Filed under: Real Estate Developments
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.