Land Resource CEO finds right fit in ...

Land Resource CEO finds right fit in Orlando -- OrlandoSentinel...

There are 349 comments on the Orlando Sentinel story from Jul 31, 2007, titled Land Resource CEO finds right fit in Orlando -- OrlandoSentinel.... In it, Orlando Sentinel reports that:

Mike Flaskey, 39, is chief executive officer of Land Resource LLC, a privately held vacation-home land development and sales company based in Orlando.

Join the discussion below, or Read more at Orlando Sentinel.

Beautiful Land

Hyattsville, MD

#42 Jul 30, 2008
I am part of a large group of buyers that purchased their lots for second home and/or retirement purposes and plan to build on and live on our lots. However, regardless of weather we purchased our lots as a home site or an investment, the amenities certainly do matter and the amenities were part of the "package" we were sold. Past, current, or future value is relevant only in-so-much as the market value is higher with the amenities than without.

I think we need to organize and file a class-action lawsuit.
John

Germantown, TN

#43 Aug 1, 2008
truth hurts wrote:
I am in the same boat as everyone else but I am not scared to admit I got caught being a speculator. As most of you did as well. The truth and facts are that if roads, clubhouse, utilities, etc... was complete the market is so screwed up right now, that the investment you made is now worth an average of 30% less than your purchase price due to short sales, foreclosers,etc. I say quit pointing the finger at everyone else and start looking in the mirror at ourselfs. Until the RE market has some type of possitive gain nationwide we all are screwd regardles if there is a clubhouse or not. Americans in these situations need to be looking at higher powers that be and quit pointing fingers!! Shame on you and me!!! THE TRUTH **** AND HURTS
Your assumptions are only partially true. Your observations are close but somewhat inaccurate. There is no finger pointing and there is nothing to be ashamed about. Many of the purchasers are not speculators, indeed, I and two other close friends who are on the verge of retirement were honestly going to settle there. The promotions were slick, and we accomplished what we believed to be due diligence prior to making the decision to buy. Bonds were posted and on record at "our facility" county court house, no filed grievances at that time with the Better Business Bureau. At the sales event that we attended, there were several legitimate banks represented for lot financing if needed. The officers / partners in Land resources painted reasonable business background resumes and an advertised project in Georgia seemed to be legitimate and had received some national exposure. Perhaps you are right that many purchasers were simply investors with the only intention of flipping their lots for profit. We knew that the club house and docks were amenities and not guaranteed, but we did accept the company's intentions to accomplish what they promised in regards to basic infrastructure. They have obviously failed in their promises at all locations. If they do close shop prior to project completion, they will be nagged by the courts in a huge class action suit, and hopefully with Federal Government help via the Federal Trade Commission since they have done business in multiple states. You are right that perhaps we were swindled, in which case, we can all seek remedy through the courts. No shame except on Land Resources for their shady practices, greed, lack of integrity and character. And if you recall, the real estate market was not in distress at the time these promotions began. So perhaps this whole issue is about corporate greed and shell games by individuals who only wanted to line their pockets under the protection of an LLC, get their investment money plus 40-50% profits and then hit the road, let the lot owners figure it out for themselves. The buyers did nothing wrong. And the LLC will get their just desserts in due time if they really are dishonest. Those kinds of folks always do.
skunkwerks

United States

#44 Aug 1, 2008
My heart goes out to everyone here, such a shame. I just wanted to throw something else into the mix. LRC's actions have extended far beyond the boundaries of their developments. Not only has LRC done an incredible injustice to the property owners, but they are in tremendous debt to many vendors. Some vendors are having to absorb losses so large that it might put them out of business. I represent one of them.
This ****

Opa Locka, FL

#45 Aug 2, 2008
I too am one of the unlucky ones that bought LRC line of crap and bought a lot in Grey Rock for $200k+. I have no idea what to do, but I want to take it to them. For all grey rock owners out there, if you come up with any possible recourse or hear of any attorney willing to take them on, my contact info is:
Brian Duran
Jupiter FL
[email protected]
Lot 255
connor

United States

#46 Aug 2, 2008
the villages was doing great but the other communities weren't selling and they were tied by the same bank. they had to shut them all down. the villages and cumberland harbour were what kept the company afloat for so long, the other ones were not where they should have been.
connor

United States

#47 Aug 2, 2008
i heard that the villages only 150 lots left out of 600
John M

West Monroe, LA

#48 Aug 4, 2008
To find the homeowners in Rutherford County, go to:
http://arcims.webgis.net/nc/rutherford/defaul...
Start with your address, then "Identify" the rest of the lots. This is time consuming, but will work.
If you know the addresses, go to: http://tax.rutherfordcountync.gov/ , and search the tax rolls (at the top)
Good Luck All
Jill Lycan in Houston

