Breakdown: The Great Terrazzo Auction of 2009

By J.R. Lind Posted on November 23, 2009 at 1:32 pm

Grant Hammond got the results from Saturday’s highly anticipated auction at The Terrazzo. All told, 21 units sold during auction and additional six were sold during floor negotiations. Note Hammond only has four of those listed, but the remaining two went at the same $235-per-square-foot price.

On average, the condos caught 62 cents on the dollar relative to list price - a great deal for the seller to be sure - but one lucky (or smart) buyer managed to catch a 1,000-square-foot, one-bedroom for $236,000, a mere 44 percent of the list price.

The big question is how the success of The Terrazzo’s sell-off will affect Nashville’s next condo auction, slated for Dec. 5 at The West End.

permalink

Tags: auctions, condominiums, Crosland LLC, distressed assets, Grant Hammond, residential real estate, Terrazzo  

Comments