Something, anything
Posted on October 28, 2009 at 10:28 am
Crosland takes a drastic step in an attempt to start shipping condos at its Terrazzo tower. It will hold an auction the weekend before Thanksgiving with minimum bids starting below $200 per square foot.
The condominium homes offered in the sales event include a broad array of floorplans, and minimum offering bids are approximately 40-50% of the list price. One-bedroom and one-bedroom den residences available at the sales event range from 891 to 1,150 square feet with minimum offering bids of $159,000 - $225,000. Two-bedroom, two-bath and two-bedroom plus den residences available at the sales event range from 1,320 to 1,617 square feet with minimum offering bids of $250,000 - $310,000. Three-bedroom, three-bath residences available at the sales event have 2,090 square feet with minimum offering bids of $399,000. The minimum bid prices include one parking space in the access-controlled, underground garage.
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Dickson townhome development progressing
Posted on August 14, 2009 at 6:43 am
Developer Tom Lochbihler has sold the first eight units in his West Lake Villas project in Dickson and is starting work on two more. The complex, aimed at empty nesters, sits next Luther Lake City Park.
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Two condo projects sell their last
Posted on July 21, 2009 at 9:46 am
A small victory for the housing market: Mark Deutschmann at Village Real Estate tells us developments in downtown and Hillsboro Village have sold out. The Art Avenue Lofts and the Glen total 70 units.
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Nashville condo prices not as bad as you might think
Posted on June 3, 2009 at 3:39 pmGrant Hammond, veteran area real estate guru and owner of Remarkable Homes, has posted an analysis of the Nashville condo prices over the past two years on his industry blog.
Surprisingly, despite a hearty surplus of high-end condos, prices have not fallen as dramatically as many have thought they would.
This quarterly condo median price and inventory analysis clearly shows what we had been thinking, condo prices have been slipping while inventory has been rising. However, the median price drop has not been as drastic as most had assumed. The trend line shows a net effective price drop of only 3.7 percent over this time period. The more eye opening statistic is that the trend line shows a net effective inventory gain of 29.7 percent.
What does this condo price analysis predict? It clearly shows that Nashville condo prices have been able to hold steady during the first half of the recession, but it also clearly shows that condo prices will drop rather significantly if the inventory levels continue to trend upward. Really, it’s a simple exercise in the laws of supply and demand in a free market economy where outside economic factors such as income, employment and ability to obtain a mortgage are at play.
The good news, according to Hammond, is that after Velocity goes online this summer, no major condo developments are scheduled to open anytime soon.
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Preds center sells Florida condo
Posted on February 2, 2009 at 6:11 pm
Radek Bonk late last year unloaded the Highland Beach property he bought in 2004. Better yet for him: He actually made a profit.
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Selling condos by going back in time
Posted on January 22, 2009 at 11:52 amTony Giarratana says slashing prices is helping him ship units in SoBro’s Encore tower.
“This program has been a great success. Encore has had 20 new contracts in the past month that we can attribute directly to this program, compared to 21 contracts total in the five-month period prior to its start… In real estate, it is all about timing, and the combination of a very low interest rate environment, discounted pricing, and the number of homes already sold has created a very favorable response to the promotion. With our rate buy-down programs, some buyers are seeing starting rates as low as 2.8% on a thirty-year loan that maxes out at 4.8%.”
The promotion takes pricing back to 2006 levels, when sales first began at Encore. Additional financing tools available to Encore buyers include low interest rates, availability of 96.5% financing, first-time homebuyer federal tax credit and Encore’s tax credit match.
The discount pricing will continue. About 100 units remain unsold at the 333-unit Encore.
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Local attorney sells pricey pad in Florida
Posted on January 14, 2009 at 3:06 pmMiller & Martin member Robert Trentham and his wife unload their Hillsboro Beach condo for more than $1.7 million – 10 percent less than they paid for it about three years ago.
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