Ohio Condominium Project In Foreclosure
Filed under: Real Estate Developments
The condominium development situation in Cincinnati Ohio area has been up and down over the past few years. There was a flurry of projects announced in 2005 but since then many projects have struggled either delaying construction or scaling back. Now a 13-story condo tower, Overlook at Eden Park is headed for foreclosure. According to Cincinnati.com the developer, Joshua One says the lender is to blame for the unraveling of the project. Bank of America has claimed that Joshua One Development mismanaged the construction budget leading to delays and unpaid bills. Since last April a variety of liens have been filed against the development. Just six of the 24 condos have been sold and listing prices range from $500,000 to $3 million. The developer is still working on a way to avoid foreclosure. 
