LMC Corp. breathes life into stalled Brunswick County subdivision
Last Modified: Sunday, December 5, 2010 at 4:31 p.m.
The company whose deals have given new life to two stalled Pender County subdivisions has landed another, this time in Brunswick County.
It will enable the lots to be priced “in line where we can get something happening,” Henry said.
LMC is putting together the marketing phase for the Doe Creek subdivision, which is on Stone Chimney Road, off Route 211 and south of U.S. 17. The mailing address is Supply.
The subdivision, Henry said, has a leg up in attracting builder-buyers. For one, it’s a blank slate. Its 152 lots are fully developed – water, sewer and roads are in – but no houses have been built.
No amenities are built either, Henry said, Plus, the developers “did not record the covenants for the subdivision, which will allow us to match (the prices) to the market now,” rather than to the boom times when the development was started.
“We are talking on the front end with several builders, and things look good,” he said.
“We do know that national builders have made inquiries previously.” When Doe Creek is ready, “we will be in contact with them,” he said.
“The advantage for the builder jumping in here is they can exert control over the project. It’s tough to get any loan these days. A project with finished infrastructure has a head start.”
Another advantage is that because no lots were sold, there are no foreclosures to encumber a revival.
“The developer still owns the lots,” Henry said. “LMC is just selling the lots. The builders ultimately will market their homes using local real estate agents,”
LMC was set to play a role in the stalled Tidal Walk development, off Myrtle Grove Road on the Intracoastal Waterway, but a deal with multiple banks fell through and the development instead will go to foreclosure, Henry said.
The property was developed by Tim Wilson Latheron & Gunn Inc. and James Martin of Martin Development Group, which runs Martin Self Storage Centers.
At two subdivisions in Surf City, LMC worked out deals that allowed the developers to get out of the stalled subdivisions. Lenders allowed the lots to be released at prices well below their original boom-time prices. LMC marketed the lots to builders, who are constructing homes at prices reflecting today’s demand – for residences ranging from $200,000 to $300,000. Those subdivisions are Dogwood Lakes and Saltwater Landing.
Another deal is in the works in Pender, said Roy R. Holdford III, LMC’s chief.
Wayne Faulkner: 343-2329
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