According to the July 2015 Nashville Residential Report, downtown Nashville has 2,384 condominium units within 40 different properties, which makes up about half of downtown’s housing landscape. At the time the report was published, only about 40 re-sale units were available to purchase, though, making it the lowest supply the downtown area has ever seen.
There’s no doubt the recession slowed new condominium development substantially around Nashville, but since 2011, many of the city’s most prominent condo buildings like ICON, Terrazzo, Viridian, and Encore have seen a relatively nice jump in price-per-square foot, with each building showing annual increases every year with the exception of Viridian, which has actually seen a slight drop in price per foot since 2014, if you include the sale of its penthouse unit.
Of the four buildings, Terrazzo is downtown Nashville’s most expensive building by far, with an average price per square foot of $485 through the first half of 2015. Over that same timeframe, ICON’s average price per square foot was recorded at $452, with Encore at $396 per square foot and Viridian at $379 per square foot.
In 2009, the first year all four buildings were selling together, prices were significantly lower, with Terrazzo having an average price per square foot of $341, ICON a price per foot of $303, Encore at $243, and Viridian at $275.
So what does all this mean?
At the very least, the sizable increases in price over the last several years certainly prove the condo market in downtown Nashville has recovered since the recession, even despite the lack of inventory most certainly playing a role in what continues to be a red hot market right now.
But with most of downtown Nashville’s largest projects under construction being rental and apartment buildings, finding that perfect new downtown condo won’t be getting easier anytime soon. In fact, as of now, six major residential projects are underway around the downtown area, which combined will deliver 1,443 rental units by 1Q 2017.
Lots of people are attracted to Nashville. Not only are prices cheaper than they've been for a long time, but there’s never been a wider variety of Nashville homes to pick from. Even so, a lot of thinking needs to be done before deciding which home is right to you.
Two popular choices in Nashville include condos and single-family homes. When deciding between these options, you need to take into consideration the needs of your spouse and children as well, as well as the price of the property
The majority of condos are located within the downtown area, while the cheapest homes are found in the suburbs. Indeed, it's possible to get a house with three or four bedrooms for the same price of a two-bedroom, two-bathroom condominium located downtown.
For anyone looking to move to Nashville with kids in tow, it's probably best to opt for a single family home. Not only will this give you more space, but it's usually cheaper to buy a dwelling in the suburbs than it is to buy a Nashville condo situated within the city.
Other benefits that come with acquiring these types of Nashville homesinclude increased privacy, the ability to make home improvement decisions independently, and lower cost for upkeep plus insurance.
On the other hand, condominiums would make suitable matches for singles and childless couples. Folks who work jobs in the city, wherein they’re required to travel frequently, would definitely benefit from easy access to the central business district and the city's public transport system.
Being near a plethora of restaurants, shops, theatres, malls, bars, clubs and other commercial establishments is also a huge convenience that most young professionals will enjoy. For many people, the ideal Nashville home for sale comes with easy access to such establishments, as their choice of home is as much a lifestyle choice as it is an investment choice. So even though you have to spend more on condo than house, being so close to all the action means that it’s money well spent.
Are you relocating to downtown Nashville? Whether you’re already from Nashville or are coming in from out of town, downtown Nashville is a great place to live to experience the feel of the city. There are some cool urban condos, both low-rise and hi-rise options, where you can get the whole downtown experience. Here is a look at the condos found in downtown Nashville.
Encore - 3rd & Demonbreun
If you head over to Sobro, you will find Encore. This is a 20-story high-rise with over 300 condos. It’s a great location next to the Country Music Hall of Fame and the Schermerhorn Symphony Center.
Riverfront Condos - 736 1st Avenue North
In the North Capitol neighborhood sits the Riverfront Condos along the Cumberland River. These are individually owned condos and the property is a renovated version of the former Kerrigan Iron Works. It’s right next to beautiful Bicentennial Park.
Rolling Mill Hill - 50 Hermitage Avenue
Overlooking the Cumberland River is the Rolling Mill Hill. It’s just south of the Korean Veterans Bridge on a hilltop. The property offers a bit of history because the buildings are from the 1800’s and 1900s, yet some areas have brand new buildings.
Cumberland - 555 Church Street
Nashville’s first residential development in downtown is Cumberland, built in 1998. This was what made everyone want to live downtown. It’s in the middle of downtown next to the library. Many people like to rent here when they aren’t ready to purchase yet.
