Despite a sluggish national real estate economy, the Icon in the Gulch continued to outpace all other condo developments in Nashville by closing 75 condos during 2010. Selling 1.44 condos a week may not sound impressive, but trust me, it’s a little like Vince Young throwing for 350 yards against the Patriots in December. The Icon still has more than 130 developer owned condos remaining in inventory representing 2 years of remaining product, but considering the building contains 419 total condos, the light is clearly visible at the end of the tunnel.
Average Condo Price Climbing at the Icon
Many did not believe me earlier in the year when I spoke of rising prices in downtown condo developments, but now the end of year proves my calculations. In 2010, the Icon achieved an average price per foot of $307.18 compared to $296.13 in 2009, a 3.6% increase. This year also saw two of the highest price per foot transactions in the building’s history: condo #2101 sold on July 6 for $479.62/ft and condo #2111 sold on August 30 for $433.76/ft. Neither of these transactions occurred on the penthouse floor, but both condos were on the downtown side of the Icon’s tower.
2010 Icon in the Gulch Sales
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