Well, there really is not a whole lot to report here except for the fact that there have been no new closings since my last report in August. Since Wachovia let the East Nashville 5th & Main project slip into receivership, there has still only been 2 brave souls to take the plunge.
The Tennessee Disability Coalition bought the 1,429 square foot condo #602 for $285,000 recorded with the Davidson County Register of Deeds on August 6th, 2009. This condo is a downtown facing 2 bed, 2.5 bath unit that was originally listed for $328,900. The sold price represents a 13.35% discount and totals $199.44/foot.
Mr. B. Teveit bought the 1,144 square foot condo #604 for $206,000 recorded with the Davidson County Register of Deeds on August 12th, 2009. This condo is a downtown facing 1 bed, 1.5 bath unit that was originally listed for $263,900. The sold price represents a 21.94% discount and totals $180.07/foot.
Both of these purchases could be at or even below what their replacement costs would be in 2009.
The 5th & Main project entered into receivership in February of this year (not foreclosure) and has not emerged since. The possibility that this development may be actually foreclosed upon still exists. Village Real Estate is the listing company.