NASHVILLE, Tenn. -- For awhile, new condos in downtown Nashville were the hottest thing going. But with the sky-high market now falling flat, one developer is changing tactics to make the sale.

Related: Watch This Story

Hundreds of the brand-new downtown condos are sitting empty.

"It's a great property, and hopefully people will be able to buy at a good price," said investor Chris Tucker.

Tucker is hoping to cash in on an auction at the Terrazzo this weekend that will put up 30 units ranging in size and price for a minimum bid.

"It's not that great for the developer, but it’s great for owners coming in, and investors, such as myself," said Tucker.

Terrazzo is a high-rise in the heart of the Gulch. Right now, it's about 51 percent full. Terrazzo's developer, Bill Barkley, hopes that's about to change.

"To have the pricing placed in the buyer's hands is a very unique opportunity," said Barkley. "It's never been done in Nashville."

Barkley is the man who first envisioned the Gulch. He said what these condos sell for on Saturday could change how Terrazzo management evaluates their future pricing.

"If someone bids the minimum bid and that's it, then that's the minimum price it goes for," said Barkley.

So now the pricing at the Terrazzo will be in the buyers' hands Saturday. Many say what happens there will affect how other condos in the area will sell, such as the Icon.

Bids start at about half the original listing price of the condos up for bid. In the past weeks, dozens of hopeful bidders have pre-registered to have their chance at a place in their price point. Most of them are Nashvillians who have been holding off on buying until prices drop.

With bids starting at $159,000, many are holding their breath to see how low buying in the Gulch will go.

The auction for the Terrazzo is Saturday afternoon at 1 p.m. at the Renaissance Hotel. The public must register by Friday to place a bid. Those bids will start at $159,000.