For those of you who missed out on the incredible 1 bedroom condo foreclosure in the Encore (the first ever) or the record setting one in the Enclave (all time record), I thought that I might share a couple of my current favorites:
Short sale in the Icon in the Gulch – this is one of the very first distressed sales in the Icon and it’s priced fairly well. The condo is #1004 and is a Horizon floor plan on the back side of the tower. The condo itself is 867 square feet and is currently listed for $248,000 compared to the $299,700 paid on 8/27/2008. This property is represented by Mark Storolis with French Christianson Patterson.
Short sale in the Encore – this is the 3rd such distressed sale in the Encore and it’s priced to sell. The condo is #1514 and is the largest non-penthouse 2 bedroom floor plan in the building at 1,184 square feet. The condo is priced at $315,000, but only includes one parking space which may become its Achilles heel. This condo was originally purchased for $406,200 on 4/17/08, and is now a bank approved short sale. I would say that this Encore deal is a much safer deal that the Icon deal since the Encore in now 85% sold out. This property is represented by one of the Encore’s old onsite agents who is now with Keller Williams, Ashley Dugger.
Nashville Foreclosure and Short Sale Note
There are quite a few foreclosures and some short sales available in the Bristol West End located at 3000 Vanderbilt Place. I have been told by 2 separate lenders that this building is not currently financeable due to the number of rental condos in the building. So unless you are a cash buyer with a long term hold philosophy, these may not be for you. Of course, lenders have been known to change their minds quite frequently, especially once conventional financing rates become more competitive with FHA rates. This Nashville real estate game is getting a little more complicated, but a whole lot more profitable if you know what you are doing.