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, the Brentwood-based developer of the 14-story, 105-unif condo building that came onlin ethis spring, filed suit Friday against four buyers who would not or could not close on theirr units. The suits, file in Davidson County Chancery Court, accuse the buyerse of violating the terms of theirf contracts and ask for the developert to be awarded the full purchase pricee ofthe units, plus legal costs. The units range in price from $317,000 to The sour economy, tight lending conditions for buyersx and a glut of new condos comintg onto the market in the past year have combinede to slow sales and creatr financial headaches forcondo developers.
There are legal conflict with reluctant buyers atseveral Nashville-arewa high-rise residential developments. has filed suit against buyers who pulled out of purchasing units at the Bristo l West End in Midtown Nashville. Jamison Station in Franklin has successfully forceds buyers to the closinhg table with suitsagainst them. Icon in the a joint venture of Bristol Developmentgand , is also the defendangt in several suits by buyers who signedr contracts on units there, but claim the developer s were deceptive in their promises and their dealingss regarding the development.
Terrazzo in the Gulcuh has also been sued by buyeres claiming they were misled and that information was not disclosed properly. Terrazzo’s developer is Crosland Tennessee. Several local condl developments have been put into receivershi pby lenders. They include the Braxto in Ashland City, 5th Main in East Nashville and Rollingy Mill Hill indowntown Nashville.
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