Nashville Condos & Lofts » Gulch

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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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?

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...

Auction Results for The West End – Nashville Luxury Condo Liquidation

Stephanie Crawford — Mon, 07 Dec 2009 06:30:25 +0000

45 units are now under contract at The West End, Luxury Nashville Condo

Just want to give you the disposition on the results of the auction yesterday.

It was a great day for buyers and a stressful day for the developer. There were 45 units to be auctioned. At the end of the day, 38 units sold at auction and four others sold before and after the event. The end result was that 42 of the 45 are now under contract. The units that were withheld from the auction remain available for sale, approximately 24 in total.

The prices were greatly reduced from the original list price, with an average of approximately 50% reduction in the final contracts. The price per square foot ranged from $260-$151. Of course, location in the building greatly influenced those numbers.

The turnout was impressive. With the success of this auction as well as the recent Terrazzo auction, there is an obvious demand for serious bargains – more so than I would have anticipated. I personally am very pleased to see such a large reduction in the urban inventories. Inventories that could become seriously depleted with the new announcements regarding the convention center and Medical Mart.

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