Rhythm Condos at Music Row Surge in 2012

Rhythm at Music Row Condos

Rhythm at Music Row CondosCall it a sign of the times, but the Rhythm condos at Music Row have prices that are climbing faster than any high-rise condo in Nashville.

A brief timeline: The Rhythm condos began construction at the beginning of 2007 and were completed in 2009. Pre-sales efforts took place during this entire process and condos were sold for an average of $365.17 per square foot. Approximately 75% of the 105 total condos were pre-sold, but when the building opened, only half of the original buyers closed. Clearly, 2009 was a difficult economic time for the country and the Rhythm was not immune. Throughout the balance of 2009 until the end of 2010 the developer continued to sell units. This effort resulted in the sale of 30 additional condos at an average price of $277.20 per square foot. At the beginning of 2011 buyers could smell blood in the water and by the middle of the year the developers were able to reach a settlement with their construction lenders to turn the unsold condos over in a “friendly foreclosure”. Release prices were lowered and all of the remaining condos were very quickly sold at an average of $241.14 per square foot. The last few bank owned condos closed by the second quarter of 2012 and prices have not looked back since.

2012 Q1 Rhythm Condo Sales

Rhythm Condo Prices 2012

2012 Q2 Rhythm Condo Sales

Rhythm Condos Sold Q2

2012 Q3 Rhythm Condo Sales

Rhythm Condos Sold Q3

Current Rhythm Condos for Sale

Rhythm Condos for Sale

(#602 is one of my listings and it was sold in less than a week)

Rhythm Condo Price Analysis

As you can see from the active and pending listings, we have been very successful in raising prices since the 1st quarter. We’ve gone from an average of $249/ft to just over $350/ft in the space of only 9 months (I say we, because my team and I at Metropolitan Brokers have listed and sold many of these condos). This price increase represents a nearly 39% jump in under a year. No other high-rise condo in Nashville has come close. All seven Nashville high-rise condo buildings have realized year over year price increases with the Icon and the Adelicia posting the second and third highest gains. The Icon condos have increased prices 17.24% year over year and the Adelicia condos have increased prices 14.81% year over year.

Selling your High-Rise Condo in Nashville

As many know, not only did I represent more than 22% of the buyers and sellers in Rhythm at Music Row, but I have represented almost 300 other condo buyers and sellers in Nashville. It is from this vast experience that I know pricing is not the only skill required of a listing agent. One must also know how to work with appraisers in order to help support these higher prices once contracted. An agent must have lending resources that can help secure buyers advantageous loans and not lose a potential sale over interest rates or mortgage terms. Your agent must know your building like the back of their hand; they must be able to recite the differences in the floor plans, the views and know what is being developed immediately around your building. Selling is no longer just pricing and putting in the MLS. To properly turn a building around in this economy you need knowledge, skill, reputation, leadership and experience.

With sales of over 300 condos (5 this month) and sales volume exceeding $100 million since 2004, no other broker in Tennessee who did not work directly for the developer can come close to my numbers and expertise. I have always worked for private clients and understand what it is to fully market and engage the marketplace. If you are considering selling your condo within the next year, I would love to interview for your business. If you are not and simply want to know what your condo is worth, I have built a tool to calculate your current market value.

Grant Hammond, Broker, ABR, SFR
Call or Text: 615-945-7123

City Living Versus Suburban Living

City Living

City LivingAn Op-ed by Kathleen Hubert:

Living in the city compared to the suburbs can be quite a different experience. One of the main differences you would notice when living in the city is the population density. Compared to a suburban area, cities usually have a much higher concentration of people and depending on your preferences, this could be exciting or an annoyance.

Less populated suburban areas have been described as a more calm and serene environment. Large concentrations of people result in a more fast-paced lifestyle, so if you do not wish to be a part of the hustle and bustle then a suburban area is recommended for you. Another rather large difference between the city and a suburban area can be the cleanliness of the area. Cities tend to “have a little more character” on the streets than in a suburb, however the lobbies of hotel and office buildings also tend to be more luxurious.

