The Cliffs and Tiger Woods (Asheville, Henderson: sales, 2009, equity loan)

[lgavrich]

Does anyone have any insight into whether the Tiger Woods golf course at the Cliffs at High Carolina is on hold? I've heard some rumors to that effect and some hints of financial issues at the Cliffs. Grateful for any insights. Thanks.

Larry

[Catbirds]

Originally Posted by lgavrich

Does anyone have any insight into whether the Tiger Woods golf course at the Cliffs at High Carolina is on hold? I've heard some rumors to that effect and some hints of financial issues at the Cliffs. Grateful for any insights. Thanks.

Larry

There are billboards everywhere about Tiger and the Cliffs coming into Asheville on I-40. Don't know if this means anything.

[NCBND]

Their timing sure isn't great.

[jstubbspt]

Actually Jim Anthony's Cliff Communities timing was great. He just over reached...wonder how well those million dollar investment properties are moving? What you actually thought people were buying these monstrous homes to retire to...?

[cowboy_wilhelm]

I don't know specifically about The Cliffs, but I know of several other golf course developments in the area that are facing financial problems. For example, Seven Falls Golf and River Club in Henderson County. I would not be surprised if The Cliffs at High Carolina (I think that's what this one is called) is having trouble.

Seven Falls facing $5 million in liens | (Hendersonville) Times-News Online

[Asheville Native]

Here is a good summation of all of these developments for egomaniacs, they range from "bankrupt" to "lagging expectations". One close to Asheville hasn't sold a lot since September.

Buyers for expensive homes hard to find | CITIZEN-TIMES.com | Asheville Citizen-Times

[Jean-Tony]

So many of these high end developments are in trouble. I stopped in to The Cliffs High Carolina sales office about 3 weeks ago, they claim they are selling, but I do not believe it. They have sold signs on their boards, but anyone can tack sold on a board. Their other community at Walnut Cove is in trouble. they have not built many homes on the lots. People who bought land thought they would flip them.

[Cofga]

Yep, and the really funny thing is that the bozos who bought them used the now non-existent equity in their homes to float the loan for the land. So now they have a lot they can't afford to build on and that they can't sell, and they have to make payments on their equity loan or lose the shooting match. Reminds me of a line from the movie Independence Day--payback is hell boys!

[lindaselby]

Information released recently indicates that they had 18 closings in July, 16 in August, 80 appointments set up for fall and 800+ inquiries. Anybody have any insight into this?

[Catbirds]

A friend of ours that is a realtor in Asheville, said he heard there were some foreigners buying property there. I don't know if he is correct or not. Maybe just gossip.