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Old 09-27-2009, 12:40 PM
 
Location: Jacksonville
160 posts, read 467,298 times
Reputation: 95

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I was in the area so I took some photos in San Rio this past week (9-21-2009). This subdivision is in really bad shape. The onsite sales office has been closed for some time now. There is no maintenance or activity in the subdivision, only partially paved roads and one partially constructed home which at least temporarily has been abandoned. None of the planned amenites were ever built. Amazingly, San Rio's sales website is still active but I can't imagine they are currently marketing lots. I'm still amazed that the developer could run out of money when these lots sold for such ridiculously high prices.



























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Old 09-27-2009, 01:05 PM
LLN
 
Location: Upstairs closet
3,607 posts, read 4,466,286 times
Reputation: 3935
Wow, but those things are all over eastern NC.
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Old 09-27-2009, 02:45 PM
 
1,746 posts, read 4,051,221 times
Reputation: 1120
I have been watching that development for about 2 years, saw it last week as well.
This article says "about 20 of nearly 60 people who bought lots in San Rio for anywhere from 200K to 700K are gearing up to sue Wakefield Development Co. claiming misrepresentation".
San Rio lot owners to sue developer over unfinished Shallotte subdivision | StarNewsOnline.com | Star News | Wilmington, NC

As LLN says, there appear to be quite a few developments that have been abandoned or put on hold, gates/signs up but zero development activity.
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Old 09-28-2009, 10:38 AM
 
Location: Jacksonville
160 posts, read 467,298 times
Reputation: 95
Yea there are several distressed subdivisions in this area. I could name off a dozen at least. This one along with Avalon are probably the worst in Brunswick County.
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Old 10-21-2009, 07:49 AM
 
1 posts, read 2,344 times
Reputation: 10
As one of the people who bought a lot there I am equally concerned about what may happen. I am hoping that someone else will buy the development and try to turn this around. While there are some that want to sue I have yet to see a compelling legal opinion as to what grounds can be used and WIN. The latest was a $1000 into a legal fund with the understanding that it would need replenishment at some time. This with a law firm that did not indentify HOW they can help.
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