Have you seen this project before? They are located on Dravus and 24th right as you start the steep climb towards the top of the hill in Magnolia. I was surprised to see them headed to the foreclosure auction tomorrow (Friday May 27th).
Surprisingly, it took the bank a long time to take action and foreclose on the property. My records show that the builder/developer owes $1,785,296 in principal and is $998,091 in back payments. Almost a $1,000,000 that wasn’t paid towards the loan! For their own privacy, I will leave the developers name out of this discussion.
So, out of curiosity, I went by homes today an peeked in the windows. The units are so close to completion it left me clueless. In most cases the developer will work with the bank so they can continue finishing the project. In this situation, as you’ll see in the photos below, the exterior landscaping is totally over-grown. There are building supplies left scattered around the site and appliances, toilets and fixtures are piled up in the units waiting to be installed. That brings me to my final thought……
The bank has put a minimum bid on the property of $986,000. It will be interesting to see who buys it. I like to think that someone could purchase the site, live in one of the units and finish the other three selling them off, one by one. It is a great looking project with a sleek exterior, good quality interior doors/fixtures and it looks like they have really cool rooftop decks as well! I can remember driving by these many times thinking, “I wish those were for sale”. It is just another story of banks vs. builders. In this instance, the winner is a 3rd party. Whoever buys the project and finishes the job.