Click for Ann Arbor, Michigan Forecast
Monday May 22, 2017
Follow us: facebook twitter RSS feed
Print Comment E-mail

A Tale of Two Condos



Inside was an impressive scale model of the complex--eighty-eight units in nine buildings--that developer Mike Concannon planned to build on the corner. Potenial buyers were greeted by his wife, Barbara, who passionately described the units' dramatic architectural details, with high ceilings and huge windows, like you'd find in New York City.

Fast forward to October 2008. The bursting real estate bubble and financial crisis sent home buyers running for cover. The closing of Pfizer dumped 1,500 homes on the market as staffers left the city. With prices plunging, builders with unsold homes couldn't even recoup their costs.

"I've been in this business for thirty years, and I've never started a project I haven't finished--until now, when five of them are stalled," Concannon told the Community Observer in 2010. All those properties eventually went into foreclosure. In 2012, Concannon filed for personal bankruptcy, and forty-seven creditors--from Kitchen Suppliers of Detroit to Waldorf Floors in Farmington Hills--got in line hoping to collect debts totaling $5 million.

Concannon's debts were discharged last year--but with the properties gone, the creditors got nothing. Norfolk Homes bought West Towne from Fifth Third Bank and turned it into a rental complex called Blue Heron Pond.

Bookmark and Share
previous  ·  1 l 2 l 3  ·  next page
all on one page
read more stories here -> Marketplace  l  Culture  l  Community  l  News

You might also like:

Calling All Townies
What's that number?
Sally Mitani
Crime Map
A clickable, zoomable map
Make America Great Again, by Tim Athan
Restaurants with Wi-Fi
A clickable zoomable map
OWS Canines
Dogs and their owners take a bow.
Anita LeBlanc
Body, Mind, & Spirit
New Brew
Mighty Good buys Jefferson Market
Catherine Zudek
Hygge Anyone?
Ann Arborites warm up to Danish coziness.
Eve Silberman
Ann Arbor Art Center
I Spy: March 2017
Sally Bjork
Restaurants with Diapering Facilities
A clickable zoomable map
Arbor Hospice Palliative Care
Candace Pappas art Studio Sale
Grieve Well Kite Festival June 17th 2017