Will Intown Condo Values be Reset at Much Lower Prices
In a blog article posted yesterday on the Atlanta Business Chronicle website, Doug Sams stated that Starwood Capital Group’s recent purchase of the foreclosed Brookwood condo tower in Buckhead will likely result in a resetting of intown condo prices at a much lower amount. The sale price was approximately 35 to 40% of the original loan amount and as there are numerous other condo towers in financial trouble as well we could see a drastic drop in condo prices if more foreclosures occur.
A copy of the blog post can be found at
http://atlanta.bizjournals.com/atlanta/blog/2010/01/intown_condo_values_resetting.html?surround=lfn
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