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Just read in the TBJ that Suntrust called the note on HasenTree. The developers had stopped paying the note. Now Suntrust holds the deed to the whole shooting match, golf course and all. They have only sold 168 out of 650 lots. I have been to a party out there and it is very nice(not my taste). This cannot be spun as good news even though the developers tried that approach.
Just the start I'm afraid! The shoe is dropping in our area just like it dropped around the rest of the country already.
The spin is it can't happen here........well stay tuned it will happen very fast! This area is significantly mortgaged on residential and commercial properties. I am a 1/2 full glass person but this is some very scary stuff happening all around us.
Back in the early '90s, the developers of Preston had quite a few financial issues. They may have even gone so far as to declare bankruptcy. Looking at Preston, today, you'd never know!
Vicki- They only got out of their jam back then because of some deep pockets named Goodnight and Saul. I guess 5 billion net worth would be considered fairly wealthy. I do not see anyone coming to the rescue this time. Not for a good while anyway.
You are right, I am. I was just born that way. However, I am also realistic. I don't know the future and I'm not a worrier. I find that things work out the way they are supposed to and no matter what I predict or hope for or worry about, it has no impact on what happens. So...I hope for the best and prepare for the worst.
Vicki- They only got out of their jam back then because of some deep pockets named Goodnight and Saul. I guess 5 billion net worth would be considered fairly wealthy. I do not see anyone coming to the rescue this time. Not for a good while anyway.
I understand your point. However, I don't know why Goodnight came along and bailed out Preston. Maybe he thought it was a good investment for himself. If Hasentree needs bailing out...who knows what could happen. There are still plenty of folks in this area with plenty of money, including developers and builders. I know quite a few builders who aren't hurting, even if this market. We hear the bad and the negative but we seldom hear the good, anymore.
I agree. I hate to see large products here have large problems. The money for most large projects has dried up. I just do not see anyone bailing this project out anytime soon. When the market comes back, Sun Trust will unload it. I know plenty of custom and production builders as well. Most are either facing layoffs or have had to layoff employees. We will not be hurt as bad as most places, but our real estate market has taken a huge it and will continue to do so in the short term. To think otherwise, flies in the face of common sense.
So what does this mean in lay terms? If somebody shows up tomorrow and wants to buy a lot and build a house in Hasentree are they simply turned away? What does this mean for those who currently live there?
At the end of the day what are the ramifications of this?
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