Per today's Charlotte Business Journal, "The lender that filed for foreclosure on The Park condo project in uptown Charlotte was the sole and winning bidder for the building in an auction Thursday, offering $17.9 million."
Pete Verna’s development company, dubbed 222 South Caldwell Street Ltd. Partnership, owes BB Syndication more than $27 million on The Park’s $30.7 million construction loan.
Hmmm...The lender's $17.9 million bid was the "winner" on its $27 million defaulted loan. I'd call that a loss.
But someone tell these guys at CharlotteBetweentheLines. The way this little consortium of real estate developers and investors, consultants and realtors see it "building permits are down to lows not seen in years...while some view these numbers as further proof of impending doom, savvy observers understand these are signs of recovery and opportunity....Charlotte is in the middle of a normal real estate cycle." That housing downturn stuff is crazy talk!
The homepage's "Fresh Perspectives" column concludes with "Opportunistic homebuyers should heed this as a signal that now is the time to buy."
-charlottemom
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