Million Dollar Townhomes

The final phase of the high end brownstones downtown. It will be interesting to watch the absorption of these units. With three already supposedly spoken for they will provide a barometer for the high end of the residential market. The units at Cameron Harbor would be the competition for these in that range and with those providing boat slips and views for me it’s not a hard choice:

https://www.timesfreepress.com/news/business/aroundregion/story/2019/feb/27/walnut-hill-offering-million-dollar-downtown/489613/

More East main Condos

Smaller boutique projects like this one provide excellent variation and help to assemble an interesting fabric that makes the East Main area one of the most appealing places to buy into. As the remainder of the vacant lots and older storefronts are developed the values are going to keep pushing the stratosphere. People like urban walkable and will pay a premium to be in an aesthetically appealing area.

https://www.timesfreepress.com/news/business/aroundregion/story/2019/feb/25/condo-complex-main-jefferson/489422/

Multifamily Report Confirms Downtown Overbuilt

No surprises here but good data to help in evaluating the market. Given that developers are continuing to build I’d say multifamily will be overbuilt for a while. Keeping in mind that if the ground price on a project is low enough and the focus on long term ownership some of these projects might make sense. For me I will be looking for those that paid too much and are upside down and need a buyout. That’s where the opportunity in the coming years will be:

https://www.timesfreepress.com/news/business/aroundregion/story/2019/feb/17/report-shows-downtown-chattanoogapartment-lea/488707/