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Old 07-29-2009, 12:49 PM
 
2,784 posts, read 7,334,169 times
Reputation: 2796

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Quote:
Originally Posted by karmarun View Post
JerseyJ, thanks for the link to the press release.

Just another little tid bit. The bank said the project is insured, so if the developer goes under the development won't. It might not look the same, but something would still be happening.

Anyone have experience with this?
karmarun- The link that I posted (sorry it's not clickable) explains that the infrastructure will be built by the County but the damage is done. The folks who paid big bucks for those lots and amenities will be left with a lot worth nothing compared to what they paid and zero amenities.

NCGTs' post is spot on!
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Old 07-29-2009, 04:25 PM
 
Location: Somewhere Else
15 posts, read 59,164 times
Reputation: 12
jerseyj - so the way you understand the article OIP is moving forward only because the County is taking over the infrastructure, and there will be no amenities in OIP? Or are they talking about San Rio? I'm curious because Saunders has his hands in several developments. As you understand it, are all of his projects going under?
Thanks for the info!
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Old 07-29-2009, 09:20 PM
 
2,784 posts, read 7,334,169 times
Reputation: 2796
Quote:
Originally Posted by karmarun View Post
jerseyj - so the way you understand the article OIP is moving forward only because the County is taking over the infrastructure, and there will be no amenities in OIP? Or are they talking about San Rio? I'm curious because Saunders has his hands in several developments. As you understand it, are all of his projects going under?
Thanks for the info!
karmarun- No the County has called in the bond for the San Rio (a Wakefield) development. The county will then complete the infrastructure for that community.

The issue between Coastal Companies and Ocean Isle Palms (Saunders) is completely different.
CC claims that the County has run a major water line, providing water for Oak Island, across the water front property of Ocean Isle Palms.
CC claims that construction in OIP has stopped until the water line is located and the County resolves this issue. CC is withholding their property taxes until this issue is resolved.

As for the other CC developments, I have no knowledge of their status.

That is why I ask NCGT why he feels CC will be brankrupt by the end of the year.
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Old 07-30-2009, 11:00 AM
 
Location: Wilmington
116 posts, read 376,046 times
Reputation: 60
I am currently a property owner in Rivers Edge, Shallotte, I am also trying to sell the house there so I try to keep up with the news in the area as I now live in Wilmington.
Mark Saunders is having problems like we all are in the housing market, only his are on a larger scale. I believe he is trying to do the best he can for his property owners.
The issue he has with the county is the Oak Island water line which was installed without him being notified, and it encroached on waterfront property that he owns, not in Ocean Isle Palms which is nowhere near Oak Island.
He has since agreed to pay the property taxes that he owes in installments of 50,000 a month for the next year, and then it will be reviewed. He was also granted extensions on 13 completion dates from 6/2010 through 3/2012 for completion of infrastructure in OIP, Seawatch and Ocean Ridge. Ibis Bay has not been developed and no lots sold, and he cannot sell or develop any land until he completes the above projects.
Hopefully in the next few years we will come out of this r.e market and these developments will once again flourish, it seems that the developer and county are doing something to protect your investment.
As for the writer who said the lots were sold overpriced and that when time comes to build there will be a problem with getting a construction loan, he is probably right. The lot we bought in Rivers Edge in 2002 was a good deal at the time, but today it is worthless to us, we have had to greatly reduce our property to sell it, and it is now listed below the property tax value, just at the cost of its construction in 2006, therefor it is a good deal to any buyer as it will increase in value once the market picks up, unlike an unfinished lot which has no resale value right now.
If you want to get more details, email me at robma44541@aol.com.
Think positive, things have got to get better, right?!?!
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Old 07-30-2009, 01:30 PM
 
2,784 posts, read 7,334,169 times
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robma- Thanks for the clarification! I just could not figure out the connection between the water line/OIP and Oak Island, that would have been one LONG water line!. Thank you for clearing that up for me.

Rivers Edge is a lovely development and the golf course is challenging but a lot of fun!
I feel sure Brunswick Co. will, once again, become a popular relocation destination.
I wish you lots of luck selling your home!
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Old 07-30-2009, 05:25 PM
 
Location: Somewhere Else
15 posts, read 59,164 times
Reputation: 12
I called the County Commissioners office today. They said that Sauders has made good on everything associated with the County. And Robma, you're correct - the County has extended the time period for Sauders to have the infrastructures in place in his developments until March 12, 2011. If he does not have it done by then the County will call in their bonds and take over.
That waterline has nothing to do with OIP. The County said it was in the best interest of all involved, meaning Sauders, lot owners, and the County to have these developments go forward as planned - and that is what they are trying to do. Just at a slower pace. Sauders has been in business for over 20 years and this is his first issue with the County - time to have a little faith I guess.

I think the issue with OIP is that the sewer line is not hooked up outside of the development and the lots are too small to use a septic system. All other utilities look to be in place in Phase I.

Rivers Edge is a great little development - good luck with your sale Robma. What's going on with the golf course there? Is it being cleaned up or are they shutting that down for good?
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Old 07-30-2009, 08:40 PM
 
Location: Wilmington
116 posts, read 376,046 times
Reputation: 60
Thanks for the good wishes, I need all the luck I can get right now! Just keep us in mind if anyone is looking to buy in Rivers Edge. We have had a lot of buyers go through lately but no committment yet.
The golf course has been closed for the last two months to replace the fairway grass, it will make the course better than ever.
The problem stemmed from the type of grass that was on the course and the method of irrigation, the Palmer Lake, which is tidal, was being used to irrigate and the salt content was too high for that type of grass.
The course will be opening next month ready for a great fall season I'm sure, so when you come down to play check out the house first on the left on Arnold Palmer Dr, and let me know what you think!
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Old 08-01-2009, 09:05 AM
 
Location: Somewhere Else
15 posts, read 59,164 times
Reputation: 12
Regarding OIP - they are paving the roads in Phase I and the foundation is in for the first privately owned home. Looks like things are slowly turning around for the better.
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Old 08-01-2009, 12:27 PM
 
Location: Jacksonville
160 posts, read 699,542 times
Reputation: 105



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Old 08-01-2009, 12:37 PM
 
Location: Jacksonville
160 posts, read 699,542 times
Reputation: 105
The photos above were taken yesterday. The first photo is the community club house on the creek and the second photo is the entrance. About half of the roads in OIP are curbed with gravel substrate, the other half are still soil and no roads have been paved yet. There are two homes in the subdivision near the entrance. I assume both are spec homes because one is the "open house" and the other is just sitting vacant. I saw 3 lots tagged with foreclosure notices from the sherriffs department. There was no activity in the subdivision at all except for one car parked in front of the "open house". I took some pictures in Avalon and I'll start a new thread and post those also.
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