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505 CST - 545 feet - 45 Floors

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6 hours ago, bhibbs said:

absolutely not, my hands are sweating just looking at that photo.

I quite agree. That's one reason I took the photo. All the money in the world couldn't convince me to dangle over the side of 505. 

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Looks like Giarratana and other 505 stakeholders have had to do a pretty dramatic pivot to ensure financial viability. At least, that's my own takeaway from this move. Apparently, they're trying to set aside 115 units for nightly rentals......

From WSMV Channel 4 

"505 Nashville developer Tony Giarratana chose Spokane, WA-based start-up Stay Alfred to manage the nightly rentals. Fully furnished studio, one-bedroom and two-bedroom units can be booked online through Stay Alfred’s website or through secondary travel sites like Hotels.com, which gave the building a 4-star rating.

There’s nightly valet service, bellhops for luggage, even a check-in desk on the first floor, but the business is not regulated like a typical hotel. All the owners need to operate is a short-term rental permit.

Metro Codes Zoning Administrator Bill Herbert told News 4 his staff is working overtime to process and approve the permit applications. The permits cost $50 per year. Once they’ve been approved owners of the 505 Nashville units can rent the units on a nightly basis.

http://www.wsmv.com/story/37063729/luxury-residential-skyscraper-505-nashville-is-full-of-short-term-rentals

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30 minutes ago, Flatrock said:

Looks like Giarratana and other 505 stakeholders have had to do a pretty dramatic pivot to ensure financial viability. At least, that's my own takeaway from this move. Apparently, they're trying to set aside 115 units for nightly rentals......

From WSMV Channel 4 

"505 Nashville developer Tony Giarratana chose Spokane, WA-based start-up Stay Alfred to manage the nightly rentals. Fully furnished studio, one-bedroom and two-bedroom units can be booked online through Stay Alfred’s website or through secondary travel sites like Hotels.com, which gave the building a 4-star rating.

There’s nightly valet service, bellhops for luggage, even a check-in desk on the first floor, but the business is not regulated like a typical hotel. All the owners need to operate is a short-term rental permit.

Metro Codes Zoning Administrator Bill Herbert told News 4 his staff is working overtime to process and approve the permit applications. The permits cost $50 per year. Once they’ve been approved owners of the 505 Nashville units can rent the units on a nightly basis.

http://www.wsmv.com/story/37063729/luxury-residential-skyscraper-505-nashville-is-full-of-short-term-rentals

That would pretty much kill any desire to live in that building. 115 nightly parties.....or at least 115+ drunken individuals roaming the halls.

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As far as the rentals go, I dont think its that big of deal. When I was taking a tour of the building, there wer some Stay Alfred renters and they were super nice, older, and seeminvly a little more sophisticated. 

As far as the amenities do, I do not think they are allowed to use the amenities deck as the person i was with said the didnt have [email protected] to this level.

There is a separate elevator and lobby for the condos residents, as well as their own amenities deck, excluding the pool area.

My guess is after Tony gets 75% of the condos sold, he and his investors will put the building on the market. He is a developer, not a landlord.

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I recall there being an announcement a few months ago regarding 505 and Stay Alfred.  Is this a re circulation of that announcement?  Or is this a conversion of the apartments/condos to Stay Alfred?

 

Also, have the condos hit the market yet?  Anyone know price points?

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Am I the only one from this forum that went to the Saturday open house for the condos? Very well done event. 7th,  8th and 35th floors.  A lot of genuine interest. The 2 bedroom I could picture living in, just not picturing affording it....

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1 hour ago, Nash_12South said:

Am I the only one from this forum that went to the Saturday open house for the condos? Very well done event. 7th,  8th and 35th floors.  A lot of genuine interest. The 2 bedroom I could picture living in, just not picturing affording it....

Did they have any prices listed? Any promotional items you could upload?

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A building like this, or honestly just any high rise, seems more  a young adult type living situation. So do we really have that many people in that demographic that can afford a place like that? No clue how much you would need to be making to afford something over $550K. I would think it would be around $250K plus, and that is assuming they put 20% down.

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16 minutes ago, bigeasy said:

A building like this, or honestly just any high rise, seems more  a young adult type living situation. So do we really have that many people in that demographic that can afford a place like that? No clue how much you would need to be making to afford something over $550K. I would think it would be around $250K plus, and that is assuming they put 20% down.

That’s what I was wondering. A large portion of the people that make enough for like a 1 bedroom corner unit are going to be married with kids, so they’re not in the market for these. I’m sure there are couples without children or singles who can afford this, I just have a hard time imagining there being that many of them in a city of Nashville’s size. 

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Unrelated, is the top of the building going to be illuminated? I still haven't seen it.

Edited by VSRJ
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30 minutes ago, bigeasy said:

A building like this, or honestly just any high rise, seems more  a young adult type living situation. So do we really have that many people in that demographic that can afford a place like that? No clue how much you would need to be making to afford something over $550K. I would think it would be around $250K plus, and that is assuming they put 20% down.

There were young couples, young couples with parents, singles with parents and quite a number of 50 something couples, many of whom were talking seriously to the realtors. In 12 South, I'm amazed at the number of couples, in their early 30's with a toddler, buying $600-$900K homes. There are people who can afford this. 

Edited by Nash_12South
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2 minutes ago, Nash_12South said:

There were young couples, young couples with parents, singles with parents and quite a number of 50 something couples, many of whom were talking seriously to the realtors. In 12 South, I'm amazed at the number of couples, in their early 30's with a toddler, buying $600-$900K homes. There are people who can afford this. 

Won’t disagree that there are people that can afford it, but how many are we talking? Surely Tony checked out average income and demand before building this, but of course it’s his money regardless. I still think these prices are outrageous and developers are getting more and more ridiculous trying to make a killing off these places. Take a residential suburban neighborhood for example, a head contractor spends about 50k in labor and materials just to turn around and put the house up for sale for around 250k+. Charging 150k and making 100k profit  instead of 200k is never good, but lower prices are gonna make you more money in the long run as people flock to affordable  housing like that. 

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26 minutes ago, Tim29tn said:

Won’t disagree that there are people that can afford it, but how many are we talking? Surely Tony checked out average income and demand before building this, but of course it’s his money regardless. I still think these prices are outrageous and developers are getting more and more ridiculous trying to make a killing off these places. Take a residential suburban neighborhood for example, a head contractor spends about 50k in labor and materials just to turn around and put the house up for sale for around 250k+. Charging 150k and making 100k profit  instead of 200k is never good, but lower prices are gonna make you more money in the long run as people flock to affordable  housing like that. 

I think the newness and uniqueness of the building will sell it. I also think, in the long term, the mix of condo owners and apartment residents will make it - not for everybody.  I don't think someone spending a million on a 2 bedroom will appreciate the twenty something renter who invites their 10 best friends over for pool time every weekend.  

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1 hour ago, Nash_12South said:

There were young couples, young couples with parents, singles with parents and quite a number of 50 something couples, many of whom were talking seriously to the realtors. In 12 South, I'm amazed at the number of couples, in their early 30's with a toddler, buying $600-$900K homes. There are people who can afford this. 

There are also people who have parents or grandparents willing to spend this. Or young couples making 200-250k willing to take on a lot of leverage. 

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Don't know the answer, but I do recall an interview article for his previous proposal for Signature. He said he would target empty nester boomers. I realize that was ALL condo. The mix here is different.

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4 hours ago, VSRJ said:

Unrelated, is the top of the building going to be illuminated? I still haven't seen it.

I’d love to know that myself. It seems like if it was going to be, it would have been done by now. 

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