While it may seem that the Rhythm at Music Row flies under the proverbial radar, the developer has quietly sold 55% of the project’s 105 residential condos. Feeding off the popularity of the Gulch, the Rhythm sold 26 developer owned condos in 2010 compared with 32 in 2009. This leaves the project with 47 units left to sell, a manageable number that will most likely fully absorb over the next 24 months. It also seems likely that preferred condo financing may become available for this project in 2011.
Year Over Year Condo Prices Fall in Rhythm
The average price of the Rhythm condos fell to $272.00/ft in 2010, down from $365.17 in 2009. On the surface, this is a 24.5% drop in price, but consider that nearly all of the penthouse sales occurred in 2009 with an average price per foot that exceeds $500/ft. I suspect that 2011 and 2012 should bring prices very similar to those posted in 2010.
2010 Rhythm Nashville Condo Sales
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View all condos for sale in the Rhythm at Music Row