Upscale Wake Forest development facing foreclosure
Posted December 19, 2008 5:33 p.m. EST
Updated December 20, 2008 8:33 a.m. EST
Wake Forest, N.C. — 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."