Buying a Condo in the Encore Condos?

encore condos in nashville grant hammond

If you are thinking about buying a condo in the Encore condos building in the SoBro area of Nashville, you need to speak with me now. If you are buying a condo or loft in any building in downtown Nashville…read the rest of the Encore condos story

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Downtown Nashville Condos Sold in 2009

This article entitled “Adelicia closing on final units, garners national attention” appeared in the Nashville Business Journal on April the 3rd, 2009. Jenny Burns wrote:

“The luxury condominium tower Adelicia will close on its last four units this month after the developer offered deep discounts to sell out the remaining 20 units in the West End project…read the full downtown Nashville condos sold in 2009 story.

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Downtown Nashville Condo Update

This article entitled “Condos face crucial test” appeared in the Nashville Business Journal on March the 6th, 2009. The author is Turner Hutchens who can be reached at 615-846-4254:

More than a thousand new luxury condos in downtown Nashville seemed like a good idea at the time.

That was just a couple of years ago, and despite the housing, credit and job busts since, developers argue that it still is…read the entire downtown Nashville condo update article.

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The Encore Discounts Condos, Deeply

The Encore condos announce a deep discount

I suppose I knew it was inevitable, but somehow it still hurts. Developer Tony Giarratana has announced deep discounts on their remaining condos in the Encore.

From Chas Sisk and the Tennessean on November 24, 2008:

“…Tony Giarratana and partner Novare Group‘s plan to offer deep discounts on units in their Encore condominium high-rise on Demonbreun Street. The two have slashed prices by $30,000 on some one-bedroom units in the building and $50,000 on some two-bedroom units. (…) The program officially runs through the end of the year. But with condo sales down sharply, Giarratana said in an interview last week that extending it into 2009 is not out of the question.”

The next crucial question is: what will happen with the outstanding buyers who have held out by delaying closing for more than 6 month? I suppose this answer will be forthcoming in the coming months, but I am guessing that the developers will have to cave to market pressures and reduce prices for these folks.

My final question is: What happens to those who have already closed? That was the risk in closing…the market bears what the market bears.

Going forward? I don’t know about you, but I am in the “wait and see” mode. Why? Let me quote the old adage, “Fool me once, shame on you. Fool me twice, shame on me.”

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Property Management for The Encore Condos

Summit Property Management in Nashville

I just wanted to remind everyone that I have negotiated a bulk management discount with Summit Property Management to manage our group’s condos at the Encore. Summit will be charging us 8% of gross monthly rent and a $35 account management fee. Please call or email Cory Willms with Summit Property Management to confirm your interest in leasing.

Summit offers you many services that other property managers do not:
– Online rent pay
– Online maintenance requests
– Corporate rental management
– Auto draft
– Auto bank deposit
– Annual tax preparation for rental property

Summit Property Management also has a $30,000 website coming online at the end of April that will be the gold standard for all property management websites in the United States…I should know…I helped build it! Simply put, it will drive hundreds of tenants to your property creating more renters than rental property. Be sure to check it out whenever you can.

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Financing the Encore Condos for Self-Employed Buyers

the Encore condos in downtown Nashville, TN

For self-employed borrowers, SunTrust has an option that will help meet the need to obtain financing without having to go full documentation in The Encore. I would like to introduce the No Income Verification option. Below are some of the benefits and features of this product:

– Eliminates verification of income
– Shorter processing time

This product is targeted to SELF-EMPLOYED BORROWERS ONLY. The definition of a self-employed borrower is someone who receives 50% of his or her income from commission. Certain restrictions apply to this product. For a primary residence or second home, a minimum of a 720 credit score is required with a 10% down payment. For investment properties, a minimum of 20% down is required with the same 720 credit score requirement.

The immediate downside is that the risk is much higher for the Bank versus a full-documentation loan. The rate goes up with the risk; therefore the rate will be higher. The upside is that we have negotiated a 3% closing cost credit for our clients who close at the new earlier closing date. Buyers can use that 3% for closing costs, origination fees, discount points, etc… My suggestion is for self employed buyers to buy the rate down a couple of points with the money that the developer is giving them to end up with a conventional interest rate. EITHER WAY IT GOES, YOU WIN…

This is a huge opportunity to act quickly on this offer that the developer is offering. If you have any questions or concerns, please don’t hesitate to give me a call.

Travis Smith, USMC
Mortgage Loan Consultant

SunTrust Mortgage
615.309.4899 office
615.498.3970 cell

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