San Rio in Shallotte, Brunswick County (Wilmington, Star: sales, home, buy)
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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.
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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