New Tampa Bay "city" postponed by housing slump
Connerton, the "new town" of 20,000 residents that would occupy central Pasco County, is hunting for a buyer to finish it out. Only 200 of an estimated 8,000 homes were sold before hard times hit developer Terrabrook.
Here's the story.In essence, Terrabrook is selling the massive former ranch as a short sale. The economics are so shaky on the project these days that any buyers would need a major league loan modification from Connerton's lenders.
Details of what that modification might entail remain confidential but the new buyer could close by the end of the year.
Most Recent Blog Posts
About the blog
Housing market news is the focus of the (Un)Real Estate blog. It offers an inside look at the Florida housing market and real estate news, with a focus on Tampa Bay. Its goal? Simple: To help you keep a roof over your head without losing your shirt.
Advertisement
Follow us on Facebook
Comment Policy
| Please be sure your comments are appropriate before submitting them. Inappropriate comments include content that: |
| Is libelous |
| Is abusive, harassing, or threatening |
| Is obscene, vulgar, or profane |
| Is racially, ethnically or religiously offensive |
| Is illegal or encourages criminal acts |
| Is known to be inaccurate or contains a false attribution |
| Infringes copyrights, trademarks, publicity or any other rights of others |
| Impersonates anyone (actual or fictitious) |
| Solicits funds, goods or services, or advertises |
| The St. Petersburg Times does not edit posts but reserves the right to delete comments that violate our policy. |
