Whetstone Subdivision in Brentwood Foreclosed

whetstone brentwood foreclosure

A Brentwood housing development with million-dollar homes, Whetstone, is in foreclosure.

Developers say this is the first major development in Brentwood to go into foreclosure…read the rest of the Brentwood Whetstone foreclosure story

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Williamson County Homes Inventory

In a recent article, the Tennessean reported the following market absorption rates for homes in Williamson County:

“In Williamson County, the $1 million-and-up price range had enough inventory to last 30.9 months, compared with 18.4 months of inventory in the $800,000 to $999,999 range and 11.7 months of inventory in the $600,000 to $799,999 range.”

The good news is that the inventory of the lessor prices homes has actually been dropping since April 2008. Levels are down nearly 15% of their highs and appear to be slowly, steadily dropping. In our opinion, this leads to a healthy Williamson County real estate market by late 2009 or early 2010.

The average price of a house last month in Williamson County was $440,270, compared to $451,472 in 2007, $455,567 in 2006 and $363,267 in 2005.

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Laurel Cove Golf Course Now in Limbo

With the collapse of Wall Street giant Lehman Brothers, so may one of Williamson County’s largest residential projects. The Laurel Cove project is a 1,120 acre, 800 luxury home, Greg Norman designed golf course and day spa in Arrington, Tennessee. Lehman Brothers holds the $121 million construction loan as well the ultimate authority to pay all vendors and employees. At the moment the Wall Street giant filed for bankruptcy they were already 2 months behind and now sources say it may take more than 6 months to unravel and assume the loan from the bankruptcy trustee.

What does this mean for the project? It literally means that no work whatsoever will be done until this whole mess is sorted out. Residential construction had not begun yet, but the golf course, club house, and day spa were all more than 50% complete and residential construction was to begin in early 2009.

Prediction: With the national economic slowdown, the developers of Laurel Cove will most likely drag their feet as much as possible to allow the economy and financial markets time to turn around. We would not be shocked if construction resumed any time before 2010.

Update: This Nashville Blog has learned that it may take more than 9 months to sort out the Lehman Brothers bankruptcy. As predicted a month ago, the national real estate picture has continue to struggle and Nashville real estate is holding rather steady.

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