The other day this Newspaper broke the story about the Big Canoe Developer Liquidating his Lot Holdings in Big Canoe for “Pennies on the Dollar”, ranging from $9,500 – $25,900 per Lot. Today I received a 2nd email with New Information regarding Investor Lot Liquidations in the Community – at even lower prices than the Developer Liquidation!
The Realtor.com Link in the email showed Eight (8) More “Non-Developer” Lots Being Liquidated by a Private Investors Group. It is important to note that these Lots are HIDDEN in traditional searches on Realtor and Zillow. Real Estate Listings are regularly watched by this Newspaper, but if we hadn’t gotten this private message link, even we would not have known.
This is the Text of the 2nd email received:
“Looks like someone else is liquidating their Big Canoe lots for big losses.
The first 8 lots on this page are being sold by MOUNTAIN GROUP IV, L.L.C.”
https://www.realtor.com/realestateandhomes-search/30143/price-4999-5500/sby-6
ALL of these Lots are suddenly being offered For Sale @ $5,000 each. That is lower than the $9,500 floor price that the Developer Liquidation is being offered at, and substantially lower (50% to 80% lower) than the higher priced Developer Liquidation Lots. One has to wonder, “What the Hell Is Going On!?”
My initial thought was that these Lots must be real crap that someone bought in some “bargain-basement firesale” as an investment. To the contrary, when I started researching each individual Lot, I was shocked to learn that these are Top Dollar Lots that had original purchase prices of $55K – $115K each! Below are the Lots and the details.
3289 Woodpoppy View* (1.01 Acre Lot)
*Originally Purchased for $115,000 in 2005. On MLS for $5,000
(Being sold at 4.5% of Original Purchase)
2614 Highland Trl* (1.61 Acre Lot)
*Originally Purchased for $100,000 in 2005. On MLS for $5,000
(Being sold at 5% of Original Purchase)
8122 Disharoon Dr* (0.85 Acre Lot)
*Originally Purchased for $78,000 in 2005. On MLS for $5,000
(Being sold at 6.4% of Original Purchase)
8167 Wilderness Pkwy* (3.26 Acre Lot)
*Originally Purchased for $85,000 in 2004. On MLS for $5,000
(Being sold at 5.9% of Original Purchase)
6339 Valley View* (0.73+/- Acre Lot)
*Originally Purchased for $54,000 in 2005. On MLS for $5,000
(Being sold at 9.1% of Original Purchase)
2130 & 2131 Wildcat Dr* (2.3 Acre Lot)
*Originally Purchased together for $90,000 in 2005. On MLS for $5,000 each.
(Being sold at 5.5% of Original Purchase) These lots appear to have been combined as a Tax Parcel, but there is some confusion, and indication that they are being sold separately, and we can only hope that this isn’t more tax fraud, and the POA has been collecting Assesments properly. 2130 MLS —– 2131 MLS
8132 Wilderness Pkwy* (2.6 Acre Lot)
*Originally Purchased for $75,000 in 2005. On MLS for $5,000
(Being sold at 6.6% of Original Purchase)
NOTE: The investment cost (original purchase price) in these lots doesn’t even begin to include the POA Assessments and Property Taxes paid over the 14 year +/- time period they have been held (additional holding costs estimated at around $28,000 per lot). When you factor that in – these Lots are being sold at staggering firesale losses!
These Lots are all owned by the following Investor Groups: Fox Partners II LLC; Mountain Group IV LLC & Mountain Group Core LLC.
When you go to Georgia Corporate Records, all three of these Groups show George M. Fox as the Registered Agent for the company, and gives his Law Office Address of 4788 Long Island Drive; Atlanta GA 30342. Not only is George Fox the registered Agent, he is also a Member, along with others. George M Fox is Big Canoe’s very own “celebrity lawyer” who has been writing a Legal Column for the Big Canoe Smoke Signals for almost the past decade. This is the same Big Canoe Smoke Signals that Phil Baldwin serves on the Board of Directors (Phil is also the POA Developer-Director). The same Smoke Signals that just a few month’s ago was Pumping the Market with stories claiming that “Big Canoe’s housing market is very healthy, in fact STELLAR!”
The POA Board admitted in this Thursday’s Work Session that they have been aware of the Developer’s Liquidation Plans since August, but have said nothing. POA Board Developer Representative Phil Baldwin, in a face saving move, feigned outrage at the Developer he represents. The Smoke Signals is Pumping the Market to unwitting buyers. And obviously Insider George Fox knows something the rest of us aren’t privy to.
How many other Insiders are in involved in these secret Investment LLC’s that are so abundant in Big Canoe? Are any Board members involved? Other insiders? Who can property owners trust to provide answers? The Smoke Signals?
I warned people that this was coming, but I must be honest…. I truly do not understand what is fueling this sudden and frantic liquidation of multiple investor groups. This is more than people repositioning before a bad recession. There is something we, including myself, are missing here. As shocking as this may sound… I am honestly at a loss for words to explain why this is happening.
Community Needs To Immediately Demand Answers! This is Happening Very Fast!
PS… Stop getting your information from people like Warren Culpepper, and others, on Facebook that have NO BLOODY CLUE what they are talking about! The Developer isn’t going anywhere…. They have ETERNAL RIGHTS TO MILK THE PROPERTY OWNER CASH COW VIA RIGHTS AND POWERS GRANTED TO THEM IN THE DECLARATIONS & COVENANTS, and these rights will survive long after all the Developer lots are sold.
PPS… in this rapidly disentegrating environment, Buyers Need To Beware! These “Great Deals” come with a $182 / month POA Assesment, and if all the rumours and observations out there are correct about our finances, the POA may be forced to raise assessments again. Remember that old saying…. “Fools Rush In where the wise fear to tread”. Another pithy saying worth considering…. “Don’t get stuck holding other people’s bags”.
As a community we need to start asking some tough questions to our Board, GM, Developer, Newspaper Board, and Insider Committee Chairs. This is not happening in a vaccuum. Somebody knows something.
Peace,
– david hopkins / publisher & property owner
www.BigCanoe.org
themtnsvoice@aol.com < tipline and submissions for letters to editor
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