Short sales at Carriage City Plaza

With foreclosure looming for Carriage City Plaza, one two short sales in the building went on the market two weeks ago within the past month. A check of shows at least four units in the 16-story building on the market by owners.

About 62 of the 222 units were sold since the building opened in 2008. Another 72 leased were through the developer — Carriage City Properties (CCP)/Silcon, Inc. — leaving 88 units unsold or not leased. All 160 units owned by CCP — not the 62 owned by individuals — are expected to go into foreclosure, along with the hotel and retail space on the first three floors.

Among the first 30 or so units that sold in the building, Unit 512 went for $231,250 in September 2008 and at one point was listed for rent at $1,700 per month. The one-bed/one-bath, which appears to have some upgrades, is now on the market for $139,900.Unit 1002, a two-bed/two-bath, closed for $395,250 in December 2008 – two years ago tomorrow, to be precise. It listed on for $199,900 earlier this week and today is $99,000. Base units, sans upgrades, at Carriage City Plaza were starting at about $220,000 during the pre-construction phase in 2006.

Meanwhile, New York City-based Spandrel Property Services was named this week to manage the remaining unsold units being marketed as rentals in Skyview at Carriage City Plaza.

What exactly is a short sale? Wikipedia explains here: “When sale proceeds fall short of the balance owed on the loan, often when a borrower cannot pay the loan on the property but the lender decides selling at a moderate loss is better than pressing the borrower.”Note: This original post was updated Dec. 10 to reflect the 1002 short sale.