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I have read all the Millbridge posts and was hoping to hear from someone who has bought and how they like it. Also what is the rumor mill on the future construction there considering the market conditions. I hear Centex may or may not leave and wonder if that is a concern for the other builders in there. Thanks.
our friends are closing oct 17th, and dh and I are freindly with quiet a few people we know living there already, the clubhouse will be finished in October, and will be open, its moving along nicely from what we see and hear...we personally know 10 families that are there and everyone is very happy...I cant wait to go visit at our friends house after they close...from what I was told I dont think Centex will stay, they are in talks with local builders and as of right now homes are being built and sold...it wouldnt matter if centex leaves because another builder will eventually go in their place...We actually spend alot of time there and you cant go wrong with it...Once the Economy picks up and people can actually buy, it is going to sell extremely well...I know the gal who works for ryland homes and she has a alot of traffic but everyone has a house to sell somewhere...good luck...
we looked there in 07, we looked there in 08, hasent been built up much since. there dvd makes you want to live there but its in the middle of no where. the main street shops are always closed. theres a south carolina development called edenmor that has connecting streets where houses cost 120K.after 10 times passing by the covered bridge and watermill they loose there wow factor. there has to be almost 1000 empty lots. with the economy and the housing market this place is going no where fast. be careful if you by here there will be no resale value in a development that will take 5 or more years to complete. maybe longer if the housing market takes longer to recover.
Moderator cut: flaming .
Last edited by SunnyKayak; 09-14-2008 at 02:43 PM..
The biggest issue facing Millbridge is that their master developer Sandler is in bankruptcy. The local developer is GS Carolina, which is a good organization run by local folks. Sandler is a Virginia based company. That said, I do not think that there will be issues in the long run - but in the short term, there may be a few bumps along the way - the planned community is soooo large and only a few homes have been built thus far.
I love the area and the homes in Millbridge and Edenmmor are beautiful.
The biggest issue facing Millbridge is that their master developer Sandler is in bankruptcy. The local developer is GS Carolina, which is a good organization run by local folks. Sandler is a Virginia based company. That said, I do not think that there will be issues in the long run - but in the short term, there may be a few bumps along the way - the planned community is soooo large and only a few homes have been built thus far.
I love the area and the homes in Millbridge and Edenmmor are beautiful.
It depends on what the bank chooses to do. If Sandler is in bankruptcy or more specifically this project is in bankruptcy, Bank of America (who I think has the note) can foreclose and take the remaining developer owned land...alot... (including the common areas and HOA declarations) and sell it to the highest bidder who can sell lots to builders who will build whatever they like (within zoning regulations and architecturals restrictions). That being said they can go to Waxhaw and ask to get variances on some zoning or change it all together and since they are still the declarant can change architectural restrictions to allow builder to build product more in line with the market.
Since the buyer will likely get the land for 30 - 40 cents on the dollar they will be able to bring in builders who can build much lower priced homes and make a good profit.
Given the amenities at this site, it will eventually start to sell, but the price homes need to be at for production builders to be successful still remains in question.
Conversly, BofA may not want to take it back and may work with Sandler or GS Carolina to workout the debt and let them finish selling lots, however long that will take in a community of such a size.
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