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HA no. The hasentree covenants are very specific and very restrictive and are already in effect, regardless as to whether the bank owns them or a developer owns them at this point. Homes have to fit the criteria in order to be built there.
Quote:
Originally Posted by Grizzmeister
I believe this may be the same problem that the Hidden Lake community in Youngsville is having.
I believe that the CCR's are subject to unilateral amendment by the Declarant, as indicated in the recorded documents. The documents are worth reading, particularly the sections that may be interpreted to indicate that the Declarant, successors and assigns may also wield the 6 votes per lot that the Declarant holds.
If the remaining lots and undeveloped land are purchased by one party, it would appear to me that those votes would still be available to the new developer.
I think that will/would all play out in court, with the Declarant, successor, or assignee prevailing over anyone who contended that the CCR's were not subject to change.
ETA: I am not an attorney and would love to hear from an attorney as to case law regarding the concrete nature of CCR's in a case like this.
Isn't there a saying that goes something like "history repeats itself"?
If so...let's look back at Preston and other neighborhoods that have had financial issues, in the past. Preston came out of it ok. What did they do? Cross Gate in North Raleigh had developer issues, as well. I think the developers actually went bankrupt. The neighborhood suvived and is now doing well. What did they do?
History repeats itself. Real Estate is cyclical. Let's take what we have learned from the past and use it NOW.
Isn't there a saying that goes something like "history repeats itself"?
If so...let's look back at Preston and other neighborhoods that have had financial issues, in the past. Preston came out of it ok. What did they do? Cross Gate in North Raleigh had developer issues, as well. I think the developers actually went bankrupt. The neighborhood suvived and is now doing well. What did they do?
History repeats itself. Real Estate is cyclical. Let's take what we have learned from the past and use it NOW.
Isn't there a saying that goes something like "history repeats itself"?
If so...let's look back at Preston and other neighborhoods that have had financial issues, in the past. Preston came out of it ok. What did they do? Cross Gate in North Raleigh had developer issues, as well. I think the developers actually went bankrupt. The neighborhood suvived and is now doing well. What did they do?
History repeats itself. Real Estate is cyclical. Let's take what we have learned from the past and use it NOW.
Vicki
I hate to sound stupid, but what do you mean by real estate is cyclical? My biggest concern is real estate depreciation vs. appreciation. Thanks !
Sit tight and wait for house prices to come back down to reality or for salaries to go up enough to pay high mortgages. That’s the lesson I learned in the early 90’s last time something like this happened in the housing market. Oh, and back then it wasn’t nearly as bad as it is today.
Everybody including our brilliant President elect thinks this is going to be a long drawn out recession. Many economist also believe that the US housing market will never return to a point were people think of their home as an investment as well as a place to live.
Everybody including our brilliant President elect thinks this is going to be a long drawn out recession.
I have no idea how long this will take to play out and don't doubt that it's pretty bad, but I certainly wouldn't look to our "brilliant" President elect to find out much about the economy because he's lowering expectations (he's already discussed how it will take two terms for him to fix this) and he benefits from this crisis (the worse we think things are the more freedom we are willing to give up to be "protected by our government").
Suntrust pulled the note because Suntrust is in trouble- not the developers. There are no liens on the property. 168 lots is pretty good since they have only been for sale for 2 years. The bank is looking for major equity partners and to retain Creedmoor partners as advisors so that the vision remains the same. Homes are still for sale and anyone can come in tomorrow and purchase them. A property as beautiful as Hasentree will be a good investment in the long run and eventually the economy will turn around just like it always does.
I know you reside in Hasentree, but I don't believe this assessment of the situation is accurate. Banks generally don't "pull a note" when the borrower is in good financial standing and making payments. An article I read on the News & Observer web site is quite grim[http://www.newsobserver.com/business.../1323118.html] Check out the last section entitled, "Luxury not selling." I don't know the source of the stats cited, but they are not encouraging.
Other articles stated that the partners stopped making payments on the loans, which is usually a clear sign of trouble.
Hasentree is indeed a beautiful sub-division. We did visit in late summer to see it for ourselves. Since The Groves section was in our price range, we were eager to see that portion of the neighborhood. However, we weren't thrilled about having to cross what appeared to be a busy street in order to enjoy the neighborhood amenities. Since a home in the main part is too expensive for us, we simply removed Hasentree from our list.
In light of the economy slowing down even further, I am lowering my housing budget even more. That is the reality for many of us.
Hasentree proves what’s happening in the real world
Quote:
Originally Posted by sls76
I have no idea how long this will take to play out and don't doubt that it's pretty bad, but I certainly wouldn't look to our "brilliant" President elect to find out much about the economy because he's lowering expectations (he's already discussed how it will take two terms for him to fix this) and he benefits from this crisis (the worse we think things are the more freedom we are willing to give up to be "protected by our government").
You’re talking about the old president that preyed on our fears of a terrorist attack.
Regardless, it’s easy to understand why this recession will be long. House prices have been artificially boosted by extraordinarily low interests rates and shady lending practices. Now that house prices must be attainable in a lending atmosphere were the borrower must actually be able to repay the loan the market will finally correct itself and that’s going to take time. Remember the old saying, “for every action there’s and equal and opposite reaction”. We didn’t get in to our current financial mess quickly thus we’re not going to get out quick either.
You’re talking about the old president that preyed on our fears of a terrorist attack.
Regardless, it’s easy to understand why this recession will be long. House prices have been artificially boosted by extraordinarily low interests rates and shady lending practices. Now that house prices must be attainable in a lending atmosphere were the borrower must actually be able to repay the loan the market will finally correct itself and that’s going to take time. Remember the old saying, “for every action there’s and equal and opposite reaction”. We didn’t get in to our current financial mess quickly thus we’re not going to get out quick either.
From the "brilliant" President Elect's Chief of Staff:
"You never want a serious crisis to go to waste. And what I mean by that is an opportunity to do things you think you could not do before." In layman's terms, people are scared so they will allow the government to usurp our liberties in exchange for their promise to provide for us (which incidentally is not the government's role).
As far as terrorism goes, I lived in Arlington, VA in 2001 and worked 2 blocks from the White House on 9/11. I walked home over the Key Bridge that day. Terrorism is real and we have been protected for the last 7 years.
BTW, I really don't disagree with you about the economy (although I doubt we agree on the cause of this problem). I just tend to look to those with backgrounds in economics or real business experience (none of which the "brilliant" President elect has) to understand what's really going on.
this isn't a political debate folks... back on track
RWA you're correct- their assessment of the situation was incorrect and was stated as such later on in the thread. the developers weren't making the payments and that's part of why it was pulled. it was also pulled because banks don't want large amounts of undeveloped real estate as one of their projects right now because they know no one has the money to finish things out at this time, so they're doing what they can to pass it off to other people- that's my understanding of it, and that's from people at suntrust and from a few people at CP.
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Dime store economics
