Nashville condo market - Depressed? (Brentwood, Green Hill: real estate, apartments, rental)

[soulful]

Hello. I am wondering about the condo market in Nashville (particularly the downtown/gulch and West End/Green Hills area) and whether the prices are very depressed at the present time (in comparison to where they were a few years ago).

I know condos have been very hard hit in many cities. thanks

[MTFan]

They are most certainly depressed at the moment compared to a few years ago. Right now would probably be a good time to buy as prices are likely to start rising due to less and less inventory on the market. There are also no large condo projects planned for the near future.

[BirdieBelle]

Things have definitely "corrected." This is the best article on the subject that I have read in a while.

Closing the Chapter on Nashville’s Condo Boom | |

There is currently about 12 months worth of condo inventory on the market right now, compared to 9 months of single-family home inventory.

Apartments and renting are the way to go right now. Even Brentwood will have a new development of condos for lease available next year in the heart of the city:

Tapestry of Brentwood - Modern flair interwoven with classic design. Brentwood, Tennessee

[soulful]

Thank you for those links and the info

[brent6969]

Apartments are the hot thing now. Atlanta currently has two huge towers going up in Midtown all apartments.

OxBlue Construction Camera: 77 12th Street

Do not have a cam for Sky-house as the other is called just a half block away from this picture on W. peachtree.

[mcredux]

Nashville's urban core condo market has buried more people than the mafia.

The Gulch is a residential graveyard. Drive through the Gulch at 8pm on a weeknight and see how many of those condos are actually occupied -- not too many lights on in the windows. The Gulch = 60% vacant buildings on top of halfway decent restaurants.

Would I describe Nashville's urban condo market as depressed? No, it's more delusional, really. You have delusional buyers who are still convincing themselves that their 230k investments aren't now worth 130k. They are able to further convince themselves there aren't more major condo projects already scheduled for Hillsboro Village, Melrose, 12th Ave South, and 11th & Charlotte. So it's delusion on top of delusion.

At the end of the day, most people who move to Nashville don't want the urban experience. They may want the neighborhood experience -- ala 12South or Hillsboro Village -- but most highrise, urban condos in Nashville are destined to be flops.

[soulful]

Originally Posted by mcredux

Nashville's urban core condo market has buried more people than the mafia.

The Gulch is a residential graveyard. Drive through the Gulch at 8pm on a weeknight and see how many of those condos are actually occupied -- not too many lights on in the windows. The Gulch = 60% vacant buildings on top of halfway decent restaurants.

Would I describe Nashville's urban condo market as depressed? No, it's more delusional, really. You have delusional buyers who are still convincing themselves that their 230k investments aren't now worth 130k. They are able to further convince themselves there aren't more major condo projects already scheduled for Hillsboro Village, Melrose, 12th Ave South, and 11th & Charlotte. So it's delusion on top of delusion.

At the end of the day, most people who move to Nashville don't want the urban experience. They may want the neighborhood experience -- ala 12South or Hillsboro Village -- but most highrise, urban condos in Nashville are destined to be flops.

Sounds like urban condos may be a very bad investment in Nashville. Perhaps condos in some of the older, smaller complexes around Green Hills or off West End might be better choices?

[BirdieBelle]

MC, at least you have the correct username, because with you it's the same negative crap over and over again.

OP, if you had bought a downtown condo in 2009, it would have been a bad investment. If you buy one today, it's a better investment because the prices are much more realistic.

But you need to consult a professional, not this message board. We all have our opinions, and they are just that. I live in the suburbs, and the "richest" suburb at that. I personally bring down the area's median income. Still, for some people, my way of life would be one of Dante's levels of hell. It works for me. Other areas work, too, though. I am in downtown Nashville on business a few days a week. And I know growth and energy and momentum when I see it.

If I had the $$, I would buy a condo in downtown Nashville and hang onto it, if not for me then for my kids if one of them got a job here.

Don't be swayed by prejudicial hyperbole like that frequently spouted by ol' mcredux, or even stuff provided by posters like me who don't have real estate licenses.

Find a pro, and ask them.

[ariesjow]

Originally Posted by mcredux

Nashville's urban core condo market has buried more people than the mafia.

The Gulch is a residential graveyard. Drive through the Gulch at 8pm on a weeknight and see how many of those condos are actually occupied -- not too many lights on in the windows. The Gulch = 60% vacant buildings on top of halfway decent restaurants.

Would I describe Nashville's urban condo market as depressed? No, it's more delusional, really. You have delusional buyers who are still convincing themselves that their 230k investments aren't now worth 130k. They are able to further convince themselves there aren't more major condo projects already scheduled for Hillsboro Village, Melrose, 12th Ave South, and 11th & Charlotte. So it's delusion on top of delusion.

At the end of the day, most people who move to Nashville don't want the urban experience. They may want the neighborhood experience -- ala 12South or Hillsboro Village -- but most highrise, urban condos in Nashville are destined to be flops.

I disagree with you here and your stats are way off. Trust me, there are plenty of people who want an urban experience in Nashville and our core has been incredibly underbuilt for decades. We just need adequate units. There are almost 3,000 apartments under construction or in the planning for the core of the city for this very reason. The problem is that many people are not buying any more since the the collapse. They are opting for apartments instead.

That said, the Gulch condo market is much, much less than 60% vacant. Velocity in the Gulch switched from condos to rental units and it's close to filled now. Rhythm at Music Row is sold out and those are condos. Last month, there were only 48 of the 418 units of Icon in the Gulch left. Terrazzo is also close to sold out.

Perhaps it's time to shed that jaded belief that Nashvillians are not interested in urban living?!?

[uncle_dubya]

i closed on a condo downtown two weeks ago and i feel really good about my "investment". i put that in quotes because i look at my space as a home rather than something to sell for a profit. i think it's a great neighborhood, but i'm sure it's just that i'm in the honeymoon phase still.

eric b