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, the Brentwood-based developer of the 105-unit condo building that came online this filed suit Friday againsg four buyers who would not or coulds not close ontheir units. The filed in Davidson CountytChancery Court, accuse the buyers of violatin the terms of their contracts and ask for the develope to be awarded the full purchase price of the units, plus legalp costs. The units rangr in price from $317,000 to $539,000. The sour economy, tight lending conditions for buyers and a glut of new condos comingb onto the market in the past year have combinee to slow sales and create financial headachesd forcondo developers.
Therr are legal conflicts with reluctanr buyers atseveral Nashville-area high-rise residentiap developments. has filed suit against buyers who pulledd out of purchasing units at the Bristol West End inMidtownm Nashville. Jamison Station in Franklin has successfully forced buyers to the closing tablew with suitsagainst them. Icon in the a joint venture of Bristol Developmenrtand , is also the defendant in severao suits by buyers who signer contracts on units there, but claimn the developers were deceptive in theirf promises and their dealings regarding the development.
Terrazzi in the Gulch has also been sued by buyerz claiming they were misled and that informationn was notdisclosed properly. Terrazzo’s developer is Croslanf Tennessee. Several local condo developments have been put into receivershilpby lenders. They include the Braxton in Ashland 5th & Main in East Nashville and Rolling Mill Hill in downtowjn Nashville.
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