Our monthly e-newsletter went out yesterday. We featured ten different developments that we are currently listing that have some of the lowest priced units available right now! Many are move-in ready and have units under $200,000.
In our e-newsletter, we asked our 10,000 readers to submit questions for Mark & The CityLiving Team about all things Nashville real estate. We are featuring our first question here and Mark’s response.
In this week’s Nashville Scene’s special “You’re So Nashville” issue, one of the highlighted winners was “You’re so Nashville if…You’re forced to live in your parents’ Green Hills basement because you are paying mortgages on two downtown condos that haven’t sold.” While it’s said as a joke, is this something I should be worried about as a potential buyer in the downtown market? – Greg
First of all, I’d recommend that you move into one of these two nice condos. The downtown sector is really becoming vibrant; much hipper then your parent’s basement. Second, make sure that you ‘price it right’, as my fellow Realtor Brian Copeland extols. When the Viridian closed, nearly 80 units of 305 came back on the market. Most sold well within a reasonable time frame, and now the inventory in that tower is manageable. Some people tried to make such a killing trying to flip that they missed the best cycle in the market. A condo is no different then a house in Green Hills. An overpriced home will not sell.
Most of the projects downtown have very limited inventory. For instance, there are only a handful of units for re-sale at The Exchange, Church Street Lofts, Art Avenue Lofts, and Kress Lofts. These projects sold well at a fair price the first time around, and most of the re-sales are doing well again if priced correctly.
In fact, the inventory in our midtown and downtown core, in total, is still well below what studies project is needed to house our downtown workforce. This fact will become even more apparent as energy costs rise, and people make the decision to embrace a lifestyle where they ‘live, work, play’, without driving for hours every week.