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        <title>Nashville TN Real Estate Blog</title>
        <link>http://www.nashvillesmls.com/blog/condos-in-the-gulch/</link>
        <description>information relating to real estate in Nashville Tennessee</description>
        <item>
            <guid>http://www.nashvillesmls.com/blog/mark-oconnell-with-remax-elite-is-helping-buyers-find-nashville-condos-and-lake-homes.html</guid>
            <link>http://www.nashvillesmls.com/blog/mark-oconnell-with-remax-elite-is-helping-buyers-find-nashville-condos-and-lake-homes.html</link>
            <author>gary@garyashton.com (Gary Ashton: ADMIN)</author>
            <title>Mark Oconnell with REMAX Elite is helping buyers find Nashville Condos and Lake Homes</title>
            <description> <![CDATA[ 
Mark showed downtown condos to out of state clients from Virginia Beach on Monday and Tuesday. These were two bedroom condos within walking distance of the honky tonk bars on Broadway and were between $250,000 to $350,000. The clients plan to spend vacation time there and then rent out the property on a week to week basis to people visiting Nashville. 


Wednesday was spent showing lake homes to clients from San Diego planning to retire to Nashville. These were two to three bedroom properties  with lake frontage and docks between $250,000 and $400,000 and were located in Old Hickory, Mount Juliet and Gallatin. 


Friday was spent in training at All American Pest Control  on our newly improved, highly functional and user friendly new TAREG website.
 ]]> </description>
            <pubDate>Sat, 25 Feb 2012 12:27:30 -0600</pubDate>
                    </item>
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            <guid>http://www.nashvillesmls.com/blog/jennifer-wray-of-the-ashton-real-estate-group-has-been-active-with-her-nashville-condo-investment-bu.html</guid>
            <link>http://www.nashvillesmls.com/blog/jennifer-wray-of-the-ashton-real-estate-group-has-been-active-with-her-nashville-condo-investment-bu.html</link>
            <author>gary@garyashton.com (Gary Ashton: ADMIN)</author>
            <title>Jennifer Wray of The Ashton Real Estate Group has been active with her Nashville Condo Investment Buyers this week</title>
            <description> <![CDATA[ 
This week Jennifer Wray of The Ashton Real Estate Group of RE/MAX Elite in Nashville TN is working with buyers from out of state interested in purchasing a Downtown Nashville condo.


Downtown condo living has so many things to offer including great rental cash flow if purchasing for investment. It's just amazing how the rental need has increased in Nashville in recent years.


Jennifer said "Researching all the ins and outs of downtown condos has been so informative. It's really been awesome!"





Her clients are looking at buying and investing in condos in the Icon and the Terrazo. With the interest rates so low and the real estate values so attractive now really is the time to get your foot in the door with a real state investment!
 ]]> </description>
            <pubDate>Mon, 13 Feb 2012 03:27:28 -0600</pubDate>
                    </item>
        <item>
            <guid>http://www.nashvillesmls.com/blog/jonny-lee-of-remax-elite-sells-a-nashville-condo-and-lists-another-condo-for-sale.html</guid>
            <link>http://www.nashvillesmls.com/blog/jonny-lee-of-remax-elite-sells-a-nashville-condo-and-lists-another-condo-for-sale.html</link>
            <author>gary@garyashton.com (Gary Ashton: ADMIN)</author>
            <title>Jonny Lee of REMAX Elite sells a Nashville condo and lists another condo for sale</title>
            <description> <![CDATA[ 
Jonny Lee, of The Ashton Real Estate Group, despite being down and out last week with an impacted wisdom tooth, he still managed to close a condo in Hillsboro Village and market 2 new homes for sale. One located of the properties is in North Nashville and the other is a downtown Nashville condo. 


He negotiated a new contract for one of his buyers for a single family home in the West End area and showed homes to 4 different clients (with the help of his assistant Derrick)! 


We hope his wisdom teeth (or now lack of) start to feel better soon!
 ]]> </description>
            <pubDate>Mon, 03 Oct 2011 23:11:27 -0500</pubDate>
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            <guid>http://www.nashvillesmls.com/blog/info-regarding-nashville-condos-and-insurance.html</guid>
            <link>http://www.nashvillesmls.com/blog/info-regarding-nashville-condos-and-insurance.html</link>
            <author>gary@garyashton.com (Gary Ashton: ADMIN)</author>
            <title>Info Regarding Nashville Condos and Insurance</title>
            <description> <![CDATA[ 
Important information on condominium requirements.



Investors are now requiring condo purchases to 
carry both
building insurance (usually covered by the HOA) and content insurance.&nbsp; 
It
is called an HO6 policy or better known as a renters insurance policy.





The reason for this is, the insurance provided by 
the HOA
will only replace the unit to its original quality per specifications.&nbsp; 
It
WILL NOT cover any upgrades (such as hard wood floors, granite counter 
tops,
etc) that the owner may have added or may add at a later date.&nbsp; 

Renters
insurance can run anywhere from $25 to $75 a month (or more) depending 
on the
personal property the individual has.





The good news is most people get this anyways 
because they
want their furniture, electronics, etc to be covered.&nbsp; Only change is it
is now required before closing.

Thanks to Armando at Brand Bank for the info. 



&nbsp;
 ]]> </description>
            <pubDate>Thu, 15 Jul 2010 18:46:26 -0500</pubDate>
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            <guid>http://www.nashvillesmls.com/blog/the-condo-market-adds-life-to-down-town-nashville-and-the-gulch.html</guid>
            <link>http://www.nashvillesmls.com/blog/the-condo-market-adds-life-to-down-town-nashville-and-the-gulch.html</link>
            <author>gary@garyashton.com (Gary Ashton: ADMIN)</author>
            <title>The Condo Market Adds Life to Down Town Nashville and the Gulch</title>
            <description> <![CDATA[ 
There was a report just released that shows the effect of over investment in condo developments in the Miami area had disaserous results for some investors but every cloud can have a silver lining!

