COMMENT OF THE DAY: WHAT HAPPENED AT 301 STUDEWOOD “Tried to get Parks Board to purchase for years but they wouldnt go above $200k. They upped their offer to $600k in September of 2010, while property was under contract with restaurant group out of Austin which has 12 operating establishments in Texas. Up against about the 8th round of foreclosure with a hard money lender who wasnt satisfied with his usurious rates of 21%+ per annum over three years and under pressure, lender ended up taking the property — taking a parks board offer and walking away with another $60k+ on top. Restaurant group pissed, owner still picking up pieces/dealing with lawsuits that should have been avoided. Restaurant group needed 30 more days, Parks would have taken 60. Lender would give no more time for either. Should have filed for bankruptcy to stall the foreclosure and let deal transact but family was on last leg….after paying about $60-75k over 9 months to avoid repeated postings for foreclosure, as well as the ridiculous interest rates over the previous two years. Lender also decided against paying the commission he promised for bringing the Parks Board deal. Real swell guy. My apologies for the eyesore signs, maybe I will go reface them and at least get free advertising out of the deal. Parks Board has no plans yet but turned down two offers in January from a Developer with backing out of the Mayors office. Demonstration housing. First offer they turned down was $800k, not sure about second offer but I can confirm it was turned down as well. In regards to Parks, I had made some traction with GHORBA for an off-road bike park like they have in Austin, The topography, etc. would be rather perfect for that. Not sure where everyone is on the deal but I dont believe it is Parks highest priority at the moment. I will check in with everyone and let you know.” [JE, commenting on This is Woods. Park Is Not Available Right Now. May I Help You?] Photo: LoopNet