Like what you are reading here? Then let us email you with all our new content.
XML FeedsSeriously, anyone know? Arcadian Resorts was the 'next big thing' here in Concord NC. Billed as a mega resort/residence, the very smooth investors behind the operation talked of great returns on investment, great opportunities, great everything...
But I for one had doubts from the start, and even kept a buyer from buying. (Yes, those of you who hate Realtors in general may be shocked and amazed that a commission-based professional would have kept a buyer from buying, but guess what-it's my conscience and career at stake, not to mention the cash that belongs to my client.) Why did I question the project?
1. They were requiring full purchase price deposits. You heard me-no earnest money here, they wanted the full price up front. With no interest paid (heck, your equity appreciation would more than offset any piddling interest you'd get anywhere else, right?).
2. They stated that the project would commence construction as soon as it was 100% sold. Ahem. Seriously? You want my folks to pony up six figures in cash for a building that MIGHT be completed in 2012? (Please, step away from the crack pipe.) If you're not familiar with how financing on condo construction projects works, for comparion most developers will get the building going when it's been 50-60% pre-sold. So to wait for the project to be sold out is a bit ambitious.
3. There were no solid answers about what would happen in the event of a resort that didn't get built.
4. The land that they were planning to build this luxury condo resort in Concord NC on? Never closed. It was under a contingent contract, and they weren't willing to close on the land until the building was majority sold out...reeks of snake oil salesmen to me, selling what you do not own.
So the signs have vanished. The listing agent for the land hasn't yet returned calls (I'm sure she's swamped with more than this drama but oh well). The phone number at the sales center is disconnected. The emails are going unreturned.
Now I just want to know what will happen to the poor shmucks who bought the story and laid the cash on the barrelhead...
(by the way, if you want to buy a condo, townhome, house, whatever in Concord NC or the surrounding areas, please call Leigh Brown first. It just might save you some heartache and cash. No guarantees but dang, I can keep you safe from the obvious ones!)
