In case you haven’t noticed, downtown Nashville’s condo inventory is slim to say the least. Back when July’s Residential Report was released, just 40 re-sale condos were sitting on the market, making it the lowest supply downtown has ever seen.
In most cases, when demand is high and supply is low, potential home buyers often turn toward the new construction market to see what’s being planned or coming through the pipeline; however, much of what’s currently under construction relates to the rental side of the market, leaving new condo buyers few places to turn if they’re specifically looking to live in the heart of Nashville.
Believe it or not, Twelve Twelve is actually the only new condo development to be delivered to market since the Terrazzo building all the way back in 2009. And now with Twelve Twelve being over 70% sold out, the only other new construction condo project in the works right now is City Lights, located at 20 Rutledge St., which will only bring 71 new units to the market sometime in 2017.
Although its sometimes easy to forget, Twelve Twelve was originally supposed to be a luxury rental building, having only switched gears and converted into condos in 2014. And unless one of the six rental properties that are currently under construction, which are scheduled to deliver over 1,440 units by 1Q 2017, follow a similar path, downtown Nashville’s pent-up demand won’t see any relief anytime soon.