Installing Ports for Arduino Nano on Mac OS X Yosemite
Had exactly the same problem. Also using 10.10 and just got an Arduino. What worked for me was using a different cable. The one that came with my Arduino Uno only provided power not data. If you have a printer, it might have the right cable, just test it quickly.

Edit: In addition, whilst trying to find solutions, I also installed 64bit mac FTDIUSBSerialDriver_v2_2_18.dmg. I'm not sure if it made a difference. As after installing it and using the original cable the problem persisted.