Sales Update for the 5th & Main Condos Nashville

Outside View of Fifth & MainIt’s official, the 5th & Main condos are over the hump. If you had any reservations about this project not selling well or falling into distress again, fear not. In fact, the only fear you should have is missing out on the best condo deals in Nashville. The Marketing Directors have sold 88 of 129 condos, have 1 pending leaving only 40 available. Of the 40 available, only 3 two bedroom floor plans remain. If it’s the panoramic view of downtown you desire, only 3 one bedroom condos remain ranging in price from $142,900 to $223,900.

Having regained FHA project approval on January 19th, 2012, condo owners are well positioned to earn a handsome return on their investment. Once ACG Equities sells their last unit, meaningful appreciation should begin in earnest and peak in 4-6 years.

Price Increases in 5th & Main

The Marketing Directors have been strategically raising prices ever since the auction last Fall. Recently, the 2 bedroom condos received a $5,000 across the board increase and the 1 bedrooms were assigned a $3,000 increase. This is not the first increase, nor will it be the last. Heading into the hottest time of year for sales, I fully expect price increases to become more frequent and aggressive.

MDHA Affordable Condos in 5th & Main

5th & Main does have 17 condos that participate in the MDHA affordable condo program. If you are single and earn less than $37,000 annually, you may qualify to purchase a condo priced between $115,900 and $122,900. Unlike many other developments in Nashville, many of the affordable program condos have the best views in the building. As you would guess, the best views are limited so I would make my reservation quickly.

HOA Fees and Commercial Space

The 5th & Main condos have a $0.27 per foot monthly HOA fee, the second lowest in Nashville (The Rhythm has a $0.25/ft fee). To keep this in perspective, the Icon and Terrazzo have a $0.35 fee, the Encore has a $0.38 fee and the Adelicia is over $0.40 per foot. As you know, the Germantown Café East has been open for years (previously named Allium) in the building and a second restaurant called Myridia will open next month. Myridia is a Asian fusion lounge style restaurant.

I have assisted nearly a dozen clients locate and negotiate the best deals in this project. Put my unmatched research and expertise to work for you!

Grant Hammond, Broker, ABR, SFR
5andM@granthammond.com
Call or text: 615-945-7123

See all condos listed for sale in 5th and Main

5th and Main Condos Nashville

Navigate back to my Nashville real estate home page to see additional research I have posted.

  • http://www.NestingInNashville.com/ Stephanie Crawford @AgentSteph

    I find the HOA dues a bit high considering the lack of amenities. It’s not that .27 cents in itself is high, it’s that these units are so much larger than similar one and two bedrooms on the market. The heat and air are helpful though. I like this building too.

  • http://www.NestingInNashville.com/ Stephanie Crawford @AgentSteph

    I find the HOA dues a bit high considering the lack of amenities. It’s not that .27 cents in itself is high, it’s that these units are so much larger than similar one and two bedrooms on the market. The heat and air are helpful though. I like this building too.

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

    I can see how a buyer would think the rate is high based upon the total HOA payment, but the assessed rate remains one of the lowest in the entire city. I think we need to be very clear on this point. You simply get more square footage in your condo versus something at Rhythm, Encore, Icon, Terrazzo, Viridian, Adelicia, etc. Keep in mind, the HOA fee still has to cover a master insurance policy, property manager, building engineer, general maintenance, water, trash, sewer, etc. Ah, if 5th & Main only had a pool!

  • Sean Shariati, Reliant Realty

    Grant, as an up and coming realtor (5 yrs now) in the Nashville area, I just wanted to take a moment to say that I very much enjoy your site.  I agree–if only 5th and Main had a pool!! I had the same issue with a client regarding the HOA fees, but since when told that they partially cover utilities–it eased the pain.  Thanks for the info!  

  • Sean Shariati, Reliant Realty

    Grant, as an up and coming realtor (5 yrs now) in the Nashville area, I just wanted to take a moment to say that I very much enjoy your site.  I agree–if only 5th and Main had a pool!! I had the same issue with a client regarding the HOA fees, but since when told that they partially cover utilities–it eased the pain.  Thanks for the info!  

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

    Thanks for the comment Sean. I am sure your clients will be thanking you in the very near future when they sell their condo for a profit!

  • Jarrod

    Glad to hear an expert say what I’ve been thinking — 5th & Main, currently a great deal. Went under contract in January & scheduled to close this month. Ready for the southern weather. 
    Yes, it would have been nice if they had a pool!!!

  • Diva Dentist

    I will be moving to Nashville this summer, and have began searching for condos in the downtown or Vandy area.  Do you feel that this condo is a better investment over perhaps, The Bristol on Broadway?

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

    I was touring the commercial spaces last Wednesday (3/14) and the sales rep in the condo office said they have 92 units sold/UC.  

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

    Indeed. This project will be virtually sold out by the end of this summer. There is a real condo shortage on the horizon that will force prices higher.

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

    Indeed. This project will be virtually sold out by the end of this summer. There is a real condo shortage on the horizon that will force prices higher.

  • S. Hunte

    What’s the better investment…a 5th & Main 2BR town home, or a 2BR loft in Werthan Lofts? I like them both.

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

    Depends upon the price honestly. I own two personal lofts at Werthan Mills and am a big believer in Germantown. I also am a big believer in purchasing condos/townhomes at 5th & Main below replacement cost. Reading back, I think I did a very good job of not answering your question. Feel free to call me to talk about the specific units at each development: 615-945-7123

  • Chad Grout

    There’s a lot more about to happen in Germantown near the existing Werthan Lofts than is about to happen in East Nashville near 5th & Main. Plus the floor plans at 5th & Main are abysmally, horridly bad. A lot of this is already factored in to the prices, I would imagine.

  • Jim Creason

    I don’t think the floor plans are bad. I mean how bad can they be with how many different plans that they have? But I do agree Germantown and Salemtown are both moving faster as an area.

  • Writeke

    What are they doing in Germantown lately?  I wanted to purchase a place a Werthan Mills but the restaurant I have heard from multiple sources are or will be there has no build out.  I am looking to move to a suburb in the next year but I just see more investments going into e nashville and 12th south.   There are so many talks and its hard to understand where it will be sustainable

Comments