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Compass Closes Panhandle Valley Lots for $2.4 Million #RealEstate

Compass Closes Panhandle Valley Lots for $2.4 Million #RealEstate

The Compass Real Estate Team is pleased to announce the closing of 182 residential lots in two separate transactions for a total of $2.4 million.  Located in Hampton, GA, the Panhandle Valley Estates Subdivision contains 366 single-family lots on 173.44 acres, including approximately 75.89 acres of open space.  The project is one of more than 26 assets entrusted to Compass Auctions & Real Estate to list and sell on behalf of the Federal Deposit Insurance Commission (FDIC).  Compass, with offices in Nashville, Chattanooga, Western Kentucky and Atlanta works closely with Special Assets Consultant T. Kyle Swicegood, CCIM to assist in the disposition of assets nationwide.

 

 

 

 

The Panhandle Valley Estates Development was assigned to Project Manager Justin Ochs, VP of National Development for Compass.  Ochs worked diligently with FDIC officers over the past several months to identify potential developmental concerns and effectively transfer the residential lots back into the public’s hands.  Additionally, Ochs conducted an exhaustive search through specially designed marketing techniques to identify cash buyers who could overcome any potential concerns.

The Panhandle Valley Estates Development was originally developed in 2005. According to MetroStudy, there were 94 homes built and sold in Phase 1 of the subject subdivision, the majority of which occurred prior to 2009. Typical finished unit pricing in the subject subdivision in 2005-2007 averaged in the low $200,000′s.  Ochs worked with buyers to identify and overcome erosion control issues, zoning, legal description issues and successfully sell the entire development in two separate transactions.

The assets were listed and sold by Team Compass for a total of $2,400,000.  FDIC Officers and Asset Managers have been extremely pleased with the performance of properties listed across the state of Georgia by the Compass Real Estate Team.

 

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