With more first-time home buyers entering the marketplace, affordability plays a key role in current market conditions in Nashville right now, and it’s a trend that might not be going anywhere anytime soon.
Millennials, for the most part, have perhaps waited longer than any other generation to buy a home, and with so many young home buyers looking to make that long-awaited transition from renting to owning, demand for functional, sustainable, and affordable housing seems to be higher than ever.
One local developer seems to be fully grasping this concept and is actually in the process of launching a unique new project that would include a select number of condo units that start for under $100,000. Bruce McNeilage and his partners, who also developed the 121-unit Solo East condo development, have already proposed a similar 110-unit development that would include at least 15% of those units priced at just $99,000.
Should the project be approved and officially move forward, the entire cost of the development is reported to be somewhere between $35 and $40 million, and could very well be the most attainable and most affordable condo project to ever hit the Nashville real estate market. Larger one-bedroom units in the new project, which for now is being called Solo South, would also be relatively affordable and price somewhere close to $199,000.
