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