NewsChannel 5 spoke with some of the 44 condo owners in The Velocity in the Gulch about the future of the building, now that its 220 unsold units will be available for rent following Atlanta-based Pollack Partners' purchase of the building earlier this month.
According to the story, residents recently met with Pollack Partners people and it seemed both parties were "on the same page" about what they wanted to see happen in the community:
Johnson says this left many of the condo owners "cautiously excited" and there are no plans of buying anyone out.
From the inbox comes official word that 220 Velocity units will become available for leasing on March 25 now that the development has been acquired by Atlanta-based real estate company Pollack Partners.
“We are thrilled to be a part of the future of one of Nashville’s most dynamic urban neighborhoods,” said Steven Shores, President of Pollack. “There has been a great, unmet demand for an upscale rental opportunity in The Gulch, and we look forward to filling that void with Velocity.”
Monthly rent for the 419-1,245 square-foot studios, one- and two-bedroom residences will range from $950 to $2000. The homes in Velocity – which was modeled after urban neighborhoods in Portland and Seattle – feature views of The Gulch and the Nashville skyline, 10- to 15-foot ceilings and sleek interior design. Common areas include a European-style courtyard, rooftop “sky lounge” with outdoor cabanas, and a fitness studio. Residents will enjoy controlled-access parking and bicycle storage.
Located near Nashville’s central business district and comprised of approximately 60 acres of land, The Gulch – a blighted former rail yard a decade ago – is today the first LEED-certified neighborhood in the Southeast. The Gulch has led the way in reigniting the vitality of Nashville’s city center, offering an urban lifestyle new to Music City, with a host of residences, retailers, restaurants and entertainment venues.
Velocity’s residences are designed to maximize space while providing a contemporary living environment, with modern finishes, exposed concrete columns and stainless steel energy-efficient appliances. The development has 16 innovative floor plans, and homes feature environmentally friendly materials.
This has been the rumored move since Compass took over the building in a friendly foreclosure and hints that Pollack (and, ostensibily, Carlyle) would be involved emerged yesterday.
There are a number of stats you can point to these days to back up a claim that the Middle Tennessee housing market is on the mend. CoreLogic's out this morning with a doozy if you want to take the other side: The number of mortgaged local properties with negative equity topped 40,000 at the end of 2010, up more than 4,000 from Sept. 30. Speaking in percentages, it was 12.8 percent, up from the roughly 11.5 percent it had been for the previous year. Another 8 percent — more than 25,000 homes — were near to going underwater, according to CoreLogic.
Check the national numbers here.
CNNMoney.com says the $1 million-home market is definitely back in business. The country's largest markets all booked gains in 2010, with Nashville's rising 13 percent. A big factor in bringing back liquidity: A thawing mortgage loan market that has made things a tad bit easier on those in the "aspiring" category.
Normally buyers have to take out a jumbo loan to finance any mortgage beyond the $417,000 threshold ($729,000 in high-cost cities such as New York). These loans have higher interest rates because they are considered non-conforming -- or higher risk -- and are not backed Fannie Mae or Freddie Mac.
In 2009 buyers of high-end homes paid 1.8 percentage points more in interest than the average buyer. But in 2010, that spread had shrunk to just 0.6 points more.
We've been seeing the trend in our Headline Homes feature, too. Look for the February installment next Monday.
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