In the boom time for real estate, much like the rest of the USA and the world, the supply of 'qualified' buyers was seemingly endless. With this unprecedented demand for property, developers and investors realised that if they build it, they will buy. Things were going well and developments were being approved and built all over the country. Nashville TN was different in this regard. The traditionally under appreciated downtown area in Nashville, in terms of residential occupancy, was seen as huge potential for the emrging condo market.

The Gulch 

In Nashville, the Gulch area which had been in decline for some time, was seen as the ideal location for a 'planned' urban community made up of residential condos and retail outlets designed for restaurants and stores. The early adopters and investors had seen how quickly other downtown Nashville projects had sold out and quickly the sales of the upscale condos at the Icon and the Terrazzo were creating news in the local Nashville media. Buyers were seeing the potential of buying a condo for themselves and then one to flip in a couple of years when the project was finished. Prices kept on going up as the demand was out stripping the supply.

The Velocity condos in the Gulch were designed with a slightly different buyer in mind compared to the Icon and the Terrazzzo.&nbsp; The potential buyer was probably looking more for a lower price point, not so concerned with a downtown vista but still appreciating the lifestyle of downtown living with access to all the local nightlife and urban culture of the Gulch.

The Real Estate Bubble Bursts 

As the real estate market bubble burst in 2008 the condo pricing had to be seriously revised. As the units at the Icon were closing it soon became apparent that buyers who had qualified easily for mortgage 3 years earlier were now being denied financing and as a result were losing their minimal deposits and walking away from the purchases. This resulted in a flood of condos back on the market. The lack of buyers, the low consumer confidence and general reluctance of the public to enter into the real estate market in a time of national doubt over economic conditions all conspired to create a situation were the developers and financial backers of the projects were forced to reconsider their involvement with the projects.

Condo Buyers Market

As a result of the downturn in the economy the Icon and Terrazo units were starting to be offered at prices well below the asking prices in the hey day of the downtown condo boom. Many of the units were auctioned off in an attempted to recover some of the investment but the end result was that the market value of the property in the Gulch was significantly reduced.

The Velocity was the last development to be affected by the change in the condo market across the country and unfortunately&nbsp; went in to bankruptcy in early July 2010

The Silver Lining 

So...where is the silver lining? The good news for qualified buyers is that they can now buy a condo in the Gulch at a substantial saving over the original list prices. The other good news is that for all the investors that did manage to finance their purchase they have increased the availability of units to rent!

In Miami, the downtown area is spring back in to life, with an injection of people taking advantage of the properties that were once only for sale, and the scenario is likely to be mirrored in Nashville.

The good news is that all the renters will have disposable income to spend in the coffee shops, the urban grocery store, the restaurants and nightclubs. This will add life to the area which in turn will add to the appeal of the area as a desirable vibrant place to live. As the demand grows then so will the property values and eventually the units that were for rent will be sold and the investors that managed to stay for the long haul will start to see a return on their investment! 

&nbsp;

&nbsp;

&nbsp;
 ]]> </description>
            <pubDate>Tue, 13 Jul 2010 10:49:08 -0500</pubDate>
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        <item>
            <guid>http://www.nashvillesmls.com/blog/the-velocity-condos-go-bankrupt.html</guid>
            <link>http://www.nashvillesmls.com/blog/the-velocity-condos-go-bankrupt.html</link>
            <author>gary@garyashton.com (Gary Ashton: ADMIN)</author>
            <title>The Velocity Condos Go into Bankruptcy?</title>
            <description> <![CDATA[ 
Some more news today that another condo development has gone into ownership restructuring is just another sign of how real estate is really all about timing and judging when to speculate on investing in a major development.The Velocity developers have indeed entered into a deal with the financing back to allow them issue a quit claim on the property. 

This means that the 200 or so unsold condos, and the ground level retail space, have now been handed back to the bank and will be sold likely at a reduced rate. Great news for buyers...not so much for the buyer looking to flip and make some quick money. The long term residents will probably have the last laugh though as the appeal of the area grows over time. 

Note: as at 7/13 the entry level for a unity at the Velocity is $219,000 

The Gulch area of Nashville is now really getting into its stride in terms of establishing itself as a cool trendy area to &quot;bar hop&quot; and eat at some of the best restaurants in Nashville. The night life is something that will definately appeal to the night owls and people in search of music and entertainment....as well as traditional bluegrass at The Station Inn.

&nbsp;

The Gulch Appeal 

The profile of the buyers in this area will ultimately lead to the success of all the developments. As the younger crowd start out just visiting the area for the nightlife etc they will subliminally become aware of the condo developments. As they progress in their careers and start to get to the point where they can qualify for a mortgage they will see the benefit of living and playing in The Gulch! 

So overall The Velocity condo development will continue to sell as the appeal of the area will continue to grow. The retail space that is available will at some point find sellers who start to have more confidence in the current economic climate and they will see the advantage of marketing to the residents of the Velocity, The Icon and The Terrazzo.One such new retailer is The Turnip Truck which will be opening late 2010 and will provide groceries to the Gulch residents...just a sign of things to come.

I've always like the whole Gulch concept to I may start taking a serious look at what is available for sale now and may have my condo in the City after all :) 
 ]]> </description>
            <pubDate>Mon, 05 Jul 2010 20:51:30 -0500</pubDate>
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