5th and Main www.5andm.com is a fabulous mixed use project that offers the best of urban living with a collage of Condominium Flats (Lofts) and townhomes, prime office space, and abundant 1st level retail space . . . in a superior location “just across the river” from downtown Nashville and literally at the end of the ramp off I-24.
I’ve spent some time there in the past few weeks because I learned from Mark Deutschmann Principal of Village Real Estate Services that he had just secured an agreement from the new owners to handle the condominium marketing and sales at 5th and Main.
As I was amidst some serious planning and budgeting for the upcoming Nashville Real Estate Consortium www.NashvilleREC.com and remembered www.REBarCampNashville.com had been held in the retail space of 5th and Main last year), I posed the question: “Do you think the new owners would agree to letting us have our event there on May 5?”
Confluence of TIMING!
Mark and 5th and Main begin serious marketing Mid April (NOW) . . . and I am coordinating an event for @ 200 top notch local REALTORS and @ 30 local businesses within 3 weeks . . . What better way to give the development prime market exposure?
Now for the Cinderella story.
Confluence of PRODUCT! The original developers of the project did almost everything RIGHT when they created this project. A fantastic location and very “green” construction and amazing good use of the space (Open floor Plans with LOTS of light and great views of the city) . . . In my opinion, this is a near perfect product in a near perfect location.
If the product was so perfect, why is it sitting there virtually empty a few years after completion?
The developers missed the timing. Even the best product won’t sell if the timing is not right. The developers had invested too much money into the project to be able sell the units as the market went into the Economic slide. The good news is that they did have the wherewithall and sticktoittiveness to COMPLETE the project . . . values of urban condos fell quickly, and the numbers simply could not work . . . The developers hung on as long as they could but eventually had to abandon.
Cinderella was all ready for the Ball, but the market wasn’t ready for Cinderella . . . bad timing.
That was a year ago . . . the “Prince” showed up a couple of months ago in the form of a new owner who was able to purchase the project at a low enough price to be able to offer the Condo units at SIGNIFICANT lower pricing . . . AND offer very creative financing options.
I believe we now have this magical “Confluence of Timing, Product, & Price” (And Listing agency) because we in Nashville are already seing some signs of life in the real estate market. A move-in-ready brand, spankin’ new urban condominium development priced reasonably with available financing . . . (Pricing is from $129,905 “Move in with $500” and @ $1225/month payment including HOA fees – as of this writing 4/7/2011 all the way up to @ 2,400 SF for @ $400,000)
The glass slipper fits.
I’m a believer in this project and hope you will head over there and take a look. there are several units nicely staged, and the on-site sales team will give you a tour.
Better yet, reserve May 5 on your calendar to attend the Nashville real Estate Consortium www.NashvilleREC.com and you can be a part of some solution oriented conversation and brain-storming to fortify Nashville’s economy.