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Jennab, Both Buyer and Seller in 27604

Does anyone have any thoughts on the Blount Street Commons redevelopment project in downtown Raleigh?

Asked by Jennab, 27604 Wed Oct 7, 2009

Is it bankrupt or still ongoing? What about prices - I'm finding them just a tad high in this market - especially for a new development that has not got going yet with a lot of sales.

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This question is over a year old by now, but I wanted to point out a few resources to stay on top of what is happening at Blount Street for anyone who finds this as part of another search:
- Blount Street Website: http://www.blountstreetcommons.com
- Facebook updates: http://www.facebook.com/pages/Raleigh-NC/Blount-Street/13465…
0 votes Thank Flag Link Thu Dec 2, 2010
Vanguard is building as part of the project and they went bankrupt earlier this year. LNR development has also had some trouble but overall, the project will be strong when the market recovers. LNR is the development arm of Lennar Homes and I understand that Lennar was selling off premium lots over the last 18 months which tells me they were in need of capital. I wouldn't worry about it, though because they will be fine going forward. 2010 should stay somewhat flat and we will see incremantal gains in some areas.
0 votes Thank Flag Link Sat Nov 7, 2009
I know there was some financial troubles there but I haven't looked into all the details. The condo's are showing a special financing through Capital Bank.

FROM MLS Notes: SPECIAL:3.5% fixed,100%,No PMI, NO origination-Capital Bank- thru 11/09

I'd guess that the builder is giving up a deed in lieu of foreclosure and working with the bank to sell them. They are on the high side, in my opinion.

Let me know if I can dig up more details for you.
0 votes Thank Flag Link Mon Oct 12, 2009
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