BREAKING NEWS UPDATE: 2 days after we initially received word of Developer Liquidations in the story below, we received tips on another Big Investor Liquidating Lots, dumping them on market at 50% – 80% below even the Developer Liquidation Pricing. Buyers Beware! Something is up.
I received an email today from someone that the Big Canoe Developer, Big Canoe Company, was liquidating holdings in the Community! They attached the Flyer they received, copied as follows:
This is the Text of the email I received:
“In case you didn’t know there is a Big Canoe lot liquidation event scheduled for October 26. We have been looking to move to Big Canoe but that has been put on hold after hearing about the POA issues. We currently live in Roswell and received the attached brochure in the mail yesterday. The map indicated the property was located in Jasper.
I called the agent and he confirmed the lots are in Big Canoe.
I think he said approximately 50 lots will be for sale.”
I have also called the number on the Flyer, and I also have verified that these are the Big Canoe Company’s Lot Holdings. The following is what I was told:
The “main pockets of concentration” are in the Bluffs, Choctaw, and Wildcat, but above and beyond that there is “a ton of inventory that is just sort of spread out”.
The Flyer states the following:
“ALL of these waterfront and mountain view real estate offers will be available for Pennies on the Dollar on Saturday October 26.”
The Big Canoe Developer is Liquidating their Lot Holdings in Big Canoe!
QUESTION 1: WHY so suddenly? What do they know that is causing them to suddenly dump their inventory for “Pennies on the Dollar”?
QUESTION 2: WHY so secretly? (The Flyer desn’t even put the name “Big Canoe” in the marketing.) WHY hasn’t the Board informed us? Where is the Coverage in the Big Canoe Smoke Screens Newspaper? This is Deja Vu back to the Land Deal…. being suddenly sprung on Property Owners with little to no warning, no discussion beforehand.
QUESTION 3: What do you think this is going to do to Lot Prices and Real Estate Values once this gets out?
QUESTION 4: What the hell is going on behind the scenes in our community with so much happening that property owners are being kept in the dark about? Obviously the “Powers That Be” are aware of big changes coming – but they are not sharing them with property owners. Who do the POA Board and General Manager really represent? Property Owners? Or the Developer?
QUESTION 5: Does this sudden and rushed timing have anything to do with the rumours that they are going to implement a $5,000 “Initiation Fee” on all property sales, and this is just a preemptive jump on liquidation before that kicks in? And is an Initiation Fee something the Board can initiate on their own, or does that require a community Vote?
We have too many Questions! Not enough answers!
Closing Comments: I have been telling everyone for over a month that “the Developer” is FOR SALE…. selling their entire Holdings, including the “Developership” itself. Well, now it is upon us.
My understanding is that the “Lots” are actually a drag on the Developer selling the “Development Rights”, because they are actually seen as a Liability to a Buyer. Even if you are the Developer you are responsible for paying Assesments, and Property Taxes. Most People in Real Estate Development are painfully aware that the market is about to CRASH HARD, possibly worse than 2008. Lots especially are being dumped everywhere and put up for sale. Rezonings and refinancings are happening regionally at a frantic pace as the underpinning finances are being reworked. Building Costs are at an all time high, and raw land (Lots) are toxic right now. The Developer is suddenly dumping their land holdings in order to separate as much liability as possible out from their Asset Pool – because no “Developer Buyer” is willing to take on the associated Lot Liabilities of increased long term holding costs that comes with a market crash.
The “Big Canoe Developer” is liquidating Land Holdings, and the the Developership — the “eternal Rights of the Developer as delegated under the Declarations and Covenants” — is about to be sold. What comes next? What is it they are actually “Selling” if not the Land they have? What can we expect from a “New Developer?” Surely they aren’t going to be paying millions of dollars for nothing. Will a New Developer milk the Property Owner Cash Cow even harder? Does anyone in this community even care anymore?
There is a POA Board Work Session on Thursday October 17, and the Board Meeting on October 24, prior to this liquidation sale occurring. Isn’t it time for Property Owners to “Storm the Board” so to speak, and demand answers?
Peace,
– david / publisher
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