ICON Sets Record Condo Sales Price Per Foot in TN

Gwyneth Paltrow Nashville CondoOn April 1st, 2011, April Fool’s Day, the Icon in the Gulch quietly recorded a $1,180,000 condo sale in the MLS. While any condo sale over a million dollars in Tennessee is notable, it is not the price that turned heads, it’s the price per square foot. You see, this 22nd floor penthouse condo is 1,928 square feet and that makes the sales price per foot $612.03. I placed a few calls to the Memphis, Knoxville and Chattanooga MLS operators and have confirmed this condo sale to be the highest price per foot in Tennessee’s history. Whoa.

As many may recall, this particular penthouse is where Gwyneth Paltrow chose to live while filming Country Strong. It is a 2 bedroom, 2 bath jaw dropper that features unreal skyline views, 25 foot vaulted ceilings and sleek finishes not typically found outside of the plush pads dotting the Hollywood Hills.

Significance of this Record Sale

Legit. The downtown residential market in Nashville is not some fantasy shared by a few greedy developers, it’s legit. Of course, many of those who live and work in downtown already knew it, but the media en masse has not jumped on board. Remember, downtown residential development was forbidden by Nashville building codes from 1963 until 1993. We’re only in the 18th year of development. It’s time to realize that our sleepy little town has awakened and has begun to live up to its billing as Music City USA.

As for the future of downtown development, you’ll think I’m off my rocker, but there will be 5 new buildings under construction within the next 12 months. 2 will be high-rise towers and 3 will be mid-rise buildings. I’d love to tell you which ones, but the only project I am allowed to divulge is the old Polar Ice site in the Gulch which will become Eleven North, a 302 unit apartment building.

Pictures of the Gwyneth Paltrow Penthouse

Icon Penthouse Condo

Icon Penthouse Condo Living Room

Icon Penthouse Kitchen

Icon Penthouse Master Bed

Icon Penthouse Master Bath

Icon Penthouse Downtown View

  • http://StephanieCrawford.net/ Stephanie Crawford-@AgentSteph

    I’m underwhelmed by the size of the kitchen in that pic.

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

    It may be that my photography skillz aren’t up to par. The ceilings are 14’ feet in this section and do make the cabinetry look undersized in this shot.

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

    It may be that my photography skillz aren’t up to par. The ceilings are 14’ feet in this section and do make the cabinetry look undersized in this shot.

  • Sydney McCann

    This is great news for the Icon and the Nashville Condo Market in general, thanks for posting! There was also another impressive PH closing at the Adelicia in Dec of 2010, $1,750,000 or $625/SF. (The unit was never listed on the MLS so the sale didnt get recorded on there.) I think that these 2, $600/SF comps during an awful time in this market underscores your larger point that there is a very “real” market for urban condos in Nashville right now.

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

    Wow – I think that sale deserves a retroactive MLS listing. One sale over $600/ft is certainly newsworthy and a possible enigma, two is the beginning of a trend.

  • http://twitter.com/chadgrout Chad Grout

    Was this 4/1/2010 or 4/1/2011?

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

    Chad – Excellent catch, it was this year, I mistyped in my excitement/disbelief.

  • http://twitter.com/chadgrout Chad Grout

    No worries – I sometimes read your blog posts that are really old, so just wanted to be sure. Thanks for clarifying.

  • Davianedwards07

    Grant, in your opinion what do you believe such a price point to based on (would that we could get into the mind of the buyer)?

    I can understand the disbelief you mentioned in an earlier comment because I can’t reconcile a $1.18million dollar condo in Nashville in my mind. Yes, the finishes are nice- but wait, we’re talking nearly a million and a quarter dollars here. Chicago’s Trump Tower has a 2000 sq ft unit with luxury baths and a kitchen featuring Wolf appliances and a Sub-Zero fridge. It has three baths, hardwood floors, and a fireplace. And its priced at $1.1million. Throw in the 28,000 sq ft lavish gym,75ft indoor pool, and other amenities offered in that building and you understand my puzzlement.

    While I can appreciate anything that bolsters Nashville’s economy, and I hate to rain on anyone’s parade, it just seems that Nashvillle’s downtown pricing is being kept artifically high. I don’t know the exact reason for this but if I had to guess I’d say that old adage (which I won’t quote) is at play in many of these transactions. Of course, there need be no “logical” justification for the price of anything (I like expensive watches and cars) but real estate is supposed to be an appreciable asset.

    Is the market in Nashville ONLY based on what the market will bear/what some people are willing to pay or is there more to it?

  • Jimbohoo

    place was bought fully furnished and move in ready right down to the silverware. Actual price/sq ft was $556.

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