[Nashville MSA] March home sales dip 7% year-over-year:
o Closings: 2,837 in March 2024; 7% decrease from March 2023
o Median price (SF home): $493,220 in March 2024; $465,000 in March 2023
o Median price (condo): $339,900 in March 2024; $327,885 in March 2023
o Listings: 9,404 in March 2024; 8% increase from March 2023
o Average DOM: 52 in March 2024; up from 40 during most of 2023 (Nashville Post 4/8/24)
[Nationwide] This factory represents a homebuilder’s bet on future housing-Onx Homes is a homebuilding startup aimed at reducing the time it takes to build a home to tap the need for housing across the country. The goal is to make housing more affordable by automating and simplifying as much of the construction process as possible. Right now, it takes them about 60 days to build a house, but the company is aiming to bring that time down to 30 days with its newest factory. The reduced labor costs translate into savings for the buyer, with houses ranging from $300,000 to $600,000 depending on model and neighborhood. Another benefit of these homes is their durability, with concrete walls and steel roofs that can withstand 175 MPH winds, more than a category 5 hurricane. The company’s portfolio now includes more than 5,000 homes across Florida and Texas under various stages of development (500 are already lived in). Another player in this market is Icon, a company looking to take 3D-printed housing mainstream. They made the nation’s first 3D-printed, single-family homes that were offered for sale in Austin, TX in 2021. (Costar 4/9/24)
[Nashville] Ritz-Carlton property sold at foreclosure sale-RC Nashville Development Partners LLC, which is affiliated with the developer behind the planned Ritz-Carlton, has foreclosed on the 1.21-acre site located at 727 Korean Veterans Boulevard. The property was purchased in March 2020 for $35 million and then purchased again last week for $35 million through a credit bid, which allows a lender to bid the amount they are owed on a property. R Squared Properties was the highest and best bidder. The previous owner failed to make payment on a $10 million loan and there are also two liens on the property filed by the architect and engineer on the project. (NBJ 4/11/24)
