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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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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