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Old 08-01-2009, 01:07 PM
 
Location: Jacksonville
160 posts, read 699,405 times
Reputation: 105

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Jersy J, to answer your question about why I think Coastal Companies may fold up.....

They still own a bunch of lots in Ocean Isle Palms, Seawatch and the Ocean Ridge Plantation extention and needless to say I doubt any of them are selling. That creates two huge problems for CC, no revenue and big debt service in the form of mortgage payments and property taxes on unsold lots.

Also, I'm not buying the waterline excuse for not paying the property taxes. For starters, how does the County install a water line across your property without your knowledge? I think I'd notice a bunch of tractors and trucks digging big trenches on my property. Second, the existance of an underground waterline on any property is not exactly financially devistating. In most cases it has no negative impact at all. It is underground afterall. Third, CC has unsold lots in Ocean Isle Palms, lots that are much easier to market and sell if the roads are paved so there's plenty of financial motivation for them to complete the infrastructure. However the infrastructure remains incomplete and the logical reason for that is lack of money.

Time will tell of course but I'm just not optimistic that CC will survive the year.
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Old 08-02-2009, 12:14 AM
 
Location: Somewhere Else
15 posts, read 59,156 times
Reputation: 12
Hmmm, thanks for the photo's NCGT. Please let us know if you see any paving if you're in the area. The home that is "supposed" to be underway is in Phase II - no gravel roads there yet. The two homes at the entrance to the community are supposed to be models. The community center down to the left that you have pictured is supposed to be a canoe and kayak center.
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Old 08-02-2009, 11:17 AM
 
Location: Wilmington
116 posts, read 375,951 times
Reputation: 60
The water line to Oak Island was installed in 1995 when the state of NC owned the property in question, which I think would be Seawatch off 211, as this development is across for Oak Island so that would make sense.
The question is, was that information revealed to Saunders when he bought the property years later, its all a question of the legal fall out of this information not being told to Sauders when he bought the property.
I'm sure he must have a good case against the county as they quickly backed off their hard line position with him and reconsidered and determined that it would not be necessary to take further action and to give him some huge leeway to finish the infrastructures of his developments over the next 3 years. If the county is found to be at fault in not revealing the water line, Saunders could be awarded millions.
Its not merely a case of whether the line is underground or not, I know if I bought property and found out after the fact that the town would have to have access to my property because of a water line to do repairs and maintain it, I would be pretty peeved and ready to sue them!
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Old 08-02-2009, 04:49 PM
 
Location: Jacksonville
160 posts, read 699,405 times
Reputation: 105
Gotcha. I didn't know the dispute was over an existing water line put in the ground back in 1995. It seems there would be a deeded utility easement which would have shown up during a land survey or title search when the property transferred. I still don't see the existance of a water line as unreasonably adverse. Maybe it is. I don't know the details. I still don't think it's the reason CC quit paying property taxes or stopped infrastructure construction in Ocean Isle Palms.
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Old 08-02-2009, 07:36 PM
 
Location: Wilmington
116 posts, read 375,951 times
Reputation: 60
Could be just stalling tactics or he's using it as leverage against the county. Hey, you don't get rich these days unless you can sue someone right!
I only met the man once, and I fought an uphill battle with him on the ARB to get my plans approved to build in Rivers Edge. He is very controlling and likes to be in charge of all his projects as well as have his company build all these amenities, etc. The residents fought hard to get our amenities center built by another builder because we were told that coastal was too busy to do it as scheduled, glad we pushed and got it built when we did or we would be still waiting for Coastal.
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