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Old 03-06-2009, 05:23 AM
 
1,177 posts, read 2,228,126 times
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Quote:
Originally Posted by anifani821 View Post
Me, either. That is why I am curious if the covenants survive a bankruptcy situation . . . ?
If the covenants are tied to or referenced in any deed restrictions, I would imagine they are in force no matter who purchases the property or how they acquire it.

The way it was explained to me in a another state: the land itself has an "contract" with the county government which the owner has virtually no option to change. It sounded crazy to me, so I called the county assessor's office and was told the same thing. Maybe it is a bit different in NC, but I doubt it...

...still not sure how a piece of inanimate property enters into an agreement....
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Old 03-06-2009, 09:46 PM
 
25 posts, read 55,278 times
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Quote:
Originally Posted by par4 View Post
The CC&R's do survive, as they are legal documents on file with the County Clerk's office. The Notice of Auction specifically states that the sale is "subject to" existing restrictions, easements or other rights of way. That being said, the CC&R's specify certain architectural standards and guidelines which must be adhered to. Any builder or person wishing to develop, is subject to those standards and restrictions, and must get approval of plans prior to building. One other important note, is that unlike many developments, or tracts of land in Union County, both of these developments are FULLY permitted as concerns sewer and water. This is a HUGE advantage in the marketplace when the real estate market begins to rebound, as any developers seeking opportunities will undoubtedly seek to buy property that can be developed quickly and for a profit. I expect that long-term, these sub-divisions will fare quite well. In the short-term, they will have to do what is necessary, as does every other community.
While I agree with your analysis about the CC&Rs, often there are voting rights contained within them. These voting rights are tied to property ownership interests. I suspect that a future developer of these parcels may, via the purchase, have the opportunity to file amendments to the CC&Rs. Thus, having the opportunity to modify square footage requirements, architectural guidelines, etc.
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Old 03-07-2009, 11:04 AM
 
Location: State of Being
35,879 posts, read 77,093,118 times
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Quote:
Originally Posted by greenbayou View Post
While I agree with your analysis about the CC&Rs, often there are voting rights contained within them. These voting rights are tied to property ownership interests. I suspect that a future developer of these parcels may, via the purchase, have the opportunity to file amendments to the CC&Rs. Thus, having the opportunity to modify square footage requirements, architectural guidelines, etc.
Good point. That was a large amount of acreage that was auctioned off . . . and translated into individual parcels, I would think it would represent a lot of voting power.
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Old 03-07-2009, 12:00 PM
 
Location: Waxhaw
138 posts, read 410,973 times
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Quote:
Originally Posted by greenbayou View Post
While I agree with your analysis about the CC&Rs, often there are voting rights contained within them. These voting rights are tied to property ownership interests. I suspect that a future developer of these parcels may, via the purchase, have the opportunity to file amendments to the CC&Rs. Thus, having the opportunity to modify square footage requirements, architectural guidelines, etc.
Perhaps this could occur in Millbridge, which has only really begun, and is barely built out. In Cureton, however, this is more unlikely. The first reason, is that it is much more built out. The second, is that for any developer to gain a controlling interest via a voting rights scenario, they would need to purchase and own the vast majority of lots in the entirety of the subdivision (I believe it would likely be about 80% to change the CC&R's and only after a specified period of time). Third, even if they had those numbers, it would be an unwise decision from an investment standpoint to invest in a community that is already well into its buildout, and change the plans substantially regarding square footage. Despite rampant speculation, even through an auction, the price to be paid per lot by any investor will necessarily translate into the size and dollar value of home to be built, as that price directly relates to the per lot cost - thus, they will need to make a profit on the ultimate transaction.

That being said, I do not foresee that the actual nature or style of home being built in the subdivision will change too much. I can say with a fair amount of certainty, that there will be no 1000 or even 1400 square foot single-family, detached homes built there. They would simply cost too much given the price to be paid per lot to develop the home. Currently, the smallest home being built is approximately 2000 square feet. While this could change in the future, I would not bet on it. Though, i guess anything is possible, just not likely.

