A Guide To Buying A Downtown Condo

[A GUIDE TO BUYING A DOWNTOWN CONDO] 1 A Guide To Buying A Downtown Condo By Downtown Realtor Laurie Sheinkopf There are a lot of choices when living downtown. This guide is to help you think of things that are important to you when making a decision on what is right for you. Here are 25 things to think about when buying a condo downtown. 1. Do you want a high‐rise or a building with fewer units? 2. Do you want a one level unit or do you want a two‐story unit? 3. What amenities can't you live without i.e. pool, fitness center? 4. What is the maximum you can spend on a HOA fee? 5. How many bedrooms do you need? How many bathrooms? 6. How many closets can you live with? 7. Do you need a parking garage or is parking in front of your unit ok? 8. Do you prefer town homes or condos? 9. How important is walking to restaurants, events and sports to you? Would you mind taking a cab? 10. What square footage is your absolute min? 11. Do you want a new building or a renovated building? 12. Do you need a pet friendly building? 13. What type of kitchen layout do you need? Do you prefer to cook with gas? 14. Do you want hardwood floors or carpet? 15. How close to shopping do you need to be? 16. Do you prefer a balcony or terrace? 17. Do you need a separate tub and shower? or is one piece ok? 18. Is a view important to you? 19. Do you want a building where you can rent a private room? 20. Do you want a privately managed building? or is a volunteer management group of your neighbors ok? 21 Are you comfortable seeing homeless people? 22.Can you live within rules of a building? 23. Can you handle white noise i.e. sirens, people yelling, loud music etc 24. Are you ok with having your neighbor inches from your front door? 25. Do you need extra storage? 2 The downtown is divided into sections. Here is a great overview map of downtown Nashville. 3 Understanding the Downtown Lingo. Think about this area as you were driving from 40 onto Broadway. Downtown. The real downtown incorporates everything from Rosa Parks Blvd to First Avenue. This is the only area where you can walk to everything. The Gulch Is a new hip area located two miles from downtown. This area is booming. Take a right at Mcdonalds and you will run right into it Sobro Located behind the famous honky tonks, take a right on 4th and you will find Sobro. The city is spending 1 billion dollars on this street with the building of the new convention center. Germantown Located off 6th ave and behind downtown this area is very eclectic and home to the famous October fest and the famous cupcake collection. East Nashville Go over the Woodland or James Robertson Bridge and you will find East Nashville. This great area offers homes and condos that are minutes from downtown. This area has great restaurants and parks Vanderbilt/West End This area is the furthest from downtown but is minutes to Vanderbilt and our three major hospitals.; Vanderbilt, Centennial and Baptist. There are has diverse buildings, great shopping and nice restaurants. All these areas are within 10 minutes to downtown. They all have restaurants, housing and they all have their own flair. The goal is to find the right one for you. 4 What is a HOA Fee? HOA stands for Home Owner's Association. If you live in a condo or townhouse each homeowner must pay a certain amount (monthly, quarterly) that goes to a general fund. These monies are used for maintenance, repairs, and upkeep of the common elements For example; HOA fees pay for pools, fitness center upkeep, lobby repair and general maintenance of the building. No matter where you live in the downtown area you will probably be in a building that has an HOA fee. These fees differ depending on the age of the building, how many units there are, the property management’s fees and the amenities in the building. It is very important to buy a condo with a strong HOA. If not you may have buildings in disrepair or you may get large special assessments. This happened to some buildings on the water during the flood. Tip Always ask to see an HOA budget before you purchase a condo. HOA Fees based on square footage Viridian .42 cents Bennie Dillion .39 cents Encore .39 cents Terrazzo .39 cents Icon .34 cents Kress .24 cents Art Avenue .24 cents West End Lofts 2 .20 cents Adelicia .41 cents Bristol on Broadway .26 cents Werthan Mills .24 cents Phoenix Lofts .25 cents 5 An Overview of Downtown Condos. Prices as of 2013 1.Viridian This building was the first luxury building downtown. This building is in walking distance from all major sports venues, clubs, restaurants, theater, and symphony. This building was finished in 2006 and is the only building that has a roof top pool, clubroom and fitness center. It also has a 24‐hour concierge and gated parking. This is the only building with a grocery store on the main level. See www.viridiannashville.com for floor plans. One bedrooms start around $165,000 Two bedrooms start around $275,000 2. Bennie Dillion This historic downtown building is elegance at its finest. Beautiful marble floors inside match the gorgeous exterior. The units have great space. This building has a fitness room and covered parking. One bedrooms start around $140,000 Two bedrooms start at $190,000 3. Encore Located in Sobro this is the sister building to the Viridian completed in 2008 Encore has an incredible pool area (though not on the 31st floor) a high tech work out facility, a media room and a very “cool” lobby. The units facing downtown have incredible views. See floor plans at www.encoresobro.com One bedrooms start at $200,000 Two bedrooms start at $400,000. This building has had high appreciation due to its proximity to the new convention center. 