Some of the lots in a 2,200-acre gated subdivision saddling the Cowee Mountain range in Macon County are being advertised across the Southeast for what’s being touted as bargain prices. The lots are slated for a big one-day, onsite sell Saturday, Oct. 1.
Prices have been knocked down from former highs of $100,000 to $300,000, to as low as $14,000, and up to the mid $30,000 range. There are 98 finished lots and more than 500 acres under new ownership.
The development, now called The Ridges but known better by its former name, Wildflower, has a troubled history. Landsides and road issues plagued the development, a project of Ultima Carolina of Atlanta, and the project fell victim to a weak economy and paralyzed housing market.
More than half of about 151 property owners in Wildflower defaulted on their mortgage payments by July 2010, walking away from dreams of “flipping” the property during the dizzying financial possibilities of the housing boom.
After Ultima failed to sell enough lots to make the bank loan, the development was foreclosed on by BB&T. The bank managed to offload the development recently to the new entity, Leed Enterprises. BB&T obviously wanted Wildflower off its books, selling it at a rather substantial loss for just $1 million.
The new developers, which include local Macon County businessman L.C. Jones, say any problems associated with Wildflower was then, and this is now at newly named The Ridges:
“There were some issues, but those are resolved,” said Michelle Masta, a spokeswoman for the project. “We have a well-funded group, we have a stake in this community, and we have eliminated any problems.”
Leed Enterprises, in a news release, noted it has retained a national engineering company and a Franklin-based engineering firm and solved the earth-moving issues in the development. Masta said a landslide area has been abandoned and a conservation easement entered into. She said the original developer had built a road “on three springheads,” setting the stage for multiple problems that are now resolved.
Still, the new developers have an uphill climb if they want to convince skeptical onlookers in Macon County, who view Wildflower as the pinnacle of out-of-control, speculator-driven mountain land development.
Susan Ervin, a longtime member of the Macon County Planning Board, noted: “We worked hard to get sensible slope development regulation — but it didn’t happen. Now, the lots are back on the sale block. What are the ‘fire sale’ prices going to do to the real estate comps, and the hopes of other landowners and realtors to sell a piece of land at a fair price? What assurance do we have that the development will be done well this time? What control do we have? Do the people looking at lots up there have any idea about the North Carolina Geological Survey Slope Movement Hazard Maps? Do they know there are unstable soils up there? Down here in the valley, we know it.”