Nashville Condos & Lofts » Nashville Condo News

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...
MDHA Affordable Condos in Nashville Formed in 1938, MDHA is the Metropolitan Development 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 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…

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

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…

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

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...

[[ 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

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…

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

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.
Related posts:

Luxurious Miami Beach Condo in Foreclosure This 3 bedroom 3 bath condo located in Mosaic, a...
Icon in the Gulch Big Winner or Buyers? 2009 was supposed to be a horrible year for Nashville...
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...

Nashville Real Estate Market Forecast for 2010

Grant Hammond — Thu, 31 Dec 2009 14:23:10 +0000

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 average housing deflation forecasted at 8.4% regionally. This figure represents the lowest amount of deflation on an annual basis in the past four years (actual price deflation over the past 4 years never reached the predicted decline). Nashville will only feel an estimated 5.2% of deflation overall with the hardest hit sectors being the luxury homes market over $600,000 and developer owned condominiums. Reported unemployment peaked at 10.2% nationally, a number that has not been reached since the Great Depression. Most economists believe an economic recovery has begun, but with a suppressed job recovery anticipated, real estate will continue to experience price...

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

STAR POWER: Midtown’s Adelicia provides a shining light for other developments to follow

Stephanie Crawford — Wed, 16 Dec 2009 07:40:47 +0000

*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 the most sought-after-in-town address.

Even as other developments struggle in a still-uncertain economy, the Adelicia’s popularity seems to be strengthening, especially with high-profile shoppers. Last month Gwyneth Paltorw browsed a privately owned penthouse for possible short-term rental during area filming. It was a bit small, since she’ll have the family in tow, but the point is, the building’s on the radars of serious national movers and shakers. What’s the buzz about? We talked to residents to find out.

For Gary Haber, who’s maintained a business presence in Nashville for 28 years without ever owning a home here, purchasing a second home in the building has been a very positive experience. His primary residence is outside Los Angeles, and he travels often with his accounting business, which deals with A-list entertainment industry clients.

Haber compares his Adelicia experience to that found at some of his favorite hotels. “When they sold me on the project, it was promised that it would be a luxury environment with concierge-like amenities, and that has been realized completely,” he says. He appreciates the turn-key convenience that the staff provides and the location just steps away from Music Row as well as the added bonus of restaurant (Miro District) on the ground floor.

For Dr. Shane Witherow – who moved from the suburbs – living here provides the best of both worlds. “I feel like I’m living in a W Hotel. My favorite time of day is when I come home to see the floor-to-ceiling glass with nothing but city lights.” he chose the Adelicia because he like the finishes, security and location.

Clearly, so do many others – and some of them are use to red carpet treatment. Young vibrant beauties Julianne Hough and Taylor Swift have invested in Adelicia units. They may not be around often, but the security is ideal for high-profile residents who prefer discretion and privacy combined with chic, modern residential space.

Caleb Followill of Kings of Leon is an owner, as is American Idol founder Simon Fuller, former Vanderbilt quarterback Benji Walker and music industry royalty Tony Brown.

The building’s filled with interesting personalities and professionals and oft-traveling movers and shakers make it even more desirable – it never seems crowded and is generally quiet despite being located in the heart of a bustling, nightlife-filled district.

The Adelicia’s success has transcended the urban residential real estate market in Nashville. Since it’s filled with happy buyers, we hope the other developments in the market follow its lead by providing equally desirable living standards. It can be done, and done well. The Adelicia community is all the proof we need.

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…

5 Largest Condo Developments in Nashville Buildings between 75 feet and 499 feet tall are considered high-rises....
The Square at Fourth & Madison. New condos coming to Nashville Germantown. Just Announced – Tennessee Titan Michael Roos and his wife...
Home Renovating Doesn’t Pay Off Like It Used To Thinking of renovating your home? Upgrades are bringing less and...

FHA Updated Condo Guidelines

Condo.com - Condo News — Mon, 14 Dec 2009 20:30:15 +0000

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:

Temporary changes

·     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

Permanent changes

·     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
      discrimination.

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?

5 Largest Condo Developments in Nashville Buildings between 75 feet and 499 feet tall are considered high-rises....
Job Loss Insurance Offered to Condo Owners The job market these days still remains a scary situation...
Luxurious Miami Beach Condo in Foreclosure This 3 bedroom 3 bath condo located in Mosaic, a...