Edgewood: Any day now

Edgewood 20180516_153034.jpgBB&T is readying Edgewood for sale. Crews have been trimming shrubs and undergrowth from the property this week, and some trees have been taken down or trimmed. And now a real estate agent’s sign has appeared at the curb of 111 Arden Place.

The stone mansion and 2.5-acre site in Sunset Hills date back to 1915. BB&T, apparently one of multiple lenders with money in the property, bought Edgewood in a foreclosure auction in January. The bank spent $770,000 to get it. Anyone who wants to save it is probably going to have to outbid developers who would tear the house down and squeeze in as many big, expensive new houses as they can. And in one of Greensboro’s most popular neighborhoods, no less. Once “For Sale” replaces “Coming Soon,” the outcome may not be far off.

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.

Following up on 111 Arden Place: BB&T Has Bought the Property at Auction

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Photo courtesy of Preservation Greensboro

BB&T has bought Edgewood, the mansion and 2.26-acre property at 111 Arden Place. It paid $770,000 in an auction at the Guilford County Courthouse on Tuesday. Their plans for the property are unknown; their representative at the auction works for a law firm and didn’t know. I’ve asked the bank and hope to hear back soon.

Sunset Hills neighbors have said online that they believe restoring the house and property would require an immense investment beyond the purchase price. One neighbor expressed the opinion that the swimming pool is too deteriorated to be saved.

In any case, it seems unlikely that BB&T will do anything other than sell Edgewood again.

BB&T first became involved with the property nine years ago. According to the latest deed on the property, BB&T Collateral Services provided a loan to the owners in July 2008. In 2015, it sold the debt to SummitBridge National Investments IV of New York.  SummitBridge foreclosed on the property and then bought it in February 2017. It paid $175,000. And now it has sold it to BB&T for $770,000. If anyone can make sense of all that, please leave a comment below.

On Wednesday, the bidding started at $460,765 and shot up quickly from there. Another bidder, an individual who wanted to renovate the house and either live there or sell it, stayed with BB&T as far as he could go but had to stop at $750,000. An unusually large crowd of about 25 people attended the auction.

Minimum Upset Bid: $808,500

Under North Carolina law, the sale remains open for 10 days to allow upset bids to be placed with the Clerk of Superior Court. Such bids must be at least five percent higher than the winning bid. In this case, that would total $808,500. An upset bid would trigger another 10-day upset period, allowing the auction to continue in slow motion.

No Rezoning Required for Redevelopment

Contrary to some neighbors’ expectations, a buyer who wants to redevelop the property wouldn’t necessarily need to get it rezoned. Its old RS-9 zoning is reclassified as R-5 in the new Land Development Ordinance. That zoning allows up to five single-family units per acre; in this case, that would mean theoretically up to 11 homes. The actual number allowed might well be less because any subdivision of the property would have to meet city requirements on minimum lot size and street frontage (and possibly more; those were two points mentioned by zoning director Mike Kirkman when I asked him about it today).