Last edited by par4; 03-07-2009 at 12:19 PM..
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Old 03-07-2009, 12:14 PM
 
Location: Waxhaw
138 posts, read 410,973 times
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Quote:
Originally Posted by ctyboy View Post
most covenants dont state a minimum sq ft requirment or a price point . Its all about money. Vacant property dosent make money. The only way to sell today is to sell cheaper houses. I hope people didnt buy at $450,000 . The houses I saw there were at $300,000.
There are several different sections to the community, so some folks may have paid over $600,000 while other paid $240,000. These may seem like disparate amounts, but they are accounted for by the size and location of both the lots and the homes. 600k = 4000sf home on 125 x 125 lot, while 240k home = 2100sf home on 50 x 95 lot.
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Old 03-07-2009, 03:00 PM
 
6 posts, read 20,859 times
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I don't know why everyone is focusing on Millbridge. Maybe because it is current news. People don't realize that most big, multi-phase communities are in the same situation!!! Once the initial announcement becomes a few weeks old, the dust settles and neighborhoods survive as planned.

I have been scanning the post and I am amazed by all of the negative comments. It is the negative feedback that will be Cancer to neighborhoods like Millbridge and the countless other neighborhoods in the same situation. Do you really want to know what will deter people from investing in Millbridge? Negative feedback. Home owners who question things openly on the world wide web - instead of gathering facts, will be the people who create a scare and potentially drive down property values. (It happened in my neighborhood.)

People don't realize that many developers are in the same situation because neighborhoods continue to sell and develop the land. Developers usually have a financial partner and an operating partner. If the financial partner changes interest or goes to a bank, the situation is usually seamless if the operating partner is unchanged and homeowners remain unaffected.

Homes will still have a clean and clear deed, clean title and often the HOA may remain unchanged. Often HOA's change anyway. 75% of all HOA rules are the same from management company to management company. Often home owners hire a new management company or management companies change for cost saving measures. This is the norm and not a reason for concern.

DO WE PREDICT VALUES TO DROP TO 150? I DOUBT IT. Land in Waxhaw is valuable and builders have invested in Millbridge. Opperating partners have invested in Millbridge. Most Builders will not assume a net loss. I would suspect that the each home site value hovers around 100K of the home's value. How could they even afford to take such a loss on their investment?? I bet they can't!

People considering Millbridge, living in Millbridge or who own a home in a 15-20 mile radious of the subdivision (even the greater Charlotte area) would do more for their own property values, land development, resale and the stability of local business - if they concentrated on all the awesome features in a community like Millbridge. Publically voicing one's concerns is a sure way to dog everyone's investment in Charlotte. After all, we are all Charlotte. Picking on one of the most attractive spots for relocation will only hurt the growth of the entire city.

As a local home owner, I would ask that everyone think of the bigger picture before concentrating on things outside our control. These are turbulant times in real estate. It doesn't mean that Charlotte isn't one of the strongest Real Estate markets and it doesn't mean that Waxhaw won't continue to be one of the most attractive and growing suburbs. In 2008 the average home value was 400K. Let's please protect our investements together.

Last edited by CouplefromCarolinas; 03-07-2009 at 03:21 PM..
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Old 03-07-2009, 03:32 PM
 
6 posts, read 20,859 times
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Par4 said "The CC&R's do survive, as they are legal documents on file with the County Clerk's office. The Notice of Auction specifically states that the sale is "subject to" existing restrictions, easements or other rights of way. That being said, the CC&R's specify certain architectural standards and guidelines which must be adhered to. Any builder or person wishing to develop, is subject to those standards and restrictions, and must get approval of plans prior to building. One other important note, is that unlike many developments, or tracts of land in Union County, both of these developments are FULLY permitted as concerns sewer and water. This is a HUGE advantage in the marketplace when the real estate market begins to rebound, as any developers seeking opportunities will undoubtedly seek to buy property that can be developed quickly and for a profit. I expect that long-term, these sub-divisions will fare quite well. In the short-term, they will have to do what is necessary, as does every other community."