Depending on the size and age of your family, you can determine whether a city or a suburban area would be the better choice for you. Suburban areas are usually geared towards raising younger children, while city life is better suited for those who wish to have easy access to any area you may visit frequently. Although it may not seem possible, living in the city can also provide you with a better education. Most universities and highly regarded schools are located in areas of high traffic in order to receive more applicants. However, those who live in a suburban area can still attend these schools, it would simply be a longer commute.

While cities may be compact and uncomfortable at times, they provide an enormous amount of convenience. Cities will cluster important places close together, making it less of a hassle to go out and run daily errands. They have higher concentrations of libraries, parks, restaurants, transportation, retail, museums and other culturally significant destinations.

One drawback – it can be next to impossible to save money in the city. As a result of the basic density of the city, land prices and construction costs are typically quite high leading to elevated prices for apartments and high-rise condos. Compared to a highly populated city area, suburban area living expenses have been proven to be much less expensive.

Kathleen Hubert is a blogger who writes for a variety of different sites. You may read more of her work at Modular Homes.

Exciting Changes for Grant’s Nashville Real Estate Blog

Nashville Real Estate Blog

Nashville Real Estate BlogMany loyal readers have emailed or called to ask why I have not published a new real estate article in the past 3 months. The answer is simple: I am upgrading. As many of you know, I have self-built and maintained my Nashville real estate blog since 2005, but I felt it was time to call on the professionals to take my website to the next level.

You will see many new upgrades rolled out over the next several weeks such as a refined look, new search ability, new categorization for easier reading, new social sharing and you will notice the site loading seven times faster than before. This is all thanks to a collaborative effort between Creative Shift Design and Ah So Designs. There will also be several upgrades you don’t notice like cleaner code, new Genesis framework, enhanced SEO and a click through flow. These upgrades are thanks to a partnership between John Householder at Ah So Designs and Ross Jones at 2 The Top SEO (I don’t mind telling you who my SEO is…I have Nashville exclusivity in the real estate category, sorry guys).

When I began this project, like many real estate agents, my goals were simple. I wanted users to have a better experience and I wanted the site to rank better on the major search engines. What I realized is the process to accomplish these goals were more complicated than I had anticipated. Half way through the project, Google executed the Penguin update which shook up the real estate search results quite significantly and caused us to rethink certain aspects of the site. Additionally, I struggled with locating the perfect IDX product to display MLS listings. Ultimately, had John and Ross not been involved, I most likely would have failed to accomplish my second goal.

Serious Money, Serious Real Estate Results

Performing a custom redesign of your real estate website is serious business and not for the faint of heart. Many have asked and I have been very honest, before this project has concluded, I will spend in the neighborhood of $15,000 on designer time, coder time and SEO time. You can literally purchase a brand new Honda Fit or Scion for what it costs to blow out your real estate website. But, this does not bother me one bit as this is an investment in my clients and my readers. It is money well spent and will provide a return.

Ranking Progress and Conservative Prediction

There are in the neighborhood of 45 real estate agents and companies in Nashville who are actively competing for ranking for the major keyword searches in Nashville. On my own, I was never able to rank higher than #4 for the most competitive keyword phrase in the entire state, “Nashville real estate”. I was quite proud of this effort, but I was never going to rank any higher. After our initial relaunch, the site dropped to #12, but that is simply the case every time you redesign and relaunch. Within a week, the site is now back to #9 and climbing for many secondary and tertiary search phrases as well. Conservatively speaking, the site should be back up to #4 by the end of 2012 and continuing to make progress in 2013. Personally, this is the most exciting aspect for me…breaking the glass ceiling just in time for the spring real estate season.

Sharing my Experience and Giving Advice

It is always a goal to help fellow Realtors enhance their business and I am always open to sharing. I intend on periodically updating readers on our progress and I will do my best to answer all of your questions. I do speak at RE BarCamp as well as at several other real estate related conferences and meet-ups, these will be the best places to speak with me in person for a more in-depth conversation. That being said, feel free to leave a comment below with any questions, advice or opulent adulation ♥ It’s good to be back!

Speak Your Mind