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Rhythm at Music Row Condo Sales Update

admin — Mon, 21 Jun 2010 02:09:56 +0000

The Rhythm at Music Row, like most other high-rise condo projects in Nashville, has benefited from the federal housing tax credit. Not all of the condos contracted during the tax credit period have closed. I expect another 4-5 condos to close by the middle of July, especially the smaller Tempo floor plan. The Rhythm has closed 40 of their 105 condos leaving new buyers with plenty of choices and quite a bit of negotiating power.

The Rhythm has consistently been rated the #6 most popular condo development in Nashville by the readers of Remarkable Condos. The Rhythm is a premier condo project developed by local businessmen Rhett Smith and Jim Caden. Construction financing for the Rhythm was provided by Cadence Bank and Pinnacle Bank.

Closings in the Rhythm Nashville

The Rhythm condo project is located in the Music District of Nashville.

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MDHA Affordable Condos in Nashville

admin — Wed, 16 Jun 2010 23:18:45 +0000

Formed in 1938, MDHA is the Metropolitan Development and Housing Agency of Tennessee. MDHA is a public housing authority primarily responsible for housing in urban areas as well as multiple community development programs. MDHA is also the agency that offers Tax Increment Financing (TIF) to developers who agree to include a certain percentage of “affordable units” in their condo developments. TIF money is conveyed to the developer prior to construction to help encourage urban infill development in Nashville.

MDHA affordable condos are typically small studios or one bedroom flats that range in size from 450 to 675 square feet. Prices vary by development, but usually range from the mid $120,000’s to the $150,000’s.

How to Qualify for a MDHA Condo

Rules and regulations vary from development to development but they generally follow these guidelines:

Purchasers must earn less than 80% of the area median income. Currently $36,350 for single buyers and $41,500 for married buyers.
All units carry resale restrictions of 5-7 years from the date of purchase. If resold within the defined timeline, the new purchaser must conform to current MDHA guidelines.
Purchaser must be an owner-occupant. In other words, you must plan on making this condo your primary residence. Future use of property as an investment follows a case-by-case basis and HOA regulations.
All financing must be in purchaser’s name and qualifications with no co-signers. Parents are not allowed to co-sign for children.

Nashville Condo Developments with MDHA Affordable Condos

Viridian
ICON in the Gulch
5th & Main
Velocity in the Gulch
Encore
The Kress
Art Avenue Lofts
Rolling Mill Hill
Lofts at the Exchange
Werthan Mills Lofts
Ambrose Lofts
The West Eastland

The Square at Fourth & Madison. New condos coming to Nashville Germantown. Just Announced – Tennessee Titan Michael Roos and his wife...
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The West End Condos Sales Update

admin — Wed, 10 Feb 2010 14:57:49 +0000

The auction a couple of months ago at The West End Condos was a great opportunity for buyers to pick up a bargain. These luxury one, two, and three bedrom units sold for around 55% of their asking price. For example, a three bedroom on the 6th floor with 2,525 square feet that was asking $948,000 went for $440,000. A two bedroom on the 4th floor with views of downtown that was listed at $645,000 went for $371,250. A one-bedroom on the 8th floor went for $253,000 at auction that had been priced $425,000.

Unfortunately, those deals seem to be gone. The sales agents representing The West End Condos said that only two of the buyers at the auction have backed out. The rest have closed or are in the process of closing. There were a few units that were not sold at auction – either because they were held back or the developer wouldn’t let them go at auction prices. There are still a handful of 2 and 3 bedrooms left, atlhough the developer is flatly turning down auction prices. Expect to pay 75% to 80% off the asking price, which still may be a good deal… Just not as good a deal as two months ago.

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5 Largest Condo Developments in Nashville

admin — Mon, 18 Jan 2010 22:25:25 +0000

Buildings between 75 feet and 499 feet tall are considered high-rises. The average height of a single story of a high-rise is approximately 13 feet, thus a 78 foot tall building would have 6 total stories.

