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Whetstone Subdivision in Brentwood Foreclosed
July 14, 2009 by admin · View Comments
This article entitled “Brentwood’s Whetstone falls in foreclosure” appeared in the Nashville Business Journal on July the 14th, 2009. The author is Jenny Burns:
“A Brentwood housing development with million-dollar homes, Whetstone, is in foreclosure. Developers say this is the first major development in Brentwood to go into foreclosure during the current recession, and the property owners had been trying to sell the project.
Developer Sedona Investments LLC bought the 157-acre property in August 2005 for $9.4 million. James [Jim] Cross, who is listed as the developer of Whetstone who took out the loans, did not immediately return calls Monday.
Homes in Whetstone, which is located off Edmondson Pike in Brentwood, start at $900,000.
The 141-lot development was appointed to a successor trustee in June, according to Williamson County records.
The development was sold on the Williamson County courthouse steps on Thursday to Fifth Third Bank for $7 million, says Tony Marble, a real estate agent and builder who is selling a home in Whetstone and attended the courthouse sale Thursday.
The Whetstone foreclosure has not yet been recorded in county records. Fifth Third was the property’s lender, making at least two loans to Sedona for $6.1 million and $4.5 million, according to Williamson County records.
Four homes have been built in Whetstone. One of them is occupied, and the remaining three are for sale, Marble says.”
The development was represented exclusively by Laura Baugh of Worth Properties, LLC, a move that was questioned by Brentwood area Realtors. Baugh and Worth Properties are based in the Green Hills area of Nashville while the Whetstone development is situated in the heart of Brentwood.
Would retaining a Brentwood area Realtor have saved this development? Probably not, but certainly more than 4 homes would have been constructed. There does not appear to be a clear reason to have selected Baugh or Worth Properties in the first place.
What next for Whetstone? The lender will assuredly try to resale the development to another developer. More than likely a production or tract builder will be allowed into the development, hurting the custom builders who staked a claim in this “luxury development”.
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