Historic Franklin Brownstones Foreclosure

brownstone development site plan

214 emily court franklin tnIt is quite rare for a high-end property to be foreclosed upon in historic downtown Franklin, TN. It’s even more rare for one of the most sought addresses to experience that fate. It has indeed happened, there is a foreclosure in the Brownstones @ downtown Franklin.

214 Emily Court is a 3 bedroom, 3 full bath, 2 half bath, 2 car garage new construction masterpiece that features a center atrium which bathes the inside of this ultra-luxury brownstone with natural light. I am not using the phrase, “ultra-luxury” lightly, the crown molding is thicker than the tallest Bavarian crème pie you have ever seen and the spiral staircase is reminiscent of the famed Chateau de Blois. Someone will be thanking Fifth Third for giving them the opportunity to own this incredible home on the cheap.

Contact me for information on acquiring this asset from the bank or to preview this historic downtown Franklin Brownstone in person.

Comparable Sales in the Franklin Brownstones

brownstones sold comparables

Brownstone Development Site Plan

brownstone development site plan

Developed by Bernie Butler of D9 Development, The Brownstones neighborhood consist of 26 luxury homes built by Forte Building Group and Highmark Construction. Each Brownstone is 3 stories with a basement, a private elevator, attached 2-car garage and private patio or courtyard with rooftop deck.

Recently added high-end residential neighborhoods in Brentwood:

Annandale homes for sale
Bonbrook homes for sale
Brenthaven homes for sale
Brentmeade homes for sale
Brookfield homes for sale

Velocity in the Gulch Sold Condos 2010

sold condos velocity in the gulch

As promised to a reporter who called today, here is the current list of sold condos for the Velocity in the Gulch. Clearly, the momentum has vanished in this project as a result of the ownership restructuring and loss of high LTV financing options for new buyers. The rumor mills continue to churn as other large projects like Rolling Mill Hill and 5th & Main fall. Personally, I am not advising any of my clients to purchase in this project at this time as I sense the winds of change gaining energy. However, I still believe Velocity in the Gulch to be an excellent entry level condo community that can thrive in the future given the correct circumstances.

sold condos velocity in the gulch

What’s next for the Velocity Development

Rather than speculate at this time, I am going to sit this one out and diligently observe.

Note: I have been told that I am missing 1 sale. I will verify when I hand pull deeds at the end of the month.

See all condos for sale in the Velocity in the Gulch

Nashville Condo Prices and Closings Q2 2010

nashville condo prices and closings 2010

As expected, Q2 2010 condo prices and closing volume increased rather significantly over the first quarter. This fact can be directly attributed to the expiration of the second Federal first-time homebuyer’s tax credit. Nearly all new construction high-rises benefited during this period, but none as much as the Icon in the Gulch which nearly doubled its Q1 sales volume. Both the Adelicia and Terrazzo continue to impress with sustained increases in total price and price per square foot.

Listed are the vast majority of the condo closings in the following areas of Nashville: 1) Downtown CBD, 2) Sobro region, 3) Gulch, 4) Midtown, 5) West End and 6) East bank. I have only considered condo projects that were completed after 2006 and contain more than 60 total units. I have excluded sold out condo projects west of midtown. Those excluded include: Bristol on Broadway, Bristol West End, The Enclave, The Glen and all projects in the West End Circle area with the exception of The West End high-rise.

nashville condo prices and closings 2010

Nashville Condo Prices

Clearly, condo prices in Nashville will become much softer moving forward. With the lack of any new tax incentives, I expect both closing volume and especially, condo prices to fall in the third and fourth quarters.

$5 Million Tyne Boulevard Mansion Auction

nashville mansion tyne boulevard

nashville mansion tyne boulevardJust when the average multi-millionaire allowed herself to slip into a melancholy real estate state of mind, RealtyTrust steps in and lifts the mood. The 16,090 square foot Oak Hill masterpiece that high-end builder Kelvin Pennington has been pouring over for several years hits the auction blocks on Friday September the 10th, 2010 at 6:30pm.

Located at 943 Tyne Boulevard, resting between countless estate homes and one of the highest concentrations of wealth in Nashville, this English style manor sits on 3.9 acres. Completed a year ago and originally listed for $4.9 million, this is an excellent opportunity to purchase a legacy property below cost.

Should you choose to work with me during the auction, the seller is responsible for compensation, not the winning bidder. Contact me privately to learn more about my ability to aid you during this auction event.

943 Tyne Boulevard Mansion Features

  • 16,090 sq. ft. (6) bedroom, (6.5) bath – Main Level Master suite with private study & morning kitchen
  • Exquisite, well appointed master bath with soaring 22’ ceiling, marble floors and countertops, custom millwork, Jacuzzi tub, large tiled shower, multiple showerheads and massive walk-in closets
  • All Guest rooms feature private bathrooms
  • Mahogany paneled elevator servicing all four floors
  • Two (2) Gourmet Kitchens featuring Wolf * Asko * Sub-Zero appliances
  • Garage parking for four (4) vehicles plus additional storage
  • Soaring 12 and 22 foot interior ceilings, and 8 foot doors enhance the open interior
  • Huge custom windows flood the home with natural light
  • Several terraces extend the outdoors inside the home
  • Home theatre featuring an 11 foot screen and hand painted murals of movie classics
  • Formal Billiard Room with Game/Family area and Full Kitchen
  • Custom Millwork * Wide-Plank Hardwood and solid-surface countertops throughout
  • Over 2,000 sq. ft of open entertaining space on fourth level that can accommodate approx. 100 seated guests with room left over for the band and catering staff

Buying a Mansion at Auction in Nashville

Individuals who possess the wherewithal to purchase said piece of real estate are without doubt, intelligent and savvy. However, it never hurts to obtain a second opinion from a person who intimately understands not only the Nashville real estate market, but also the real estate auction business. As founding partner in a local auction company, allow my experience to serve to your advantage. I will provide you with a comprehensive bid analysis (see West End condo auction prep sheet) as well as with insight into Pinnacle Bank’s motivations, reservations and modus operandi for recent auctions.

3.9 Acre Parcel                             Aerial of Oak Hill                             Bid Prep Sheet

943 tyne blvd nashville tn          943 tyne blvd aerial          west end auction prep sheet

Important Auction Dates and Notes

  • Auction takes place onsite promptly on Friday September 10th, 2010 at 6:30pm CDT
  • Property previews are Tuesday September 7th, 2010 from 10am through 4pm CDT and again on Friday September 10th, 2010 from 12:00pm through 6:30pm CDT
  • This real estate auction is being offered with a reserve. This is not an absolute auction.
  • You must register in order to participate in this auction. You may register on the day of the auction.
    This auction is selling with a 5% buyer’s premium.
  • The winning bidder is expected to immediately pay 10% of the winning bid as deposit for the purchase
  • The winning bidder must close within 30 days of Friday September 10th, 2010
  • Should you choose to work with me during the auction, the seller is responsible for compensation, not the winning bidder

Tyne Boulevard Auction Media and Pictures

See the auction listing on the RealtyTrust Auction website
View the virtual tour on the RealtyTrust Auction website
Private contact form for questions concerning this auction

Speak Your Mind

*