Ford's Colony Lots Go Back to Bank

Tuesday, May 17, 2011

Twenty-three Ford’s Colony lots were bought back by the lender Monday after the neighborhood’s real estate agency defaulted on its loan.

Ford’s Colony First Choice Realty, Inc., which specializes exclusively in selling Ford’s Colony property, defaulted on a 2005 note on the properties, according to the legal notice of the sale. The original note was for $3 million, and TowneBank obtained the lots Monday for $2.46 million.

A few people showed up for the beginning of the auction. One neighborhood resident offered a low offer for one lot, but no one won any individual bids and the bank ended up taking back the properties with one bid. Opening bids on the individual lots were in the $120,000 range.

Lots sold:

3 Hamlin Court

115 Heathery

123 Kingdom of Fife

232 Beeston Fields

104 Eaglescliffe

132 Portland

223 Oakmere Park

135 Royal Sydney

108 Leven Links

141 Shinnecock

115 Western Gailes

114 Peachtree

120 Royal Melbourne

216 Ashford Manor

212 Ashford Manor

208 Ashford Manor

117 Seminole

208 Bulwell Forest

158 Blackheath

117 Stowe

109 Mahogany Run

224 Hurlston

208 Kilton Forest