On December 5th, 185 potential buyers showed up on a chilly Saturday morning to bid on 40 units for sale at luxury condo development The West End. Do we need to repeat that? 185 potential buyers! 34 of the units sold for an average of $177/sq. ft, or $353,051.
This auction followed suit to the fist of its kind in Nashville. Last month at the Terrazzo, 25 units were sold for an average of $233/sq. ft., or $283,600. It is expected that more of Nashville’s condo developments will be considering auctions after the huge successes of these first two.
There are two important things this signifies. First, there are people in Nashville who are ready and able to buy, which is good news for sellers. Second, new condo prices will have to drop to be comparable to the discount prices of the units sold at auction, which is good news for buyers.
Furthermore, the occupancy rates at the buildings are improving. The auction at The West End pushed the building to 65% occupancy, making it eligible for FHA approval.
We look forward to watching the condo market in Nashville continuing to improve, and we’d love to help you find the right development for you. Contact us at firstname.lastname@example.org for more information on condos in Nashville, or condo auctions.