Loan default freezes community

Loan default freezes community

There are 64 comments on the Myrtle Beach Online story from Sep 9, 2008, titled Loan default freezes community. In it, Myrtle Beach Online reports that:

By Jessica Foster and David Wren - [email protected] , [email protected] Carolina Crossing, a Portrait Homes community in Little River, is going through foreclosure proceedings that could result in one ...

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local1

Las Vegas, NV

#1 Sep 10, 2008
It's way too easy for companies like this to bail on their contractors and subs. It's not like the company(the big one, not the one they invented just for carolina crossing) doesn't have the money, they just aren't making money in this particular spot, so they have an easy way to shitttt all the contractors and their subs, and walk away from the debt they have accumulated in this neighborhood.

Since: Aug 08

Pawleys Island

#2 Sep 10, 2008
local1 wrote:
It's way too easy for companies like this to bail on their contractors and subs. It's not like the company(the big one, not the one they invented just for carolina crossing) doesn't have the money, they just aren't making money in this particular spot, so they have an easy way to shitttt all the contractors and their subs, and walk away from the debt they have accumulated in this neighborhood.
I agree 100%. They should be forced to liquidate some assets.
maggie

Ocean Isle Beach, NC

#3 Sep 10, 2008
gREED -- GREED.. DEVLOPERS COME IN...
--- KNOCK DOWN ALL THE THE FORESTRY -- PROMISE POTENTIAL HOMEOWNERS LOTS OF PERKS -- THEY BAIL OUT LEAVING THE HOME OWNER WITH A DEVELOPMENT THAT WILL TURN INTO A DISASTER.... SHAME. WAIT TILL THESE PEOPLE GET THEIR MANAGEMENT FEES... THIS PLACE WILL BE A GHOST TOWN.
MOTOR

Murrells Inlet, SC

#5 Sep 10, 2008
The things they get away with. It's robbery in broad daylight.
ttom

Hilton Head Island, SC

#6 Sep 10, 2008
Any contractor who is not liquid enough to operate 6 months to a year without payment should not be working for residential builders.I have been in business since 1970 and started with builders.By 1971 I figured that this was the worst place to start.I worked hard on small industrial and public jobs.Soon I had bonding and only deal with public work or sub to companies with public work and payment bonds.It is a hard fact, but if you operate on a shoe string and have family obligations you should get a regular job.
Trvman

Kingsport, TN

#7 Sep 10, 2008
As I have been saying all along. This is just the beginning. I am waiting to hear that one of these big new ocean front high rises is going into bankruptcy/foreclosure.

Welcome to SC where the lax laws allow contractors/developers to just walk away even though they have other assets. In many other states they would not be able to do this. Many require bonds just for this purpose. So the money has to be there to at least finish what they promised. Things like club houses, pools, ect. Where I came from even Health Clubs had to be bonded so if they closed people would be guaranteed a refund for their unused membership. They even made a law that required auto repair places to notify customers if the mechanics worked on a totally commission or even a part commission basis. If they didn't notify them they lost their repair license. Many places lost their license because they didn't notify people.

Don't waste your time complaining because the politicians won't do anything because developers are their biggest campaign contributors.

Guess how many people in this area probably have liens on their homes that they don't know about because the contractor didn't pay the subcontractor and the sub placed the lien on the owners home.
Trvman

Kingsport, TN

#8 Sep 10, 2008
Where is the quote from Tom Maeser that states, "Real Estate in the Grand Strand is picking up" as he always states in every other article he comments on? Or the one about how home prices are holding steady in the Grand Strand? How come he never comments on the foreclosure rate or the amount of properties in or going into foreclosure on the Grand Strand? I guess it might have been early and he was still a little sleepy and just forgot to mention these things :)
PREFAB SPROUT

Myrtle Beach, SC

#9 Sep 10, 2008
Picture yourself in a Portrait foreclosure..........
Trvman

Kingsport, TN

#10 Sep 10, 2008
PREFAB SPROUT wrote:
Picture yourself in a Portrait foreclosure..........
Now thats funny :) Maybe someone should paste that over one of their billboards :)

Don't worry, the CEO of the company will continue to make his millions of dollars each year. That should help comfort the people who bought homes in this development. They can sleep at night knowing the CEO isn't effected in any way :)
confused

Murrells Inlet, SC

#11 Sep 10, 2008
With all of the money these donkeys have been earning in the last ten years, building their ugly little communities, shouldn't they be able to cover their bills?
Trvman

Kingsport, TN

#12 Sep 10, 2008
confused wrote:
With all of the money these donkeys have been earning in the last ten years, building their ugly little communities, shouldn't they be able to cover their bills?
Why should they? If the law won't make them, they aren't going to pay. That's just the way these "good neighbor" builders work. I know people who have bought homes from these major developers and 6 years later are having all kinds of problems, leaking roofs, water pipes , ect. Guess what? The home is no longer in warranty and so guess who will have to pay for all the repairs? People are now starting to find out just how cheaply these homes were built and yet they paid 1 1/2 times what they are worth. I can't tell you how many people I know who wish they had never bought into one of these major developers developments.
confused

