Ten Southport Green Condos Have Sold, But For Far Less Than Initial Offerings

Ten condominium units in the development known as "Southport Green" have sold, but sales prices were much less than anticipated before the property by Old Post Road and Rennell Drive went into foreclosure nearly two years ago.

The townhouse-style condos are next to the new Delamar Hotel, a structure along Rennell Drive that was part of the original Southport Green development and that was bought in December 2009 for $6.825 million by a limited liability that lists Charles Mallory of Greenwich as a principal.

Land records in the Town Clerk's Office say 1o of the 24 condo units were sold by Southport Green Acquisition, LLC, the company that acquired the 4.74-acre property in November 2008 from Southport Village Partners, LLC through a foreclosure action. Sale prices on the units ranged from $633,000 to $1.225 million.

When Southport Village Partners, managed by Stuart Baldwin, was completing the development, which was criticized by many Southport residents for being too dense, the units were envisioned to sell from $1.9 million to more than $3 million.

Of the 10 units that have sold, all but one sold for more than $1 million. The remaining nine sold, from November 17, 2009 to Aug. 23, 2010, for $926,692, $675,000, $825,000, $925,000, $839,000, $810,000, $725,000, $900,000 and $633,000.

Southport Green Acquisition, LLC was a substitute plaintiff for TD Banknorth in the foreclosure against Southport Village Partners and the LLC lists an address in Portland, Maine. Dana Wedge, the contact for Southport Green Acquisition, LLC, wasn't available Wednesday afternoon.