I was having a conversation with a colleague today who told me that she had heard of a $4 million house in Franklin that was in foreclosure. She thought that there were several homes in that price range in foreclosure and was excited about the opportunity of finding a buyer for all of these high-end foreclosures. I didn’t say anything at the time, but the high-end market in Franklin has fared rather well with foreclosures this cycle and there simply are not any current foreclosures in the MLS priced over $1,299,000 at the moment.
However, there are two short sales (not the same as a foreclosure) that are priced higher at $1,475,000 and $1,299,900. The more expensive of the two is located in the Leipers Fork area, the other is in Southern Land’s ultra high-end Laurelbrooke development. Neither of these short sales appear to be bank approved, so expect a rather lengthy and possibly arduous negotiation with the seller and their bank/lender.
The highest priced foreclosure in Franklin is a new construction home in the Echo Park development located off Spencer Creek. Regions Bank foreclosed in February on Marrero Building And & Development, LLC putting this 7,725+ square foot mansion on the distressed property market. The home has now been listed for a little over 3 months and is prime for an offer: