1212 Laurel St. #1305

The “When will it end?” question continues to be floated as many are being priced out of the Nashville market. Those who have watched prices skyrocket faster than their income and their savings accounts are praying for relief.

While the single-family residential properties have flown off the lots for hundreds of thousands of dollars more than list price, little attention has been given to the high-rise condominium market. It is there that many feel there are deals to be had as a result of overbuilding.

They are wrong.

High-rise condos have an advantage over the single-family homes with the “lock and leave” aspect being among the front-runners. The buyers of these homes are a surprising mix with many utilizing the units as second homes. These buyers come from as far as California and New York, with a strong contingent from Williamson County.

These semi-locals need a place to roost after watching the Predators or Titans or catching shows at the Ryman or Bridgestone. In many cases, these are cash buyers looking for a place to park their money in a safe place, and safe it is.

When Ray Hensler’s 1212 project came online in 2014, prices were considered astronomical. At $471 per square foot, the units at 1212 were more expensive than anything on the market.

Last week, unit #1305 sold for $1.1 million – $847 per square foot – after being listed for $1.025 million by Chad Wohlers, the “King of all Things 1212.”

Wohlers is one of the top-selling agents of downtown condos and lives in 1212, which gets its names from its location, 1212 Laurel Street. Wohlers migrated to Nashville from Nebraska with no real connection to the city. He has emerged as a leading Realtor in general and in particular with downtown condos. His faith in their future proved prescient as, yes, even condos are involved in bidding wars in the current market.

In 2005, the sellers had paid $570,000 for the two bedrooms, two-bathroom, 1,210-square-foot condo. In his description of the unit, Wohlers noted the design was such that it included a “rare double balcony and panoramic views.”

For the out-of-town shoppers who might not be familiar with the 1212, Wohlers wrote the 1212 includes two guest suites, saltwater pool, a hot tub, green roof, a trainer-driven fitness center, a dog park and two owner lounges.

515 Church St #4406

And he stands ready to answer the first question out of most buyers’ mouths: “No, there are no short-term rentals.” As a matter of fact, Wohlers explained, there is a three-year waiting list for a leasing permit for long-term rentals.

The power duo of Mara Thompson and Tim Bennet represented the bidding-war winners.

If spectators were dazzled by the 1212 coming in at $471 per square foot, then Tony Giarratana’s 505 Building had them rending their clothes when he announced units in his development would be selling for $823 per square foot.

The doomsayers felt those buyers would never see a return on their investments, but Giarratana knew better. Nashville is not the old Nashville. Being the highest building in town allows for the highest prices in the city. And his buyers have been rewarded.

Last week, Unit 4406 – on the 44th floor, of course – sold for $966 per square foot with a price tag of $1.135 million for 1,190 square feet. There are no other 44th floor units in Nashville other than the 505, which is actually located atop 515 Church Street.

As Tony Giarratana says, “The only things that live above this level have feathers.”

Kristin Logan of Pilkerton Realtors listed the condominium, which she describes as having “unmatched southeast views.” As did Wohlers at 1212, Logan noted there are no short-term rentals in the 505. This building is loaded with amenities such as tennis and pickle ball courts, a wine cellar, 24-hour concierge, Art Gym (shared studio space) and two pools.

Katie Hewson of Compass Tennessee, LLC, represented the buyers who have secured a spot in the Nashville skyline, high above other city dwellers. Look for taller buildings to come, but they will be in a distance with the Viridian and the Life and Casualty Tower safeguarding the views.

Richard Courtney is a licensed real estate broker with Fridrich and Clark Realty, LLC and can be reached at [email protected].