There has been much speculation about the auction of the luxury condos on West End and 31st, but no one really knew what to expect. These are beautiful condos with large living spaces and upgrades throughout. Like a lot of people, I was surprised with how low they went.
2 bedrooms with great downtown views went from $300K to $365K. For example, a few on the 4th and 5th floor (with views of West End and the Nashville skyline) went from $310K (previous asking price was $740K) to $330K (previous asking price was $765K), which translates to about 60% discounts.
There were only about half as many bidders that braved the cold today than at the heavily hyped Terrazzo auction a few weeks ago. The Terrazzo saw their list prices drop around 30% at their auction. Many have said the Terrazzo buyer is different(hip, possibly younger) than the West End condo buyer (traditional, more mature), but most of the bidders at both auctions had one thing in common - they were all looking for a deal.
All 5 of the West End 1 bedrooms sold from between $227K to $295K. Only about 7 of the 3 bedroom units and 3 of the 2 bedrooms (all on the back side) went unsold. I counted a total of 30 sales. Of course, some of the ones that were "sold" may not close. But those that placed a winning bid got a very nice deal today.
For more information, contact Jeff Fulmer at 615-545-8611 or jeff@jefffulmer.com
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