It seems that I am getting a lot of email inquires regarding the Abbot House Condos. There are a few of these units that are currently bank owned and a couple that are still in Short Sale status. One of the questions that seems to be asked time and time again is why are there so many of these units in trouble or going back to the bank?
There is a fairly easy explanation, there is nothing wrong with these units, the units that are currently in short sale or have gone to bank owned seem to be associated with the previous owner of the Village Mall. Apparently, either investors or speculators thought that if they purchased enough of these units they could incorporate this complex with the mall expansion. When SilverStar sold the mall before even starting the project, the real estate market fell these owners were caught between a rock and a hard place. They had purchased the units with the intention of having a great investment.
A couple of these units when the bank took possession were damaged by the company hired to “secure” the property. There are at least 2 units that have water damage, although they may be repaired by the bank which currently owns them, please be careful if you view these units. Water damaged units can have weak floors, and mold.
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