Another Condo Tower in Bankruptcy

[MTSUBlueraider86]

I was inquiring about a condo in a building in the downtown area, and the real estate salesperson told me through email the buildings developer was in foreclosure and/or bankruptcy. The building was not taking any sales until the finances are worked out. She then informed me that I could get an amazing deal on a condo once the financing with the bank is worked out. Another bankruptcy and/or foreclosure. Not a good sign.

I submitted the email to ESU, and they are looking into it. More to come. This is another high rise building in financial trouble. Were these condo buildings mistakes? What about current owners losing home values? Did we overbuild?

BR

[timmay143]

I dunno if we overbuilt, but the lenders and everyone else getting all greedy lending out tons of money to people who couldn't pay if hell broke loose and developers charging an arm and a leg for concrete blocks didn't help either. So I guess the ability to lend money gave developers to motive to build since they got money and the people buying got money too. Now, don't get me wrong I love some condos, but make it comparable to a suburban home in prices. To me it seems like too much for a condo, but maybe I'm wrong. I mean would it be cheaper to use existing buildings and fix them up (where available) in the long run than tearing down and building high to get as many units in as possible? I guess I could never be a developer, I just don't have the greed in me. I like to think logically and would develop in a smart, friendly (to as many as I could, can't please everyone) way. Then once the space begins to dwindle could you build higher. I guess for some projects it doesn't make sense because of the land increase to buy compared to a lot with a tower. I guess money does rule the world and I live in a pipe dream, .

[MTSUBlueraider86]

I got an email from the agent today Everything is on schedule. The big sale will be soon. They will advertise it.

BR

[barakat]

Is it Rhythm?

[barakat]

I think I guessed correctly.

http://www.bizjournals.com/nashville/print-edition/2011/07/29/rhythm-at-music-row-foreclosure.html

[MTSUBlueraider86]

I guess the City Paper could not make the necessary contact. Oh well. Let's hope the prices are reasonable so someone like myself can afford to live in the general vicinity in a condo tower so I can live in a walkable area close to all of the services I need.

BR

[timmay143]

Yes, I think Rhythm was a mistake, ! Just kidding, but it has to be one my least favorite looking buildings. I mean, I'll take the density, but if any were to be in trouble, this is the one that will hurt the least! Hope some good can come out of the unfortunate news.