As of the end of November, the Velocity in the Gulch has closed 20 condos out of a possible 265 (7.5%). Granted, the grand opening was just over a month ago, but sales have yet to set any impressive marks. Surprisingly, the average price per square foot still far exceeds $300/ft coming in at $330.58.
| Date | Name | Unit | Price | Sq Ft | Price/ft |
| 6/17/2009 | Nashville Urban Ventures, LLC | 247 | $190,400.00 | 543 | $350.64 |
| 7/14/2009 | P. Copeland | 112 | $203,950.00 | 621 | $328.42 |
| 8/3/2009 | J. Williams | 337 | $137,500.00 | 442 | $311.09 |
| 8/4/2009 | D. Lee | 301 | $144,000.00 | 419 | $343.68 |
| 8/5/2009 | B. Frazier | 108 | $208,400.00 | 621 | $335.59 |
| 8/18/2009 | M. Abdallah | 327 | $273,700.00 | 840 | $325.83 |
| 8/31/2009 | J. Osborne | 103 | $134,900.00 | 419 | $321.96 |
| 9/1/2009 | J. Johnson III | 428 | $231,900.00 | 710 | $326.62 |
| 9/4/2009 | R. Canos | 114 | $309,900.00 | 840 | $368.93 |
| 9/18/2009 | J. Linares | 312 | $199,400.00 | 621 | $321.10 |
| 9/23/2009 | B. Applegarth | 132 | $190,000.00 | 621 | $305.96 |
| 9/29/2009 | W. Hartness | 456 | $220,000.00 | 710 | $309.86 |
| 9/30/2009 | R. Schuman | 425 | $190,800.00 | 543 | $351.38 |
| 9/30/2009 | R. Grantham | 441 | $146,500.00 | 419 | $349.64 |
| 9/30/2009 | T. Mikula | 274 | $180,000.00 | 543 | $331.49 |
| 10/22/2009 | E. Davidson | 248 | $182,750.00 | 543 | $336.56 |
| 11/9/2009 | J. Crafton | 251 | $330,000.00 | 960 | $343.75 |
| 11/20/2009 | J. Calhoun | 237 | $137,000.00 | 442 | $309.95 |
| 11/25/2009 | G. Papica | 200 | $280,000.00 | 865 | $323.70 |
| 12/2/2009 | P. Bell Jr. | 427 | $265,000.00 | 840 | $315.48 |
| Average Price Paid | $207,805.00 | 628 | $330.58 |
What’s next for the Velocity
Sales prices are going to have to come down in the building for these condos to sell. To put this into prospective, the 22-story Icon next door has averaged just over $295/ft for their last 20 closings (includes 5 price controlled MDHA condos). If you take out the 5 MDHA condos, the last 20 sales average $315/ft. I cannot see how the Icon is going to be less valuable than the Velocity in the long term.
On the rental front, a 2/2 Flash floor plan on the first floor rented for $1,695, a 1/1 Speed floor plan on the 4th floor rented for $1,375 and a 1/1 Speed floor plan on the 3rd floor rented for $1,295. There is a 1/1 Jet floor plan that is having trouble leasing for $1,100 due to its 543 square foot size. Potential Velocity renters are just not interested in condos this small when there are other options available. The Jet floor plan condo is the only unrented condo I am aware of in the building.
While the Velocity appears to have a very low vacancy rate, there is no debating that condos rent for higher amounts in the Icon.
5:52pm Note: I have been told that I am missing 1 sale. I will verify that sale when I pull deeds again at the beginning of next month.
See all condos for sale in the Velocity in the Gulch
December 10, 2009, 11:41 am
I know this information is publicly available, but as a potential condo buyer, it makes me nervous that you would publish not only the average prices (perfectly acceptable) but also the names and unit numbers associated with each purchase. Privacy is truly dead.
December 10, 2009, 1:53 pm
Only a matter of time. I think prices will crash in this one as they have elsewhere. There is nothing particularly special about this project that should immunize it. This developer's patience will be tested as the few remaining buyers flock to the discounts available from more motivated sellers elswhere. Regardless of whether you like traditional or modern, there are great deals to be made right now relative to replacement cost. And the highrises are the most expensive to replace at $275-$325 per sq ft depending on the project. I don't know why anyone would pay $200 per square for stick frame low rise and I think the market will see it that way in a year or two.
December 10, 2009, 2:32 pm
I had a similar concern several years ago when I started to pull deeds at the Register's office. I had the fortune to speak with Bill Garrett and here's the advice that he gave me: It is public record and folks are told at their real estate closings that their name will become searchable public records. You should publish this information in the spirit of accuracy, but if you would like, you can leave off their first name.
In addition to your full name, these documents also have your full mailing address, loan account numbers, etc. I have chosen not to post this additional information out of the respect for buyer's privacy.
BTW – I don't just do this for condo buyers, you should read some of my Belle Meade and Brentwood posts as well. There are some really interesting things happening in the burbs!
My advice to anyone concerned with the privacy of their name is to always purchase real estate in the name of a LLC.
December 10, 2009, 5:41 pm
I know this information is publicly available, but as a potential condo buyer, it makes me nervous that you would publish not only the average prices (perfectly acceptable) but also the names and unit numbers associated with each purchase. Privacy is truly dead.
December 10, 2009, 7:53 pm
Only a matter of time. I think prices will crash in this one as they have elsewhere. There is nothing particularly special about this project that should immunize it. This developer's patience will be tested as the few remaining buyers flock to the discounts available from more motivated sellers elswhere. Regardless of whether you like traditional or modern, there are great deals to be made right now relative to replacement cost. And the highrises are the most expensive to replace at $275-$325 per sq ft depending on the project. I don't know why anyone would pay $200 per square for stick frame low rise and I think the market will see it that way in a year or two.
December 10, 2009, 8:32 pm
I had a similar concern several years ago when I started to pull deeds at the Register's office. I had the fortune to speak with Bill Garrett and here's the advice that he gave me: It is public record and folks are told at their real estate closings that their name will become searchable public records. You should publish this information in the spirit of accuracy, but if you would like, you can leave off their first name.
In addition to your full name, these documents also have your full mailing address, loan account numbers, etc. I have chosen not to post this additional information out of the respect for buyer's privacy.
BTW – I don't just do this for condo buyers, you should read some of my Belle Meade and Brentwood posts as well. There are some really interesting things happening in the burbs!
My advice to anyone concerned with the privacy of their name is to always purchase real estate in the name of a LLC.
January 21, 2010, 5:30 pm