German lender HSH Nordbank AG has foreclosed on the unsold units at one of the least successful Dallas condominium projects in recent years.
The 28-story House condo development was designed by Phillipe Starck and was anticipated to be one of the most exclusive developments in town. However, the 5 year old development had sold less than 20% of its units, leaving approximately 112 of 132 condos vacant. The foreclosure sale netted less than half of the $79.8 million owed on the project, leaving the unlucky souls who purchased there with serious questions to consider. Have I mentioned the benefit of retaining a Buyer’s Brokerage like Haynsworth Realty so that mistakes like buying at the House can be avoided?
