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.

Related posts:

1. The West End Condos Sales Update The auction a couple of months ago at The...
2. Florida Condo Sales Increase Florida condo sales increased by 111% based on a year-to-year...
3. Griffin Plaza Condo Site in Gulch Gets Reprieve In 2007, Crosland Tennessee President Bill Barkley announced plans to...

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

Related posts:

1. The Square at Fourth & Madison. New condos coming to Nashville Germantown. Just Announced – Tennessee Titan Michael Roos and his wife...
2. The West End Condos Sales Update The auction a couple of months ago at The...
3. BofA has a super-cool new First Time Buyer Loan Guide Bank of America has recently instituted on their website one...

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.

Related posts:

1. The West End Condos Auction Results John Coleman Hayes successfully sold at least 40 condos...
2. Auction Results for The West End – Nashville Luxury Condo Liquidation Just want to give you the disposition on the results...
3. Rhythm at Music Row Condo Sales Update The Rhythm at Music Row, like most other high-rise...

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

Related posts:

1. 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...
2. MDHA Affordable Condos in Nashville Formed in 1938, MDHA is the Metropolitan Development and...
3. Auction Results for The West End – Nashville Luxury Condo Liquidation Just want to give you the disposition on the results...