Stephanie endorses 5th & Main
The other day I was corresponding with someone online who wanted to find a “cheap” Nashville condo. I was trying to explain in my email that “cheap prices” and “sound investments” aren’t always the same thing. There is an untold number of urban Nashville condo developments where current pricing seems to be quite affordable, but in reality may carry unseen deficiencies that will affect values for years, if not decades, to come. To me, this includes things like:
- no deeded parking
- no en suite washer/dryer connections
- rental percentages out of whack with allowable financing ratios
- high HOA dues in comparison to comparable properties
- low or deficient reserve funds
- and lack of FHA financing approval
It’s impossible to tell without significant research whether a condo complex conforms to or exceeds these hopeful expectations. That’s why it’s SO important to hire a Realtor who understands the ins and outs of condo financing (pick me! pick me!)
For a while now, you may have been hearing about the urban condo complex at 5th & Main in East Nashville. Like other condos that came online at the wrong time (see Rolling Mill Hill, Velocity, etc.) 5&M has struggled with sales. The development eventually fell into receivership and ownership reverted to the bank.
A few months ago the development was sold to an investor who placed 25 units on the auction block. The auction was an overwhelming success and served to reset the home values at an affordable market price point. Since the auction sales have been brisk. At the time of writing the development has placed 64 units under contact and FHA loan approval will be granted this coming Friday.
Why is FHA project approval so important? For starters is almost guarantees that may of the above bulletpoints will be covered. But perhaps more importantly, it opens up the possibility of purchasing a home for as little 3.5% down. If you’ve done any research on financing a condo in recent years, you’ll know that this is an amazing bonus – particularly for first-time home buyers.
If you’re interested in buying an urban Nashville condo, I can help you navigate the market.
A Sampling Of Current Availability At 5th & Main:
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