5 largest condo buildings in Nashville are:

1. The Icon in the Gulch – 419 condos
2. The Encore – 333 condos
3. The Viridian – 305 condos
4. The Adelicia – 186 condos
5. The Terrazzo – 117 condos

STAR POWER: Midtown’s Adelicia provides a shining light for other developments to follow *reprinted from the November 2009 issue of Nashville Lifestyles. www.NashvilleLifestyles.com...
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The West End Condos Auction Results

admin — Thu, 14 Jan 2010 04:40:05 +0000

John Coleman Hayes successfully sold at least 40 condos in the past 60 hours, 32 of which were sold during Saturday’s live auction.

The condo auction, held under a semi-heated tent in the West End’s motor court, was well attended with an estimated 185 potential buyers in attendance. Jerrold Pedigo began the auction promptly at 11:00am by telling auction bidders that 3 condos had sold the prior day and would no longer be a part the day’s auction. The auctioneer did not inform the crowd of the sales prices, but did identify the condos as unit numbers 602, 502 and 503, all 2 bedroom condos with excellent downtown views.

Once the auction began in earnest, the bidding was surprising brisk with the first condo garnering more than a dozen bids and eventually selling for $226.30/ft, an auction high. As expected the next several condos began to sell for slightly lower prices, but the real shock came for me just 5 lots later when the auctioneer accepted a bid of $174.26/ft. Most in the audience seemed surprised that the developer and bank were willing to accept rates lower than $180/ft as well.

Auction prices recovered soon after only to fall to $159.74/ft for the 10th lot auctioned, a 2 bedroom, 2 bath, 1,997 square foot monster condo on the fifth floor. The original asking price for this particular condo was $590,000, but the auction only brought…

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The Terrazzo Auction Results The results of the Terrazzo auction are in and...
Auction Results for The West End – Nashville Luxury Condo Liquidation Just want to give you the disposition on the results...
The West End Condos Sales Update The auction a couple of months ago at The...

The Terrazzo Auction Results

admin — Thu, 14 Jan 2010 04:37:44 +0000

The results of the Terrazzo auction are in and it appears that my predictions are right on target. 25 condos sold at an average price of $233.01 per foot with a couple of sales reaching over the $250/ft mark. The average total price of $283,600 represents 62.48% of the original asking prices at Terrazzo.

Approximately 220 people attended the auction at the Renaissance Hotel in downtown Nashville, but I was never able to count more than 47 registered buyers. The auctioneers, Accelerated Marketing Partners, did add 4 new condos to the auction that were not listed prior to auction day.

21 condos sold during the actual auction and 4 sold after the bidding was stopped (marked as AA in the table below). The live auction portion lasted one hour and six minutes and the after auction sale only took 14 minutes. The entire auction and sale only lasted one hour and twenty minutes. In other words: During the 80 minute auction, $92,162.50 was spent per minute. Without further delay here are the complete auction results…

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The West End Condos Auction Results John Coleman Hayes successfully sold at least 40 condos...
Auction Results for The West End – Nashville Luxury Condo Liquidation Just want to give you the disposition on the results...
Griffin Plaza Condo Site in Gulch Gets Reprieve In 2007, Crosland Tennessee President Bill Barkley announced plans to...

Nashville Plans Free Wireless Internet for City

Grant Hammond — Sat, 09 Jan 2010 17:05:36 +0000

Nashville Technology Council President Todd Fetherling has told the Nashville Post that the organization plans to implement a free wireless Internet network in downtown Nashville. The group plans on placing its first transmitter in the central business district and believes that a strong wireless signal should emanate within a 0.9 mile radius. The location of this first transmitter will be the Nashville Technology Council’s headquarters located at Third Avenue and Commerce Street. The planned wireless network is a mesh network, sometimes called a mesh cloud, the system that most cellular companies currently use. According to Wiki, “A mesh network is reliable and offers redundancy. When one node can no longer operate, the rest of the nodes can still communicate with each other, directly or through one or more intermediate nodes.” To start, the program will go through a month-long pilot period that will begin later this month or in early February. The launch will cost about $3,100, which covers...

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Griffin Plaza Condo Site in Gulch Gets Reprieve

Grant Hammond — Fri, 08 Jan 2010 20:13:00 +0000

In 2007, Crosland Tennessee President Bill Barkley announced plans to develop a 2 acre parcel of land in the Gulch into Griffin Plaza, a $35 million 10 story project with 140 apartments and 32,000 square feet of ground-floor retail space. With that announcement, the website went live and the buzz began to build with mentions of urban revitalization, green spaces, LEED certifications and urban pocket parks. However, as most of my readers know, 2007 was the very end of an era and the lender, First Carolina Bank, realized that turning dirt was not a prudent decision.