Murrells Inlet, SC

#13 Sep 10, 2008
Well, I can tell you that I am no expert and I didn't buy into it. They LOOK cheap. Even the mid and higher priced ones.
Trvman wrote:
<quoted text>
Why should they? If the law won't make them, they aren't going to pay. That's just the way these "good neighbor" builders work. I know people who have bought homes from these major developers and 6 years later are having all kinds of problems, leaking roofs, water pipes , ect. Guess what? The home is no longer in warranty and so guess who will have to pay for all the repairs? People are now starting to find out just how cheaply these homes were built and yet they paid 1 1/2 times what they are worth. I can't tell you how many people I know who wish they had never bought into one of these major developers developments.
GOLFLVR

Moseley, VA

#14 Sep 10, 2008
I know it is a cold approach, but Portrait needs to be forced used their corporate money to cover the losses from this project. The bank needs to care of their deal themselves. These builders, lenders, mortgage bankers, and borrowers of sum prime loans knew what they were getting into or should have known and need to be made to take their beatings.
Taxpayer accross the country should be paying for the bailouts. Just maybe these people will learn a lesson from the real estate problems they have caused.
GOLFLVR

Moseley, VA

#15 Sep 10, 2008
taxpayers should NOT be paying. sorry for the typo
GOLFLVR

Moseley, VA

#16 Sep 10, 2008
ttom & TRVMAN, its not just SC. In Va. these tract builders have for a long time held payment to subs until they walk off the job or threaten liens. Then the developer/builer wants to negoiate a payment below the contract price. This is criminal and should be treated as such. But as with most things, big money get their way.
Robin Hood

Alpharetta, GA

#17 Sep 10, 2008
When a community kills the bottom end of its economic spectrum, the top end goes out with it.

This where the economical craftsmanship of the Mexicans would come in handy. Not only can they assist in finishing the subdivision, but they can occupy lower end housing elsewhere in the region allowing those people to upgrade. The whole thing eventually trickles up to the level where people can start upgrading into these newly built houses.

Trickle-down economics works hand-in-hand with trickle-up economics; it's the balance of basic economics 101.
Robin Hood

Alpharetta, GA

#18 Sep 10, 2008
PREFAB SPROUT wrote:
Picture yourself in a Portrait foreclosure..........
LOLOL! Prefab, that's a classic! I didn't think you had it in you. You're a poet and don't know it.

You have found your purpose for living.
Robin Hood

Alpharetta, GA

#19 Sep 10, 2008
confused wrote:
Well, I can tell you that I am no expert and I didn't buy into it. They LOOK cheap. Even the mid and higher priced ones. <quoted text>
Any time you see flakeboard being used where plywood should be, walk away from it.

Flakeboard is the sign that the house is being built for maximum profit, not for lasting quality and value.
Robin Hood

Alpharetta, GA

#20 Sep 10, 2008
Trvman wrote:
Where is the quote from Tom Maeser that states, "Real Estate in the Grand Strand is picking up"
Maybe he didn't finish the sentence.

It should have read "Real Estate in the Grand Strand is picking up and leaving town"
Trvman

Monetta, SC

#21 Sep 10, 2008
Robin Hood wrote:
<quoted text>
Any time you see flakeboard being used where plywood should be, walk away from it.
Flakeboard is the sign that the house is being built for maximum profit, not for lasting quality and value.
Then there would not be too many homes built here in MB in the last 5 to 7 years then because most used flakeboard or more commonly called particle board. Then they wrap the house with the plastic wrap and say it is "insulated".

Honestly, if people had really done their homework and looked into how a quality home should be built, almost no one would have bought a home here from any of the major developers. I hear that even the Grand Dunes has homes falling apart and they were suppose to be of the highest quality.

You want a quality built home, do your homework, get everything in a contract and watch over every inch of the home as it is being built. Even the town inspectors will over look "minor" problems. Hire yourself an independent inspector to oversee the whole project. Let them inspect the plumbing, electric, make sure the PLYWOOD is the thickness it is suppose to be, same for the drywall. I have a friend in NJ who went every night to check on there 1.5 million dollar home and he found them trying to cut corners, using 1/2 inch plywood and not 3/4, same with drywall. The town didn't bother to check, they just looked and said, "fine". He made them rip off the roof and the drywall or he told them he would see them in court. So even the high end builders will try and rip people off. He had them over a barrel because he was paying cash for the home, so they could not just walk away with money the bank had given the developer.

There are some, but not many quality builders left today, it is all about how cheaply we can build the home so we can make the most profit.

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