Need input on St. Lawrence homes (Clinton, Wendell: low income, foreclosure, mortgage) - The Triangle Area - Page 5 - City-Data Forum

angie313 · 12-11-2008, 05:46 AM

they probably can't sell you the model- builders have to be able to sign a lien affidavit saying everyone was paid and if they can't sign that, they can't sell a house. a sub may file liens on several lots and one of those may be yours so the builder knows he can't sign that affidavit and just stopped work. lots have done the same thing- i'm sorry for your frustrations

plf86 · 12-11-2008, 05:16 PM

Ok so we have Perry Builders and St lawrence both having extreme troubles. HasenTree was just taken over by suntrust. Any other local builders this tight?

dansdrive · 12-12-2008, 07:06 AM

Is St. Lawrence heading toward bankruptcy and what does that mean for people that are in the process of waiting for their home to be finished or signs a contract to build a St. Lawrence home right before Bankruptcy?

MikeJaquish · 12-19-2008, 05:53 AM

From this morning's News and Observer. (http://www.newsobserver.com/business/story/1339428.html - broken link)

dansdrive · 12-19-2008, 06:51 AM

Sounds like more of a Chapter 7 coming for St. Lawrence and not a simple Chapter 11. Not good for current St. Lawrence Home Owners and especially those currently under contract for a St. Lawrence home.

Also, does not look good for Portrait Homes and Perry Builders, they maybe next!

The scary part is St. Lawrence specialized in lower end homes in size and cost and they can't seem to make it. Does not bod well as that is the only market segment that shows some signs of life in it.

This off the heels of Hasentree basically going Bankrupt on the high end homes via a fire sale auction today I believe.

I guess the US housing downturn has come to roost in the Triangle for awhile! I guess its not just NE, Mid West, SW, NW coming to the triangle for a new start, Housing Downturn has too!

I have to smile a bit tongue and cheek thou reflecting back on a thread I read about 6 months ago where a writer was so vehement and convincing that it could not happen in the triangle due to the diversity of jobs and the constant flow of people moving here needing homes, and those homes needing to be filled and the circle of expansion would continue unabated.

Well for the moment the circle of expansion has an opening and the circle is quickly forming into a 'C' for CLOSED! Holy sinking feeling!

Calvitts · 12-19-2008, 07:03 AM

Thanks, Mike, for the post and the link!

Based on some of the postings on the forum, I have been waiting for something like this to hit the news.

I feel for the person who posted they were scheduled to close on their home this month -- I believe they were scheduled to close next week!

This area is definitely not immune to the economic hard times that the rest of the country has been experiencing.

Good luck to the St. Lawrence (and Perry Builders) homeowners!

sneezecake · 12-19-2008, 07:25 AM

Thanks for the link, however I'm not sure it deserves the thumbs-up icon....more like a sad face.

As for the story, all I have to say is "Doom and Gloom media? I think not"....cold hard facts here, unfortunately, and ignoring the problem isn't going to make it go away for any of us.

ViewFromThePeak · 12-19-2008, 08:20 AM

Yawn...

Just the beginning.
Tip of the iceberg.
Camel's nose under the tent.

dansdrive · 12-19-2008, 10:57 AM

Quote:

Originally Posted by ViewFromThePeak

Yawn...

Just the beginning.
Tip of the iceberg.
Camel's nose under the tent.

Camel's nose under the tent....lol WOW that's is a new one one me!

What is the origin of that one? Middle East I suppose. Have
to brush up on my camel lingo now!

chuckreis · 12-19-2008, 11:29 AM

I wish the best to everyone but this is just another reason I hate the sprawl. You have this going on which means anything they have unfinished is going to sit and rot. Taxes that are needed to maintain roads and infrastructure in those areas will not be there because no one will be living in the houses.

I saw on the news the other night one builder tore up a road in Wendell with grand plans to rebuild it for the people that have lived there for years. Now that they have no money, no road, they hope to have it started in a month, but wish in one hand blankety blank in another.

The builders and the City and County get the epic fail on this one.