Nashville Condo News
Tweet 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 [...]
Tweet 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 [...]
Tweet 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. [...]
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 [...]
- Music City Convention Center Update
- Nashville Named Friendliest City in America
- Buyers: We work for FREE!!
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 [...]
- Shirley Zeitlin fired from Terrazzo Condo Project
- Velocity in the Gulch Condo Sales Update
- Advice for Nashville Condo Buyers
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.
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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.
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 [...]
- Buying a Condo at the Icon in the Gulch?
- Icon in the Gulch Condo Price Update
- Advice for Nashville Condo Buyers
The Nashville housing market will experience an accelerated sales volume in 2010 aided by the government’s extension and expansion of the first time home buyers federal tax credit, more government-backed lending assistance, and historically low mortgage rates according to 90% of major forecasts for 2010.
Surrounding real estate markets will improve in the Southeastern U.S. with [...]
- Nashville Real Estate Market Report for June 2009
- August 2009 Nashville Real Estate Market Analysis
- May 2009 Nashville Real Estate Market Stats
*reprinted from the November 2009 issue of Nashville Lifestyles. www.NashvilleLifestyles.com -by StacieStandifer*
While there’s been a great deal of speculation recently about the whole high-rise and condominium market, at least one building has paved the way for others: The Adelicia. not only have they filled the building’s units, but developed a stellar reputation as one of [...]
- Music City Star reduces Donelson Fare The cost to ride the Music City Star from Donelson…
- Terrazzo in the Gulch to Auction 30 Luxury Condos in Nashville, TN Are you a buyer in need of a preview appointment? I’d love…
- Rolling Mill Hill: the future of the development Many of you may already know that the Rolling Mill…
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The Federal Housing Administration began enforcing new rules in attempt to help more condominium buyers qualify for mortgages. Officials state that such rules are necessary to ensure consumers are purchasing units in viable buildings, and are also meant to keep defaults on condo projects to a minimum.
Highlights of the new policy on loans in condo buildings include the following:
· 50% owner-occupancy minimum, excluding vacant and tenant-occupied units
· Condo pre-sale threshold reduced from 50% to 30%
· Cap on FHA loans in a building raised to 50% from 30%
*Note: the cap can be raised to 100% if certain conditions are met
· Eligible buildings’ association must have at least 10% of budget in a reserve fund
· No more than 10% of units can be owned by one investor
· No more than 15% of units can be at least a month in arrears on association fees.
· Loans now OK when associations have the right to reject a buyer, provided there is no
Some argue that these changes will make it harder for builders to deliver new condo buildings. The debate relates to certain changes such as the new eligibility requirement for building associations. It states that loans will be approved in buildings whose condo associations have deposited 10% of their annual budget in a reserve account for repairs and maintenance. Critics say the 10% threshold is too high for buildings with few units. Furthermore, the FHA has been scrutinized for falling into industry pressures on the process, therefore causing condo loans to be more prone to foreclosure.
FHA officials, on the other hand, believe the policy is well-balanced, mitigates risk, and helps to protect consumers. Since lenders are now forced to be more careful about which projects they fund, such rules contribute to more financially sound condo investments.
Submit your opinion by answering our poll:
Is the FHA push a good move for the condo market?