Vickery Foreclosure Presents New Opportunities in Forsyth County
categories: Buyers, Commercial Activity, Foreclosures, Forsyth, Luxury Homes
CUMMING - A lot of people - mostly notably those getting foreclosed on - might think that foreclosure is the worst thing that could happen. Actually, in this case, it might be the best.
It has been a while coming, but Wachovia finally started foreclosure proceedings against Hedgewood Properties and the Vickery development on Post Road.
This has been rumored for a while now as numerous other Hedgewood properties have recently been foreclosed upon, but the foreclosure on Vickery was finally made public yesterday with the legal notice in the Forsyth News .
The legal notice goes on for page after page; I’m not patient enough to count how many separate parcels are included in the action. However, the newspaper reported that nineteen parcels were included and upwards of $44 million. At Vickery, that includes both residential and commercial parcels as far as I understand it.
So what does this mean to current residents of Vickery and to people who might like to take advantage of this foreclosure opportunity to buy into Vickery?
I actually think that this is a good thing for current Vickery residents because for the recent past the real estate market has been frozen in Vickery: People couldn’t sell and people couldn’t buy. Why? Because most of the new construction has not been completed and the bank wouldn’t lend any more to complete it. If someone whated to purchase, they be purchasing a partially completed house and have to get a construction loan to do it.
Plus, I heard that even it the developer, Hedgewood, did sell a property, the bank wouldn’t let them keep any of the profit because of arrears on the loans, so there was really no incentive for Hedgewood to strike any deals.
On the commercial site - remember, Vickery is a mixed-use community with residential, commerical and the YMCA (which is unaffected by the way) - there have apparently been tenants wanting to sign leases, but they can’t get minor build out issues handled so they have not signed leases.
It is rumored that a new lender will step in and negotiate new financing before this foreclosure reaches the steps of the courthouse. I’ll tell you what, though: If it does reach the steps, you can meet my wife there because she has always wanted to live in Vickery!
A new lender who will sprinkle some money on Vickery to get the project unstuck would be the best outcome for current and future property owners. Vickery may have been a project ahead of its time in terms of just not having the critical mass of population to support the commercial, for instance. Wachovia and Hedgewood seem to be having to pay the price for that.
But Vickery is a great product (unique architecture, community concept, open spaces, narrow streets and alleys) and not something that is readily available in this geographic market. My expectation is that other people recognize this too and that someone buys it at a discount and takes it across the finish line.
For now, the foreclosure is a difficult patch for Vickery to get through, but that is what the market looks like from the bottom, today.
Please call me when you have a moment, at (416) 565-2766. I have toured the project several times, and would like to know what it would take to help bail Hedgewood out, in you opinion.
Hopefully Hedgewood’s loss can become someone else’s gain. Taking advantage of of situations such as these very profitable for those in the right financial situation.
Can you give me an update on this topic please? Its been a month since this post and I would like to take advantage of this opportunity if it still exists.
Thanks and I real enjoy your blog. Great info abounds.