Houston, TX

#49 Aug 4, 2008
John M wrote:
To find the homeowners in Rutherford County, go to:
http://arcims.webgis.net/nc/rutherford/defaul...
Start with your address, then "Identify" the rest of the lots. This is time consuming, but will work.
If you know the addresses, go to: http://tax.rutherfordcountync.gov/ , and search the tax rolls (at the top)
Good Luck All
I live in Houston and own lot 31 at Grey Rock. I found out totally by accident last week when I was looking for the LR website and could not find it. I'm not ready to throw in the towel yet until we have more information and know more about our options. I bought my land in 2006 with the hope of building a retirement home there in a few years. I think it is in the best interest of all Grey Rock owners to thoroughly explore how this can be worked out before we assume a lawsuit is our only remedy. I hope someone will start a website where everyone can post and access the latest information. I thought I had found such a website last week, called greyrockowners.com . I was contacted by the individual who created this site yesterday, but instead of providing information he seemed only interested in asking me questions about my purchase, such as how did I purchase it, did I finance it through a bank and if so, who? Very shady phone call. I would not recommend this site, but I hope someone who has the time will pull together our information from the Rutherford County records and set up a legitimate, helpful website. You can contact me at [email protected]
Starknight88

West Hartford, CT

#50 Aug 5, 2008
I am a grey rock lot owner and have just learned of the news ... this forum is very helpful and we need to band together to do something swiftly ... i suspect there might be some statute of limitations as well? i m no legal expert though ... my email is [email protected]
Molly P

Charleston, SC

#51 Aug 7, 2008
The reason they are out of money to complete their other developments is because they are spending millions of dollars to get their marinas at Cumberland Harbour, where their precious HGTV Dream Home is located. They don't care about your neighborhood. Just one more indication of LRC's inability to live up to their promises is the marina issue at Cumberland HArbour.
The "environmentally friendly" motto Land Resource continues to use when describing themselves and fail to uphold supports these other poster's comments about LRC's pitiful promise keeping abilities.
At the Cumberland Harbour development LRC is fighting tooth and nail in court to build massive marinas (17,500 linear feet or about 3.5 miles of docking) in waters near one of the only locations where endangered North Atlantic right whales migrate to birth their calves. The marinas will bring around 800+ more boats to that area.
The whales are not the only ones that will suffer the consequences of the marinas. Gopher tortoises burrow in the exact location of the proposed marinas, wood storks, sea turtles, and many other species are also at stake. They are advertising Cumberland Island National Seashore as the neighborhood's backyard playground. Cumberland Island and her extremely fragile ecosystem will be destroyed by the environmental impact of storm water runoff, increased fuel emissions and trespassing from the marinas.
I suggest you complain that instead of killing endangered species and destroying national parks, LRC finish your neighborhood like they promised they would! Good luck to all of you, you are fighting a greedy monster with only their best interest in mind.
SIGN THE PETITION I STARTED:
http://www.thepetitionsite.com/1/save-north-a...
Jim W

Knoxville, TN

#52 Aug 7, 2008
I have worked closely with LRC as they completed Goodfield Landing in TN and turned over the property to the HOA, of which I was elected the first president. They did everything they promised and more after the HOA assumed control, so I know they can do what they promise. Unfortunately, I also own a lot at Villages in TN as well, and was shocked to see a front page article last week in the local news outlining the problems. If the banks have backed off lending to buyers of dirt, and the ripple effect is a drop in sales revenues that were funding the development, the only real recourse may be time (and hopefully your developement has a bond to at least finish the infrastructure). If everyone who bought a lot joins a suit and tries to sue LRC, they will surely just declare bankruptcy and there will be nothing left to split. My hope is the market turns around, banks open the wallets, LRC gets back on track and finishes what they started. Its not as if our properties are worthless, just not worth as much as we hoped much sooner. I would think LRC will work a restructuring plan within the next 6-8 weeks and the banks will start flowing the loans... I must admit that I thought this would be a better investment than stocks :>(
Villages of NL owner

Lebanon, OH

#53 Aug 9, 2008
Does anyone know how the Campbell County Planning Commission went on August 4th? We didn't find out about the problems until yesterday and like most of you quite concerned.
John Mullis

Germantown, TN

#54 Aug 10, 2008
I attended the Campbell County Planning Commission hearing this week with my wife and another couple who bought at The Villages. The commissioners were as stunned as anyone and seemed to take a proactive stand in resolving this. They are probably going to petition the bond company to release the funds to complete the infrastructure. The bond money is there, to the tune of around$10 million, which is adequate to complete the work. The commissioners are going to put a link to The Villages issue on the Campbell County web site within the next week or so, as soon as they can get their IT specialist to build it. The county is very concerned about getting this project completed; they have a lot at stake here- credibility and perhaps liability if it doesn't finish. We were impressed with their desire to make this go, so I would recommend a rational approach to this resolution, not get "class action law suit" mentality because as soon as you do, forget about recouping anything close to what you might expect. Whatever funds are available will get consumed by time and attorneys and everyone loses. I believe this project will complete, minus the alluded-to-amenities, but the critical water, roads and electrics will finish and the project can continue. It is still a nice area and the county eagerly wants it to complete. Patience, fortitude and rationality should prevail.
Villages of NL owner

