Many people have been asking me about The West End condo building in Midtown. The questions have ranged from, “is that an apartment building?” to “is that building in foreclosure or something?”. I suppose the lack of activity in the building would cause most to assume the worst, but the truth is the opposite.
The West End is a 12 story, 72 unit, luxury condo tower that only has sold a half dozen condos to discerning buyers. This building is one of Nashville’s few true luxury buildings. The average size of the condos is over 2,200 square feet and each unit features very large kitchens, baths and closets that remind me of the executive homes in Brentwood.
So why haven’t more of these condos sold? The answer is simple. This building is a victim of the real estate perfect storm plus a few developer mistakes.
1) The developer built this building without pre-selling the condos
2) The economy then turned sharply downward
3) The developer was slow to tell the public about the building
4) The developer and sales team failed to create a “want and need” for this product in Midtown
The next question people ask me is “I am scared that the developer or project go bankrupt like Laurel Cove.
Don’t worry your pretty little heads, John Coleman Hayes can and will carry this building for years if need be. That being said, no one can carry a building indefinitely, so if the building does not sell out in the next 3-4 years, I would start to worry.
The West End is the perfect building for a couple or family who want to live a truly urban “New York” style of life. It is sexy and fast and convenient all at once. It is a life that includes frequent stops at the symphony and hopping on planes that travel to European destinations. It’s very different for Nashvillians.
The West End is considering allowing owners to rent their condos. You might be able to taste the good life without having to pay the price soon and that is great news for Nashville.