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.

Remaking History: 5 of Greensboro’s Top Renovation Opportunities

If you’ve ever wanted to restore a historic home to its glory, Greensboro and Guilford County are full of opportunities for you. A new page has been added to the website to list homes whose defining characteristic might be described as “needs work … needs TLC … renovation project … rehab project … diamond in the rough … gutted” or the more legalistic “offered with no representations or warranties as to property condition.”

For those with the skills, patience and more money than you think you’ll need, here are five of Greensboro and Guilford’s best renovation opportunities.

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909 N. Elm Street
The Frank Leak House
Blog post

  • $330,000
  • 4 bedrooms, 4 bathrooms, 5,790 square feet, 0.43 acre
  • Built in 1914
  • Listed September 1, 2017
  • Last sale: $233,000, February 2017
  • Note: The Leak House is being sold by the Preservation Greensboro Development Fund for a total historic rehabilitation. Click here for details on the rehabilitation agreement, preservation easement and application process. The deadline for applications is Monday, October 2, 2017 has been extended. Contact Preservation Greensboro for details (336-272-5003).

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4909 Guilford College Road
The William G. Wiley House
Blog post

  • $179,800 (originally listed at $194,800)
  • 3 bedrooms, 1 1/2 bathrooms, 2,400 square feet, 2.18 acres
  • Price/square foot: $75
  • Built in 1908
  • Listed February 2017
  • Last sale: September 2009, price unavailable in online records
  • Neighborhood: Near Grandover and Business 85
  • Note: A Guilford County Landmark property. Includes a detached workshop with a large second-floor room and a dilapidated barn. Some rooms have been renovated, but most of the house needs work.

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8425 W. Harrell Road, Oak Ridge

  • $149,900
  • 4 bedrooms, 1 bathrooms, 1,496 square feet, 2.33 acres
  • Price/square foot: $100
  • Built in 1931
  • Listed September 6, 2017
  • Last sale: 1949, no price available in online records
  • Not owner occupied. Listing: “… maybe a rehab project or full tear down, will need new well and septic.” Listing includes no pictures of interior.

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705 Martin Luther King Jr. Drive

  • $29,500
  • 5 bedrooms, 2 bathrooms, 2,022 square feet
  • Price/square foot: $14
  • Built in 1922
  • Listed September 18, 2017
  • Last sale: $14,000, April 2014
  • Neighborhood: Asheboro Community
  • Craigslist: “This house has been gutted …  Tax Value $54,000 Asking Price 29,500 or BEST OFFER. Bring offers we are selling this one FAST!!! We also work with Realtors.”

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219 York Street

  • $10,000
  • 2 bedrooms, 1 bathrooms, 1,016 square feet
  • Price/square foot: $10
  • Built in 1945
  • Listed June 10, 2017
  • Last sale: $34,000, January 1985
  • Neighborhood: Eastside Park
  • Note: You can’t beat the price.