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Upscale Wake Forest development facing foreclosure

Posted December 19, 2008
Updated December 20, 2008

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— A number of undeveloped properties in the upscale Wake Forest community of Hasentree Golf Course community are facing foreclosure – another sign, developers say, of an economy in the rough.

Hasentree Corp. developer Henry MacNair said Friday that there are about 50 homes on the 934-acre development that are either completed or under construction, but only half of those are occupied or have customers locked in.

The undeveloped properties were supposed to be auctioned off Friday morning. At the last minute, however, the lender postponed the sale until Feb. 4.

"I know times are hard. It is very unsettling to see Hasentree hurting, because it's an absolutely phenomenal community," Wake Forest real estate agent Deborah Nance said. "They've done a wonderful job with it."

The community is planned for 650 homes ranging in price from about $800,000 to more than $5 million, a Tom Fazio-designed championship golf course, a 30,000 square-foot clubhouse and a 13,000 square-foot family activities center.

Nance says the Hasentree troubles are clearly a reflection of tough economic times but not of the overall market.

"Less than one percent of the marketplace can afford a home that's $1 million and over," she said. "The price ranges of $300,000 and less are still selling."

MacNair said foreclosure is necessary to preserve the long-term vision of the community.

"This means that the neighborhood and club will be in a stronger position as we head into 2009 and beyond," he said. "It is our expectation that we will remain in a management capacity."


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  • bs101fly Dec 19, 2008

    poor Tim Minton, how will he ever be able to survive if his backroom dealing developer buddies start going under.
    What a shame.

  • rottenotto20032 Dec 19, 2008

    I've watched Henry McNair's moves for years. He's been a bold, but smart entrepreneur for some time. Like anyone in his position, he's made some mistakes, ....... but , he's one of our own, and he's taken risks that, when successful, have improved the quality of life for his ( ours ) community ( not that it didn't enrich him, too ). This is no out of town carpetbagger that has fallen on his face, ...... Mr McNair is a native son. I'd expect more support from all of you if I feel on my face . The guy took a huge chance, and , in this case, he came out behind. Let's not kick this guy when he's down.

    Like whatelseisnew......... I built my house with my own hands......... and I hope this guy all the luck in the world .......

  • whatelseisnew Dec 19, 2008

    Desiderata -Hmmm let's see; I lived in a trailer for 6 years and worked two jobs to save money to buy some land and then build a house. Had the shell built then I spent two years completing everything on the inside. Lived in it for 6 years and sold the house for a tidy profit. That enabled me to buy a more expensive house. It is no where near a million dollar house, but it is much more than I could have afforded at today's prices. But I guess according to you I am selfish. I should have given all the profit from my first house to someone else. I think not. Anyone could do would I did to get into the house I currently own.

  • Desiderata Dec 19, 2008

    REALITY CHECK..who really NEEDS a million dollar home...NOBODY...just selfish people who do not have a grip of reality//spoiled etc....remember YOU CAN"T TAKE IT WITH YOU WHEN YOU DIE..AND WE ALL ARE GOING TO DIE.. why not use some of their money for charity/improving society/giving back.....SELFISH!!!!!!! I have no sympathy for this community....hope it all goes under....

  • Wheelman Dec 19, 2008

    First of all the developer is not the builder. There are several different builders in most developments unless it is owned by one of the big national developer/builders. Believe it or not, but before the economy went south multi-million dollar homes were selling about as fast as they were being completed. A lot of wealthy people have been moving here as well as a lot of people from California where a modest home could sell for close to a million or more. They sell an upper middle home for several million and move here, you have to put a lot of that sell into a home here or end up with a tax problem.

  • likemenow Dec 19, 2008

    That slowing of the "chugga-chugga" that they are hearing is the sounds of the gravy train slowing waaaaay down. Cheers to the ones that pick up the pieces.

  • wcnc Dec 19, 2008

    This is what happens when builders are not businessmen......

    If these high end builders only built custom and not spec, they wouldn't be in this place. Why is the world is a builder in Raleigh building a $1 million or more spec home??!!

  • trunkmonkee1971 Dec 19, 2008

    Divide the homes in half and "section 8" them. I guess that is not within the "vision" of the community.

  • whatelseisnew Dec 19, 2008

    I am bidding the sum of 12 dollars and fifty cents. Let me know if my bid was the highest please.

  • Doctor Dataclerk Dec 19, 2008

    I want a no-down payment 100% LTV loan, interest only on a $5mm home. And if I can't ever pay any of the principal, I expect a taxpayer bailout because I really deserve a $5mm home.