condos in trouble

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

Anson House Condo Project Heads To Foreclosure

by Deidre Woollard (RSS feed) —

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.

Tags: anson house, charleston, condos in trouble, south carolina real estate

Vue Condo Project In Receivership

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

Douglas Wilson, owner of the Douglas Wilson Companies (DWC) has been appointed as the receiver for The Vue, a luxury 15-story condo tower in San Pedro, California. DWC has assumed complete operational responsibility for the 318-unit project, including all homeowner and leasing program issues. The developer Carlyle/Galaxy San Pedro opened Vue as condo project in March 2009 but the building now has a rental program because of the distressed real estate economy. Units rent in the $1,500-$3,000 range. DWC is currently discussing with the lender and developer whether or not to restart the sales program for the property. Units for sale had, at one pint, a starting price of $315,000.

"This is the largest waterfront development in Old Town San Pedro, so we expect this asset to be a strong performer once the market has stabilized," said Douglas Wilson, CEO of Douglas Wilson Companies (DWC) in a press release. "With views of the harbor and upscale amenities like concierge service and a helicopter pad, the Vue sets a new standard for San Pedro."

Units in the building have floor-to-ceiling glass walls and private balconies. Interiors feature stainless steel appliances, hardwood cabinets, quartz countertops and more. Building amenities include a resort-style pool with a deck and private cabanas; a fitness center and yoga/Pilates studio; and a rooftop terrace with stainless steel barbecue grills.

Tags: california real estate, condos, condos in trouble, san pedro, Vue

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

Hue Condo Sales Stop In Raleigh

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

The largest condo project ever attempted in Raleigh, North Carolina has closed without ever selling a unit. The multicolored Hue building has closed its sales office without selling any of its 208 units. The Raleigh News & Observer reports that signs posted on the building's doors say Hue will be closed until further notice.

The condo complex was designed to attract young urban buyers but it hit the market last year at the worst possible time. Condo projects have to have a certain percentage of their units presold to qualify for Fannie Mae and Federal Housing Administration approval and this building wasn't able to get enough presales. Without the approval many mortgage brokers won't issues loans. There is a possibility that that the building could end up as rental units for a time.

Tags: condos in trouble, hue, hue building, north carolina real estate, raleigh