The Morning Report
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You might remember our coverage of the trouble in Acqua Vista, a condo complex in downtown’s Little Italy community. At the end of April, we found 14 units in some stage of foreclosure in the 383-unit project.
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| Photo: Bronson Pate |
It’s time for an update. Since that story ran, three of the units that were then in foreclosure have been sold at auction, albeit back to the banks holding the loans. One other unit that wasn’t part of the original 14 also sold at auction to a bank.
And five more units have entered the foreclosure process than were on the list in April, bringing the total currently in foreclosure to 16 units.
This is all according to RealtyTrac, a tracker of foreclosure data.
Check out the story for some possible explanations on the building’s trouble. For one: The complex was originally planned as apartments and was converted to condos eight floors in. That means it doesn’t have the right number of parking spots and residents have to have their cars valet-parked, which adds a significant expense to their monthly fees. Add that to mortgage payments on loan amounts that could be higher than what they could sell their units for under current market conditions, and you can start to see why some are struggling.