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Anthony, Home Buyer in Paoli, PA

With Lehman bankrupt and Radco running West Bay, what risks should a buyer be concerned with West Bay?

Asked by Anthony, Paoli, PA Mon Mar 30, 2009

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This question is about this property: http://www.trulia.com/property/42462822-22060-Red-Laurel-Ln-…

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No one can say for 100% certainty but I will tell you that there is very little debt on the property. I believe the last I heard is that there was only 25 million in debt on the property and that it was on the new high rises. With that said......West Bay is a fantastic place!
0 votes Thank Flag Link Mon Mar 30, 2009
Dave,

Lehman only owns a small majority of the community. They own the existing properties and about 20 lots in the community. Lehman has agreed to pay everything through the end of the year and possibly 2010. There needs to be about 40 sales to break even and they everything will be ok. There are 10 things pending so that leaves about 30 units left to be sold. Call me with any more questions.

Thanks,

Scott Riddle, PA
(CSP) Certified Short Sale Professional
Sand Castle Realty Group
239-289-1849
239-390-0027 fax
http://www.NaplesRealEstatePros.com
http://www.bonitaspringsfloridahomesforsale.com
0 votes Thank Flag Link Mon Mar 30, 2009
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