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:
|6/17/2009||Nashville Urban Ventures, LLC||247||$190,400.00|
|9/1/2009||J. Johnson III||428||$231,900.00|
|Average Price Paid||$203,850.00|
See all condos for sale in the Velocity in the Gulch