Terrazzo - 12th & Division
Located in the Gulch area, Terrazzo is a beautiful condo offering panoramic views of downtown. You can’t beat the floor-to-ceiling windows and private landscaped terraces. Check out downtown and Music Row’s skyline from your place.
Icon - 600 12th Avenue South
Another Gulch property is Icon, one of the hottest living spaces in downtown. It’s a 22-storey building with amazing views, an awesome location and many amenities. They sell condos here so quick it’s hard to get in.
Signature Tower is still in the works. It will be a 70-storey tall tower located at 505 Church Street. It’s going to be one of the tallest buildings in America outside of New York and Chicago.
Check out these top-notch condos in downtown Nashville.
Nashville provides plenty of different types of residences including condominiums. Whether you prefer to live downtown or in one of the many other neighborhoods featuring condo buildings, you can find one with a swimming pool. Here are some of top choices for condo living with swimming pools.
Adelicia - Midtown
With plenty of nightlife and restaurants found throughout the area, this 18-story community is perfect for condo living. The Adelicia not only has an Olympic size lap pool, but also a park with reflecting ponds, seating and statues. Residents also enjoy outdoor fireplaces, a fitness center, a 24-hour concierge service and more.
Werthan Lofts - Germantown
This two century old building provides something incredibly unique. Instead of the typical "cookie-cutter" condos, you can enjoy something different. All of the units are different and the building provides two swimming pools, a rooftop deck and more.
Icon - Gulch
This 22-story building is great choice for a condominium building with swimming pools. It has two pools and one of them provides a beautiful view of the Nashville skyline. Along with the two pools, the building provides two fitness studios, a yoga room, fireplaces, a lounge and more.
Encore - Downtown Nashville
The area known as SoBro is home to the Encore building. It stands 20-stories high and provides one and two bedroom floor plans. The area is home to the Symphony Center, Broadway Honky Tonks and many other top Nashville attractions. Encore has a swimming pool with a sundeck, along with a gaming area, outdoor grills, a fitness center, 24-hour concierge service and more.
These are just a few of the many condominium buildings in Nashville with swimming pools. Whether you prefer the downtown area or Germantown, you can find the right condo for your needs.
The condo market in downtown Nashville is red hot and with mortgage rates still historically low and home prices continuing to increase, all signs are pointing to a busy start to 2016. Despite some Millennials still opting to rent rather than buy, many are starting to make that long-awaited transition to home ownership, with most looking for that perfect downtown condo that offers both walkability and affordability.
Inventory in the downtown area is significantly low right now, especially when it comes to condos, but that doesn’t mean you should delay buying any longer or that you still can’t find a great deal. In a city like Nashville, there’s more than enough options for a wide range of home buyers to choose from, and if you’re going to be in the market for a new condo sooner rather than later, here’s a few recommendations that should meet and exceed all your expectations for a place to live in the heart of downtown:
Lofts at Werthan Mills
Easily one of Nashville’s more iconic loft conversions, the Lofts at Werthan Mills are chic, stylish, and authentic in just about every way. Exposed brick walls, expansive open layouts, high timber ceilings, and just an overall classic warehouse look and feel await home buyers at the Lofts at Werthan Mills, and believe it or not, that’s not all! Unlike many warehouse loft developments, this particular location also provides a number of fabulous lifestyle amenities as well, like covered garage parking, a fitness center, a swimming pool and sun deck, hot tubs, bocce courts, and so much more! One of our favorite buildings in all of Nashville, don’t sleep on this one!
Bristol on Broadway
Just steps from a wide range of boutiques, restaurants, cafes, and tons of nightlife, the walkability of Bristol on Broadway is probably the building’s best selling point. But don’t let that fool you. The living spaces are equally as nice, especially for home buyers who like a clean and comfortable look and feel. Amenities at the building include gated parking, a fitness center, a pleasant courtyard, a club room, and a sprawling rooftop patio.
Check out condos for sale at Bristol on Broadway
Situated almost directly in the center of town, it doesn’t get much better from a location standpoint than The Viridian, located 415 Church St. Most floor plans offer just one or two bedrooms, keeping purchase prices down, and for those wanting a full amenity building, a large swimming pool, fitness center, and 24/7 concierge are all available here.
Check out condos for sale at The Viridian