June Tassillo loves real estate, but she never knew how exciting it could be until she worked her first all-or-nothing, one-day-only sales blitz for a comeback development.

SEE ALSO:
• The quest for the perfect comp
• Macon’s reval: unplugged and uncensored
• What you really want to know when new property values arrive in the mail
• Meet Richard Lightner, the eagle eye of Macon’s reval

When the gates swung open the morning of the big day, in rushed a line of prospective buyers with every intention of snagging their dream lot before the day was out.

A Main Street law office without windows is an odd place for a such a good view.

But Waynesville attorney Frank Queen has had a front-row seat to the mountains from here, witnessing thousands of acres trade hands — land with scenic vistas, along creeks, in forests, behind gates, on farms, hugging cliffs and tucked in coves — during the real estate boom of the 2000s.

Randy Best was a rare bird in the development heyday of the 2000s. Where others just saw dollar signs, Best actually saw land.

“I would spend a month walking a piece of property after we bought it. I walked every inch and when I was done, I knew where every house site was going to be, where every septic was going to be, how the roads would lay,” said Best, a Haywood County native.

In a region still reeling from damaged land and dented lives in the wake of the real estate boom and bust, signs of salvation are few and far between. But here’s one for the history books.  

Twice in the past year, Haywood County has used a little-known clause of financial legalese to hold developers’ feet to the fire after they walked away mid-stream. It’s a minuscule but unprecedented victory in a rocky world of marred up mountains and abandoned developments.

When inflated real estate values in the second-home market came back down to earth, the touchdown wasn’t gentle. 

It was more of a crash-landing, and five years later two mountains counties are still sifting through the wreckage.

The story is all too familiar.

A property developer buys a large swath of land with grand plans to build high-end homes and sell them for a substantial profit. But the housing bubble bursts. The lots don’t move. The property sits empty, and eventually, the developer can’t repay the bank loan used to purchase the land. It falls into foreclosure and becomes an artifact of the U.S. real estate market crash.

Real estate prices have taken such a drastic plunge in Macon and Jackson counties — which once boasted the highest concentration of mega-developments catering to the high-end second home market — that county commissioners there keep postponing the countywide property revaluation.

As Macon Bank scurried to get in on the ground floor of the real estate heyday in the mountains, it unwittingly stumbled into a house of cards, and found itself caught up in a scheme akin to insider trading that artificially inflated high-end lot prices and duped the bank into making risky loans.

The view from Roger Plemens office is hard to beat.

Bay windows serve up a bird’s eye view of the Nantahala mountain range, a vantage point that must have been a factor when Macon Bank chose this hilltop for its prestigious corporate headquarters that tower above Franklin.

Fallout from the real estate bubble in Western North Carolina has landed Macon Bank on the watch list of the Federal Deposit Insurance Corporation, a federal banking oversight arm.

Macon Bank has been operating under the scrutiny of the FDIC since March. The oversight agency has laid out a series of benchmarks the bank must meet, from strict performance targets to heightened involvement by the bank’s board of directors.