The Rise of Urbanization Calls for Expansion in Condo Development
New JoTo PR Client, CA South Development, was featured in an article in Builder Magazine titled, Nashville’s ‘Condo Queen’ Aims to Provide For-Sale Options to Young Urbanites.
Almost 100 new residents move to Nashville each day, and where there’s rapid population growth, housing demand follows. Twenty-nine percent of Nashville’s population is ages 20 to 39, and 36% of millennials are recent home buyers. So far, much of the Tennessee capital’s development has centered around newly constructed apartment rentals, while that of for-sale condos has stalled, even though the housing type is highly desired by residents.
However, there’s been a slowdown in condo development within the Nashville metro area. Epstein points to banks for the cause of the supply imbalance in the city. Condos are difficult to finance because banks tend to favor apartment projects, since they like the idea of recouping their investments over a period of years, but it’s detrimental to a family looking to move into an urban area like downtown Nashville. Even though the development of apartments has increased, trends show that condos will be a better long-term investment and banks must realize these trends to correct the imbalance within the city.
Founded by Meg Epstein in 2014 and currently based in Nashville, CA South is a boutique real estate development firm on a mission to expand and enhance urban revitalization. Epstein has over a decade of industry experience and a wide breadth of expertise in real estate development, fund management, project underwriting, investment, site acquisition and planning. Epstein is a licensed real estate agent and a licensed Residential and Commercial General Contractor and is currently pursuing her Certified Commercial Investment Member (CCIM) designation. She serves on the board of the Nashville Civic Design Center and is an active member of the NAIOP Commercial Real Estate Development Association and the CCIM Nashville Chapter. Her charitable work includes Habitat for Humanity and the Citizens Commission on Human Rights (CCHR) Nashville. To learn more about Meg Epstein and CA South, visit http://www.caSouthDevelopment.com
Builder Magazine is written for builders, architects, subcontractors and others involved in the housing market. The publication renders analytical coverage of management, financial, insurance, legal and operational issues for home builders.
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