Spanish Oaks Going to Auction
The 900 acre development of Spanish Oaks is going up for auction on Aug. 03. Located in the scenic hills west of Austin, this community features a golf course winding through the 436 home sites. The project is owned by three separate entities, Hillwood Development Company, Discovery Land Co. and CCNG Realty Inc. According to the Austin Business Journal, after failing to settle the $32 Million loan, Comerica Bank has foreclosed on the property and will be auctioning it off on August 03.
The recession has caused the luxury home market in Austin to really take a tumble and this foreclosure is a direct result of the lack of demand in high end custom homes and home sites.
Tags: Austin Development, Austin development property, Austin Developments, Austin Golf Course, Austin Luxury Homes, new homes, Spanish Oaks
This entry was posted on Saturday, July 17th, 2010 at 10:41 am and is filed under General Market, Non-Waterfront Land. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