I wish everyone would read this and reread this. I could not have articulated my position any better. Millbridge isn't in a bad position. In the short term, this sub-divsion will experience some market changes to maintain momentum. Undeveloped land doesn't benefit anyone. If you see changes based on market demands, then the developers and builders are responding to market conditions. Like you wouldn't judge the success of a long term stock by one day (over the life of your stocks), people shouldn't judge real estate changes based on this very small window in time. This moment is a dip. Historically - drops are followed by gains. Most people will do just fine. People aren't flipping houses now. A home is usually a long term investment and Millbridge is a nice place to spend a long time!
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Old 03-07-2009, 07:56 PM
 
Location: Waxhaw
138 posts, read 410,973 times
Reputation: 66
I wish everyone would read this and reread this. I could not have articulated my position any better. Millbridge isn't in a bad position. In the short term, this sub-divsion will experience some market changes to maintain momentum. Undeveloped land doesn't benefit anyone. If you see changes based on market demands, then the developers and builders are responding to market conditions. Like you wouldn't judge the success of a long term stock by one day (over the life of your stocks), people shouldn't judge real estate changes based on this very small window in time. This moment is a dip. Historically - drops are followed by gains. Most people will do just fine. People aren't flipping houses now. A home is usually a long term investment and Millbridge is a nice place to spend a long time![/quote]

Exactly - Long-term, both of these communities will fare very well.
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Old 03-07-2009, 10:21 PM
 
743 posts, read 2,233,570 times
Reputation: 231
[quote=CouplefromCarolinas;7778624]I don't know why everyone is focusing on Millbridge. Maybe because it is current news. People don't realize that most big, multi-phase communities are in the same situation!!! Once the initial announcement becomes a few weeks old, the dust settles and neighborhoods survive as planned.

Exactly there is Glendalough in Monroe. Only about ten homes occupied but the land is all graded and pool is built way on other side where there are no houses. Builder just pulled out.
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Old 03-08-2009, 09:26 AM
 
168 posts, read 478,979 times
Reputation: 31
Default Millbridge-Edenmoor- Cureton Oh MY!!

Quote:
Originally Posted by CouplefromCarolinas View Post
Par4 said "The CC&R's do survive, as they are legal documents on file with the County Clerk's office. The Notice of Auction specifically states that the sale is "subject to" existing restrictions, easements or other rights of way. That being said, the CC&R's specify certain architectural standards and guidelines which must be adhered to. Any builder or person wishing to develop, is subject to those standards and restrictions, and must get approval of plans prior to building. One other important note, is that unlike many developments, or tracts of land in Union County, both of these developments are FULLY permitted as concerns sewer and water. This is a HUGE advantage in the marketplace when the real estate market begins to rebound, as any developers seeking opportunities will undoubtedly seek to buy property that can be developed quickly and for a profit. I expect that long-term, these sub-divisions will fare quite well. In the short-term, they will have to do what is necessary, as does every other community."

I wish everyone would read this and reread this. I could not have articulated my position any better. Millbridge isn't in a bad position. In the short term, this sub-divsion will experience some market changes to maintain momentum. Undeveloped land doesn't benefit anyone. If you see changes based on market demands, then the developers and builders are responding to market conditions. Like you wouldn't judge the success of a long term stock by one day (over the life of your stocks), people shouldn't judge real estate changes based on this very small window in time. This moment is a dip. Historically - drops are followed by gains. Most people will do just fine. People aren't flipping houses now. A home is usually a long term investment and Millbridge is a nice place to spend a long time!
Thank you for the positive, realistic post. I happen to live in the south part of Millbridge-Edenmoor.
We are upset about what has happened, but we have hope for the future!

I just feel that the management company should still Honor the Rules of the community, and even though we have maybe 50 homes here, they should keep the landscape looking nice. We are stilll waiting for our clubhouse to be finished. (We now will have to share with Millbridge.)

I am sure the residents of Cureton do not want to share another Summer with us. It was too crowded and it was unfair to the homeowners of Cureton.
*Most of us did do our homework....would it have made a difference? Who expected the economy to turn.
Anyway, I am out the door to enjoy the beautiful weather!!
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