What intelligent investor would sink that much money in a property across the street from public housing? There are much better buys and far greater potential for appreciation, not to mention less likelihood of getting shot, elsewhere.
August 29, 2011, 8:18 pm
Granted, Werthan is in a transitional part of Germantown, but it is certainly not as bad as you make it sound.
October 23, 2011, 4:59 am
This is a certain steal..anything between 250k-300k is affordable as per today’s economy scenario and buyers have their say. I think it must be worth seeing the difference in first purchase and it will appreciate in another 2 years.