Captain's Cove investors run aground

SNOW HILL -- Developers for Captain's Cove, a residential development just south of the Worcester County border, have filed for bankruptcy protection after defaulting on about $18 million in loans.

[Carin]

I am very curious why Captain Cove's property owners of undeveloped land don't continually contact Accomack County and State Legislators. Many of us do not live year round in Accomack County, however we pay our taxes to Accomack County, we deserve local and state representation. It seems to me as I see other developments grow and build even in waterfront areas, something isn't right. The people that want progress are the same individuals that wear blinders on this issue. Yes, we all want to support the environment. We are responsible property owners. This is ridiculous that alternative waste water options are not approved. Do you think Accomack County is the ONLY waterfront area in the world to run up against this issues. There are alternatives. Accomack County obviously doesn't care at all about increasing county revenue. Think of all the owners of useless land that would love to build on property they purchased.

[CDM]

Contact Accomack County and VA state representative.

[WHY]

Should you buy or not?

[robert c]

CDM wrote:

Contact Accomack County and VA state representative.

Any ideas for me? I bought a few lots from a Caldwell Realtor who works on site two years ago. I was told these two lots already have water and will be connected to the existing sewer by the end of 2007. It is now 2009 and they are still unbuildable. At the same time I have to pay for water, County taxes and association fees for these two worthless lots that cannot be built on. I can now either default on my $150,000 loan or sell them to another fool like myself at a big loss. Anyone interested?

[INFO]

robert c wrote:

<quoted text>
Any ideas for me? I bought a few lots from a Caldwell Realtor who works on site two years ago. I was told these two lots already have water and will be connected to the existing sewer by the end of 2007. It is now 2009 and they are still unbuildable. At the same time I have to pay for water, County taxes and association fees for these two worthless lots that cannot be built on. I can now either default on my $150,000 loan or sell them to another fool like myself at a big loss. Anyone interested?

Why are they not buildable? Can you build on septic?

[robert c]

INFO, my two lots are close to the bay. A septic system is not an option. I was told by my CB on- site realtor that my lots would be added to the existing sewer treatment plant by 2007. As of now my two lots are both unbuildable and worthless. I also have to pay Co. taxes and Captains Cove association dues for the lots that are not buildable. These bogus, unfair fees keep the costs down for the owners that happen to have buildable lots and those who live there.

[INFO]

robert c wrote:

INFO, my two lots are close to the bay. A septic system is not an option. I was told by my CB on- site realtor that my lots would be added to the existing sewer treatment plant by 2007. As of now my two lots are both unbuildable and worthless. I also have to pay Co. taxes and Captains Cove association dues for the lots that are not buildable. These bogus, unfair fees keep the costs down for the owners that happen to have buildable lots and those who live there.

Sorry hear that I will keep this in mind when looking. Thanks for for your input.

[wymzie]

Robert,

These unbuildable lots were sold as 'Membership' lots for the last 30 years by the old developers, and never sold for more than $5,000. Although most sold for much less.
However, when the new developers came in they paid too much for the property at the height of the bubble and took it to a whole new level of greed.
Yes you can default, as many many many people have over the years.
Captains Cove is the reason that there is a Federal office of 'Interstate Land Sales'.
The salesmen who worked for the original developer sold lots in the cove for more money than any other property in the county and still do to this day.
No one held a gun to your head and made you buy the lot, you bought it. But what everyone needs to keep in mind is that unless you hire a Buyers Agent; a Realtor always represents the seller and will tell you what you want to hear to sell the property.
Before you buy any property anywhere always go to the court house and check the prices of the actual transactions, not just take the realtors word for it on the listed price.
You like many before you are wishing you had never even set foot inside that gate.

[Sheri]

robert c wrote:

<quoted text>
Any ideas for me? I bought a few lots from a Caldwell Realtor who works on site two years ago. I was told these two lots already have water and will be connected to the existing sewer by the end of 2007. It is now 2009 and they are still unbuildable. At the same time I have to pay for water, County taxes and association fees for these two worthless lots that cannot be built on. I can now either default on my $150,000 loan or sell them to another fool like myself at a big loss. Anyone interested?

Hi,do you have anything in writing in the contracts stating they were buildable or perced.Email me [e-mail]

[Sheri]

wymzie wrote:

Robert,
These unbuildable lots were sold as 'Membership' lots for the last 30 years by the old developers, and never sold for more than $5,000. Although most sold for much less.
However, when the new developers came in they paid too much for the property at the height of the bubble and took it to a whole new level of greed.
Yes you can default, as many many many people have over the years.
Captains Cove is the reason that there is a Federal office of 'Interstate Land Sales'.
The salesmen who worked for the original developer sold lots in the cove for more money than any other property in the county and still do to this day.
No one held a gun to your head and made you buy the lot, you bought it. But what everyone needs to keep in mind is that unless you hire a Buyers Agent; a Realtor always represents the seller and will tell you what you want to hear to sell the property.
Before you buy any property anywhere always go to the court house and check the prices of the actual transactions, not just take the realtors word for it on the listed price.
You like many before you are wishing you had never even set foot inside that gate.

