Cherokee County Real Estate - The Halt of New Construction
Posted Dec 17, 2007 @ 2:50 pm, Viewed by 556 Visitors, Read 578 Times.The Halt of New Construction in Cherokee County
It's no surprise to anyone that the market right now is down. We hear it on the news, we see it with our neighbors "For Sale" signs still in their yards, and now we are REALLY seeing it with the screeching halt of new construction right in our own backyards.
Many of us have heard by now that construction has ceased in Seasons at Laurel Canyon, a beautiful golf community in north Canton off Hwy 140. The builder, Levitt & Sons, filed bankruptcy a couple of months ago, leaving an entire community filled with unfinished houses, an incomplete clubhouse, and many very upset residents.
Tony Perry, CEO of Oakwood Homes, has shut his doors as well. Perry is a veteran Cherokee County builder, and is very well known in the county. He has built hundreds of homes in the Cherokee County area, and is currently building two communities in Towne Lake: The Village at Towne Lake, and Meridian at Ridgewalk. While Perry has not filed bankruptcy - yet - he has over 200 homes in construction (or now NOT in construction) and is trying to work things out with his lenders to restructure unpaid loans. I have shown and sold many of Perry's homes and I hope he is able to work things out. As a Cherokee County resident myself, it stings a little more to see one of our own in such dire straights. Perry's company graciously donated a home in Lake Arrowhead earlier this year for the widely popular show, Extreme Home Makeover. Here's hoping that what goes around comes around and Perry is able to complete his projects with many more to come.
Most recently, and to me most troubling, is hearing that John Wieland Homes has also halted construction on any new builds (as in not starting any more homes). John Wieland is a HUGE builder, not only in Cherokee County, but all over Atlanta! For a company as big as JWH to cut back construction is a pretty big deal. I have heard they were closing their design center and that the layoffs were coming.
The ripple effect continues down to unpaid contractors now feeling a squeeze, salaried employees facing job uncertainty, upcoming homeowners not only losing money but not having a house to move into, and lenders left out in the cold. It's looking grim for new construction companies. Now, all of this being said, something needed to happen! There are so many new construction subdivisions all over town that the resale market simply can't compete. Not only that, but our infrastructure can't compete either. Roads are more jammed than ever and we are facing one of the worst droughts in Georgia history. Construction needs to slow down some so everyone else can catch up.
While I would never wish these types of financial predicaments on anyone - companies having to close their doors and people being out of a job during the Holidays is just not fair - I'm sure things will get worse before they get better. However, once you hit the bottom you can only go up. I am hopeful that this is the beginning of a more stable market for 2008.
Rate this Post!
Share this Post
Print
Social Bookmarking7 Responses to “Cherokee County Real Estate - The Halt of New Construction”
Thanks! It's tough to see the market the way that it is right now...I live in a Wieland community that is still very much under construction so as you can imagine I am very hopeful that 2008 will bring a more stable and steady market.
Do you know what the situation is at Seasons on Lanier?
I don't know for sure, but you would think if they filed bankruptcy that Seasons on Lanier would be in the same predicament as Laurel Canyon.
Meridian Subdivision Concerned
Louise, before you talk about Tony as one of your own, you need to research some facts. Tony left some homeowners in the Meridian subdivision with large contractor liens, unpaid subcontractors, voided the warranties on existing homes, and is selling the model. Essentially, he abandoned the Meridian subdivision, but sent a letter last week to the six homeowners to pay one of his companies, Meridian Developers, a reduced homeowner dues- what gall. Went out on November 12th, but then Anthony Alan Homes incorporated the next day- hmmm. Email me for additional details-
Hello, Meridian Subdision: I certainly understand your frustration with Tony Perry. I have a personal friend who is a homeowner in Village of Towne Lake, where some 80 odd homes / lots are in foreclosure and being parceled off the Cherokee County courthouse steps this week. My friend's have been slapped with a workman's lien on thier home for unpaid warranty work from Georgia Flooring. The demise of Mr. Perry's company has rippled outwards to affect many people. I don't condone Mr. Perry's actions, but being in a dire financial predicament and facing the loss of everything you've worked for over the past 20 years will surely make you do some things you wouldn't normally do. I know it's a tough situation that you're facing, and I wish you nothing but the best of luck in getting things worked out.
Meridian Subdivision Concerned
Louise: thanks for the update. We saw in tomorrow's foreclosure notices that the Model and the lot where our clubhouse was to go are being sold tomorrow. Another bank I spoke with will be posting lots and houses to be sold in February's sale. The majority of the lots are held by a local bank that is still in negotiations with Tony, but I don't see how he would be able to come back and finish them. We're praying for a stable developer that would continue the "look" of Meridian.
REW Blogs User Stats
Currently Online Users:
0
Total Users:
1,665
Entries:
4,965
Unique Views:
2,290,469
Total Views:
2,365,220
Total Comments:
4,869
Louise Scoggins is a Realtor for Keller Williams Realty. Louise specializes in listing and selling Real Estate in the Metro Atlanta area. She has been actively selling Real Estate since 2000. Read More
Contact Me
RSS Feed- This User's Stats
-
Blog Entries: 9Average Blog Rating: 0Unique Views: 3,758Total Views: 3,888Comments Posted: 6Comments Received: 10
- Friends
-
Top Rated
REW Blogs RSS Feed
Good post Louise!