Dear Dot,
What is the status of the row houses on Yale near Wadsworth? They never sold and are in a sorry state.
Daryle Hise
Lakewood
Dear Daryle,
The rowhouse complex at Wadsworth Boulevard and Yale Avenue in Lakewood is in foreclosure, said
Robby McClure, a real estate agent.
He said the most likely next step will be that an investor will come along and purchase all the units, which are finished on the inside, and turn them around to sell. However, the cost of the all the units, plus finishing the outside, is likely to cost nearly $1 million -- and it's difficult to find an investor with that much to spare in the current economy.
"It's hard to find anyone to take the project," McClure said.
The construction on the complex began in 2006 by Bushwood Properties. Now that the bank has taken over the properties, the company is no longer involved, said
Brian Thomas, a manager with the company.
He said Bushwood was excited about the project, but didn't anticipate the change in the housing market.
"We didn't foresee a downturn like what we are experiencing," he said.
Thomas said he thinks it will probably be a while before the properties are completed.