Filed under: Real Estate Developments
In 2007, far rosier times for the condo market, I mentioned Anson House, a new luxury condo complex in Charleston, South Carolina. Now, three years later the $40 million project is built but is headed to foreclosure. The Post-Courier reports that the four-story 32-unit complex has struggled to find buyers and 18 out of the 32 units remain unsold. The developer, Wharfside Associates, has missed payments on a construction loan and Bank of America has begun the foreclosure process. The developer owes $9.9 million. Whafside Associates had taken out a $32.8 million loan in February 2007 to pay for the project.
The pictures on the Anson House website show beautiful units with river, city and park views. The condos have gourmet kitchens, high ceilings, master suites with dressing rooms, fireplaces and outdoor piazzas. The building also has a doorman. Back in 2007 prices for the units started at $1.29 million for a one-bedroom and a penthouse cost $4.95 million. Now remaining units are priced between $695,000 and $3.25 million.