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 "bar hop" and eat at some of the best restaurants in Nashville. The night life is something that will definitely appeal to the night owls and people in search of music and entertainment....as well as traditional bluegrass at The Station Inn.
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. :)
The Ashton Real Estate Group of RE/MAX Advantage
The #1 Real Estate Team in Tennessee and #4 RE/MAX team in the world!