As the Terrazzo condo auction looms, another Nashville condo auction comes into play, this time, the West End. The December 5th auction will include 5 one-bedroom units, 25 two-bedroom units and 15 three-bedroom units. The retail value of the condos range between $385,000 and $948,000.
This is a quality building built by a group of local developers led by John Coleman Hayes, but the individual condos were built too large for this market averaging over 2,100 square feet. The interior feels more like a home, than a trendy condo offering buyers a different product in a different location, but it turns out that few wanted to trade in their 4,000 square foot homes for a 3,000 square foot condo that costs twice as much. Perhaps more condo buyers did, but could not sell their home in this market.
The West End is a 12 story, 72 unit, luxury condo tower that only has sold a half dozen condos to discerning buyers. If this is truly a quality building, then why didn't they sell as expected?
1) The developer didn't pre-sell condos
2) The downward economy
3) Poor marketing
4) The units were larger than the market demanded
The auction has been officially announced and none of the details are finalized. The only firm information is that there will be an auction of 45 condos on December 5th, 2009. Few details have been released, other than what is listed on the West End website.
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