In the last four years, the Braxton Condominium complex in Ashland City, TN has sat virtually empty. But this could soon change as news of its pending sale has been reported. This is one of the many signs that the real estate market in Nashville has finally been recovering and improving.
Back when the Braxton complex was just completed, it had one of the most dismal occupancy rate in the area, having sold only three out of its 136 units. According to Don Klein, CEO of the Greater Nashville Association of Realtors, “The housing bubble that the country experienced over the last few years has drastically affected people in ways we could not have possibly imagined.”
The complex was acquired by the Carter-Haston Real Estate group, based also in Nashville, through a contract to purchase agreement. It's total selling price is just one-third of the $60 million spent to construct the condominium. But despite the steep discount, Klein said that the sale is a continuing proof that little by little, the Nashville real estate market has been rebounding from its slump.
“It's a good thing also that the signs are much stronger here in Nashville compared to other parts of the country,” says Klein. Right now, there are no confirmations yet on the buyer's plan for the property. People are speculating whether it will be turned into a luxury condominium or conversely, small rental apartment units.
And the Braxton sale is not the only good news in the area. Based on the new home sales data released last Thursday, there had been around 2,600 home purchases for the month of August. That was a good 27.3% increase versus the same month of the previous year. “These are very good numbers,” Klein says, “But the bigger picture here is the improving trend.” He was referring to the stable increase in home sales, well above the 2,400 level in the past four months. The figures have not been that good since before the housing bubble in 2007 and Klein is hoping that trend will change in the coming months.
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