Recently, we discussed the idea that paying a premium for the conveniences offered in urban mixed-use developments might not be in everyone’s best interest. (See Happy Sandbox Girl). But for those who love the idea of lowering their carbon footprint by walking everywhere, or who just want…well…everything at their fingertips, these rapidly multiplying mixed-use areas are golden. The Gulch, a dynamic neighborhood located on the southwest fringe of downtown Nashville, offers condo living, swanky restaurants, nightlife, retail, and services galore. Oh, and also, it’s an LEED certified community.
What $700K will buy:
You can buy in the area for a third of this, but you can also go all out and snatch up a two-bed, two-bath 1300 square-foot 18th floor condo in Icon, a 424-unit building that boasts perks aplenty. We’re talking corner unit, balcony, skyline views, custom cabinetry, floor-to-ceiling windows, high-end finishes, pool, gym, two parking spaces, and a 24-hour concierge for $675,000 (plus $448 monthly in HOA fees).
Covenants, conditions, and restrictions might make renting out your condo tricky, but at the nearby Eleven North apartment building, two-bedrooms rent for $1835 to $2300.
Located between Music Row and Downtown, The Gulch provides access to all things “live, work, play.” An absence of single-family homes means fewer kids, more young professionals, and an abundance of those for whom an urban pace, walkability, and easy access to all conveniences take precedent. Coffee? Yes. Grocery? You bet, and organic to boot. Food? Tons – your pick. Craft beer? Of course. Art? That, too. Flowers? Yep. Music and nightlife? Um, are you kidding? This is downtown Nashville.
Unemployment rate: 6.1%
Median household income: $44,140
Median Value of Owner-Occupied Housing Units: $138,700
Median Sales Price: $200,000
Median List Price: $218,250
*Data taken from RealtyTrac.com, United States Census Bureau, and TN.gov, Oct. 2014