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Partially Completed Condo Complex, North Las Vegas, Nevada - Foreclosure Sale
DISCOUNTED: 52%APPRAISED VALUE:
OFFERING PRICE: $9,500,000
FORECLOSURE
Bank Owned
Partially Completed Condominium Complex
North Las Vegas, NV
Appraised Value/BPO: $20,000,000
Discounted Offering Price: $9,500,000
Offered at 48% of Appraised Value
Property Details
UNFINISHED CONDO PROJECT IN NORTH LAS VEGAS
168 TOTAL UNITS
56 UNITS PLUS ALL COMMON AREAS COMPLETED
Location
Las Vegas, NV
Bank Owned
Partially Completed Condominium Complex
North Las Vegas, NV
Broker's Price Opinion (BPO)
Price $9,500,000 for 8.83 acres.
Land Value $3.95M 56 Finished Units, 9 Units SOLD, 28 Unfinished Units, 169 garages and 209 open parking spaces.
Six three story buildings:
- Building 1 – Complete – Community Center 2,285 sq.ft.
- Building 2 – 28 Units – Unfinished $3.116M loan. Framed with windows and doors but not complete
- Building 3 – platted - undeveloped
- Building 4 – platted - undeveloped
- Building 5 – platted - undeveloped. Undeveloped pads approved for 84 units.
- Building 6 – 22 Units - $2.901M loan balance
- Building 7 – 25 Units - $3.625M loan balance
- Cost overruns and lien claims of almost $2M
- Estimated cost to complete $2M
- 67% LTV
- Bank has 25% reserve
- Borrower gone, no assets – Foreclosure date 1/29/2008
Contact Person's Name: James Jarrell
Contact Phone Number: +1 702-882-8657
Contact E-mail address: jjarrelldlgrealty@yahoo.com
Brokerage Name: DLG Realty and Investments
Submitted by: admin
Property ID Number: 15
Property ID Name: Centennial Condos
Added: Wed Apr 23 2008
Last Modified: Wed Apr 30 2008
