Downtown Nashville's Terrazzo Condominium Complex in the Gulch is having an Auction!
Yes, you read that right. Thirty (30) of these luxury downtown Nashville condos are going to be auctioned off on Saturday, November 21, 2009 at the Renaissance Hotel Nashville.
The starting bids will be $159K for a 900 square foot condo, going all the way to $399K for a minimum bid on a 2,090 square foot condo.
Previously I did a blog post on the Terrazzo Condominium Complex and, at the time, the starting price for one of these condos was $317K.
So, for any of you first time buyers who are still wanting to take advantage of the $8k tax credit, and for any others of you who are wanting to purchase in the Downtown Nashville Terrazzo in the Gulch Condominium Complex for a rock bottom price, then give me a shout and I can help you get signed up for an auction paddle!
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If you are interested in finding a condo in the Gulch area of downtown Nashville, or would like to look at other real estate for sale in the Middle Tennessee area, please search the MLS HERE. Please note: You will have to register with my site to be able to search the MLS. I will contact you initially and all requests thereafter for privacy will be respected.
Looking to move? Wanting to Invest? Need help as a First Time Buyer? Please feel free to call me, Emily Lowe (yes, I'm a Realtor, with The Lipman Group Sotheby's International Realty) at 615.509.1753
Is that auction a function of weak economy or condo overbuilding?
There have been quite a few more auctions recently in my area. It looks like a sign of the times.
Emily - I noticed the question by Karen, and i didn't see an answer, but my opinion, is both. Most of the realtors in the area had a feeling that the condo market would not be able to quickly absorb all of the new units that would be available. It's just my opinion, but it will take some time to get back to normal.
This is a great post about what's going on in downtown Nashville.
I was thinking that Karen's question was more hypothetical, but overbuilding seems to be the trend with the condo building lately. Then the weak economy comes in to "support" that overbuilding. More auctions have occured lately as a result.