Icon in the Gulch Condo Price Update

Icon pool viewAfter a quick trip to the Davidson County register of deeds Friday morning, I have confirmed that 38.33% or 161 condos have closed as of 8/21/2009. The Icon is averaging over 11 closings a month for the past 3 months which would put the development at sell out in approximately 2 years.

This is a pretty strong absorption rate for what most believe to be the worst real estate market in more than 2 decades. Not surprisingly, mostly downtown view condos are the ones closing. What may be shocking is that the 1 bedroom Edge floor plan and 2 bedroom Panorama floor plan in the tower section of the building are beginning to go up in price since last month. They have actually sold and closed more than 60% of both floor plans.

The tower section of the Icon in the Gulch is beginning to fill up. There are still deals to be negotiated on the downtown facing 1 bedroom Skyline floor plans as well as on the downtown facing 2 bedroom Vista floor plan. On the back of the tower, I can show investors how cash flow and CAP rates are better and how an ultimate sales price will fetch you a greater long term gain than on the front of the tower.

The rental demand in the Icon is still huge, even as we pass through the summer months. The Icon has become one of the top living choices for all professionals, younger and older. As I write this article there is only one property vacant and available for lease. As such, rental rates are beginning to rise in this building. It is not unheard of to demand and get more than $2.00/foot for premium condos.

If you are considering a purchase in the Icon in the Gulch, either as a residence, second home or investment, you should speak with me first. My proven track record with saving my clients wheel barrel loads of cash in this building is undeniable. Others have made the mistake of not taking advantage of my services. I have the closing numbers to show that my clients are getting better deals and are making more money.

Email me Grant@RemarkableHomes.com or text/call me 615-945-7123.

View all condos for sale in the Icon in the Gulch

  • http://signswemustobserve.blogspot.com/ Kevin Pellatiro

    Pretty impressive performance so far – nothing that seems to compete with the ICON in our market, fantastic product offering – do you see their pace holding (relatively) this winter?

  • http://signswemustobserve.blogspot.com/ Kevin Pellatiro

    Pretty impressive performance so far – nothing that seems to compete with the ICON in our market, fantastic product offering – do you see their pace holding (relatively) this winter?

  • http://signswemustobserve.blogspot.com/ Kevin Pellatiro

    Pretty impressive performance so far – nothing that seems to compete with the ICON in our market, fantastic product offering – do you see their pace holding (relatively) this winter?

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

    I do not see anyone’s pace sustaining through the winter as our market tends to be quite cyclical. However, I can say that the Icon has been closing more condos month over month for 4 straight months. September will be a true test.

  • admin

    I do not see anyone’s pace sustaining through the winter as our market tends to be quite cyclical. However, I can say that the Icon has been closing more condos month over month for 4 straight months. September will be a true test.

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  • http://www.buybankrepocars.com/ Home Repossed

    Thank for your information and thank to let me know for this updated.

    Jeff,
    Green Tree Repossed Home

  • Jim

    http://tinyurl.com/yg2mwj8

    If you go back to the initial feeding frenzy that ICON drummed up in 2006 all of the press releases declared “ICON Sells out in 48 hours!”. Construction was completed 2 years later (a bit late actually). So how does that jive with only closing 38% of the units 1 additional year later? I'd say this is bad performance, not good. Maybe you can enlighten me.

    and regarding the prices you show in the 'Icon Nashville COndo Prices Going Up' link, where you show the last 5 closings, can you tell me if these are downtown facing or not? That matters a lot in the sqft price.

  • Jim

    http://tinyurl.com/yg2mwj8

    If you go back to the initial feeding frenzy that ICON drummed up in 2006 all of the press releases declared “ICON Sells out in 48 hours!”. Construction was completed 2 years later (a bit late actually). So how does that jive with only closing 38% of the units 1 additional year later? I'd say this is bad performance, not good. Maybe you can enlighten me.

    and regarding the prices you show in the 'Icon Nashville COndo Prices Going Up' link, where you show the last 5 closings, can you tell me if these are downtown facing or not? That matters a lot in the sqft price.

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

    Hi Jim, everyone knows that most of the buyers who put down $5,000 in earnest money in 2006 were investment buyers. As you would expect, almost all of those investment buyers choose to walk away from those very low earnest money investments when the US economy swung in 2007-2008. Therefore, when the building opened in 2008, those investors were not a part of the closings. Since that time, the Icon has sold more condos to new buyers than any other building in Tennessee. In fact, they have sold more condos in the past 6 months than the next 3 competitors combined. That is the strong performance I am referring to.

    Almost all of the condos that have closed in the past 6 months have been downtown facing condos (as you would expect) and that is what has caused the building's developers to raise prices on those downtown facing condos. There are still deals to be had in the building, but not nearly as many on the downtown side since those were snapped up over the past 6 months.

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

    Hi Jim, everyone knows that most of the buyers who put down $5,000 in earnest money in 2006 were investment buyers. As you would expect, almost all of those investment buyers choose to walk away from those very low earnest money investments when the US economy swung in 2007-2008. Therefore, when the building opened in 2008, those investors were not a part of the closings. Since that time, the Icon has sold more condos to new buyers than any other building in Tennessee. In fact, they have sold more condos in the past 6 months than the next 3 competitors combined. That is the strong performance I am referring to.

    Almost all of the condos that have closed in the past 6 months have been downtown facing condos (as you would expect) and that is what has caused the building's developers to raise prices on those downtown facing condos. There are still deals to be had in the building, but not nearly as many on the downtown side since those were snapped up over the past 6 months.

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  • http://discountbeddingsets.org/ Bedding Sets For Sale

    Looks like a very good property to purchase.

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  • http://www.primerealestateph.com/ Clyde Walker

    Is there a latest update on this project? Thanks! :0

    http://www.ayalalandpremier.com/philippine-properties

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

    Indeed, the Icon in the Gulch is now 100% sold out and one of the most successful condominium projects in the Southeast. Prices are routinely achievig $500 to $600 per foot in the building.

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