With condos for sale at The Icon expected to sell out by the end of 2015, the need for condos and other for sale product in downtown Nashville is quite possibly at an all-time high. But despite inventory being low and the city’s population continuing to grow, there really isn’t a whole lot coming through the pipeline in terms of new development right now, at least in terms of condos and for sale residences.
According to recent stats, Nashville has only about a one-month’s supply of resale condos, a far cry from what's generally considered a normal market of around a five- to six-month supply. And with such a strong demand for new housing around the city, many eventual buyers have their sights set on what's expected to come to market sometime in the near future, even though it’s not a whole lot.
But for now, though, here’s a look at what is currently in the works around downtown Nashville, however limited the list may be:
Although a smaller development with just 71 units, the City Lights project is one of the more highly anticipated developments in the works right now, with units expected to be built above a three story parking garage. Condos at City Lights should be priced in the $600,000 to $3 million range.
Poston at the Park
Expected to break ground next month, Poston at the Park is a 27 unit condo development overlooking Centennial Park. According to reports, though, 12 of the 27 units have already been sold here, including the $2.2 million penthouse.
Situated in Belle Meade, The Manning will be a 36-unit condo project that will be developed in two phases. Units here will average 3,500 square feet of living space and prices will be set between $1.7 and $5 million.
Easily the largest of Nashville’s planned condo developments, the 505 will be a 45-story skyscraper with a mixture of condos and rentals, with the majority of the building featuring high-end condo residences. Construction for the $155 million tower will start in November but delivery isn’t expected until 2018.