Comments on: Icon Developer Sued by Several Condo Buyers

By: Guest

Guest — Wed, 20 Oct 2010 20:23:00 +0000

Interesting story in today’s NY Times regarding the Interstate Land Sales Act and how buyers are trying to use it to get out of contracts with developers after the bottom fell out of the real estate market, also known as buyer’s remorse. I know several lawsuits were filed in Nashville seeking identical relief, but the last I heard the Court of Appeals held these disputes were subject to arbitration and dismissed the court cases. Do you know the current status of these matters? If I’m not mistaken, reluctant buyers sued the developers of Icon, Terrazzo, Braxton, and possibly other projects using this theory.

By: Bristol Development may sue West End condo buyers | Nashville Real Estate

Bristol Development may sue West End condo buyers | Nashville Real Estate — Mon, 17 Aug 2009 13:20:32 +0000

[...] to comment on whether Bristol would pursue damages from buyers who back out of its 418-unit tower Icon in the Gulch, which is trying to get contract holders to [...]

By: Downtown Nashville Condo Update | Nashville Real Estate

Downtown Nashville Condo Update | Nashville Real Estate — Fri, 14 Aug 2009 20:13:07 +0000

[...] to the market this year as three more condo buildings are set to open. Charles Carlisle, CEO of Bristol Development Group, developer of the $105 million, 417-unit Icon that opened last spring and the 265-unit Velocity, [...]

By: Real Estate Slump End in Sight? | Nashville Real Estate

Real Estate Slump End in Sight? | Nashville Real Estate — Mon, 10 Aug 2009 22:45:56 +0000

[...] very near in fact, but won’t reach the bottom until the end of this selling season. Builders, developers and individuals have for the most part stopped building spec homes and banks, lenders and hard [...]

By: Grant Hammond

Grant Hammond — Fri, 15 May 2009 02:49:00 +0000

To answer the first comment, yes, banks can no longer hand pick the appraiser. In fact, appraisers are assigned from a 'blind pool' so you might get an out of area appraiser who does not know the area's values well. This is being done in an effort to take lender steering out of the process.

I am not aware of a single condo in downtown that has appraised for 60% of what an individual paid, but I am painfully aware of several condos that appraised for 10-15% less than what the owner paid and/or contracted the condo for originally.

As to the second comment, please elaborate. I have heard many conspiracy theories in the past so nothing with offend me.

By: Grant Hammond

Grant Hammond — Fri, 15 May 2009 02:49:00 +0000

To answer the first comment, yes, banks can no longer hand pick the appraiser. In fact, appraisers are assigned from a ‘blind pool’ so you might get an out of area appraiser who does not know the area’s values well. This is being done in an effort to take lender steering out of the process.I am not aware of a single condo in downtown that has appraised for 60% of what an individual paid, but I am painfully aware of several condos that appraised for 10-15% less than what the owner paid and/or contracted the condo for originally.As to the second comment, please elaborate. I have heard many conspiracy theories in the past so nothing with offend me.

By: Grant Hammond

Grant Hammond — Fri, 15 May 2009 02:49:00 +0000

By: Anonymous

Anonymous — Fri, 15 May 2009 01:38:00 +0000

The rabbit hole goes deeper. You may soon find out more of the truth. THE CURTAINS ARE ABOUT TO BE DRAWN BACK…. comming soon…

By: Anonymous

Anonymous — Fri, 15 May 2009 01:38:00 +0000

The rabbit hole goes deeper. You may soon find out more of the truth. THE CURTAINS ARE ABOUT TO BE DRAWN BACK…. comming soon…

By: Anonymous

Anonymous — Thu, 30 Apr 2009 16:57:00 +0000

I heard the sales prices are not being listed on MLS for some of the condos downtown. I think as of Monday the lenders/developers will not be able to hand pick the appraisers...new federal law. Also heard an appraisal firm in town came in at 60% of sales price and they were not asked to do any more.

i think this could be an issue if appraisals start coming in lower than the purchase prices then nobody will be able to get financing

Any thoughts??