Fast forward a few years and rumblings of liquidity issues at both Crosland Tennessee and First Carolina Bank begin to emerge as the Southeastern real estate market continues a rather abrupt decline. At some point that Fall, Crosland does miss a $90,500 installment payment on their original $15 million loan and the stage is set. In late October 2009 a foreclosure filing was ordered and Crosland…

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Icon in the Gulch Big Winner or Buyers? 2009 was supposed to be a horrible year for Nashville...
The West End Condos Auction Results John Coleman Hayes successfully sold at least 40 condos...
The Terrazzo Auction Results The results of the Terrazzo auction are in and...

Live in Miami’s Most Desirable Address- The Four Seasons

Condo.com - Condo News — Thu, 07 Jan 2010 16:45:00 +0000

The Four Seasons Residences in Miami offers residents true luxury through high standards of innovation, relaxation, and refined personal service. The spectacular collection of Four Seasons' homes are located on the 40th through 70th floors of the tallest building in Florida, offering infinite views of Miami.

Each residence features grand entryways with mahogany double front doors, floor-to-ceiling windows, private recessed balconies (on select units), and 10-foot ceiling heights. Kitchens in all units feature the finest accessories and gadgets including the following: Poggenpohl pearwood cabinetry with stainless steel pulls and handles; matching cabinet panels on the refrigerator and dishwasher; black granite countertops; a Franke stainless steel double sin; a viking cooktop with four burners and viking wall oven; a sub zero refrigerator; miele dishwasher and a U-Line wine cooler.

The floor plans offered for the Four Seasons Residences include 1 - 3 bedrooms with 1.5 - 4.5 bathrooms ranging from 1,114 - 4,269 square feet. Award-winning penthouses are available as either a fully designer-furnished package or as an empty palette to customize as you wish. Prices range between $500,000 - $5,300,000 with monthly maintenance fees averaging $0.72 per square foot.

Owning a residence at the Four Seasons in Miami means receiving unparalleled, 24-7 room service and concierge along with all amenities offered to Four Seasons' hotel guests. Furthermore, residences are guaranteed a solid association in a reputable building; 2 memberships to the exclusive Sport Club/LA fitness complex; assigned parking and storage; a private, owners-only pool; and a number of other world-renowned services available through a touch-tone phone featured in every residence.

The opportunity to experience the essence of pampering and hospitality at the Four Seasons residences has never been available on more attractive terms.

For more information on purchasing a residence and becoming a permanent Four Seasons hotel guest, click here.
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STAR POWER: Midtown’s Adelicia provides a shining light for other developments to follow *reprinted from the November 2009 issue of Nashville Lifestyles. www.NashvilleLifestyles.com...

Icon in the Gulch Big Winner or Buyers?

Grant Hammond — Wed, 06 Jan 2010 15:49:46 +0000

2009 was supposed to be a horrible year for Nashville condo sales, yet the Icon in the Gulch was able to sell and close 84 new condo contracts. By the pure number of closings, the Icon in the Gulch was certainly the big winner in terms of gross number of sales, but many may be surprised to learn that 84 condos only represents about 20% of the 419 unit building, the biggest residential condo building in Nashville. By my calculations the Icon is now 50% closed out leaving over 200 condos yet to be closed and that may represent a liability to current condo owners/buyers whose floor plan has not sold well during 2009.

As an example, the Verge floor plan is a sizable 1,100+ square foot 2 bedroom condo located in the midrise portion of the building and according to the tax record, none sold in 2009. 8 Verge condos did sell in 2008 that ranged in price from $331,000 to $411,250, but that still leaves 40 Verge units that remain to be contracted. Clearly, not many buyers are aware of these eccentricities since…

[[ This is a content summary of the article. Visit my website for the full article, pictures and more! ]]

Griffin Plaza Condo Site in Gulch Gets Reprieve In 2007, Crosland Tennessee President Bill Barkley announced plans to...
The West End Condos Auction Results John Coleman Hayes successfully sold at least 40 condos...
The Terrazzo Auction Results The results of the Terrazzo auction are in and...