Encore Condos Offer Close Out Prices

The 332 unit Encore condo building in downtown Nashville is nearly sold out. The owners, Giarratana Development and the Novare Group, have sold nearly 80% of the building and are now in what appears to be the close out phase.

Here is the current incentives package for 2 bedroom condos in the Encore:

• Prices that now begin at $290,000
• Hardwood flooring in the living and kitchen areas
• All appliances now included (fridge, micro, range, oven, dishwash and w/d)
• Up to $4,000 in closing costs
• 1 year of HOA fees
• $1,500 California Closets credit

Obviously, these incentives are only valid for new purchases only, but the real story here is that 2 bedroom condos now start as low as $290,000 and not the previous $315,000. If you compare this with other project in Nashville like the Icon in the Gulch or the Rhythm, you’ll find these prices to be extremely attractive.

There are several premium view 2 bedroom condos remaining in the Encore, including high floors and river views. If you are considering a condo purchase in downtown Nashville, you shouldn’t forget about the Encore, it just may have the best pricing in town in the brand new high-rise product.

  • stephaniecrawford

    but does 290k include any parking?

  • http://www.granthammond.com/ GrantHammond

    It must include at least 1 and I'll bet 2. I have emailed Danell to ask for the correct answer.

  • http://www.peakpersonalfinance.com/ Best Home Mortgage Rates

    Well this is a pleasure reading some good news from real estate market. This sale is a boost for the market. The offer coming out now for these condominiums is great one.

  • zgoldman15

    Hey Grant, it's been a while. I hope all is well with you. If we currently own a 2 bd unit in the building, how do we sell it? Rent isn't covering costs and comps are in the gutter. Any suggestions?

  • http://www.granthammond.com/ GrantHammond

    I can tell you exactly why the resale condos are not selling in the Encore. Do you want the typical soft explanation you here from more other agent or the Jack Nicholson “you can't handle the truth” full explanation? LOL

  • zgoldman15

    The real deal please

    Zach Goldman
    (831)392-6993
    http://www.EliteCarmel.com

  • http://www.granthammond.com/ GrantHammond

    81% of the building is sold out which leaves 78 unsold condos owned by the developer. The developer, Novare and Giarratana, have been smart enough to leave two experienced sales agents right inside the front door of the building to 'grab' every piece of business that comes through the door. Compound that with the fact that most condo buyers know that the developer's advertised price is just that, an advertised price and that there are tons of incentives to be had during negotiations. This leaves us owners in the building at a complete disadvantage. The developers' cost basis in these units are 20-25% less than ours and they have almost paid off the entire construction loan. All of this adds up to the fact that we just cannot compete with a developer owned condo on price and incentives.

  • Falcon2

    I agree with Grant. Unless you want to take a big hit there is no sense in trying to sell right now. The developer sales in this building for the last several quarters have more or less been tracking at about $250 a square foot when you strip out all the incentives being piled on. (Furniture allowances and prepaid HOA fees don't do anything to make the unit more valuable.) And from what's been in the paper the developers are in survival mode so they're likely to do whatever is necessary to keep units selling. The auction wrinkle that surfaced this week will only add to this. If you can, hang in there and keep your unit leased for at least another year, maybe two. And be glad you have a lease permit in a building that has restrictions. Those limitations will make Encore a more attractive choice for buyers when the dust finally settles.

  • zgoldman15

    So what do we do?
     Zach Goldman
    (831) 392-6993
    http://www.EliteCarmel.com
    http://www.ZachGoldman.com

    ________________________________

  • zgoldman15

    Great info, thanks!
     Zach Goldman
    (831) 392-6993
    http://www.EliteCarmel.com
    http://www.ZachGoldman.com

    ________________________________

  • http://www.granthammond.com/ Grant Hammond

    Absolutely true. Grant and Falcon are right, hold your unit for a little montly loss and sell in 12-18 months when you are not competing with any developers. That’s my plan and yes Grant, I do plan on using you as my agent.

  • zgoldman15

    So what do we do?
     Zach Goldman
    (831) 392-6993
    http://www.EliteCarmel.com
    http://www.ZachGoldman.com

    ________________________________

  • zgoldman15

    Great info, thanks!
     Zach Goldman
    (831) 392-6993
    http://www.EliteCarmel.com
    http://www.ZachGoldman.com

    ________________________________

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