Velocity in the Gulch Condo Sales Update

It has been tough sledding for the 265 unit Velocity in the Gulch condo project located next door to the Icon. For a project whose presales numbered in the hundreds, having 9 total closings (3.4%) in the first 3 months since opening does not seem impressive. Even less impressive is the over $325 a foot price point for what amounts to an urban apartment dwelling.


More confusing is the fact that recent sales in the luxury Icon high-rise are averaging around $300/foot. Is the Velocity actually a loss leader for the Icon?? Actually, that could be true (and smart) since the Icon’s construction loan is much older, for a much larger amount and due sooner.

So what has happened to the over 100 pre-construction contracts? They are waiting for the developer to bring prices down, much like what they did in the Icon over the past 6 months. Since the Bristol Group lowered prices in the Icon 4.5 months ago, they have closed an astonishing 42 condos; one is left to believe that this same plan would behoove the Velocity as well.

The Gulch district is 1 of only 4 LEED certified neighborhoods in the world and is fast becoming a radiant and much desired part of Nashville. More retail stores have opened in the Gulch district in the past 12 months than all of the central business district + midtown district combined.

Regardless of what the master plan is or is not, here are the closed sales in the Velocity:

Date Name Unit Price
6/17/2009 Nashville Urban Ventures, LLC 247 $190,400.00
7/14/2009 P. Copeland 112 $203,950.00
8/3/2009 J. Williams 337 $137,500.00
8/4/2009 D. Lee 301 $144,000.00
8/5/2009 B. Frazier 108 $208,400.00
8/18/2009 M. Abdallah 327 $273,700.00
8/31/2009 J. Osborne 103 $134,900.00
9/1/2009 J. Johnson III 428 $231,900.00
9/8/2009 R. Canos 114 $309,900.00
  Average Price Paid   $203,850.00


See all condos for sale in the Velocity in the Gulch