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.