Posted by Steve Jolly on Wednesday, October 12, 2011 at 11:38:19 AM By Steve Jolly / October 12, 2011 Comment
The new owner of 5th and Main will try to Auction 25 of the remaining empty condos in this development on November 5th. Minimum bids start at $95,000 for the smallest one bedroom units and will go as high as $290,000 for the largest three bedroom units. These units were originally priced at $180,000 - $700,000. Only nine of the units have sold since it was completed, six others are pending FHA approval for sale. HUD requires that one-third of the units must be occupied in order to get approval for FHA financing for the development and the auction will help them meet that goal. The units are currently opened for inspection and will be auctioned at the Downtown Sheraton on November 5th. Let me know if you want to bid or see these properties.
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