Comments on: West End Condo Auction Details

By: The West End Condos Auction Results | Nashville Condos

The West End Condos Auction Results | Nashville Condos — Thu, 14 Jan 2010 04:40:10 +0000

[...] January 13, 2010 by admin · Leave a Comment John Coleman Hayes successfully sold at least 40 condos in the past 60 hours, 32 of which were sold during Saturday’s live auction. [...]

By: Ann Arbor Michigan Real Estate: The Armory Condominiums | Ann … | Michigan Real Estate

Wed, 09 Dec 2009 09:47:49 +0000

[...] West End Condo Auction Details | Nashville Real Estate [...]

By: Falcon2

Falcon2 — Sun, 06 Dec 2009 00:38:13 +0000

That will help.

By: Grant Hammond

Grant Hammond — Sat, 05 Dec 2009 18:56:27 +0000

I have learned a few more facts over the past few days that may also help. As John pointed out the master deed was amended to allow for leasing with a 7 day notice and according to the auctioneer, “leasing will be allowed for condos bought at the auction. Buyers simply need to select the 'investor' box on the purchase contract”.

There also does seem to be a lack of parking with 131 spaces inside the building. There are actually 158 total bedrooms in the building, thus there is not 1 spot per bedroom nor is there room for guest parking. I asked if the back parking lot of Brick Tops was useable, but have not received an answer.

By: Falcon2

Falcon2 — Sat, 05 Dec 2009 18:38:13 +0000

That will help.

By: Grant Hammond

Grant Hammond — Sat, 05 Dec 2009 12:56:27 +0000

By: John

John — Sat, 05 Dec 2009 03:57:08 +0000

You're right, the original Master Deed forbade Owners from leasing their Unit, but Section 12.1 of the original Master Deed is deleted and replaced by the Second Amendment to the Master Deed. The Owner now just has to notify the Board seven days prior to entering the lease, and the Board can approve or disapprove the form of the lease (but not the lessee) and “notifty the Unit Owner of the requisite action to be taken in order to bring the lease in compliance with the Master Deed…”. Looks like there may be some investors there after all!

By: Falcon2

Falcon2 — Thu, 03 Dec 2009 18:51:08 +0000

Is this project short on parking ? The auction terms and conditions on their website indicate that the 25 two bedroom buyers get just 1 parking space and a 1st come 1st serve option to buy 1 more from a total of 10. If that means 15 of the two bedroom condos will be have to function with just one space I don't think that will fly. Even if you are lucky enough to get 2 spaces the value of all those other units will really hurt the building I think.

By: Grant Hammond

Grant Hammond — Wed, 02 Dec 2009 22:27:07 +0000

Not having a bank or lender committed to providing guaranteed financing to qualified bidders is a large negative. The Terrazzo had 3 banks who were all able to get bidders pre-approved with rates locked and ready to go. As you know, any type of uncertainty while you are already skating on thin ice is a potentially dangerous thing.

By: TommyAnderson

TommyAnderson — Wed, 02 Dec 2009 21:31:48 +0000

Great point Grant. I spoke with Robin Treadway, President of Manheim Nashville who will be helping Pedigo on Saturday. Hopefully terms and conditions day of sale will prevail. What is your opinion on the Holiday timing and the ability to get financing keeps comong up at our office.?
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