condo foreclosure

Nashville Condo Project Headed For Foreclosure

We've got some foreclosure news out of Tennessee. East Nashville's 5th & Main condominium complex has been slated for a foreclosure sale. Wachovia Bank will auction off the $47 million project on February 25 in front of the Metro Courthouse in Nashville. The commercial section of the building and the residential portion will be auctioned off separately. The project had only sold off nine of its 129 units despite a Hail Mary price chop by a court-appointed receiver in 2009. Units have recently been up for lease. The situation is being termed another fall-out from the real estate slump.

The building has lofts, flats, and townhouses with city views. Amenities include underground parking, a landscaped roof deck with exquisite views of downtown, a community security system with 24-hour monitoring, balconies overlooking the city or courtyard, stainless steel appliances with granite countertops.

Tags: condo foreclosure, condominium, condos in trouble, nashville real estate, tennessee real estate

Luxury Miami Project Goes Back To Lender

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

A luxury condo building in Miami Beach has gone back to its lenders. The Miami Herald reports that South of Fifth, a $73 million luxury condominium building has gone back to its lender, after a foreclosure auction. The project at 135 Ocean Drive, first went into foreclosure back in 2009 as the original developer struggled to pay back a $73 million loan to iStar Financial. The project was yet another South Florida victim of bad timing, it opened in 2009 just as interest and prices were tumbling in the area.

The Herald article describes the transaction as a friendly foreclosure: the lender obtained a final judgment of $90.8 million against defaulting developer BR Villa Luisa in December and took back ownership of the property Tuesday. Now it falls to iStar to sell the 29 available condos at the 32-unit property. Listings on the Kleer Team website say that they have been instructed by project lenders to sell at reduced prices to qualified buyers. Prices listed range from $400,000 to $6.8 million. Amenities in the building include valet parking; full-time concierge; a pool facing the ocean and whirlpool spa; fitness center; private lounge and more. Some residences have wrap-around balconies and penthouses have their own, 4,000-square-foot rooftop terraces with private pools and summer kitchens. Although this isn't great news, it seems like this foreclosure has been in the works for a while. Overall much of the real estate news we've seen coming out of Miami is pointing at a slow recovery in the sales of luxury condos.

Tags: condo development, condo developments, condo foreclosure, florida real estate, miami real estate, south of fifth

Major Miami Condo Complex Goes Back To The Banks

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

One of Miami's larger condo skyscrapers is headed back to the banks. The Miami Herald reports that Everglades on the Bay, a pair of 49-story towers in downtown Miami. The agreement, if approved by the bankruptcy court, would settle the developer, Cabi Downtown LLC's bankruptcy case. Bank of America filed to foreclose on a $209 million construction loan on the project last August and the same day Cabi filed Chapter 11. The developer will remain the on-site manager for the Everglades on the Bay. The luxury project has a 24-hour valet service, spa and fitness center, a lavish swimming pool complex with a Tiki bar and grill, a private residents lounge and retail space.

The deal is just one of a bunch of similar agreements in the past month or two that have seen 1,900 new unsold Miami condos in six skyscrapers go back to the banks. A report from Condo Vultures says that a trio of lenders has taken ownership of a combined two million square feet of new salable condo space in Everglades on the Bay, ICON Brickell and Terrazas Riverpark Village.

Tags: condo development, condo foreclosure, condos in trouble, everglades on the bay, florida real estate, miami

Luxury Condo Development In Charlotte Under Bankruptcy Protection

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

More condo trouble in Charlotte, North Carolina. The Charlotte Observer reports that the developer behind the Rosewood condo development has filed for bankruptcy protection, three weeks after its lender began foreclosure proceedings. Regions Bank says that WCDM Development owed more than $21.5 million on a $72.6 million loan taken out in April 2006. The developer has also not paid the 2009 county property taxes. Rosewood at Providence LLC filed for Chapter 11 bankruptcy protection with assets of less than $50,000 on debts from $1 million to $10 million according to paperwork. Among Rosewood's creditors are buyers who plunked down over $1 million in security deposits.

The Rosewood condos range in price from the $400,000s to more than $1.5 million. The 134-unit development features amenities such as concierge service, massage rooms and a putting green. The developer still owns 52 units, according to court filings, so I'm predicting a condo auction for this one.

Tags: bankruptcy protection, BankruptcyProtection, charlotte north carolina, CharlotteNorthCarolina, condo foreclosure, condo trouble, CondoForeclosure, CondoTrouble, rosewood condos, RosewoodCondos

Tempe Condo Complex Faces Foreclosure

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

In 2006 I wrote that condo enthusiasm is alive and well in Tempe, Arizona "despite a market that is showing some serious instability." Allow me to eat those words, the project I wrote about as a sign of that enthusiasm, Centerpoint Condominiums, has now fallen into foreclosure. The concrete, glass and steel projected called for a pair of 30-story towers with around 800 units ranging in size from small studios to large penthouses. Amenities included a swimming pool, hot tub that has a sand beach entry, cabana bar, café and grocery store. Instead the project floundered and still awaits completion.

An auction date has been set for April. The property once owned by Tempe Land Co. could be sold to the highest bidder. According to the Arizona Republic, ML Manager LLC, acting on behalf of investors, filed for foreclosure and placed the unpaid principal of condo developer Tempe Land Co. LLC at $135 million.

This makes the second major Arizona development foreclosure in just a couple of weeks. Capmark Finance filed to foreclose on the High Street section of Phoenix's ambitious CityNorth project. CityNorth is a 144-acre development that was to be a network of neighborhoods with shops, cafes and parks amid the residential space. A foreclosure auction date for High Street is set for March 31.

Tags: arizona, centerpoint, citynorth, condo, condo foreclosure, CondoForeclosure, condominium, tempe

Floridan Condo Building Heads For Auction

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

It may be named The Floridian but the condo building shown at right is actually on Florida Avenue near Howard University in Washington D.C. It's also facing foreclosure. The 118-unit building is being foreclosed even though more than 30 units are occupied by owners and around 50 more units could have been sold. Kady Development bought the land in 2006 for $8 million and then borrowed $44.8 million in loans from LaSalle Bank to build the loft-style condos which are in two towers and are outfitted with granite counters and stone tile baths. Prices started in the low $300,000s.

Bank of America filed the notice of foreclosure on December 8. The Washington Business Journal reports that a third-party investor purchased the note from the bank and is proceeding with the foreclosure. The foreclosure auction is scheduled for January 8 at Alex Cooper Auctioneers Inc. and the balance on the note is $31.8 million.

Tags: condo auction, condo foreclosure, CondoAuction, CondoForeclosure, howard university, HowardUniversity, the floridan, TheFloridan, washington dc, WashingtonDc