..........The REALTOR also owes the buyer honesty,even if he is the sellers agent.If a dual agency was the case this holds the seller and realtor accountable for mant laws and rules.Start with their board of realtors and the state licensing.Start filing complaints and follow through.There are mant dishonest people all around.I am a realtor and I myself was scamed before I started practicing.To me it is a hobby and I do not ever support false information. To the guy that says you should do this and you should do that.Well if you are dealing with any realtor weather it be the sellers or buyers you should not have to worry of false info or anything being hidden.Who ever mislead you on these lots,well you need to hold them accountable.You will have to take it to a state level.There is a coldwell banker agent thats husband is a judge in Accomack co.This county dose not always operate with honesty and with in the law.Thats why there are appeals and classes to represent yourselves.

[SisterK]

To those with unbuildable lots in the Cove - I'm sorry. Considering the bankruptcy of the developer, the only way utilities are going to get to those lots will be if everyone's dues go up and the neighbors pay to get water and sewer to those lots. The costs will be substantial, and unless every owner on a particular street containing unbuildable lots is willing to fork out hook up fees, the costs involved would be prohibitive. Water and septic service is provided by a private utility owned by the bankrupt developer. The county is not going to get involved with extension of service areas for a privately owned utility.

[seagoldelox]

MY DAUGHTER ALSO BOUGHT A LOT IN THE COVE. HER PAPER SAID IT DID PERC. AND SHE HAS A PAVED STREET AND HOOK UP OUTSIDE HER LAND. THERE ARE HOUSES BUILT ON BOTH SIDES OF HER NOW. SO DOES THIS FALL INTO THE SAME PROBLEM OR NOT. IF THIS IS HAPPENING TO ANY OR ALL OF US. THEN A CLASS ACTION LAW SUIT SHOULD BE FILED AGAINST EVERYONE INVOLVED. PEOPLE WERE MISLED AND FALSELY TOLD THERE LAND COULD BE BUILT ON. TERRIBLE AND SOMETHING SHOULD BE DONE ABOUT IT. SEA

[Sheri]

your daughter should be fine as long as the paper is from the health dept in Accomac county.The perc is only good for one year.You may be able to renew it.Check as soon as possible.And to the guy that says no one held a gun to your head,SHAME ON YOU!No one should be lieing and ripping people off.Remember we will all be judged on all we do in this wourld.You can run but you cannot hide.Buyer or seller agent must reveal any information such as these situations.Your licenses are at high risks.I say go after the realtors that sold them to you!GO AFTER THE REALTORS AND HURRY.There is a time span.Call the state board of realtors and they will help you,call the better business and follow through promptly.Remember what comes around goes around.Dont let the crooks rob you from your joy.Email me and I will find you a nice affordable place in Trails End with the water and septic in place.Starting at 15,000.

[rick]

there are 4 kinds of people that live here.....the morbidly obese ignorant locals...greedy real estate agents and last but not least the meek who will inherit the earth which are YOU??

[psyco]

So which one are you mr. high and mighty? Seeing as you can`t count to begin with I would say we would have to categorize you as arrogant, stupid and condescending. Not to mention jealous of people who work for a living and are able to take care of themselves without help from the local welfare administration. Let me know if I hit a nerve ok ricky?

[rick]

no..you didnt strike a nerve psyco but evidently one of yours must have been struck by my comment

as far as counting goes1)the fat morbidly obese
2)ignorant locals
3)greedy realestate agents
4)the meek

[rick]

seriously now.... cape elizabeth must in fact be a very nice place to live, but how can anyone take your comments as logical if you live there, not here in captains cove and also go by the name psyco? If you lived here you would see first hand how much of the population is overwieght, you would see all the garbage that the locals throw out the window of thier cars, you would observe the reckless and greedy acts of the real estate agents (with the exception of wiechert)and you would also take note that there are also some very fine gentle folk here as well As for me ...I worked hard all my life and have retired here....paid for my house in full with hard earned money that i saved, have never been on welfare however do collect my social security benifits.
If that make me high and might in your eyes than so be it.
The problem is that FACTS are very stubborn things and wont go away regardless of my opinion or yours.
In conclusion,I'll admonish you for refering to yourself as "we" when there is only one name signed on your post,as any educated person will tell you, refering to oneself in the third person is a sign of mental instability

[rick]

my guess is that you are a fat lying real estate ie the moral equivalent of a mink on steroids

[Sheri]

O My!