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Another Realtec / Fords Colony Foreclosure

OLYMPUS DIGITAL CAMERA         After foreclosing on number of developer Realtec owned lots in Fords Colony Williamsburg  C&F Bank has now taken over the Golf Course at Ford’s Colony Rocky Mount, NC.

The clubhouse is closed with a sign in the window announcing  “Closed Until Further Notice.”

The community’s sales office is closed and its phone number has been disconnected.

C&F Bank was the lender for the course, which likely will reopen in the near future after the bank hires a golf management company to run the course.

Drew Mulhare said a slowdown in home sales had resulted in the closure of the course.

“The real estate economy in general has created a lack of sales, and we’re depending on those sales in order to help finance the mortgage of the golf course,” Mulhare said.

Homes in Ford’s Colony Rocky Mount, N.C.  sell from $250,000 to $500,000. In May 2009 a legal notice stated that 20 to 30 undeveloped lots in Ford’s Colony Rocky Mount were being put up for sale to the highest bidder at the Nash County courthouse as part of a foreclosure sale.

Ford’s Colony Rocky Mount LLC had gone into default on a loan taken out with BB&T bank in June 2008 for $7.2 million.

The lots were used as collateral for the loan, which was made for water, sewer and roads in the community.

The 1,400-acre master-planned community is slated to have 1,000 home sites. The 1,400-acre community is being developed by the Ford family, who created Ford’s Colony at Williamsburg in 1985.

In another financial blow to Realtec the property that was to become the Village at Ford’s Colony in Williamsburg is apparently being sold in a trustee sale/ foreclosure on Friday Feb 12, 2010 .

The notice was posted in the Daily Press . The Village at Ford’s Colony was to be  a Continuing Care Retirement Community (CCRC),

Back in November of 2008  Realtec vice president Drew Mulhare had announced “The contract we had with Windsor Healthcare [Management] is on hold right now, having to do with the economy and the credit crunch. So we’re expanding our search for a partner at this point.”

Windsor had been responsible for bringing in financing for the land and  construction, as well as the development team and the health care management company.

Realtec had been  in talks with other health care providers but apparently has been unsuccessful in finding a new partner.

Update:
The prior owner, SWR Hockaday, purchased the property on the courthouse steps Friday morning for the assessed value of $3.15 million.
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3 Responses

  1. While some may see these foreclosure as a sign of the times, there’s been a lot of good opportunity here for others to not only make the best of things, but to even still end up helping out the community.

    The vacation ownership companies have come in, guns blazing so-to-speak and their picking these properties up, re-building and bringing in massive tourism, which means greater cash flow for the city and its citizenry. Not to mention supporting the unique “Colonial” heritage that the town is proud of. (After all thats what brings in the crowds).

    Then they turn around offering great deals (better than going to other nearby, supposedly sometimes better known cities) on the various Travelocity, Orbitz, sites, but especially on the vacation ownership deals, from places like MyHotels4Less or in the advert placements on the new Kayack site.

    So now we have a an influx remodeling, tourism, jobs, marketing, and the list goes on and on.

    Let’s start looking at the positive, and not the negative here.

  2. I was dining in the Ford’s Colony clubhouse last week and didn’t realize it was closed….I’ve been here since January 2010 and never saw the clubhouse closed.

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