*UPDATE: Story reflects changes made to the original cost per lot.*
A Masonboro area subdivision is getting a new lease on life.
After sitting neglected upon falling into foreclosure nearly a year ago, officials with Wilmington-based Charter Building Group and Jernigan Homes have pulled their resources together to purchase and sell homes in the formally defunct Andrew’s Reach subdivision.
The 36-lot development, located south of the Masonboro Loop and Masonboro Sound roads intersection, belonged to Winston-Salem-based BB&T after its previous developer could no longer afford to keep the property.
Wilmington-based Cape Fear Commercial later listed the property on behalf of BB&T Bank. The subdivision -- which had 11 homes constructed and occupied prior to the property’s foreclosure -- was sold to the homebuilders in July for an undisclosed amount.
Richard Donaldson, partner and president and owner of Charter Building Group, said Thursday both he and business partner Samm Jernigan, president and owner of Jernigan Homes, are working to get 25 lots back on the market. An additional five-marshland lots are being planned within the group’s second phase of the development.
“We plan to have a 30 foot nature conservation buffer between the homes and the marsh,” Donaldson said during a walk of the community. “We’re going to keep as many of the trees that we can.”
He said officials plan to pump $50,000 to enhance landscaping, add new outdoor seating at the community pool and construct a future kayak launching post and dock in nearby Hewlett’s Creek.
“We met with the neighbors, and they seems relieved that some one had purchased the property,” Donaldson said. “It was a very positive meeting.”
Work is also underway to construct two model homes on the property, in an effort to entice new buyers and show neighbors its new owners are serious about developing Andrew’s Reach. Both developers have also named Coldwell Banker Sea Coast Advantage Realty as the primary seller of the homes, which are listed to sell between $370,000 and $500,000 per lot.
“We plan to incorporate a lot of the stone and masonry concepts that are in the existing homes,” said Holly Overton, sales and marketing coordinator with Charter Building Group. “We want to keep the look of the community.”
Donaldson said while the market is showing some signs of improving, he is still skeptical about the region’s overall recovery.
He said purchasing the distressed property is a business risk, but hopes that the market’s cooled pricing and future investments at Andrew’s Reach will pay off.
“In 2006, these lots were going for $240,000; now we’re selling them for $80,000,” Donaldson said. “This is a cyclical business, and there’s no clear evidence of a recovery yet. But we feel confident in the area and our plan to sell and build homes here.”
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