Foreclosure Opportunity in the Green Hills AreaGrant HammondApril 25, 2008
These 2 town homes were foreclosed on by the bank a while ago and have been finished by the bank. Each side of this property is a 3 bedroom, 2.5 bathroom, 2 car, 2,709 square foot separate town home that features hardwood floors, granite counters, and even a stacked stone outdoor fireplace. It is a little bit of a mystery to me why these properties did not sell as they are located extremely well and are very attractive floor plans. It is my opinion that they would be phenomenal rentals that would bring $2,350/mo. per side for a total of $4,700/mo of gross income.
Originally these town homes were listed pre-construction for $550,000 each in the summer of 2006. The builder began the properties and by mid 2007 and the price was dropped to $525,000. Since that point, the bank took the property back and finished the remaining work that had to be finished. In our opinion, this property is currently worth a total of $900,000 ($450,000 each side) and should be able to be purchased from the bank for less with a clean offer. All of that being said, I am still surprised to see foreclosures in the Green Hills area, which is known for wealthy homeowners and Nashville mansions.