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Old 09-30-2012, 08:06 AM
 
Location: Blue Ridge Mntns., NC
10,762 posts, read 15,029,478 times
Reputation: 9538

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Here is an excellent example of an (alleged) builder gone bad. Those of you considering relocating to western NC, looking for your dream house in the mountains, need to read this article. I cannot say enough about "please do your research, do your homework, do your due diligence!" This is not the only development started by this type of out of state vultures.

This cheat and his cronies bought one of the most beautiful farms between Hendersonville and Brevard. Gorgeous land, excellent location. It was a sad day when the Fullam Farm was sold, and the first bulldozer went in there.

It is even a sadder day now, that the area is overgrown, abandoned, and a blight on the area.

From the Asheville Citizen-Times newspaper this morning:

Seven Falls promised much, delivered little | The Asheville Citizen-Times | citizen-times.com

If the link doesn't open for you, go to www.Citizen-Times.com

This is why I say over and over, do not get involved with unknown "land companies" advertising in out of state newspapers and magazines. Always, always, work with a reputable local Realtor (and there are several who care), they know the area, know the intracacies of the market and will give you the best advice. Otherwise, be careful what you wish for.
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Old 09-30-2012, 08:21 AM
 
Location: Mtns of Waynesville,NC & Nokomis, FL
4,224 posts, read 8,040,262 times
Reputation: 5256
Good art, QC!
An anecdote: we invested in the building of a large spec home with a quality builder/good friend of ours a couple years ago. We did the usual bank visits to secure the construction loan. One local bank, a usual lender to our builder friend, said 'no' to us, due to 'where' we were going to build, but pitched that Seven Falls development very hard to us, and suggested that if we built a spec house 'there', the construction financing would be approved in the blink of an eye.

That area is really out of my builder friend's 'area', so we declined, even though the principals at this bank pursued us...

Denouement: we built a monster spec house in the usual development where the builder friend did much work and was 'familiar': Smoky Mtn Retreat, and sold that spec house for ~$1.5 Mill, and we all made 10%+ on our investment. We were very lucky, esp for the current times.

I wonder how much 'connection' and quid pro quo, that local banker had with that now busted development?!

There are stories of heartache, smashed dreams, bad investments and things gone haywire all across western NC and, the US. Your admonitions are well placed...

There are also some very well done and well planned 'mountain home communities', imo.
BR, mD
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Old 09-30-2012, 09:01 AM
 
Location: Blue Ridge Mntns., NC
10,762 posts, read 15,029,478 times
Reputation: 9538
Quote:
Originally Posted by motordavid View Post
Good art, QC!
An anecdote: we invested in the building of a large spec home with a quality builder/good friend of ours a couple years ago. We did the usual bank visits to secure the construction loan. One local bank, a usual lender to our builder friend, said 'no' to us, due to 'where' we were going to build, but pitched that Seven Falls development very hard to us, and suggested that if we built a spec house 'there', the construction financing would be approved in the blink of an eye. *

That area is really out of my builder friend's 'area', so we declined, even though the principals at this bank pursued us...

Denouement: we built a monster spec house in the usual development where the builder friend did much work and was 'familiar': Smoky Mtn Retreat, and sold that spec house for ~$1.5 Mill, and we all made 10%+ on our investment. We were very lucky, esp for the current times.

I wonder how much 'connection' and quid pro quo, that local banker had with that now busted development?! **

There are stories of heartache, smashed dreams, bad investments and things gone haywire all across western NC and, the US. Your admonitions are well placed...

There are also some very well done and well planned 'mountain home communities', imo.
BR, mD

Thanks MD; yes there definitely are some lovely well planned communities. I see so many posts on here about folks who want to relocate from out of state, some with stars in their eyes, the 4 color ads of the mountain views and so on literally answer their dreams. This Seven Falls thing was the debacle of all debacles; and, as you relate, the smashed dreams, heartache, bankruptcy filings and lawsuit against unscrupulous developers. The people duped by 'Vinson will never see a red cent.


* Thank goodness you are savvy and trusted your builder and your gut instincts!
There were rumblings at the time that you could get a grrreat deal at La Dee Da In The Tank Bank.

**
Might come out in the court records. Or the names have changed to protect the guilty.
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Old 09-30-2012, 11:00 AM
 
Location: Mtns of Waynesville,NC & Nokomis, FL
4,224 posts, read 8,040,262 times
Reputation: 5256
Quote:
Originally Posted by QuilterChick View Post
Thanks MD; yes there definitely are some lovely well planned communities. I see so many posts on here about folks who want to relocate from out of state, some with stars in their eyes, the 4 color ads of the mountain views and so on literally answer their dreams. This Seven Falls thing was the debacle of all debacles; and, as you relate, the smashed dreams, heartache, bankruptcy filings and lawsuit against unscrupulous developers. The people duped by 'Vinson will never see a red cent.


* Thank goodness you are savvy and trusted your builder and your gut instincts!
There were rumblings at the time that you could get a grrreat deal at La Dee Da In The Tank Bank.

