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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Encore Closing and Leasing FAQs

I spoke with Ashley Dugger at the sales center today to ask her a few questions regarding Encore closings, leasing, etc and here are the answers:

Q: Will the developer allow us to move our closing date back to our original contracted closing date?
A: If the buyer is having trouble obtaining financing they need to fax or mail a signed letter explaining the trouble they are experiencing and the developer will work with each buyer on a case by case basis.

Q: Will the developer allow a buyer who cannot qualify for financing out of the contract?
A: No, there is no case in which financing lets you out of your contract. You will need to make application with a developer approved lender (SunTrust) and if you do not qualify they will send that information to the developer. If you do not qualify you will need to look for co-signers or replacement buyers (I am looking for replacement buyers as we speak).

Q: If I exhaust all of my available financing options is there a case where I get to walk away from my deposit and condo?
A: No, we have a responsibility to our investors and creditors to close all of the condos that have been contracted in order to pay back our construction costs.

Q: Can we obtain leasing status when we close?
A: No, you must obtain leasing status prior to going to the closing table (different from Viridian). Those who do close without leasing status will have to wait 6 months before applying for leasing status.

Q: Are there any exceptions to this leasing status rule?
A: A buyer can apply for a hardship exception that would allow for instant leasing status in few cases.

Q: How do I obtain leasing status?
A: You contact Stephanie or Ashley at Encore and arrange to deposit an additional 5% to obtain leasing status. As of today there are only 32 permits left out of 70.

Contact Information

Ashley Dugger can be reached at the sales center Mon-Sat 615-324-3838 or via email: ADugger@novaregroup.com

Click here to see more pictures of the finished Encore Condos

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Pictures of The Encore in Nashville, TN

Picture of the pool on the 7th floor amenities deck. I am on the Western part of the building facing to the North.

I am on the balcony on the 12th floor. I am on the eastern side of the building facing to the north. You can see the new 30 story Pinnacle building just now coming out of the ground.


This is the 15 seat movie room on the 7th floor amenity deck.

The gaming portion of the amenities deck.

This is a model bedroom in a 2 bedroom floor plan. The Encore has completed 3 model units in an effort to sell the last several condos.

I am standing in the entry of a 2 bedroom floor plan. This is a very interesting plan in that it is not the run-of-the-mill boxed floor plan. This is a very dynamic plan that puts the Viridian to shame.

This might be my favorite shot of the night. I am standing on the amenities deck facing due West right as the sun disappeared. The Country Music Hall of Fame is in the foreground.

It is obvious to me that Giarratana Development and the Novare Group put more thought into this building. The fire pit is one of a kind in Nashville!

As you can imagine, there were a ton of people who took advantage of this fist look. My first reaction is to say that this building is the second most luxurious building in Tennessee.

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Remarkable Homes Team Now Has Corporate Housing

The Remarkable Homes Team is proud to release our new Nashville Corporate Housing program that features brand new condos in urban core of Nashville. In 2008, we will release 8 condos in the Encore, 6 condos in the Icon, 4 condos in the Viridian, 4 flats in District Lofts, and 4 townhomes in Madison Square for corporate lease. In 2009, we will release 10 condos in the Rhythm and 5 townhomes in West End Station. All units will be brand new construction and fully furnished by Cort furniture, the industry leader in Nashville.

Pre-leasing will being in January 2008, for more information on floor plans and rates, please contact Grant Hammond at 615-945-7123 or via email Grant@RemarkableHomes.com

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Nashville Mortgage Rates Drop, Again

Last week, Freddie Mac released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage (FRM) averaged 6.20% with an average 0.5 point for the week ending November 21, 2007, down from the prior week when it averaged 6.24%. Last year at this time, the 30-year fixed-rate Nashville mortgages averaged 6.18%. The 30-year FRM has not been lower since the week ending May 10, 2007, when it averaged 6.15%. The 15-year FRM averaged 5.83% with an average 0.5 point, down from the previous week when it averaged 5.88%. A year ago, the 15-year FRM averaged 5.91%. The 15-year FRM has not been lower since the week ending February 2, 2006, when it averaged 5.81%.

“Both the producer price index and the consumer price index remained contained in October while industrial production fell,” said Frank Nothaft, Freddie Mac vice president and chief economist. “This allowed interest rates for the 30-year FRM to decline to the lowest levels since early May 2007 and the 15-year FRM to fall to a level not experienced since early last year.”

The current condition of the Nashville real estate market really lends itself to those who are willing to take small risks. We have been able to find several sellers who are nervous enough to sell way below the true market value allowing our clients to make a handsome profit. Don’t forget that mortgage rates are very low right now, in fact, they are quickly heading down to 2005 levels! We are currently offering special rates for 30 year mortgages in The Viridian and The Encore in downtown Nashville.

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