There is an affordable condo option available now at 5th and Main which was recently awarded approval to issue FHA loans. With one bedroom home prices starting in the $150,000 range, these units stand to offer a high value in the new-construction loft market. You may already know, that 5th and Main fell into receivership last year due to developer non-payment of construction loans. The development has been in a bit of flux ever since then with only a few cash-owners occupying they building as well as several tenants with “lease-purchase” agreements…. Well, they’re not so much purchase agreements as rental agreements with an option to purchase. Theoretically these lease-purchasers can now close on the units they have been renting, though I suspect few few will turn into real buyers.
At any rate, I wouldn’t necessarily let that dissuade you from considering a purchase at 5th & Main. It is a beautifully constructed building, some with stunning downtown skyline views. It should be possible to purchase here for far less than some competing urban highrises around town. The finishes at 5&M are top notch. If you’ve ever seen the cabinetry at Terrazzo, then that should give you a good idea for the style. It’s very modern with lots of concrete and clean, straight, Swedish-inspired lines.
FHA loans require that a purchaser be an owner-occupant. At this point, I don’t know if conventional/Fannie Mae financing is available in the building. The fact that the building has FHA approval might be enough for many banks to consider issuing loans, but others may require additional governing overlay rules in order to qualify. If you are an investor, or a buyer with access to a substantial down-payment, stay tuned for updated info.
If you are interested in taking a tour, I’d love to accompany you. Call me at 615-554-3745 to book your appointment.
East Nashville's 5th & Main Condos Gain FHA Loan Approval
very nice blog.