Nashville condo sales on fire as buyers seek both starter homes and luxury accommodations

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Flooding in Nashville Condo Market

Nashville’s real estate market is currently witnessing a surge in condo sales. Parker Dotson, a small business owner in Music City, was one of the 99 buyers who secured contracts during the presale period of the yet to be completed Pullman Gulch Union Condo Tower. Swap the decade-long experience of renting for the pride of home ownership, Dotson reflects the mindset of the modern Nashville buyer.

Why are Nashville Condos in Such High Demand?

Downtown Nashville’s condo market has seen an upswing over the past decade with increased demands fuelling more constructions. A part of this growing demand can be attributed to the inflow of high-earning executives brought in by businesses setting up offices in Nashville. Simultaneously, young professionals are also showing an inclination towards the evolving downtown lifestyle.

Condos in Pullman Gulch Union have created a buzz among a wide range of buyers due to its diverse pricing, attracting everyone from real estate first-timers to those seeking to add luxury pieces to their real estate portfolio.

A testament to the mounting interest is the staggering $70 million in sales represented by the contract of 100 units at the Pullman even before its official opening. With downtown Nashville home to approximately 19% condo dwellers, the demand for condo living cannot be overstated.

Shaping the Urban Lifestyle

As offerings from the developers become more attuned to the urban lifestyle aspirations of Nashville’s downtown residents, the preference for condo living continues to heighten. Condo buildings are increasingly catering to the desire for walkability and an urban lifestyle. The recent presale success at Pullman is a clear indication of this trend.

The Nashville home market’s growth has also played a role, with data from the Nashville Downtown Partnership showing that the average downtown condo price per square foot has steadily climbed over the past decade. By 2023, the same is expected to reach $785.

The High Life: Luxurious Condos on the Rise

Nashville’s real estate landscape is bracing for more luxurious living. Turnberry, the brain behind Nashville JW Marriott, is planning a 46-story St. Regis Hotel with for-sale condos. SomeraRoad and the developers Endeavor are also planning luxury condos and hotel residences, respectively as part of upcoming construction phases. Notably, the Four Seasons Hotel and Residences recently sold one of its penthouse apartments for a mouth-watering $15 million, underscoring the appetite for high-end living in the city.

Who’s Buying Nashville Condos?

From young, first-time homebuyers to older couples looking to downsize, Nashville condo buyers are a diverse lot. Nearly half of second home buyers already live in Tennessee and wish to own property in Nashville, according to Sydney McCann, a member of the Parks | Compass sales team for the Pullman building. Many of these buyers have children who either work in Nashville or are studying there.

A Foot in the Door: First Time Buyers

For first-time buyers like Dotson, buying a condo in Nashville represents an entry into the real estate market. Not only does he cherish the city’s vibrant lifestyle, but he also sees this as a long-term investment strategy, with plans of expanding his real estate portfolio down the line.

In conclusion, condos in Nashville, be it starter homes or luxury, are setting the sales chart on fire. The city’s real estate market is bustling with activity and is poised to maintain the steam as more high-end housing options are on the horizon.