The LMC Group today announced the successful revitalization and transfer of all properties within the community of Dogwood Lakes to its new owners. Dogwood Lakes was a stalled development community hit hard by the decline of the housing market and recession. Located in Surf City NC in Pender County, the community was started back in 2005 and came out for retail sales in 2007 at the beginning of the fall of the housing market. In years 2007 through late 2009, like most real estate communities for retiring baby boomers, sales ceased and not one sale was made after its initial opening in Spring 2007.
The owner and developer had obtained The LMC Group’s information through a shared contact that knew that LMC was having success at re-establishing sales in stalled developments. Based on her recommendation, contact was made with The LMC Group. The LMC Group was hired in late 2009 to begin moving the owner/developer into a position to get out of the community and bring Dogwood Lakes back from the brink. The LMC Group went to work on Dogwood Lakes creating a web presence and other key marketing studies, identified the marketplace for the product, and negotiated some slightly different pricing attributes involving the developer and the lender. Once these vital studies were completed, everyone involved had some basis and options at their disposal now, and The LMC Group and Developer decided to move forward with the project. Immediately in 2010, LMC placed 60 of the 147 lots under contract with a local builder that could deliver the product The LMC Group studies proposed. Upon closing out these 60 sites, construction began again in Dogwood Lakes. Construction is ongoing and vibrant today. In December of 2010, The LMC Group closed out the remaining balance of Dogwood Lakes. Construction is expected to be completed by year end 2011 creating a true success story in one of America’s worst recession time eras. According to the original developer, “if it had not been for the contact and the implementation of The LMC Group and its programs, we would probably still be holding all inventory wondering what to do next. “
While this sounds like a great success story in terrible economic times, the unique underlying story is even better: The LMC Group is directly responsible for creating over 100 new jobs in this area. Subcontractors are back to work, HVAC contractors are back to work…. electricians, plumbers, landscapers, surveyors. Nails are being purchased, roofing materials, lumber, garage doors, refrigerators, washing machines, fireplaces. The economic impact of one failed community being brought back from the brink is astounding. The statistics are overwhelming. The lumber companies are working again, the cabinet makers, the carpet factories and distributers, the flooring companies, the cement companies, the Realtors. Tax revenue is being collected to sustain infrastructure and services when once there was no revenue. Without being exact, the estimated economic impact of just Dogwood Lakes is estimated at $36 million. Wow, one deal, one revived community, heck of an impact.
According to The LMC Group CEO, Roy Holdford, “The LMC Group took our lumps in the downturn in the economy also, however, we vowed to make a difference, and if we can make even a small difference in helping to bring back our economy then we will have succeeded.” Holdford also states LMC has big plans for 2011, “we have been highly involved in numerous deals on the table that should be coming to fruition soon, and one particular in mind may bring as much as $50 million in local impact dollars. It is mentioned that LMC is currently working in Saltwater Landing in Surf City, Doe Creek Plantation in Holden Beach, along with 4 others that were not mentioned by name yet. Asked if LMC was prepared for every failed project beating their doors down, Holdford stated, “The LMC Group will continue to add additional experienced professionals as needed to bring our economic situation into a better light.”
The LMC Group does have a void to fill. “We have parties lined up for commercial sites and struggling office, retail and strip centers. Sometimes people don’t realize we can help commercial owners as well, complete with leasing and financial analysis and getting your center back up and running”. LMC’s recent additions of Dennis Musser and PJ Doherty echo these sentiments. “We are out there spreading the news,” Musser stated.
For more information on The LMC Group, google “The LMC Group” or go direct to their site here: www.lmcrealestate.com