4. Icon Located in the Gulch this 403 unit building has incredible amenities two pools, a high tech fitness center, gorgeous lobby and more. The units have cool counter tops stained concrete floors, walk‐in closets and more. For floor plans see www.iconinthegulch.com Prices for a one bedroom start at $250,000 Prices for a two bedroom start in the high $400,000 range 5. Terrazo Located across the street from Icon this building is the first LEED vertified building. It has a great lobby and is one of the only buildings with gas. The units are high tech, with gorgeous kitchens and floors. See www.terrazzonashville.net for floor plans Prices start in the $200,00 for a one bedroom and High $300,000 for a two bedroom 6. Adelicia Located about ten minutes from downtown is set in the Vandy area. This incredible condo has gorgeous features, a great location, and spacious condos. Pet lovers will love the dog park that is right next door. This is one of the only buildings that have gas appliances. See www.theadelicia.com for floor plans. Prices for a one bedroom start in the low $300,000’s Two bedrooms $700,000’s 7. West End Lofts Located in the heart of West End these condos are perfect for people who want to be minutes from Vanderbilt and the local hospitals. These condos have great space, no amenities and a low HOA fee. See floor plans at www.westendlofts2.com Prices for a one bedroom start at $230,000 Two bedrooms start at $300,000 6 8. Kress Lofts Located on Fifth Avenue this cool building is located in the heart of Nashville’s art district. The building has great space, high ceilings, and a gorgeous entrance. One bedrooms start around $165,000 Two bedrooms high $200,000’s 9. Art Avenue Lofts Located on Fifth ave if you are looking for a true loft this is it. There are high ceilings, brick walls, no amenities, a great location and a small HOA fee. Prices for one bedrooms start at $195,000 Two bedrooms start around $255,000 10.Ruby May Located on West End this building is close to Vanderbilt and great shopping and restaurants. It has no amenities but great space for the price and a low HOA. Prices for a one bedroom start in the low $200,000’s and two bedrooms high $200,000’ s 11.Phoenix Lofts. Located in front of the Historic Printers Alley these condos are high on space, low on HOA fee, have no amenities but if you are a music lover these condos are for you. Original owners got to design their space so all the condos have different designs and square footages. One bedrooms start around $300,000 and two bedrooms it depends on size. 12. Werthan Mills These cool condos are located across from the Farmers Market, They have great space for a small price and they have a pool. Prices for a one bedroom under $200,000 Two bedrooms around $250,000 7 Rumors or Truths About Living Downtown Rumor Condos have no parking Truth Depending on the condo you will have assigned parking. Some condos have limited visitor parking and some buildings have paid parking. There is also parking lots and garages all over town for your guests. Rumor There is no place to walk your dogs Truth No question having a lawn is easier if you have a dog. (I have 2 dogs) However there is plenty of green space around for your pets. It gets you outside as well. Also there is a dog walking service available downtown. Rumor HOA fees are high Truth To me HOA fees is the money I use to spend on maintaining my home and home with an added bonus of amenities. Rumor The traffic to get out of the city is awful Truth The traffic pattern is the complete reverse…its less traffic. You are going the opposite way of the traffic. There are many downtown residents that drive to Cool Springs everyday. 8 Rumor Your condo can always be rented Truth Most buildings have leasing restrictions . For a buyer to obtain an FHA loan a building has to have no more then 30% rental units. Rumor every property comes with a parking space Truth This depends on the building. Some parking spots are deeded and titled separately so you can sell your spot and not your unit. Always check this when buying a condo. Have a question about something you have heard about downtown? Or just a question in general? Please feel free to ask. I am one of the only agents that live downtown so I will probably have the answer or the means to find out fast. 9 Things Not To Miss Living Downtown. Here are some things not to miss that only a downtown dweller would know. 1. See the mens bathroom in the Hermitage Hotel on 6th. Its been used in movies and is gorgeous. (Ladies just knock and go in its done all the time) 2. Have “bar bites” at Mortons. These six‐dollar bar bites will fill your up and you won’t need dinner. Offered everyday M‐F 5‐630 you will see a lot of “downtowners” there. 