Riding the post condo auction wave, 2010 was a banner year for the Terrazzo in Nashville’s Gulch. Bolstered by lingering closings from November’s auction, the Terrazzo closed 45 condos in 2010 compared to 40 in 2009. With only 117 total residential condos in the development, the Terrazzo now has 32 left to close before 100% sellout. As a majority of the remaining inventory appears to be the larger, more expensive units, I suspect it may take more than a year before the Terrazzo is completely owner occupied.
Year Over Year Condo Prices Slide in Terrazzo
The average price of the Terrazzo condos slide back to earth in 2010, down to $238.52/ft from a high of $278.99/ft in 2009. This represents a 16.8% decline in year over year condo prices. However, since the developer sponsored condo auction in November 2009, the Terrazzo prices have held rock steady. The auction achieved an average sales price of $233.01/ft for the 25 condos sold that day. I feel very comfortable in predicting that the sales price will continue a very slow, yet measured climb in 2011.
2010 Terrazzo Condo Sales
View all condos currently for sale in the Terrazzo Nashville