New population estimates from the U.S. Census Bureau show the Nashville metro statistical area added 36,337 people during the one-year stretch that ended July 1, 2016, meaning the region grew by an average of 100 people a day over those 12 months.
Lauren Jacobs bought her condo in downtown Nashville’s Encore building because of its convenient location, lock-and-leave lifestyle and amenities including 24-hour concierge service.
It turned out to be a good investment, as well. Five years later, Jacobs is selling her condo and expects to nearly double her money.
“I’m very pleasantly surprised,” she said.
Her Realtor, Exit Realty Elite co-owner Kel Williams, isn’t surprised at all. He expects demand for downtown condos to grow even stronger with the opening of Bridgestone America’s new headquarters, where more than 1,700 people will work. Many are transferring from out of state, and some of them are looking for a nearby condo to rent or purchase.
“I’ve already had people contacting me,” said Williams.
Condos are flying off the shelves across the Nashville region, from lakeside residences in Gallatin’s Foxland Harbor neighborhood to Franklin’s Westhaven and Berry Farms master-planned communities.
To meet demand, builders are bringing more to the market. Prices range from $199,000 at Solo Lofts on Dickerson Road and $234,900 at Core Development Services’ planned Segment at Pillow in the Wedgewood-Houston neighborhood to more than $1 million at the new 1212 building on the edge of the Gulch.
Developer Bruce McNeilage expects demand for Solo Lofts to mirror Solo East, the condo development at 1118 Litton Ave. in East Nashville.
“At Solo East, we sold 34 condos in two hours,” said McNeilage, a partner in Harpeth Development.
“There is a strong appetite from buyers. Many people can’t afford a house and are willing to live in a smaller space,” he said.
Core’s plans for Segment in Wedgewood-Houston include 26 flats and eight townhomes. The company expects to begin site work next month at the corner of Merritt Avenue and Pillow Street. Village Real Estate service has begun pre-selling residences.
Flats will range from 742 square feet to more than 1,000 square feet. Some will have rooftop decks or balconies.