3. Go get cupcakes off 6th ave at Cupcake Collection. This family designs and creates incredible cupcakes. They are the best in town 4. Don’t miss the first Sat of the month art crawl. Local galleries open from 6‐9 pm for you to see and meet new artists and enjoy some wine while doing so. 5. The free concerts in Centennial Park. Bring a chair and a picnic this is fun. 6. July 4th. Nashville’s fireworks show is voted 2nd in the country. Its incredible and if you live downtown you don’t have to fight the traffic 7. Have a cocktail at past perfect. They infuse their own vodkas and have a lot to choose from. 8. Have lunch at the Country Music Hall Of Fame. This independent restaurant has a new chef and the food is great. In July they will start Sunday brunch 9. Have a drink at the bar at the Indigo Hotel on Union Street. It is a really cool bar and has local favorites playing music. 10. Check out our downtown YMCA. This Y had a huge remodel and has more workout machines and classes then any other Y. 11. The Pops series at the Symphony. Don’t have a ticket? No problem they are sold for $10 the day of the concert for people that don’t show up that paid regular price. 12. Have the breadbasket or French toast at Marche in East Nashville. This restaurant is off the charts fantastic and very reasonable. 13. Take a walk at night over the Pedestrian Bridge and take in the view it’s remarkable. 14. Go to BB Kings and see any band. You just never know who you might see. The food is very good for bar food as well. 15. See a show at the Ryman. It is not just country music played there anymore. The acoustics are amazing. 16. Have dinner at Watermark and sit outside. This restaurant has the best view of the city. 17. Go to Farmers Market. It has all locally grown produce and great food. 18. Take the FREE GREEN bus around town. It drops you off everywhere within the downtown area. 19. Go on the downtown home tour once a year and see some great condos for sale. Residents also open their condos so you can how they use their space. 20. Call Laurie for more information on anything downtown. 10 Facts About Downtown Nashville In April of this year the economic development department did a great presentation on the downtown. Here are some facts taken from that meeting. 1.
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The new convention center booked 1 million rooms before it opened in 2013 Total downtown rental at a high of 98% rented In 2012 75% of generation Y want an active Urban Lifestyle In 2010 and 2011 there were 190 residential closings. In the first quarter of 2012 there were 114. 5. 36% live alone 33% are two person households 6. 49% are men 51% are women 7. 29% are 29 and under 8. 36% are ages 30‐45 9. 33% are ages 46‐63 10. 49% are single 34% are married 11. Annual salary range 68% earn more than $60,000 a 12. 55% are college graduates and 31% have postgraduate degrees 13. Over 10,000 people attended the downtown home tour since 2004 which resulted in over $50 million dollars in sales and leases. 14. Nashville was a walkability score of 98 15. There are 2 grocery stores 16. There are 182 dining options, 79 night life venues 17. There are 5 museums 18. There are 25 art galleries 19. 62% of the residents work outside of downtown 20. The Bcycle launched in 2012 21. There WeCars at strategic downtown locations for short term rentals 22. In 2013 5th ave was named Avenue of The Arts 23. IN 2013, 2015, 2016 and 2018 Bridgestone arena will host SEC Men’s Basketball Tournament 24. The first of the month art crawl attracts 1000 people or more a month and it is free. 25. In 2012 Hermitage Hotel was named one of the top 100 hotels in the world by Travel and Leisure 11 About Me My name is Laurie Sheinkopf and in 2004 I was one of the only Realtors that invested in downtown. I was living in Franklin TN at the time and thought it would be great to have a condo in the city. My thought process was easy I will either resell it or let clients use it. When I closed my condo I thought I would see what living downtown was like. I came on weekends at first for a year. By year two I was spending more time in downtown then I was in the suburbs. The combination of walking everywhere with having a roof top pool and 24 hour concierge made life so much easier. I had also made some fantastic friends. When a unit next to mine came available I purchased it and I did the first remodel of two units into one in the city. I became invested in helping expand Nashville’s growth potential. I became the president of my HOA board; I became an active member of the Urban Residents Association and donated my time and condo for Nashville’s downtown home tour. I think Nashville’s downtown is just starting. As Mayor Dean said he loves working in a city where the best is yet to come. I feel the same way. If you want some more information about downtown from a Realtor who lives, invests and knows the city call me. I would love to show you how wonderful living in downtown Nashville is! 12 13