45 units are now under contract at The West End, Luxury Nashville Condo
Just want to give you the disposition on the results of the auction yesterday.
It was a great day for buyers and a stressful day for the developer. There were 45 units to be auctioned. At the end of the day, 38 units sold at auction and four others sold before and after the event. The end result was that 42 of the 45 are now under contract. The units that were withheld from the auction remain available for sale, approximately 24 in total.
The prices were greatly reduced from the original list price, with an average of approximately 50% reduction in the final contracts. The price per square foot ranged from $260-$151. Of course, location in the building greatly influenced those numbers.
The turnout was impressive. With the success of this auction as well as the recent Terrazzo auction, there is an obvious demand for serious bargains – more so than I would have anticipated. I personally am very pleased to see such a large reduction in the urban inventories. Inventories that could become seriously depleted with the new announcements regarding the convention center and Medical Mart.
