I Feel Good About Nashville

    On Friday, a reader posted this comment in response to the Velocity blog:

    "I bought a unit at Velocity in the Gulch. I was really looking forward to the project. But now I am concerned. After buying parking and upgrading to glass windows, my rate is $343 per sqft. The project is going to be ready 2 years from now. I am wondering if prices would be able to hold till then, let alone any appreciation. By that time we may already have 10 more velocities in nashville. Due to over supply of condos, prices are going to suffer. Do you have any thoughts on this topic?"

    Pricing at Velocity is just 12-15% above Bristol West End, which is closing soon, is less then Rhythm, and quite a bit less then Adelicia, which is closing soon. It is also way less then Terrazzo, and in the Gulch, great location. The unit size is quite a bit smaller, too, which warrants higher price per square foot as the baths, kitchen, etc. still need to be constructed, despite the size. I just returned from Vancouver, and was looking at the market in the $800-$2000/sq. ft. range, and I feel good about Nashville, our pricing, and future potential. It is nice to have two years of potential appreciation prior to close.

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    3 Responses to “I Feel Good About Nashville”

    • Anonymous

      Written on

      Mark – Thanks for sharing your thoughts. I wanted to ask you one more thing. Icon sales were brisk all units sold out in 48 hours; prices soared every hour. But that did not happen at Velocity. Sales were good but not as brisk as Icon! Do you think MarketStreet & Bristol are keeping that in mind before planning any more new development in Gulch? Are they going to wait and watch the market before they announce any new projects?

      Reply
    • Mark Deutschmann

      Written on

      Yes, I’m sure that all of the developers in the Gulch will be tracking the market, and will build out accordingly. Velocity is a good next project for the Gulch, and will come in early ’09. They each take some time, with ~3+ years from planning to closure, so market has a fair amount of time to absorb. All the projects in process currently have interesting, mixed use component, and add to the flavor of the area, which will again increase the attraction to current and future residents.

      Reply
    • Anonymous

      Written on

      It would be interesting to see how things shape up when Icon and Terrazzo are completed and first residents move in. I think these are also fabulous developments and it would be so picturesque to drive through Gulch. It’s a different thing to see the renderings but to see it in reality would create more attention for Gulch. Also these projects have over 200+ units so this would bring a lot of urban crowd to Gulch which is growing very fast. I would think this should help the prices of units in Gulch.

      Reply

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