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smeagolsfree

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I would LOVE to live in the core if it was affordable for me. But I can't justify the mortgage price for what I make. Maybe all urban living is expensive, but it seems like Nashville is pricing itself out of lots of people. I love that we are getting lots of new apartments/condos downtown, but why must they only market to the luxury/high-end segment? Would it be that difficult to build units that could be priced under 200k? I looked for months for something in the 150-180K range, and nothing in the core comes close to what I can buy in the burbs. Maybe I looked in the wrong places though. 

 

So for now I will sadly stick to Lenox Village. 

 

Just because a building is built to have rents of $1,500 to $2,000 per month, doesn't mean the developer will receive that. Right now, Nashville has a lack of units, with a lot of people wanting to live downtown ----> very high rents for the time being. Couple that with it was illegal to live in downtown Nashville 15 years ago ... we have a very limited supply of units.

 

Developers are looking at very low vacancy rates and high rents, so all want to get in on the action. I hope a lot of buildings will be built to give Nashville the much needed supply. At some point, there will be a market correction, and these units won't go for $2,000 a month, but maybe $1,200 a month, or lower, depending on the severity of the correction. I don't like for any developer to lose money, but let the market play its course. 

 

There are a lot of people living in The Rhythm, 5th and Main, etc. because those buildings were built at the height of the market and it corrected when they opened. The developers lost out, but the residents won and were able to buy some great units on the cheap.

 

Case in point- keep building. Nashville needs more units. The prices will work themselves out naturally. 

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No it does not.  Nashville has 2000 living in the core. Chicago probably has 100 times that without high rises. Urban living in Nashville is going to have to involve building high rises, unless somewhere they can build 10,000 town homes in the core, and those high rises are out of reach for 90% of Davidson County residents.

I've seen you post a few times recently about downtown population and it being around 2,000 people. I've also seen a few recent articles discussing the population downtown and the are way higher than the numbers you say. I'm not trying to argue with you or anything as I'm not sure either way, but here is a quote from a recent article. 

 

In 2013, Nashville’s downtown population growth outpaced peer cities at 15 percent, but that’s slowed down as new housing stock has also slowed. Downtown population is expected to grow six percent this year, compared to seven percent in St. Louis, six percent in Indianapolis and five percent in Austin. In total, downtown Nashville is expected to finish 2014 with 7,685 residents and 4,803 units. By the end of 2015, both downtown residents and housing stock are expected to grow an additional 5.5 percent in Nashville.

 

Link to article...http://www.bizjournals.com/nashville/morning_call/2014/07/report-smaller-more-affordable-housing-units-are.html

 

Anybody know what the real number is? 

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This topic comes up frequently... but that also depends on the definition of "downtown", which some sources see fit to include everything inside I-440... or just inside the inner loop.   I have heard/read estimates of upwards of 20K-25K in the former (excluding 12K Vandy students) and 6K-7.5 K for the latter (smaller area).  I have heard estimates of 4500-5000 residences inside the inner loop. 

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I've seen you post a few times recently about downtown population and it being around 2,000 people. I've also seen a few recent articles discussing the population downtown and the are way higher than the numbers you say. I'm not trying to argue with you or anything as I'm not sure either way, but here is a quote from a recent article. 

 

 

Link to article...http://www.bizjournals.com/nashville/morning_call/2014/07/report-smaller-more-affordable-housing-units-are.html

 

Anybody know what the real number is? 

I was referring to the Central Business District. (3rd Avenue to 9th Avenue and Commerce Street  to Charlotte.) Sorry. That to me is downtown. To me The Gulch is the suburbs, Sobro is the boonies, and West End is Bum F*** Egypt.

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growing up in franklin, downtown was withing 440,  as I got older , downtown was within the inner loop. now I would consider south of the capitol and within the loop downtown. IE right now the gulch is but germantown is not.  as the area between germantown and the capitol (stadium area) fill in, I could see that as being part of downtown also, 

I already refer to going downtown as like coke in the south.  

"im going downtown tonight"

where

"Midtown"

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To save the height variance issue, move that building downtown to a lot on Church Street or Commerce Street where it belongs. Dig up Plamer Plaza and move it downtown while your at it. These suburban towers just kill me.

 

So I guess Midtown Manhattan is the "suburbs" to you as well?  Anything not in the CBD right?

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