Anyone Have Information on Cumberland Shores Development (Monticello: appointed, sales)

[Milda]

We received a brocure in the mail offering a chance to by real estate in a new development called Cumberland Shores. It is run by SouthEastern Development Group. It is close the Monticello, KY area. Before we take the long drive (6 hours) to see these properties, has anyone had dealings with this company? Any information would be greatly appreciated.

[LEXpert]

I haven't heard about this. Is it a time share, or do you actually own real estate? Whichever it is, remember that one day you will have to sell the place. Will it be hard to sell? Will it be worth more? Also, don't expect a straight answer to these questions from the employees of the company!

[ELB from IN]

This is a high pressure sales event. They place a sales representative with you, one on one in a vehicle. Its like a convoy of potential buyers, and it gets rude when other potential buyers think you are heading for the property ahead of them. The sales representatives have walkie-talkies. As you and the other potential buyers drive (convoy) through the community, you identify a lot you are interested in and the sales representative checks by walkie-talkie its status. If available she requests that it be taken off the market and you write her a check for the 15% on the spot. The sales representative knows very little about the property.

I was very disappointed with this company's tactics. I based my decision on what the sales representative told me, and what I saw. After signing the agreement, going through the process to get to the closing revealed various inconsistencies with what I was told. (1) I was told I would receive a boat slips with the lot, only two lots in the whole community had slips. The owner responded by saying they only bought two slips to show the other lot owners how much they costs. (2) The real estate agent working with me promised to meet me at the sale, and again at the closing. I still have not seen a real estate agent. I am now trying to get my earnest money back, $7,500.00. The same thing happened to a co-worker, he lost $11,000.00. No one from the seller side appeared at the closing (August 29), nor wouuld we have left the closing with anything that showed we had purchased the land. With the inconsistencies and lack of interest from the seller I refused to close.

The owners starting calling after the closing failed, after hearing my concerns, they tried to get me to close by offering the things that they already told me were not included. When that failed, he explained several times that his partners were attorneys and would force me to purchase the property. He called them "blood-sucking" attorneys, his partners.

I just e-mailed a reply to those attorneys refusing to release the earnest money prior to seeing your request for information. My recommendation, stay as far away from these guys as you can. Although you may have a different experience, my experience was one that I don't want to repeat, nor see anyone else experience.

[LEXpert]

Thanks for sharing your tribulations with this deal. Whether it is a situation like this or dealing with the "On site Agent" in a model home, it pays to remember that those people are not working for you, they represent the seller. A lot of people these days won't use an agent because they think being a realtor is about FINDING a house for somebody. It should go way beyond that and include protecting their interests both legally and financially.

[b in eville-IN]

My wife and I purchased some property from a deal that we discovered was being offered through this SouthEastern Development Group company. The sale was very similar to one where the sales reps have the radios and the sale opens at a specific time. I think the pressure comes in because the property was just being offered to the public for purchase. We actually bought a really nice lake view property that was below market value (about 40% below). I know it was below market value because i have been researching lake lots on lake cumberland to buy for the past 1.5 years. Of course maybe i was lucky but it seemed like a lot of the prices were fairly cheap and thats why most of them sold. good luck to all.

[r and L in FL]

My wife and I also bought a lot in this development. It was a little high pressure, but I have to say, all in all it was a very good experience. We recived evrything as promised. In fact, there was a delay in closing due to the number of lots sold. The developer still produced evrything as promised and even through in a little incentive. We even get e-mails outlining development progress. We are going up to look at the devlopment for the first time since we purchased it last year. If anyone is interested we will be able to tell more then.

[gritr5]

I received a very similar flyer from Capital Land Group. No additional information other than just to call a 1-800# for scheduling the visit (one day only sale). Very suspicious, do you agree?

[Wing Feathers]

I would run away after hearing the words "one day only" used in retail real estate sales...

[aburton]

Good Morning,

I recently stumbled upon your post and would like to offer my services. I work for Capital Creek Development LLC and we are the current marketing company responsible for Cumberland Shores in Monticello, KY. We also have additional properties available on Lake Cumberland. For more information please contact me at the numbers listed below.

Drew Burton
704-990-7400