Monday, November 21, 2005 4:09:19 PM
When it comes to real estate rentals one must compare the cost of rental to the mortgages to see how quickly they will rent versus sell. Take the studio for instance. Assuming a normal 30 year fixed interest loan at 6% someone could buy a place for $129,000 for less then the $775 rent each month. The one bedroom at $950 equates to a $158,500 loan. The two bedroom at $1,525 equates to a $255,000 mortgage. Seeing that one bedroom lofts in the Ambrose building are currently for sale for $129,000 and $139,000, one could speculate that Loftwerks will be able to move these units rather quickly.
Why would anyone pay $950 of rent each month when they could own the property by making a $833.38 mortgage on a $139,000 property. Seeing that the market for residential property in the downtown area of Nashville is slim one would think that the value in these lofts will increase over time. Heck if someone is able to put 10% down on an investment property then they can pocket $200 a month on a one bedroom loft.
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