**
Might come out in the court records. Or the names have changed to protect the guilty.
No, not that bank...it was a well regarded local/regional bank, with a few branches. The local lending officer knew my good friend/builder and got to know me/us as investors in the spec house. They ran our financials to a fare thee well...

The local lending man was about to pull the trigger when his boss, the branch prez, rolled into the meeting, slightly listened to our story, barely glanced at the financial pkg of ours, and then proceeded to pitch us very hard on Seven Falls, as 'the golf/mtn home community' to build a spec house in. Very odd, and in hindsight even then, it was obviously a steering toward that situ, but the branch prez.

The luckier part was our actually selling the potential white elephant after completion, and making a cool 10% on my investment, which was considerable in my orig principle.
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Old 09-30-2012, 11:06 AM
 
5,556 posts, read 5,025,984 times
Reputation: 3943
All these lawsuits...may I recommend a very low-tech remedy that seemed to have worked pretty well back in the old days?

Tar and Feathers! Much cheaper, and did wonders for getting grifters and con men out of an area.
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Old 10-01-2012, 10:40 AM
 
Location: Murphy NC
177 posts, read 350,238 times
Reputation: 114
I know just from riding around the Murphy area, and into Northern Georgia, we've found numerous subdivisions that were built to sell lots and are sitting vacant, with weeds growing up through the roads. It's really pitiful, I guess developers speculated that this area was going to a hot commodity but it just didn't pan out. We found one in Mineral Bluff Ga where there are 2 or 3 homes built and they have the most amazing views, but the rest of the lots are just sitting there. Another in close proximity is called Nature's Estate, there are 2 large buildings, unfinished, sitting there rotting in the weather. What a shame. Some of these subdivisions still have websites but others are defunct.
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Old 10-01-2012, 11:27 AM
 
5,128 posts, read 5,814,982 times
Reputation: 8396
KirbyMom,

Yes, there are lots of stranded subdivisions around here.

As bad as the speculators were, they could have done none of this without federal reserve and government policies making it possible in the first place. The bubble did not happen all by itself.

The sad thing is that people have been victimized by not perceiving that it was a bubble. I have friends who invested together in building lots that are worth a fraction of what they paid. One of them dropped out because they could no longer afford the payments and taxes, and now these lifelong friends are no longer speaking to each other.

I know of another who bought a tract of land and subdivided it during the bubble. I think there is only one house built there. He had to give it back to the bank.

There's a lot of fallout and the real perpetrators on the national stage are not held accountable.
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Old 10-01-2012, 12:20 PM
 
6,311 posts, read 3,320,287 times
Reputation: 6472
Quote:
Originally Posted by Shooting Stars View Post

As bad as the speculators were, they could have done none of this without federal reserve and government policies making it possible in the first place. The bubble did not happen all by itself.

There's a lot of fallout and the real perpetrators on the national stage are not held accountable.
Yes! I also hold the media responsible for not keeping on top of this and hounding the perpetrators and getting it through to the American people how this really happened and those who were responsible and demanding REAL reform. I want some perp walks. There's no outrage.
The so called "reform" is a joke with no teeth in it, and the "too big to fail" banks are now TWICE the size they were before the bubble burst---but now they are just holding onto all their new money until they can get away with it again in some other bubble-sector with all the Fed's new "unlimited" QE rules.
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Old 10-01-2012, 12:48 PM
 
5,128 posts, read 5,814,982 times
Reputation: 8396
Quote:
Originally Posted by mountainrose View Post
The so called "reform" is a joke with no teeth in it, and the "too big to fail" banks are now TWICE the size they were before the bubble burst---but now they are just holding onto all their new money until they can get away with it again in some other bubble-sector with all the Fed's new "unlimited" QE rules.
Absolutely. The housing bubble was only the beginning.

Buckle up, folks. With QE3, your dollars are eventually going to be nearly worthless.
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Old 10-01-2012, 01:18 PM
 
Location: Blue Ridge Mntns., NC
10,762 posts, read 15,029,478 times
Reputation: 9538
Quote:
Originally Posted by mountainrose View Post
Yes! I also hold the media responsible for not keeping on top of this and hounding the perpetrators and getting it through to the American people how this really happened and those who were responsible and demanding REAL reform. I want some perp walks. There's no outrage.
The so called "reform" is a joke with no teeth in it, and the "too big to fail" banks are now TWICE the size they were before the bubble burst---but now they are just holding onto all their new money until they can get away with it again in some other bubble-sector with all the Fed's new "unlimited" QE rules.

Perp walk: Demand with your vote that the current PERP takes a long walk back to Chicago.

Read Culture of Corruption by M. Malkin. It is a real eye opener as to what has been going on, and continues to go on. It is all true, biblios and footnotes etc. with the facts about the Biden Gang, the Holder Gang, the Axelrod Gang and so on and so on.

And, can you say Barney Frank, In The Tank With the Bank(s) ! yuuuup.
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