The Elephant in the Room Addressed by Property Owners
We have been following the Reynolds Plantation Independent Property Owner’s Coalition (RIPOC) since its website launched on May 5, 2011. When the Lender who financed Reynolds Plantation in Lake Oconee Georgia refused to renew Mercer Reynolds' bank note, Reynolds Plantation and Achasta Golf Club in Dahlonega Georgia were forced into receivership creating fear and negativity amongst the property owners. Naturally property owners find it hard in knowing what’s the truth verses a rumor, as leadership is tight lipped in an effort to protect these gated private communities overall image. Communication has become the gateway to progress as the Reynolds Plantation property owner’s pulled together legally forming a member owned member controlled representation group called RIPOC. The RIPOC website is helpful discussing issues and providing progress updates.
In December 2011, The Cliffs Communities followed suit launching their own Cliffs Independent Property Owners Coalition (CIPOC) and website. Up until this point, we wondered about the state of affairs at The Cliffs Communities and Jim Anthony as rumors continued to circle of a new buyout from John Reed, a respected Hilton Head real estate developer. The Cliffs gated private communities include The Cliffs at Lake Keowee, The Cliffs at Glassy and The Cliffs Valley in South Carolina, The Cliffs at Walnut Cove in Asheville and The Cliffs High Carolina, planned as the first American golf course created by Tiger Wood Design. The Cliffs real estate developer Jim Anthony ran into similar financing issues and was lucky enough to borrow approximately $60 million from around 500 property owners to continue with development. Now in default again most likely from the lack of luxury sales, Jim Anthony has The Cliff’s property owners very upset demanding answers. The CIPOC communication website is now up and running.
Update: 2/10/2012 The Cliffs Communities is filing for Chapter 11 Bankruptcy Protection
Rumor has it Mark Saunders of The Coastal Companies in North Carolina is facing the same financing issues. North Carolina coastal real estate developments include SeaScape at Holden Plantation, Seawatch at Sunset Harbor and Rivers Edge Golf Club and Plantation in Shallotte NC. Seawatch at Sunset Harbor is the most disappointing, as property owner’s communicate with us about the lack of completed infrastructure and Intracoastal Waterway amenities. SeaScape at Holden Plantation and Rivers Edge Golf Club are well established beautiful master planned communities with completed amenities. These three North Carolina coastal real estate developments are located in top places folks search for where to retire in North Carolina and no doubt, will triumph in the long run.
Update: 2/3/2012 Bank of America filed a lawsuit against Mark Saunders and Seawatch at Sunset Harbor, SeaScape at Holden Plantation and Rivers Edge Golf Club and Plantation for default of the bank note and the bank is requesting the courts appoint receivership to preserve and protect the communities.
In conclusion, we journal proof of the real estate market's recovery, yet the ‘elephant in the room’ hasn’t gone away. If you are considering relocating at retirement, instead of being fearful, do your homework and seek good counsel. We are here to help. Companies do come back! Have you heard about General Motors? In 2011, General Motors beat out Japan selling more automobiles and paying back billion's in debt to our federal government. It took a group effort by management AND the employees. Expect it will take the same group effort to fix the financing woes at struggling North Carolina coastal real estate developments. Speak up, come together and hang in there a little bit longer as the real estate market continues to dig itself out of a big hole.
If you would like skillful assistance with your home search, reach out to us and say hello at info@communityfinder.com or call us toll free at 866.384.1799. This is how we help folks find the best gated private communities.
