Here's an excerpt from the Smoky Mountain News article (click the link for the whole thing)
Some of the lots in a 2,200-acre gated subdivision saddling the Cowee Mountain range in Macon County are being advertised across the Southeast for what’s being touted as bargain prices. The lots are slated for a big one-day, onsite sell Saturday, Oct. 1.
Prices have been knocked down from former highs of $100,000 to $300,000, to as low as $14,000, and up to the mid $30,000 range. There are 98 finished lots and more than 500 acres under new ownership.
The development, now called The Ridges but known better by its former name, Wildflower, has a troubled history. Landsides and road issues plagued the development, a project of Ultima Carolina of Atlanta, and the project fell victim to a weak economy and paralyzed housing market.
More than half of about 151 property owners in Wildflower defaulted on their mortgage payments by July 2010, walking away from dreams of “flipping” the property during the dizzying financial possibilities of the housing boom.Read the full article
Some of the lots in a 2,200-acre gated subdivision saddling the Cowee Mountain range in Macon County are being advertised across the Southeast for what’s being touted as bargain prices. The lots are slated for a big one-day, onsite sell Saturday, Oct. 1.
Prices have been knocked down from former highs of $100,000 to $300,000, to as low as $14,000, and up to the mid $30,000 range. There are 98 finished lots and more than 500 acres under new ownership.
The development, now called The Ridges but known better by its former name, Wildflower, has a troubled history. Landsides and road issues plagued the development, a project of Ultima Carolina of Atlanta, and the project fell victim to a weak economy and paralyzed housing market.
More than half of about 151 property owners in Wildflower defaulted on their mortgage payments by July 2010, walking away from dreams of “flipping” the property during the dizzying financial possibilities of the housing boom.Read the full article
Subscribe to XpressMail. Free Sneak Peek. Every Week.
Want to know what's coming out in Xpress this week before the paper even hits the stands?
We've got your free sneak peek, along with deals available in XpressMail, our weekly email newsletter. (It's the best we can do without time travel.)
-
Comments
-
Related Articles
Comments
No commments yet.
Make a comment
Your comment has been submitted. TODO: Info about moderation
Click here to Comment Again