by Chris Cannon
ASHLAND CITY, Tenn. - The Braxton Condominium complex has sat nearly empty for the last four years. That could soon change. The pending sale is one more sign of a recovering real estate market in the greater Nashville area.
Real estate experts say only three of the Braxton's 136 units sold when it was completed.
"The perfect storm of the ugly economy affected a lot of people in ways they weren't anticipating," said Don Klein, CEO of the Greater Nashville Association of Realtors.
Nashville-based Carter-Haston Real Estate Group has signed an agreement to purchase the complex. It is estimated the sales price will be approximately one-third of the $60 million spent to build Braxton.
Klein said the sale of the condominiums is another sign that the Nashville real state market is continuing to rebound from the recession.
"Fortunately, in this particular area, the signs are stronger than they are in other parts of the country," Klein said.
It is not know at this time if the Braxton will be sold as luxury condominiums, or if the buyer will turn it into rental units.
The pending sale of the Braxton was not the only encouraging news about real estate this week. New home sales numbers were released on Thursday.
"They are very encouraging numbers," according to Klein.
There were 2606 home closings reported in August. That is a 27.3% increase from the same month in the previous year.
Klein said he was encouraged by the latest numbers, but said the bigger picture in the Nashville real estate market looks even better.
"It's what are the trends, and the sustainability of the increases is what means the most right now," Klein said.
Nashville has seen home closings over 2,400 for the last four months. The numbers have not been that good since 2007.
Klein does not for see a change in the current trend.
"The last two years we've barely made it over the 20,000 closings mark, and al things being equal, we should pass that in October," he said.
At the end of August there were more than 2,500 pending home sales. Not all of them will close in September, but it does put sales on pace to exceed 2,400 once again.
email: ccannon@newschannel5.com
