Ready or Not - The New Nashville Condos Are Coming…
Brand new developments such as Rhythm, Velocity, and Terrazzo will be opening their doors in 2009, bringing 500 luxury condominium units to an already crowded downtown Nashville condominium marketplace. Icon, Encore, Adelicia, Fifth and Main, and the Viridian have been selling their Nashville condos for the last year or two, leaving less room for the newcomers.
In total, there will be about 1,350 luxury Nashville condos in the downtown area with about half of them already sold. The 305 unit Viridian has sold out; however, it has been open since late 2006. Opened in late 2007, the Adelicia in the Vanderbilt/Music Row area is 90% sold out.
Velocity and Terrazzo will be joining the Icon in the “Gulch.” Ranging from $239,000 to $1.9 million, the Icon opened in the spring of 2008 and has currently closed about 30% of their 417 units. The Terrazzo has been delayed for about a year, but will be selling its 117 units in April of 2009. Nashville’s first pre-certified green building, the Terrazzo, boasts downtown views and over-sized terraces. The Velocity will bring another 265 more cool condos to the rejuvenated Gulch area. Rhythm at Music Row will have 99 condos for sale ranging from $239,000 to $712,000.
“The newer developments are opening into strong head winds,” said Jeff Fulmer, a Nashville Realtor who specializes in the Nashville condominium market. “It will probably take some time for Nashville to absorb this influx of inventory, but we are fortunate to have so many choices.”
Some are predicting that it will take up to two years for these new units to work through the system. There are no other plans for any more major luxury condo developments and others have had to curtail their plans. The most ambitious downtown project, the Signature Tower, was once designed to be the tallest building outside of New York or Chicago. The mixed use complex has had to downsize its plans, going from a 600 unit condo development to 90 to 100 luxury condos with the average size of the condos more than doubling.
The suburbs are also attempting to sell new condos which are still coming on the market. According to the Williamson County Association of Realtors, condo sales in Williamson County dropped a whopping 52% from a year ago. The median price of a condos dropped 16 percent from $215,000 in February 2008 to $180,000 in February 2009. On the positive side, days on the market for condos in Williamson County have gone from 60 days last year to 44 days in 2009.
Franklin TN condos, such as Gateway Village Creekstone, The View, Avalon, Grant Park, Ashton Park, 11th Off Main, Westhaven, and Jamison Station are still selling new units. Berkley Walk and Windstone are two new luxury developments opening in Brentwood TN.
“Whether you are looking for an investment or an exciting new place to call home, this is great time to consider Brentwood TN condos, Franklin TN condos or condominiums in Nashville,” Fulmer said. “Prices are competitive, interest rates are low, and there is something for everyone.”
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