Nashville-based developer Bruce McNeilage plans to increase by 10 to 15 percent the prices of the condominium units in his Solo East project underway in South Inglewood — after originally touting the homes as “affordable.”
McNeilage (pictured), undertaking the East Nashville project with business partners via Harpeth Development, said the price hike should not be viewed in a negative or cynical manner. The decision to up the prices comes after the team recently hit the 60 percent sold mark for the 121-unit condominium development. It hit 50 percent in 74 days in early August (read here).
“I can see how an uniformed person could see it that way,” McNeilage responded when asked if he could understand how some folks might consider the hike a hypocritical move on Harpeth Development’s part. He added that the increase will reward those who took the risk and placed a deposit early in the process.
“It would be unfair to charge the same price on the day I get my certificate of occupancy,” he said. “[Those who have already pre-bought] are being rewarded with $25,000 to $40,000 worth of embedded equity.”
Until the increase goes into effect at midnight today, Solo East’s one-bedroom units start at $149,900 and two-bedrooms start at $189,900. The development will face Litton Avenue about a block east of Gallatin Pike. Construction is to start in October.
McNeilage said the hike can be explained simply.
“First, I have given people months and months to get in at the pre-construction prices,” McNeilage said. “ Also, I have dropped the deposit from $5,000 to $500.
“We’ve gotten so much local press that it would be hard for anybody [now wanting to buy] to say, ‘I wish I had known about this deal earlier,’” he said. "If you look at the alternatives, even though I’m raising my prices, our condos are still [less pricey than the average]."
Unrelatedly, McNeilage said Ole South is now asking for a $500 deposit for homes in a development it is doing in Antioch.
“The highest complement is to have others [follow your lead],” he said.
POSTDATA: WARRANTY DEEDS