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

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

Low Life, Blood Sucking, Vulture Realtors Video

low life blood sucking realtors

If we cannot laugh at ourselves, then who can we laugh with? Seriously, this video portraying a Realtor cold calling on a distressed home seller is genius. It captures the internal argument that resides within most sellers who are having difficulty staying afloat while waiting for the other shoe to drop. Sadly, this is a conversation many homeowners are afraid to have with their Realtors. Many allow their mortgage holder to progress too far down the pre-foreclosure road prior to having this “come to Jesus meeting”, as we say in the South.

Realtors have a Point

Despite this blood sucking vampire Realtor video saying it in a humorous way, there is very import advice given: do not count on a loan modification to be your saving grace. In way too many cases, loan modifications fall through in the eleventh hour for a multitude of logical and wholly illogical reasons. I’ve heard them all, but honestly, there is very little incentive for a bank to modify your mortgage when in many ways, it is easier, cleaner and sometimes beneficial to simply foreclose. The debt is shifted to an entirely different balance sheet, the bank’s ratio of overdue loans is lowered and here’s the big one: your mortgage (or note) is worthless paper that cannot currently be resold in the aftermarket, your home however, is an asset that is readily marketable to an established set of buyers. Homes sell, bad paper does not.

Many inevitably ask, why don’t we just change or even eliminate our mortgage banking system? Credit is an integral part of any capital market. There is really not way to eliminate it and expect an economy to sustain itself, let alone grow. That being said, there needs to be a better loan mod program available to homeowners. Simply eliminating homeowners is not making it better for anyone.

Distress Does Not Guarantee Foreclosure

If you are in a situation that is beginning to feel a little dire, don’t ignore it. I know that this is not a pleasant time in one’s life. Shoot me an email or give me a call. I’ll do my best to point you in the right direction sans judgment.

The Most Expensive Foreclosure in Brentwood, TN

brentwood mansion foreclosure

826 Windstone Boulevard in Brentwood, TN 37027 is a 10,539 square foot mansion that currently holds the nefarious title of most expensive foreclosure in Brentwood, TN. Listed at $2,400,000, this new construction home is the most expensive foreclosure of all time in Brentwood.

Pinnacle Bank is the lucky owner of this mostly complete home in the posh neighborhood on Windstone off Murray Lane. Windstone is developer Southern Land’s community that “fans out between the ridgelines of a secluded valley, offering privacy and vistas from 108 individual homesites.”

The Most Expensive Foreclosure in Franklin, TN

I was having a conversation with a colleague today who told me that she had heard of a $4 million house in Franklin that was in foreclosure. She thought that there were several homes in that price range in foreclosure and was excited about the opportunity of finding a buyer for all of these high-end foreclosures. I didn’t say anything at the time, but the high-end market in Franklin has fared rather well with foreclosures this cycle and there simply are not any current foreclosures in the MLS priced over $1,299,000 at the moment.

However, there are two short sales (not the same as a foreclosure) that are priced higher at $1,475,000 and $1,299,900. The more expensive of the two is located in the Leipers Fork area, the other is in Southern Land’s ultra high-end Laurelbrooke development. Neither of these short sales appear to be bank approved, so expect a rather lengthy and possibly arduous negotiation with the seller and their bank/lender.

The highest priced foreclosure in Franklin is a new construction home in the Echo Park development located off Spencer Creek. Regions Bank foreclosed in February on Marrero Building And & Development, LLC putting this 7,725+ square foot mansion on the distressed property market. The home has now been listed for a little over 3 months and is prime for an offer:

Rare Foreclosure in Belle Meade

foreclosed homes in belle meade

foreclosed homes in belle meadeThe downturn in the economy has reached the Belle Meade area of Nashville resulting in a of a 3,250 square foot renovated home. The home was originally built in 1940 and is located in the Highlands area of Belle Meade at 308 Page Road. The Kemps had purchased this property for $581,830 on 2/11/2005 and is currently appraised for $640,100 by the Davidson County Tax Assessors office. The current asking price is $599,900.

Fully renovated in 2004, this house includes 4 bedrooms, 4 full bathrooms and a rather large main floor master bedroom with en suite master bath that features marble surrounds, tumbled stone flooring and a rather spacious closest with generous built-ins. The first floor of the home is all hardwood floors that lead into a gourmet kitchen with stainless appliances and granite countertops and continue into a large family room that features a central fireplace and bookshelves. There are even washer and dryer connections on the main floor and upstairs for your convenience.

The home sits on a 0.400 acre level lot that is watered by a full irrigation system and surrounded by a privacy fence in the back. 306 Page Road is located just blocks from Cheekwood and Warner Park, making this a wonderful walking location. This property was just listed with Michael McKee of adex! Homesellers. Contact us for a showing.

Speak Your Mind

*