Developer To Sell Downtown Nashville Condos At Auction

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By Amanda Hara

NASHVILLE, Tenn. - The developer of Terrazzo is renewing interest in the building with a strategy they hope buyers can not resist. They will auction off most units at nearly half the price on Saturday.

Dozens of people spent Friday viewing the remaining 31 of Terrazzo's 117 units.

"It's no secret Nashville's been selling slowly, well we're just not going to tolerate that - we know that the market has to set value. We're going to take our medicine, let the market set the value and sell at the prices the consumer wants to pay," said auctioneer Jon Gollinger.

Gollinger said the strategy is better than the alternative.
Terrazzo Auction

"What would happen is this would have sold over a long period of time which wouldn't have done anyone any good, the consumer or the seller," said Gollinger.

Potential buyers like Gary Hermann said they are looking forward to a long awaited bargain.

"We came here before it was done and looked at the units and we just said ‘no way,' and then prices are a lot less so it's worth a second look," said Hermann. "It makes it easier to get into the market."

West End Condos is also taking the same strategy approach. Only 9 out of 72 units are occupied, and 45 units will be auctioned off the first week in December.

email: ahara@newschannel5.com