After a quick trip to the Davidson County register of deeds Friday morning, I have confirmed that 38.33% or 161 condos have closed as of 8/21/2009. The Icon is averaging over 11 closings a month for the past 3 months which would put the development at sell out in approximately 2 years.
This is a pretty strong absorption rate for what most believe to be the worst real estate market in more than 2 decades. Not surprisingly, mostly downtown view condos are the ones closing. What may be shocking is that the 1 bedroom Edge floor plan and 2 bedroom Panorama floor plan in the tower section of the building are beginning to go up in price since last month. They have actually sold and closed more than 60% of both floor plans.
The tower section of the Icon in the Gulch is beginning to fill up. There are still deals to be negotiated on the downtown facing 1 bedroom Skyline floor plans as well as on the downtown facing 2 bedroom Vista floor plan. On the back of the tower, I can show investors how cash flow and CAP rates are better and how an ultimate sales price will fetch you a greater long term gain than on the front of the tower.
The rental demand in the Icon is still huge, even as we pass through the summer months. The Icon has become one of the top living choices for all professionals, younger and older. As I write this article there is only one property vacant and available for lease. As such, rental rates are beginning to rise in this building. It is not unheard of to demand and get more than $2.00/foot for premium condos.
If you are considering a purchase in the Icon in the Gulch, either as a residence, second home or investment, you should speak with me first. My proven track record with saving my clients wheel barrel loads of cash in this building is undeniable. Others have made the mistake of not taking advantage of my services. I have the closing numbers to show that my clients are getting better deals and are making more money.
Email me Grant@RemarkableHomes.com or text/call me 615-945-7123.
View all condos for sale in the Icon in the Gulch