Update on 111 Arden Place: BB&T Is Preparing to Put Edgewood Up For Sale

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Information from attorney Craig Taylor, immediate past president of Preservation Greensboro:

“On Monday I spoke to a person in BB&T’s bank-owned properties group about 111 Arden Place. As I suspected, the house was involved in a complicated legal situation, and BB&T has been working to satisfy all the creditors who had lien rights on the house. Apparently that process is almost complete.

“In the next week or so, the property will be transferred into the inventory of the asset resolution group. This group will engage a local real estate agent and other professionals to inspect the property and determine a marketing plan. The BB&T representative said they are very aware of the high profile nature of this property and that they already have a significant list of BB&T clients who want to be notified when the house goes on the market. She was not in a position to comment on how they would market the property since the process has not fully begun.”

If you’re coming in late on this, Edgewood is a 5,200 square-foot stone mansion, built in 1915 on 2.26 acres in Sunset Hills. BB&T bought it in a foreclosure auction in January for $770,000. The tax value of the property is just over $1 million. In 1999, the last time it was sold before foreclosure last year, the price was $845,000. It apparently needs a lot of work.

If you’re interested in buying Edgewood, get ready to move fast.