Nashville Real Estate Condo Foreclosure

The Tennessean is reporting that the 5th & Main Condos in East Nashville were auctioned at foreclosure sale for $11.2 million on Friday morning. The auction was conducted by a local attorney for the two banks who held the mortgage for this mixed development.

The new owner, who was the only bidder, stated, "We have a plan to bring the property back into the market and make a success of it. Right now, we're just concentrating on getting it bought."

The property is located in East Nashville just across the river from downtown. Neighbors had hoped that this project would create further development on Main St. However, the property has been in receivership for the past two years. The development sold 9 condos and rented out sixty percent of the other units since it's inception. With the new owners there is hope that this project can be fully sold or leased.

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