steve's White Mountain Blog

head_left_image

Terra Mesa Resort - Mothballing a project effects current owners

 

When a developer is having issues it can cause troubles for the existing inventory in a subdivision. Terra Mesa Resort – a Texas based resort developer recently closed shop on its marketing effort at one such subdivision here in New Hampshire. Well crafted – letters went out, “it’s the market” excuse…Ok we get that. But putting in place safety nets for the current (conveyed sites) owners need to be considered before you close the doors.

 

One of the newly unemployed staff was in charge of an Architects review committee. This means anyone wishing to submit plans to build a home on a site that was already sold over the past 7 years, can’t get an approval to build. This also means home-sites being re-sold, can’t guarantee when a construction start could commence (effectively making existing lots that are for sale, un-buildable).

 

Are these concerns felt by the minority (just a few vacant site owners) or should we all worry about this turn of events? While the 100 current owners have a warranty deed to the property they enjoy, the master plan called for more than 600 additional mixed use residential units being built. While someday they very well maybe built…will they be of the same size and quality as the first group? Will promised amenities be scrapped for the sake of “the economy”? Will the dues on the few remaining developer owned sites get paid to the association’s dues and general maintenance fund?

 

One thing is for sure when a developer moth-balls a partially completed project it has an effect on the existing property owners. I have several ways to fix this dilemma if you want to know? #1) appoint a current home owner to the voluntary position on the ARB (architects review board). #2) hire a Realtor to list your existing inventory (we’ll undertake the marketing effort for a commission as an independent contractor – with no additional employees required). #3) subordinate a couple of home-sites to one or more of the builders who have already put up more than a dozen homes on the property (new construction shows growth and solves a lot of current anxiety –real or imaginary) and you’ll get the land pay-off when the homes sell. And #4) look at the current budget to see where some fat can be trimmed, if owner’s dues go down a bit – during this quiet re-work you will endear yourself to them – and them to you. While the market is down , there is a way to make the existing home owers less nervous than...doing nothing at all.

*Pictures of South Mountain slope side and riverfront locations*

Steve Loynd profile photo           Steve Loynd, Alpine Lakes Real Estate Inc., Loon Mt, NH.: Real Estate Brokerage in Lincoln, NH " target="_blank"> 

                                                                                                                                                                              Your-White Mountain New Hampshire real Estate Expert

                    steve@alpinelakes.com toll free 800-926-5653 /cell 603-381-7898

                        MLS search and Realtor web site: www.alpinelakes.com

                         My outside Blog: www.steveswhitemountainblog.com

                    Lincoln NH &  Local interest site: www.localism.com/nh/lincoln

    Grafton County NH MLS search

6 commentsSteve Loynd • May 14 2012 09:59AM
Terra Mesa Resort - Mothballing a project effects current owners
share
When a developer is having issues it can cause troubles for the existing inventory in a subdivision. Terra Mesa Resort – a Texas based resort developer recently closed shop on its marketing effort at one such subdivision here in New… more
Asking a Realtor if you should list is like asking a barber if you…
share
White Mountain New Hampshire Listing inventory picks up in the Spring time…the snow is gone, but is it time to sell? Is It Time to sell? This question has more to do with the individual seller than it has to do with the market… more
New Hampshire ski resort short sale expert providing service to…
share
Sellers be prepared to supply the following to your lender; A complete financial statement, with account balances and a list of other assets. A hardship letter detailing your need for loan modification. Supply any additional hardship… more