Buying Condos and Homes near Vanderbilt University
(Updated post. Originally printed in Fall 2010).
A few months back I wrote about post about how a substantial portion of my business every spring typically involves helping the parents of local grad students at Vanderbilt and Belmont Universities buy local condos (a guide to Nashville university real estate prices and Best Bet condo choices). There are tons of great condo developments near Vandy: the Adelicia, ICON, 1101 eighteenth, the Enclave, and Bristol West End, just to name a few. Of course, this is not a phenomenon unique to Nashville. I recently found an article at Fox Business about how Parents Go to College Towns to Buy Real Estate, in this case, the San Francisco Bay area. It’s a great read. The article discusses other facets of owning college real estate like investing, safety, appreciation, and retirement.
While urban condo sales in Nashville have slowed a little bit this year, there are still a good number of available properties. Some of the units in these developments can be purchased at a great discount – especially if you are in a position to buy and hold in a development that doesn’t currently meet Fannie Mae guidelines (ask me how).
2013 Update: forget that whole “condo sales have slowed” part … urban homes all over Nashville are flying off the shelves at a record pace in 2013. The main driver: low inventory. People still aren’t listing; they’re waiting for still low-ish appraisal values to fully bounce back. For the most part urban home values have recovered post recession, but this can vary wildly in the condo market. Lending is still tight on multi-family properties, and non-warrantable status can still cause issues. However, the demand is out-weighing the supply and it is definitely a seller’s market right now.
Below are the 10 most recent condo listings in the Hillsboro Village/Belmont area and below that are the 10 most recent listings in the West End area.
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