5th & Main Condos Nashville Real Estate Sales April

This story is a follow-up to an article written about the foreclosure sale of  5th & Main Condos in East Nashville.  They were recently auctioned  for $11.2 million and purchased by ACG Equities. The property, located in East Nashville, is just across the river from downtown.  The development sold 9 condos and rented out sixty percent of the other units since it’s inception.

With a high inventory of condos locally, speculators suggested  that this development would be turned into apartments.  However, the new owners have announced that they plan to reintroduce the units to the market in April with an aggressive pricing strategy.  ACG has considered Nashville to be a great opportunity  and they are excited about the opportunity to be part of the redevelopment of this historic area.  Part of their strategy is to partner with local real estate, marketing and public relations firms.

Currently there are 142 condos for sale in the downtown area.  The listed condos are averaging 109 Days on the Market and we have 8.8 months of inventory.  The average sales price in the downtown area over the last six months is $251,899 which is over $240 per square foot.  The most expensive condo on the market is the penthouse of the Adelicia.  This home features a wall of 22' windows with an amazing view of the city at $1,950,000.

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