It’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
Call or text: 615-945-7123
See all condos listed for sale in 5th and Main
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