Condos For Sale At The 505 In Downtown Nashville Could Help Ease Tight Housing Supply

Dated: 09/25/2017

Views: 417

by TJ Anderson


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Very good news for Nashville homebuyers who are hoping to find a perfect place downtown: The Tennessean reported recently that 193 units on the upper 16 floors of The 505 — touted as the tallest residential building in Tennessee — will be going up for sale as condos.


That’s a switch, since earlier announcements pegged the 500-plus residences at the 45-story high-rise as rentals. Condo sales have long been a consideration, though, and since the developers sorted out construction-related financing issues, the option was put back on the table.


It’s good news not only because it’s a unique and cool building right in the heart of downtown (at Fifth and Church), but because a large crop of new condos hitting the market will help ease the serious lack of supply we have right now.


In Downtown Nashville, the condo supply is only about 2.7 months. A “normal” or healthy supply would be around six months, and we’ve been a long way from there for some time — supply in Nashville has stuck around three months or less for going on five years.


The supply issue — along with Nashville’s long-ascendant appeal — is a big reason behind the steady increase in home prices here. I’m not saying that a big crop of downtown condos coming online is going to lead to a rapid drop in asking prices, but a supply increase could help make the market a little less frenzied.


Beyond that, these look to be some pretty incredible homes, with remarkable city views, upscale finishes and a slew of amenities, from an outdoor saltwater pool to a tennis court and dog park.


If you’d like for me to keep tabs on 505 listings for you, I’d be more than happy to — just drop me a note, and tell me about what you’re looking for. In the meantime, here’s a quick peek at some downtown Nashville condo listings available now, so you can get a current look at the market:



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415 Church St Apt 2912

Nashville, TN 37219

$509,900

This unit in the luxury Viridian is my listing, and I’m more than proud to show it off. The 2-bed, 2-bath home offers downtown Nashville living where you’re not crammed in tight, with about 1100 square feet and soaring 12-foot ceilings. No skimping on the amenities, either, with a rooftop pool and club room that let you gaze out over the city from 31 floors up, a fitness center and lots more. I’m personally partial to this location —  you can get to anything from the Ryman to TPAC to Bridgestone in a couple minutes’ walk, but you’re just a few blocks out of the lower-Broadway fray, so you can find some peace when you want it. (You’re also steps from one of downtown’s coolest historic hubs, The Arcade.) A key benefit for Nashvillians coming from pedestrian-focused cities like New York: There’s an HG Hill grocery store on the ground floor.


700 Church St Apt 908

Nashville, TN 37203

$264,900

If you’re really passionate about owning a piece of Nashville history, this 1-bed 1-bath condo might be a perfect pick for you. Long before towering structures like the 505 hit the Nashville skyline, there was the Bennie Dillon building — constructed in the mid-’20s, it’s one of the city’s first skyscrapers, and an enduring piece of old Nashville reimagined for modern Nashvillians’ needs.


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301 Demonbreun St Unit 809

Nashville, TN 37201

$344,900

If you’re a live music devotee, the glimmering Encore is steps from Bridgestone Arena and Ascend Amphitheater, and you can walk to lower Broadway before most folks can get the Lyft app open. This 1-bed, 1-bath unit there is nicely appointed, and you get to take advantage of the Encore’s ample amenities, including a gym, pool, theater room, pool table and lots, lots more.


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207 3rd Ave N

Nashville, TN 37201

$699,900

Looking for historic loft vibes downtown? The Phoenix Lofts are worth your attention. This unit offers a huge expanse of open space, with 1 bed, 1 1/2 baths and more than 2100 square feet, with tons of perfect loft-y details, like exposed brick and ductwork. With a building like this, you miss out on some of the luxury amenities you see in high-rises like the 505, but right in Printers Alley, you get a unique Bourbon Street feel that you can’t really find anywhere else in the city.


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303 Criddle #108

Nashville, TN 37219

$340,000

Moving just a few blocks north of those other properties, you can find something like this 2-bed, 2-bath, 1300-square-foot Harrison Square unit, at a considerably lower per-square-foot rate. This one puts you shouting distance from Bicentennial Mall, so if they hold Nashville’s New Year’s Eve celebration there again, you’re hosting the party. And it’s not even a mile from the stadium, so pre-gaming’s probably at your place too. (The common area with a killer outdoor fireplace and skyline views would work nicely.)


Is downtown Nashville your chosen home? Need help finding the perfect condo? Please let me know if I can help — call or email TJ Anderson Homes here.


Properties are listed with their own respective real estate firms, and not under agreement with TJ Anderson and/or Benchmark Realty, LLC, except where noted.

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TJ Anderson

TJ Anderson is a Nashville Realtor with Benchmark Realty who's helped countless clients both buy a home and sell a home in Nashville, Tennessee. He blogs about Nashville regularly, from Nashville-area....

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