Going Once, Going, Twice…… Sold?
What’s next on the condo chopping block? The West End luxury condominiums located at the corner of 31st/Blakemore & West End Avenue. I’ve been reluctant to speculate about this auction, frankly, because there isn’t that much information available. Many of you may have heard about this auction as it has been riding on the coat tails of Accelerated Development’s massive media buy for last Saturday’s Terrazzo auction.
The format for this auction, which is to be called onsite by local auctioneer Jerrold Pedigo, seems to be more in line with traditional auction tactics. There is a 5% down-payment requirement, a 10% buyer’s premium, and no allowable a financing contingency. I personally think the developers are putting too many units on the block. We do know that some of the units are to offered Absolutely. We don’t yet know the reserve minimums for others as they have yet to be published. I think the nature of this type of auction will lend itself to more investors than owner-occupant purchasers which is a real shame.
The results of the recent Terrazzo auction came in at about $233 per square foot on their high-end homes. I expect the West End will be much lower, but we’re talking apples to apples here. It’s hard to compare the West End with other area developments. For starters, the floorplans are huge. The 45 available auction units range from one to three bedrooms with 1200 to almost 3000 square feet. The finishes are high-quality, but exceedingly traditional in style. When I’ve had occasion to preview this building in the past I’ve been struck by the feeling that I’ve just entered a home in Brentwood or Franklin. In my opinion, this building lends itself to the CEO-type, or perhaps a distinguished move-up buyer who wishes to do away with home maintenance. The location is great; walkable to multiple restaurants, groceries, and the park.
If you are interested in scheduling a private viewing or registering for the auction, I’d be honored if you called me. Sellers are eagerly offering to work with broker-represented buyers with no up-charges or commission premium.
The West End | terms & conditions | call Steph: 615.554.3745
The West End, a luxury Nashville condo development, to auction 45 units. Some will sell absolute!
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