The disembodied voice crackled through the walkie-talkie: “I’ve got someone who wants to buy two lots, cash deal.”
“Sell ‘em,” L.C. Jones urged, seemingly to himself, but his response included Michelle Masta, a passenger in the backseat of his big, eggshell-colored Ford King Ranch 4X4. The radio was tuned to the NASCAR station; the volume turned off. No one in the truck was interested in listening to races on this day, not with land to sell and money to make. Masta, dressed in French jeans and heels, serves as Jones’ right-hand woman on the development, The Ridges. The development is better known as Wildflower, the Macon County subdivision’s original name. The Ridges is made up of about 500 acres of Wildflower’s original 2,200; just fewer than 100 lots were being offered through this one-day extravaganza last Saturday (Oct. 1).
Masta, who lives most of the time in Atlanta, dreams one day of permanently moving to this region with her daughter and, perhaps, gardening organically and caretaking hives of honeybees. Masta won’t buy land in this high-elevation development for that future homestead, however. She’s got a piece of nice bottomland in mind, down in one of the valleys far below.
Jones was casually attired in Levi jeans and tennis shoes. The Cullowhee native doesn’t happily sport a suit and tie, not even at an event such as this. Jones doesn’t look or talk much like a land developer. In fact, the paving company owner comes across as a man who would be perfectly comfortable operating a backhoe.
On this project, however, Jones isn’t the backhoe operator — he’s the boss, along with a couple of investors out of Atlanta. The Ridges marks Jones’ second housing development in a year in Macon County. Other developers in Western North Carolina and across the nation have seen business grind to a halt because of the crippled housing market. Jones, owner of Black Bear Paving in Franklin, has instead discovered seemingly endless financial opportunities.
The walkie-talkie crackled. Sam Pinner of Southland Marketing & Development, based in Knoxville, Tenn., was on the other end. Jones hired the former University of Tennessee football player turned time-share seller turned real-estate developer turned real-estate marketer to oversee the sales event.
Pinner has 60 to 65 sales reps spread across the 500 or so acres of The Ridges.
Jones and his investors recently purchased the development for a cool $1 million, an amount they anticipate recouping easily. BB&T was eager to get the property off its books after foreclosing on the former developer of Wildflower after that company failed to make payments. BB&T was owed $1.9 million on the property when the bank foreclosed.
“Just say, ‘Yes, that’s a deal,’” Pinner instructed the sales rep via the walkie-talkie. Like Jones, Pinner needed to hear nothing more than the word “cash” to welcome the buyer to a seat at the table.
Jones’ plan is to generate “life” into the subdivision by selling lots that were previously priced at highs of $100,000 to $300,000 for $14,000 to $30,000. Higher-priced lots were available, too, but even they weren’t priced anywhere near those heyday numbers of the real-estate boom, when scenes like the one that took place in The Ridges last weekend were commonplace.
Jones slashed the prices in The Ridges with one purpose in mind: to sell as many lots as possible, as quickly as possible. He and his investors anticipate developing more lots in the subdivision. They’ll sell those at higher prices, but the asking price on these is what the depressed market will bear, Jones said.
Jones believes he can command higher prices later if he can convince people that The Ridges is a viable, happening development with an on-site, caring developer. This is the first step in his many-stepped plan for The Ridges, and for other abandoned developments in WNC that he might take on. Jones is currently checking out another development in the Asheville area. He is a man who envisions dollar signs where others see vast money pits.
Jones and his investors can take their pick: the region’s landscape is littered with these tombstones of the once prosperous, or preposterous, WNC real-estate scene.
The selling in The Ridges started just after 9 a.m. The first lot sold in two minutes. Eight lots had sold in 10 minutes, nine lots in 12 minutes, 12 lots in 20 minutes, 21 lots in an hour. Thirty-one lots were sold by 11 a.m. A prior advertising blitz targeting Florida, Georgia, Alabama and other states paid off. Jones was having a very good day; indeed, by day’s end he’d unloaded 43 lots — 18 of them cash payments.Read the full article
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