Lebanon, OH

#55 Aug 10, 2008
Thank you John for your reply. My husband and I have decided to take a wait an see approach. One of our biggest decision makers on the Villages was the ammenities, but that is the least of our concerns at the moment.
Patrick Perry

Sherman, TX

#56 Aug 10, 2008
John Mullis wrote:
I attended the Campbell County Planning Commission hearing this week with my wife and another couple who bought at The Villages. The commissioners were as stunned as anyone and seemed to take a proactive stand in resolving this. They are probably going to petition the bond company to release the funds to complete the infrastructure. The bond money is there, to the tune of around$10 million, which is adequate to complete the work. The commissioners are going to put a link to The Villages issue on the Campbell County web site within the next week or so, as soon as they can get their IT specialist to build it. The county is very concerned about getting this project completed; they have a lot at stake here- credibility and perhaps liability if it doesn't finish. We were impressed with their desire to make this go, so I would recommend a rational approach to this resolution, not get "class action law suit" mentality because as soon as you do, forget about recouping anything close to what you might expect. Whatever funds are available will get consumed by time and attorneys and everyone loses. I believe this project will complete, minus the alluded-to-amenities, but the critical water, roads and electrics will finish and the project can continue. It is still a nice area and the county eagerly wants it to complete. Patience, fortitude and rationality should prevail.
John Mullis, I agree with you 100%. I'm a lot owner at the Villages of Norris Lake (VNL), too.

Let's wait and see how the Campbell County Planning Commission deals with the Bonding Agency and with Land Resource LLC.

Here's a link to the Knoxville Sentinel web site for those who may have missed the article.

http://www.knoxnews.com/news/2008/jul/29/lafo...

You may have to copy and paste this URL into your browser.

The Land Resource (LR) web site was back in operation this morning (8/10). I sent them a message asking when they were going to communicate with their current customers. I will post their reply here if they respond.

Until we have a better communications capability between LR lot owners, we can keep each other up to date here.

I have been part of several class action suits and the best payoff was 6 cents on the dollar. So I'm for waiting to see what happens in the next few weeks. The folks in Campbell County want us there and will do everything they can to help.
Chill,
Pat
Patty

Long Beach, CA

#57 Aug 12, 2008
Michelle wrote:
I was thinking the same thing. How can we get a list of all GR property owners? I was thinking of calling Rutherford Co. The only reason we know it is closed because a friend of my husbands went up to look at LR property in TN when the salesman told him they were closing that office as well as other offices. I bet most land owners have no idea. I called LR and they told me they had no additional info and they would be contacting property owners. I am still waiting for that call.
We are still a little shocked considering we were up there in April and we saw the most progress we have seen with the roads and 2 homes were well underway. I feel like our dreams have been shattered.
I too am a land owner at Grey Rock and I am very sad, there are many groups forming to do a class action suit, we don't know if this is the thing to do or not. Let me know if you hear anything else.
Karen

Dayton, OH

#58 Aug 13, 2008
I spoke with two folks at Land Resources today - they are still answering their phones. They have a meeting late next week with their lenders and hope to be able to communicate with land owners by the following week.

Since: Aug 08

Sherman, TX

#59 Aug 18, 2008
Karen wrote:
I spoke with two folks at Land Resources today - they are still answering their phones. They have a meeting late next week with their lenders and hope to be able to communicate with land owners by the following week.
Thanks for the information Karen. Let us know if you hear anything more. Last week LR was supposed to meet with their banks. This week they are supposed to communicate with customers. Let's see what happens. I noticed that their web site links for "Press Room" and "Contact" were down again since last Thursday 8-14-08.

In the meantime I will continue doing daily searches on the Internet to find any new news or documents. I will post links here to anything new.

Does anyone know who the owners of Land Resource LLC are? And the principle investors or financiers? Please let us know if you do.

Thanks,
Pat
CJ Vanner

Belgium

#60 Aug 19, 2008
We purchased two lots at Norris Lake, wish I had seen this site BEFORE we invested our retirement savings. Two friends of ours also purchased. I cannot get in touch with our "sales" person, he seems to have vanished, leaving us with a lot of empty promises.

Any advice by "landowners" is appreciated. We too have paid our "dues".

Since: Aug 08

Sherman, TX

#61 Aug 20, 2008
CJ Vanner wrote:
We purchased two lots at Norris Lake, wish I had seen this site BEFORE we invested our retirement savings. Two friends of ours also purchased. I cannot get in touch with our "sales" person, he seems to have vanished, leaving us with a lot of empty promises.
Any advice by "landowners" is appreciated. We too have paid our "dues".
Hi CJ Vanner,
Hang in there. I believe you will have more information in a letter several weeks from now. The people on the Campbell County Planning Commission (CCPC) are representing the best interests of those of us who have bought lots at VNL. Representatives of Land Resource are scheduled to meet with the CCPC soon.

I am searching the Internet daily for relevant information and will post here any links that may be news worthy. We bought our lot in June 2008.
Pat

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