A reader left this comment on my most recent post:
"When I purchased a pre-construction unit over a year ago, developers were not negotiating on price. It was pay this or you don’t get it. From what I understand now is that a lot of other new developments are taking offers. Is this because of a hurting market or have they finally realized that the market may not support their prices? It’s hard to say with everything being speculation and not many developments being completed. Also, I wonder how many buyers would choose to lose their initial deposits and walk away if a developer chooses not to negotiate prices now."
Interesting thoughts. I think that the market is actually quite decent in urban Nashville, and I am surprised with the flow of buyers. The media, with national headlines about the real estate market, has influenced perception, and possibly had some impact on what it takes to sell. That said, the reality is that we are selling well. Village had its best month ever in July.
A rundown of current projects: we have sold 31 of 38 at The Glen, all of Westchester, and over 120 in newly launched Velocity. We have just 10 of 70 left at District Lofts, and just one left at Madison Square. It may be that we find that ‘all projects are not created equal’. Some may be better values, and require fewer incentives. I think that we are at a slow point in a good local market economy, and that we will do fine with our urban Nashville purchases.