[Urbannizer]

Originally Posted by Swamplot

Randall Davis Trying To Buy an Entire Westhaven Estates Townhome Complex, in One Fell Swoop

Developer Randall Davis has been trying to buy an entire 16-unit townhome complex at the corner of San Felipe Dr. and Nantucket Ln. “They have tried multiple times to purchase,” a source tells Swamplot, noting that the offers have been rejected so far. In September of last year, Davis sent an offer of $400,000 for each unit at 5918 San Felipe St., sweetened with a $50,000 discount off the purchase price of a unit in the condo building Davis intends to build in their place. “They needed a unanimous decision” from all 16 owners, the source notes, “which did not happen.”

The townhome complex was built in 1977; it’s directly adjacent to a gas station on the corner of San Felipe and Fountain View, and around the corner from 7-story brick-and-concrete-block Tanglewood Condos (visible at top right in the photo at top).

None of the townhomes in the complex is currently listed for sale. The highest price paid for a townhome in the complex, according to MLS records, was $305,000 for a 1,664-sq.-ft unit last June. But a reader who is not a resident tells Swamplot that the main reason the residents rejected the offer was that the price was too low, “especially for the people that purchased and renovated within the past couple years. Also, it would be difficult to find a home in the area in that price range with the same appeal.”

Link: http://swamplot.com/randall-davis-tr...op/2014-04-17/