Foreclosure filed against Northshore Town Center

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Foreclosure filed against Northshore Town Center

Thursday, August 13th, 2009 | East Tennessee, Economics |

Josh Flory’s got the story* and a followup here.

I pass Northshore Town Center on the way home every night. (For locals, it’s at the corner of Knoxville and Pellissippi.) It was a New Urbanist project with walkable retail and a little playground and pond. Parking was on the street with alleyways in back for garages and garbage service.

The idea was interesting, but the timing was bad. They began building as the housing bubble came down. The three story retail center is empty. Only 10-20% of the lots were built out.

On the way home last night I drove through the project and picked up a few flyers. One advertised a 2700 sq. ft. with no yard and no porch for $399,000. It’s a nice home inside and brick on the outside, but that’s outrageous in 2009 for Knoxville. It’s worse considering the house is in an unfinished subdivision that’s mostly empty lots. If the appeal was to be close to neighbors and walking to distance to retail then the absence of neighbors and retail is a drag on the price.

* Pssstt … Josh, feel free to use that.

Tags: mortgage mess

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