Million Dollar Home Foreclosure in Nashville

109 steeplechase franklin tax record

Occasionally I’ll run across properties listed by other brokers that I find amazing. This is one of them. Cory Holman with Zeitlin has this Pinnacle Bank foreclosure listed in Steeplechase Farms in Nashville. This custom home was originally built and listed in 2007 for $1,645,000 and includes many luxury features like an in-ground saline pool and spa with water feature. More importantly, the home is actually located in the Williamson County school district with a Nashville address. In other words, you can buy a luxury Nashville foreclosure, send your children to Franklin High School and pay no homeowners association fees for the privilege.

If the above were not enough, the home is tax appraised for over $1.46 million, a value that typically rests below the real estate appraised value. There could be a ton of equity in this foreclosure if bought correctly.

Tax Record for this Nashville Foreclosure

(click to make larger)

109 steeplechase franklin tax record

4th and Monroe Condos to Become Rentals

4th and monroe rentals germantown

4th and monroe rentals germantownNashville, TN December 27, 2010 – Starkville, MS based Cadence Bank has sold the 4th and Monroe condo development to Nashten, LLC for $3.0 million.

Nashten’s purchase comes almost exactly one year after the lender purchased the development at foreclosure, for $4.25 million. Traditional Urban Concepts, Inc. was the original developer of the project.

J. Naparlo, President of Nashten, “We have been hoping to enter the Nashville market for years and are thrilled to be able to start with such a well built and located development.” When asked what their plans are for the development, Naparlo responded, “4th & Monroe will likely one day become an owner-occupied development as originally envisioned, but in today’s market, our plan is to lease the units for 3-5 years.”

For leasing information call 615.346.9122 or email forthandmonroe@gmail.com

This marks the second time in a week that a major Nashville development has been purchased and repurposed as a rental development. Last Wednesday, Atlanta based Chartwell Partners purchased the 72 unit Rolling Mill Hill development for $7 million with the intention of renting the condos for the foreseeable future.

Like Chartwell Partners, Nashten plans on immediately improving the property. Naparlo expects to pour an additional $200,000 in upgrades and additions into the 4th & Monroe development to bring the development into “first class shape”.

“This is a property we are very proud to add to our portfolio”, Naparlo boasts. “We expect to begin leasing the units for as low as $1,200/month”. This is in stark contrast to original sales prices which exceeded $500,000. “We plan to begin leasing efforts in the first week of January and expect the majority of these luxury condos and townhomes to be leased quite quickly.”

4th and monroe master plan4th & Monroe consists of 25 upscale units in the Historic Germantown neighborhood, north of Downtown Nashville. The development has six different product types and sizes including 2,500 sq. ft. of street level retail space with loft residential units above, flats, two-story condos and traditional townhomes with attached garages.

The Tennessean also reports, “Nearby, a Cleveland developer (with the Bristol Group) is building 242 apartments called Vista Germantown on vacant property between Fourth and Fifth avenues (in Historic Germantown)”.

For leasing information please call 615.346.9122 or email forthandmonroe@gmail.com

FHA Condominium Recertification May Hurt Condo Sales

FHA update for condo recertification

viridian condos in nashville08/23/10 HUD issued updated/revised processing requirements for recertifying FHA approved condominium projects that expire 12/07/10. In this same document HUD mandated that all projects which received approval prior to October 1, 2008, will require recertification on or before December 7, 2010 (more than 10,000 in the United States). Further, every FHA project certification will require recertification 2 years from the date of issuance.

Should a FHA approved condominium project not complete the recertification process prior to 12/07/10, it will convert to “Expired” status. FHA case numbers will not be issued on condominium projects with “Expired” status, hence, FHA backed financing will no longer be available in those projects.

FHA Recertification in Simple Terms

The long story short is that dozens of FHA certified Nashville condo projects are set to expire in just days. There is no way to determine which of these projects are working through the recertification process, but as of December 3rd there are a few notable condo projects that sit in the crosshairs: Bristol on Broadway, the Continental, Encore, Four Seasons, Georgetown, Normandy Place, Park at Melrose, and Werthan Lofts phases IV & V.

For current owners, this will have a material impact on re-sales if prospective buyers do not have access to very low downpayment FHA loans. I highly recommend that you check with your condo association manager if you happen to own a condo or townhome in a project that happens to be slightly older to ensure your FHA certification is not in jeopardy.

Search for approved condo projects and developments directly on HUD’s website: https://entp.hud.gov/idapp/html/condlook.cfm

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